In November I purchased a 1995 Monte Carlo from JD ByRyder on 5050 W. 38th St.in Indianapolis, Indiana. It was financed through CNAC. The salesperson used high-pressure tactics, took advantage of my young age and naivety and refused to let me see the value of the vehicle through Kelly Blue Book.
The salesperson assured me I was getting a good deal and the vehicle was worth $6,000.00 after I returned home I found the vehicle was worth less than $2,500 and that they had financed me for $7,200 at 18%. The salespeople refused to allow me to return the vehicle a day later, even though my satisfaction is guaranteed. They also made me purchase an extended warranty.
I made the payments, however, a year later, the vehicle exploded though I maintained it properly. The vehicle at that time was in its extended warranty period and CNAC stated they were unable to assist me because I had moved out of state to Texas. They also stated that I would have to pay the remaining $5,963 on the account even though the car was worthless.
I have not made any further payments and instructed CNAC where the vehicle was so that they could get it and repair it and I would continue to make the payments. However, they refused. They now are reporting the account to the 3 major credit bureaus as a charged off account. I have tried to work with them to remove the account because I feel that I was taken serious advantage of, and they failed to follow through on their commitments. I am willing to take whatever steps necessary against CNAC to have this item removed from my credit files.
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