Consumer complaint received 2021-04-26
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Byrider Franchising, LLC (AR)

My son who is the primary signer and I am the co sjgner and mother/ veteran needed a reliable vehicle to attend college across town. I hate dealing with car dealerships too many games and lies then the amount of long HIOURS they spend wasting my and his time. He and I spent about 2 weeks searching dealerships but my sin didnt have credit therefore its like he being punished before he can prove himself. I kept sayng NO to most because they overcharging a lot on the lian. Then I had to be placed on the loan which I really hate but that was the only way he could be approved. We took a break from visiting with the dealerships because the dealerships had applied for 6 or 7 bank loans per visit so the numbers got up to 30 plus dings then a week after the last visit the dealer called my son and stated they were referred by a previous dealership. They claimed once taking his info that they could get him into a vehicle that day .Then of course once there that was not true and after giving my son keys to try out a few cars of his liking ... .now his information was not approved and I needed to co sjgn ... I was XXXX!! We always asked for a vehicle under XXXX and payments to be below {$300.00} but by the time the loan supposedly got approved the car payment was close to {$14000.00} or {$15000.00} and these are vehicles with over XXXX miles!!! We visited over 7 dealerships all the same tactics. My son was tired out and begged me to let the deal happen which of course he regrets now. He placed XXXX and would add another XXXX when he got paid. Now they requiring more on the down payment like {$1400.00} he had to pay this amount and once that paid then they would start taking his car payments at {$420.00} a month for a XXXX XXXX with XXXX MILES!! I still upset too much being paid on a high mileage vehicle. Then I told him well next month we will have to get it refinance to more reasonable monthly payments. We go to refinance and to our dismay we couldnt ... XXXX XXXX or CNAC CARNOW ACCEPTANCE COMPANY was a BUY HERE PAY HERE dealership ... .I NEVER HEARD OF THIS and again I was very XXXX  that we cant refinance with anyone!! I wish I had been told that before we signed those contracts. Then when I did some more research an earlier dealer in XXXX  XXXX we got the car but once I did a search on the car ... .overcharged like the others ... so I turned the car that had a door like it was about to fall off and part under the car had came loose and was hanging down ... the keys and car given back and loan was cancelled. Now a week later the loan now was traced back to the same place but now the location is in XXXX, Arkansas not XXXX XXXX, Arkansas this time we are stuck with this high interest rate loan ... ..then XXXX  XXXX keeps informing me ... we are overpaying and need to refinance BUT WE CANT!! So its being rubbed in our wound every month my son pay that {$420.00} plus insurance. Please is it legal for BUY HERE PAY HERE lenders to function in this matter and if not these people are making a ton of money on HIGH Interest loans on HIGH MILEAGE OLDER VEHICLES!!