-

Judge Rules JD Byrider Set Consumers Up For Repossession

Used car dealer JD Byrider used a misleading computerized budget analysis to set buyers up with car loans that were doomed to fail, setting them up for repossession and financial ruin, a Massachusetts judge ruled earlier this month.

Judge Brian A. Davis, associate justice of the Superior Court in Suffolk County, issued the summary judgment against JD Byrider and parent company Venturcap Investment Group V in response to a 2017 lawsuit filed by the office of Massachusetts Attorney General Maura Healey.

More than half of JD Byrider’s deals fail or end in repossession, Healey’s office said when it field the suit. That means consumers suffered economic harm from the loss of transportation and damage to their credit.

At the time, Byrider had four Massachusetts locations: Brockton, Dorchester, Dartmouth and Springfield. The Dorchester location closed in November 2018.

JD Byrider advertises frequently on daytime television and is a national chain of “Buy Here Pay Here” used car dealerships that offer financing for the cars they sell.

The company offered loans to all its customers at the same non-negotiable interest rate of 19.95% regardless of credit. Back in 2017, other lenders were offering used car loans in the 4% range, according to BankRate.com.

Healey’s lawsuit against the defendants seeks relief and restitution for consumers, as well as penalties, costs and attorney fees. But remaining claims and an assessment of damages for the lawsuit were not decided in Davis’ ruling. Those issues will be heard by the court during a trial scheduled for May, according to Healey’s office .

Continue Reading…

Spread the word. Share this post!