On January 11, 2007 my husband and I purchased a 2003 Dodge Neon SXT(43,046 mileage) for $14,646.04 from DRIVETIME. The salesman explained to us that because of our credit score their will be a high finance charge, but if you pay all the payments on time then you would be only paying off the amount of the vehicle no the amount of the vehicle plus the finance charge. The salesman also told my husband and I that after one
year you can bring the car back and trade it for something bigger because he understood our situation that we where expecting twins and only purchasing a small vehicle at the moment so my husband would have
reliable transportation from home to work.
After signing the contract are loan was for $22,647.61 (21.146% annual rate) but with everything that the
salesman had told us we didn't think anything of it. We have been to so many dealerships and are credit score was decreasing because of our credit being run so many times so to finally find a dealership to work with us was amazing.
Until a year later we went to trade-in the vehicle
and the salesman happened to be fired and the manager told us theat he wouldn't rade-in our vehicle because the loan was too high. We where crushed, then we looked on kelly blue book to see how much the vehicle is
worth now and its only worth around $4500.00. My husband and I where so upset and then we typed in the vehcile information when we had purchased the vehicle and it was only worth around $5500.00. DRIVETIME is deceitful!!!
Resolution Sought: I want DRIVETIME to refund our money, we paid $206.00 every two weeks starting 2/3/2007 until now, and to refinance the car with the correct value of the car which was around $5500.00 not $14,646.06 with a $22,647.61 car loan.
After refinancing the vehicle we will continue to pay the car payment.
Date Problem Started: 01/04/2008
Date of Transaction: 01/11/2007
Amount in Dispute: $5356.00
United States Minor Outlying Islands