- Report: #903001
Report - Rebuttal - Arbitrate
Complaint Review: DriveTime Inc.
DriveTime Inc.4020 E indian School Road Poenix, Arizona United States of America
DriveTime Inc. Ugly Duckling Kars Fraudulent Disclosure of terms of contract. Poenix, Arizona
*Author of original report: DriveTime Inc. Ugly Duckling Kars Fraudulent Disclosure of terms of contract. Poenix, Arizona
*Consumer Comment: Quick simple estimate without a calculator
*Consumer Comment: Rules are very simple
*Consumer Comment: A few things..
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The only disclosures that were correct was the bi-monthly payment and the interest rate which if totaled makes all the other disclosures wrong. Nowhere in the paperwork she signed is there any disclosure that she must pay additional
charges. The bottom line is she would be paying $28,842.32 for an auto which is valued at around $8,000.00 with 22.388% interest. That is; 277.33 payment X 104 payments. Until recently Truth in Lending requires most lenders to disclose most of the aspects of the loan/sale. Most buyers at the time of sale cant calculate compound Interest hence, Truth in Lending. However, looking at the regulations I see BHPH organizations somehow fell through the cracks and werent regulated. See; http://articles.latimes.com/2012/apr/21/business/la-fi-buy-here-suit-20120421 where specifically DriveTime and other BHPH organizations are being investigated by the U.S. Consumer Financial Protection Bureau-- article from the L. A. Times.
My question is, isnt this a fraudulent contract and even though BHPHs may not be regulated does this constitute fraud? If so, how expensive would it be to return the car and have this contract declared null and void? Researching
DriveTime on internet there are many, many complaints about all aspects of this organization and a good reasons for not wanting to stay in this contract. In my opinion everything about DriveTime is fraudulent.
This report was posted on Ripoff Report on 06/26/2012 08:36 AM and is a permanent record located here: http://www.ripoffreport.com/r/DriveTime-Inc/Poenix-Arizona-85018/DriveTime-Inc-Ugly-Duckling-Kars-Fraudulent-Disclosure-of-terms-of-contract-Poenix-Ariz-903001. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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