- Report: #458925
Complaint Review: Drivetime Financial
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| Drivetime Financial
Norfolk, Virginia U.S.A. |
|
Drivetime Financial jumping through hoops AFTER approval??? Norfolk Virginia
*Consumer Comment: MY CAR
*Consumer Comment: I too was ripped off
*Consumer Comment: Not really a ripoff.
*Consumer Suggestion: Of Course You Paid Too Much
*Consumer Suggestion: Of Course You Paid Too Much
*Consumer Suggestion: Of Course You Paid Too Much
*Consumer Suggestion: Of Course You Paid Too Much
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I would urge anyone thinking of using Drivetime to get a vehicle to THINK LONG AND HARD before going this route. Here is my story:
I needed a car. I have rotten credit but a willingness to pay. Well pay I will be doing for a long long long time and way too much.
I initially go down and talk to them and find out that YES, they will finance me and how it's going to help my credit and all that good stuff. I don't consider myself naive, I'm a college graduate, but they have a really good sell.
I find a car I actually like and decide to do their lay-a-way thing to hold the car for me while I gather up the $2000 downpayment I need which was a real chore, but I get it done. When I take my final $500 of the downpayment in expecting to pick up my car I have a "little bit" of paperwork first. Mind you I was told I was ALREADY APPROVED. Now they want the names of 20 personal references, 10 friends and 10 family. I'm sorry, I was never told this and don't have that many contacts in my cell phone. I was able to muddle through it, and believe me, they call every single one of them asking if they knew me. That in itself was embarrassing, but that's all they asked, was if they knew me. So, other than the fact they've called virtually everyone I know, that's overwith.
I leave with my car, which I do LOVE and so far it's running great, but I resent the fact that I paid about $15k for a car worth about $9k (at most) and am being charged 24 percent interest. I know I have bad credit, but come on, that's A LOT...and I'll end up paying something like $24k for the car if I don't pay it off early (how can I with these high payments!)
OH...and the guys at the dealership are congratulating me like I've just won the lottery...and welcome to the drivetime family and all that. And they give me a .25 key chain and a flashlight (which I won't use because I won't tell anybody where I bought my car, it's embarrassing!!) Oh, and the sleazy sales manager is telling me how to "beat drivetime"...pay extra so you pay it off early, even $20 extra per payment. Hello..my payment on a USED car is almost $400 a month, how the heck am I going to pay extra. I try, usually round up so I'm paying about 8-10 extra, but I figure it all helps except that they charge a $7 fee to pay online. That's ridiculous.
So...after I've had my car for about 3 weeks, made my first of my bi-weekly payments I get a call, they want MORE financial information on me. I get concerned, I was supposed to have been all approved before even picking out a car. SO..I'm stuck, they want another couple of pay stubs and to verify my employment AGAIN. This is really embarrassing!
And after reading some of this stuff on here I'm really regretting buying from them. And heaven forbid I be a day late...that's all I need, them calling all my references AGAIN...
Anyway...my point in writing this is that although I am happy with the car (so far) but I feel like I've been completely taken advantage of and overcharged by at least $5000 for the privilege of purchasing a 5 year old car.
Daisy-lu
Newport News, Virginia
U.S.A.
I needed a car. I have rotten credit but a willingness to pay. Well pay I will be doing for a long long long time and way too much.
I initially go down and talk to them and find out that YES, they will finance me and how it's going to help my credit and all that good stuff. I don't consider myself naive, I'm a college graduate, but they have a really good sell.
I find a car I actually like and decide to do their lay-a-way thing to hold the car for me while I gather up the $2000 downpayment I need which was a real chore, but I get it done. When I take my final $500 of the downpayment in expecting to pick up my car I have a "little bit" of paperwork first. Mind you I was told I was ALREADY APPROVED. Now they want the names of 20 personal references, 10 friends and 10 family. I'm sorry, I was never told this and don't have that many contacts in my cell phone. I was able to muddle through it, and believe me, they call every single one of them asking if they knew me. That in itself was embarrassing, but that's all they asked, was if they knew me. So, other than the fact they've called virtually everyone I know, that's overwith.
I leave with my car, which I do LOVE and so far it's running great, but I resent the fact that I paid about $15k for a car worth about $9k (at most) and am being charged 24 percent interest. I know I have bad credit, but come on, that's A LOT...and I'll end up paying something like $24k for the car if I don't pay it off early (how can I with these high payments!)
OH...and the guys at the dealership are congratulating me like I've just won the lottery...and welcome to the drivetime family and all that. And they give me a .25 key chain and a flashlight (which I won't use because I won't tell anybody where I bought my car, it's embarrassing!!) Oh, and the sleazy sales manager is telling me how to "beat drivetime"...pay extra so you pay it off early, even $20 extra per payment. Hello..my payment on a USED car is almost $400 a month, how the heck am I going to pay extra. I try, usually round up so I'm paying about 8-10 extra, but I figure it all helps except that they charge a $7 fee to pay online. That's ridiculous.
So...after I've had my car for about 3 weeks, made my first of my bi-weekly payments I get a call, they want MORE financial information on me. I get concerned, I was supposed to have been all approved before even picking out a car. SO..I'm stuck, they want another couple of pay stubs and to verify my employment AGAIN. This is really embarrassing!
And after reading some of this stuff on here I'm really regretting buying from them. And heaven forbid I be a day late...that's all I need, them calling all my references AGAIN...
Anyway...my point in writing this is that although I am happy with the car (so far) but I feel like I've been completely taken advantage of and overcharged by at least $5000 for the privilege of purchasing a 5 year old car.
Daisy-lu
Newport News, Virginia
U.S.A.
This report was posted on Ripoff Report on 06/05/2009 12:21 PM and is a permanent record located here: http://www.ripoffreport.com/r/Drivetime-Financial/Norfolk-Virginia/Drivetime-Financial-jumping-through-hoops-AFTER-approval-Norfolk-Virginia-458925. 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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Search Tips#1 Consumer Comment
MY CAR
AUTHOR: clownboi75 - (United States of America)
SUBMITTED: Monday, February 07, 2011
I bought a car from the NEW Knoxville Drivetime location and the people at that location was awesome. I am sorry to hear of your problem, but you read so much bad stuff I figured I would write something postive. From the time I did the online application and from the time my interview was set up the people at the Knoxville location made it so easy. I made it clear I didnt want them picking a car out for me and when I didnt like something they said what do you like. I left with a PT Crusier which has been great. My over all meetings with Drivetime was great.
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What's this? #2 Consumer Comment
I too was ripped off
AUTHOR: Deesgirl03 - (U.S.A.)
SUBMITTED: Monday, July 20, 2009
I tto was ripped off in Fort Worth Texas at a Drivetime place as well. My husband had paid for his first car outright and this was his second. Anyway, didn't have bad credit but didn't have good credit either. I also got stuck with a 24% interest rate. My advice to you? Find a car with a reputable business and get a loan with a credit union. See if you can find someone with good credit to co-sign for you. I did all the above and don't pay that much for the car I have now. And it's a better car at a 4% interest rate.Don't ever do business with these people again!!
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What's this? #3 Consumer Comment
Not really a ripoff.
AUTHOR: Flynrider - (U.S.A.)
SUBMITTED: Monday, June 08, 2009
You knew that you were paying more than the car was worth and you knew you were signing up for a ridiculous interest rate. I'd say you did a pretty good job of ripping yourself off.
If you already have bad credit, why saddle yourself with this kind of debt? You will probably be upside down in this loan until the last few months. I hope you have gap insurance. One of the dangers of buying overpriced cars at high interest rates is if the car is totalled or stolen. Insurance will only pay what the car is worth, not the ridiculous amount owed. You'll be stuck for the balance of the loan (and you'll have no car). This is the pitfall that many fall into when buying at a "bad credit" lot. It ends up making their credit worse. Be careful.
If you already have bad credit, why saddle yourself with this kind of debt? You will probably be upside down in this loan until the last few months. I hope you have gap insurance. One of the dangers of buying overpriced cars at high interest rates is if the car is totalled or stolen. Insurance will only pay what the car is worth, not the ridiculous amount owed. You'll be stuck for the balance of the loan (and you'll have no car). This is the pitfall that many fall into when buying at a "bad credit" lot. It ends up making their credit worse. Be careful.
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What's this? #4 Consumer Suggestion
Of Course You Paid Too Much
AUTHOR: Karl - (U.S.A.)
SUBMITTED: Sunday, June 07, 2009
You not only paid far more than the car was worth you pay bi-weekly and pay 24% interest. Drivetime attracts people with poor credit because they can't get a loan from anyplace else. Well, if you are a member of a credit union you could have possibly tried them. Next time pay cash for a car from a private owner who can show you the service records. Stay FAR AWAY from these "Buy Here Pay Here" used car dealers. If you have credit problems go to a non-profit credit counselor who can help you reduce your interest payments on credit cards and get your credit fixed. Some of these dealers charge you a down payment that is what the car is worth and your payments are just cream off the top. If you default they simply sell the car again.
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What's this? #5 Consumer Suggestion
Of Course You Paid Too Much
AUTHOR: Karl - (U.S.A.)
SUBMITTED: Sunday, June 07, 2009
You not only paid far more than the car was worth you pay bi-weekly and pay 24% interest. Drivetime attracts people with poor credit because they can't get a loan from anyplace else. Well, if you are a member of a credit union you could have possibly tried them. Next time pay cash for a car from a private owner who can show you the service records. Stay FAR AWAY from these "Buy Here Pay Here" used car dealers. If you have credit problems go to a non-profit credit counselor who can help you reduce your interest payments on credit cards and get your credit fixed. Some of these dealers charge you a down payment that is what the car is worth and your payments are just cream off the top. If you default they simply sell the car again.
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What's this? #6 Consumer Suggestion
Of Course You Paid Too Much
AUTHOR: Karl - (U.S.A.)
SUBMITTED: Sunday, June 07, 2009
You not only paid far more than the car was worth you pay bi-weekly and pay 24% interest. Drivetime attracts people with poor credit because they can't get a loan from anyplace else. Well, if you are a member of a credit union you could have possibly tried them. Next time pay cash for a car from a private owner who can show you the service records. Stay FAR AWAY from these "Buy Here Pay Here" used car dealers. If you have credit problems go to a non-profit credit counselor who can help you reduce your interest payments on credit cards and get your credit fixed. Some of these dealers charge you a down payment that is what the car is worth and your payments are just cream off the top. If you default they simply sell the car again.
Respond to this report!
What's this? #7 Consumer Suggestion
Of Course You Paid Too Much
AUTHOR: Karl - (U.S.A.)
SUBMITTED: Sunday, June 07, 2009
You not only paid far more than the car was worth you pay bi-weekly and pay 24% interest. Drivetime attracts people with poor credit because they can't get a loan from anyplace else. Well, if you are a member of a credit union you could have possibly tried them. Next time pay cash for a car from a private owner who can show you the service records. Stay FAR AWAY from these "Buy Here Pay Here" used car dealers. If you have credit problems go to a non-profit credit counselor who can help you reduce your interest payments on credit cards and get your credit fixed. Some of these dealers charge you a down payment that is what the car is worth and your payments are just cream off the top. If you default they simply sell the car again.
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