- Report: #820746
Complaint Review: Drivetime
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| Drivetime
Internet United States of America |
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Drivetime DT Credit Scam Internet, Internet
*Consumer Comment: Not enough information in report.
*Consumer Comment: Not a scam
*Consumer Comment: What is the rest of the story
*Consumer Comment: Real Real Smart
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In Sept 2009,I Purchased a 2006 Dodge Caravan,from Drivetime,for $15,000. For the Past 27 Months I have been Paying $450 per Month($12,150) they contend that my payoff is still $14,500. The Car is wornout with 170,000 miles and I just can"t see paying on a "Dead Horse",so I have decided to just give the Car Back to them and Suffer the Credit Hit. Plus they have harrassed me on the phone.They Constintly Call,when I'm trying to work. I finally just ignore their calls. I Give Up !!
This report was posted on Ripoff Report on 01/10/2012 03:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/Drivetime/internet/Drivetime-DT-Credit-Scam-Internet-Internet-820746. 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
Not enough information in report.
AUTHOR: Robert - (USA)
SUBMITTED: Tuesday, January 10, 2012
You did not give enough information in your report to determine if your close out balance is correct. To determine this, we need to know 3 things:
1. Total amount borrowed.
2. APR - annual percentage rate of the loan.
3. Number of scheduled monthly payments to satisfy the loan.
All auto loans are amortized. This means that at the beginning to the repayment the majority of the payment goes to pay interest. At the end of the loan, the majority of the monthly payment goes to pay the principal.
There is a free home buyers calculator available on line. This calculator works for auto loans, credit cards, etc. You can download this free software at http://www.hsh.com/hbcalc.html or perform an internet search for hsh home buyer's calculator. NOTE: This software suite will only be accurate IF ALL SCHEDULED PAYMENTS ARE MADE IN FULL AND ON TIME. Any late payments will cause additional accrued interest to be added to the balance of your loan.
1. Total amount borrowed.
2. APR - annual percentage rate of the loan.
3. Number of scheduled monthly payments to satisfy the loan.
All auto loans are amortized. This means that at the beginning to the repayment the majority of the payment goes to pay interest. At the end of the loan, the majority of the monthly payment goes to pay the principal.
There is a free home buyers calculator available on line. This calculator works for auto loans, credit cards, etc. You can download this free software at http://www.hsh.com/hbcalc.html or perform an internet search for hsh home buyer's calculator. NOTE: This software suite will only be accurate IF ALL SCHEDULED PAYMENTS ARE MADE IN FULL AND ON TIME. Any late payments will cause additional accrued interest to be added to the balance of your loan.
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What's this?
You foolishly entered into a high interest contract. Later you decided that you don't like the terms of the contract so now you claim it's a scam. You are not the victim of a scam. You are suffering from buyer's remorse.
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What's this? #3 Consumer Comment
What is the rest of the story
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Tuesday, January 10, 2012
so I have decided to just give the Car Back to them and Suffer the Credit Hit.
- Really so you want to suffer the "Credit Hit". Well guess what, you don't only have to worry about the credit hit but you are going to still probably end up paying the balance of the loan. Why do I say this..easy. When you give it back it is a Voluntary Repo and as such they will auction it off AND you will still be responsible for the balance of the loan. If you fail to pay the balance they have the legal right to file a suit against you. If they prevail in court, depending on your State, they may be able to garnish your wages, attach your bank account or place a lien on any real property you may own.
Plus they have harrassed me on the phone.They Constintly Call,
- I bet this says more to the reason you are in this situation that you wanted. They have enough deadbeats and are not going to waste their time with people that are current. So you may have made 27 payments, but the question is did you make 27 FULL payments ON-TIME? That is ON or BEFORE the due date and not some "grace period" you think you had?
But if you are going to claim that you made every payment on(or before) your due date then answer these questions. How is the Interest Assessed on your loan(Simple Interest or some other method)? What was your interest rate? What is the length of your loan? Was the $15,000 the actual amount financed or did they add in things such as Warranties that added to the initial loan balance?
- Really so you want to suffer the "Credit Hit". Well guess what, you don't only have to worry about the credit hit but you are going to still probably end up paying the balance of the loan. Why do I say this..easy. When you give it back it is a Voluntary Repo and as such they will auction it off AND you will still be responsible for the balance of the loan. If you fail to pay the balance they have the legal right to file a suit against you. If they prevail in court, depending on your State, they may be able to garnish your wages, attach your bank account or place a lien on any real property you may own.
Plus they have harrassed me on the phone.They Constintly Call,
- I bet this says more to the reason you are in this situation that you wanted. They have enough deadbeats and are not going to waste their time with people that are current. So you may have made 27 payments, but the question is did you make 27 FULL payments ON-TIME? That is ON or BEFORE the due date and not some "grace period" you think you had?
But if you are going to claim that you made every payment on(or before) your due date then answer these questions. How is the Interest Assessed on your loan(Simple Interest or some other method)? What was your interest rate? What is the length of your loan? Was the $15,000 the actual amount financed or did they add in things such as Warranties that added to the initial loan balance?
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What's this?
The reason is interest is paid down first then principal. Common procedure in finance. With your mentality you are doomed for a subprime credit life forever!
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