Report: #1339968

Complaint Review: Bridgecrest

  • Submitted: Sat, November 26, 2016
  • Updated: Sat, November 26, 2016
  • Reported By: Bridgecrestscams90 — Carrollton Texas USA
  • Bridgecrest

    Nationwide
    USA

Show customers why they should trust your business over your competitors...

SCAM SCAM SCAM

Put $2,500 cash down for a 2008 Mazda Tribute with ~99,000 miles. After 2 years of paying $9,000 on-time I still owe over $12,000. That is nearly $25,000 on a car that is worth $3,000 at most.

Sure, my credit score has gone up a *few* points, but at what cost? In retrospect, I should have paid off the $5,000 I had in debt that made my credit score so weak in the first place. My score would have went up more than DriveTime helped me with and I wouldn't have negative equity and be upside down in a car loan. Still owing $12,000 on a car that is work $3,000 is absolutelty ridiculous and should be illegal. 

But I did sign the paperwork, so I suppose I'll just let them suck me dry until we find another option.

If anyone out there is looking for a class action lawsuit, I'm in.

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This report was posted on Ripoff Report on 11/26/2016 04:11 PM and is a permanent record located here: http://www.ripoffreport.com/reports/bridgecrest/nationwide/bridgecrest-drivetime-everyones-approved-to-be-screwed-nationwide-1339968. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
3Consumer
0Employee/Owner

#1 Consumer Comment

I agree that you should have applied the funds to outstanding debt

AUTHOR: FloridaNative - (USA)

Part of your conclusion is exactly right:  you should have taken the funds you had and applied it to your outstanding debt to get your score into a range for better financing.

From what I have seen, the subprime lenders charge extremely high rates for extended periods of time for two reasons:

  1. Cover their risk of lending to borrowers that have a history of late payments or no payments
  2. Increase their return on their investment by front loading the vehicle loan + collecting as large a deposit as possible. In fact, it is my opinion that the deposit they collect can in some/many instances buy the car outright at another dealership.  

Continue to pay your loan so you end up with a good tradeline with payments made on time. Vow to never go back to any dealer that operates the way DriveTime does and get your financing from a traditional lender (like a credit union).  If you do this, then it will save you thousands whenever you finance a vehicle. Do your research first so you know where to go and more importantly, where not to go. 

A class action lawsuit only helps the attorney and the lead plaintiff - everyone else gets a token check for a few dollars. It isn't worth the effort. Take this negative experience and learn from it. JMO

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#2 Consumer Comment

Class action lawsuit for what?

AUTHOR: c.w.reilly - (USA)

YOU signed the paperwork. YOU agreed to the terms. YOU screwed up your credit in the first place. Did they hypnotize you into signing the paperwork, I don't get it. WHAT is the basis for your lawsuit?????

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#3 Consumer Comment

No scam here

AUTHOR: coast - (USA)

No, negative equity should not be illegal. You made your choice and now you are suffering from buyer’s remorse. There is no scam and there are no grounds for a lawsuit.

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