Report: #998780

Complaint Review: Drive Time Corp.

  • Submitted: Thu, January 17, 2013
  • Updated: Fri, January 18, 2013
  • Reported By: Felo — deland Florida U.S.A.
  • Drive Time Corp.
    3000 S. Woodland Blvd Deland FL 32721
    DeLand, Florida
    United States of America

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 I bought a vehicle from Drive Time Corp. auto dealers in the year 2004 under false information that my credit was bad. I had traded another car that I had for the down payment on the car. the first month I had problems with the vehicle and had to take it various times to their repair shop. I sold the car to a friend of mine and the account was being paid under my name. My friend had an accident with the car someone else was liable for the accident. the car was a total loss I had already paid more than what the car was worth under my name. The insurance company paid the appraised value on the vehicle and the vehicle was written off. They offered me another car under their loan program because I always paid on time. But I decided not to take the offer because of the bad experience I had with the vehicle. and now they have messed up my credit and after they received payment for the total loss of  the car from the insurance company. that was not worth the price I was paying for it and they had written off as a total loss. they have sent me countless letters for the balance owed on the vehicle that was already paid off by the insurance company. and collection agency's are on my back for a vehicle that does not exist. but I guess that's their practice and the way they do business.
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This report was posted on Ripoff Report on 01/17/2013 05:06 PM and is a permanent record located here: 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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#1 Consumer Comment

Best to take care of the balance due now

AUTHOR: MovingForward - (USA)

Take the time to get your actual credit reports from the three CRA's from their official website so you know exactly what is on your reports. Unfortunately many auto F&I people take advantage of people that don't know their actual credit score or reports in order to stick you with a high rate. It sounds like that is what happened to you. Go to myfico(dot)com to learn about credit and reporting so this doesn't happen to you again.

Now you will need to recover from this unpaid loan. Once you agree to a loan, you have to pay it off, regardless if the vehicle is totalled or not. The insurance will cover the value of the vehicle and you are responsible for the balance (as stated above).  The balance doesn't just go away. When its charged off that is the beginning of collections, potential judgement and then garnishments where applicable.

That's why people buy gap insurance to pay off the difference between what the insurance co pays and the loan due. In fact, I am surprised you didn't have a gap policy in place to pick up the difference. In any event, you will want to take care of this as soon as possible as interest continues to accrue on the loan.

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#2 Consumer Comment

You still owe

AUTHOR: coast - (USA)

You still owe the difference between the balance due and the insurance payout.
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