Report: #1440913

Complaint Review: Bridgecrest (formerly known as DriveTime) - Charleston South Carolina

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  • Reported By: Brittany — United States
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  • Bridgecrest (formerly known as DriveTime) Charleston, South Carolina United States

Bridgecrest (formerly known as DriveTime) Sold me an overpriced car! Charleston South Carolina

*Consumer Comment: Welcome to Capitalism

*Consumer Comment: You are in...LOL

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I got a used 2008 Mazda 3 from this dealership back in July 2013. The financing price was a little over $15,000 with an interest rate of 13.09% and a $200 down payment. All together by the time I finish paying off this, now 10 year old car, I’d have payed about $22,000. There is No Way a used 2008 Mazda 3 is worth that much. Now that I’ve recently reviewed my initial paperwork I’m almost positive this car wasn’t worth over $15,000 when I got it. I was a young, desperate, working student at the time of purchase and needed a car to get to school and work so I didn’t realize the scam I was getting realed into. They also added more interest onto my car a couple of years later all because I combined my bi-weekly payments into single monthly payments. I am definitely seeking a class action lawsuit against this dealership. If anyone knows of any in the works, I’m in!

This report was posted on Ripoff Report on 04/30/2018 01:01 PM and is a permanent record located here: https://www.ripoffreport.com/reports/bridgecrest-formerly-known-as-drivetime/charleston-south-carolina-29407/bridgecrest-formerly-known-as-drivetime-sold-me-an-overpriced-car-charleston-south-car-1440913. 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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#2 Consumer Comment

Welcome to Capitalism

AUTHOR: coast - (United States)

POSTED: Monday, April 30, 2018

Your dissatisfaction with the cost and interest rate is a case of buyer’s remorse.

Merchants are not required to sell their merchandise at or below market value. Property value is a matter of opinion. If you agree to purchase an apple for $100 then that is a contract. You cannot sue the seller because the market value of that apple was 50¢. Did you learn about capitalism in school? Nice car.

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#1 Consumer Comment

You are in...LOL

AUTHOR: Robert - (United States)

POSTED: Monday, April 30, 2018

Using words like "desparate" is just an attempt to try and convince yourself and others it is not really your fault and you are just a "victim".  The fact is a dealer can ask what ever they want for a car, it is up to  YOU the consumer as to if you are willing to pay that price or not.  The time to negotiate the price is BEFORE you buy the car...not after.   

As for the current value, this may be a shock to you but cars lose value. Even if it was worth 15K when you bought the car, it is not going to be worth 15K five years later.  As for the extra $7,000 is the cost of borroriwing money called Interest.  It doesn't at any point become part of the cars "value".

As for them "adding interest", yes you were paying more interest but it is at exactly the same rate that what was stated in the contract.  When you went from Bi-Weekly to Monthly payments you went from 26 payments a year to 12 payments a year. Even if over a year the payment amounts "even" out, because of the reduced frequency of payments you are going to end up with more interest being added. This is basic economics.  Where the only RipOff is the one you did to yourself.

By the way, if you talk to people who deal with credit, many will say the Bi-Weekly payment is an excellent way to pay off loans quicker because of those extra payments a year.

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