Drivetime / Bridgecrest Buyer Beware - Best to shop somewhere else. Smyrna Georgia

The reason YOU have such a high APR is because prior to dealing with them, YOU destroyed YOUR credit.  The excuses for YOU destroying YOUR own credit don't matter.  The bottom line is YOU brought a subprime credit reputation to the deal, plain and simple.  Neither YOU, me or anyone reading this is "ENTITLED" to low APR bank financing. 

Low APR bank financing is EARNED.  Expressing interest daily is nothing more than a different way of expressing said interest annually as in "Annual Percentage Rate".  If you are making payments late, something fully under YOUR control, then it is YOU who is generating more interest for them with the amount being how many days late YOU are.  All this is explained in the contract.  Perhaps you should read it. 

Is there a ripoff here?  Most certainly there is.  With the self destruction of YOUR credit, it was YOU who put YOURSELF into the subprime environment, thus costing yourself more money.  Oh yes...every dealership in this country is there to make a profit.  They are not there to be your friend, your mother or your financial counselor.  Their intention is to SELL you a car.  They are not there to "help" you beyond getting you to buy the car.

Specifically, what are the interest charges in addition to the APR? Please provide details about the daily interest.

Has the dealer violated the terms of the financial agreement? Have you violated the terms of the financial agreement?

Here are some hard facts for you.

Yes, there are "regular" dealers that will work with bad credit, but if you think you would have gotten a better interest rate or terms you need to stop smoking that wacky weed.   Just like the sub-prime dealers your interest rate is determined by your credit risk.  High credit risk means high interest rate, "regular" dealers are not your friend they are not going to give you a "good" rate just because they are a regular dealer.  In fact many regular dealers work with sub-prime lenders that are worse.  There are many lenders in your situation who would have required a GPS device to be put on your car.  Where you fail to make your payment they disable it from starting the next day.  Where you miss a payment by a week or so the GPS tells them exactly where to go to reposess it.

While you mentioned several things about your loan, but left off just about every bit of information that actually matters.   Such as what was your Interest Rate, what is your monthly payment, how long is your loan for, how much did you actually finance?  Oh and the very important part...how many times have you been late and by how many days(or months) each time?  Or let me put this another way, how many months in these 2 1/2 years did you fail to pay the scheduduled amount due by the due date?

Because the way auto loans work(including ones from "regular" dealers), is that you have a set payment that "assumes" you will pay your loan by the due date each and every month for the length of the loan.  Now, in the beginning since your loan payment is a fixed amount very little goes to the Principal.  In fact the first few months you may have no more than $20-$50 out of each payment go toward principal.  But at the end of the loan you are still paying that same amount and a majority of it is going to the principal.    Now, this means that if you are late, especailly in the beginning a single late payment of a few days could wipe out 2-3 months of principal payments.

Of course let us not forget that when you got the loan you had all of the terms layed out in front of you.  That is unless you were so trusting you figured that signing a blank contract is a wise idea.  But if you still have doubts about the loan, Search for an amortization table, put in your loan information and you will see exactly how much interest you pay each month.