Reply by Drivetime

Hi Casandra,

We are sorry to hear about your overall cost concerns on your purchased vehicle. It is true that because DriveTime finances vehicles for people with no credit or less than perfect credit, the interest rates and pricing are at a premium. DriveTime does offers simple interest financing which allows our customers to pay off the balance faster if they chose to.
We would like the chance to speak with you further in regard to your concerns. Please reach out to our Customer Relations team at your earliest convenience so we may further assist you: 888-290-0148.

Thank you,
Customer Relations
Price Affordability
Product or Service Quality

At the age of 19 I was in an accident that caused my car to be totaled by another person. This left me car-less.

So being 19, having no car, and no credit, I went to drive time with my parents to seek a car because I was in school and in work and need a means of transportation. We went to Drive Time in needs of a car. Looked at a 2006 Ford Escape and realized that this is what I was planning on purchasing. With a smile on his face the employee was thrilled to sell me this car, knowing that he just got me into.

About a year later, now being 20, I was trying to figure out all of my bills that I was paying and cam to realize that my 2006 Ford Escape came with a 21% interest rate, For FIVE years, which means I will spend $25,000 on a car that is now 8 years old.I have even tried to refinance this car and contacted 3 different banks about this, but all had the same response that I would be UPSIDE DOWN and they couldn't help me. My mind was blown and could not believe how crooked this company is. I was a 19 year old girl purchasing my first car and not only did my parents let me do this but so did this company. So now it is 3 years later and my intentions are to fully pay off this car as soon as possible and to NEVER refer any one to this company because it is a complete scam.When you go on the Drive Time website the first thing you see is financing is simple here.

Yea its simple alright just pay 3 times as much for a car then you should.

Needless to say I will NEVER get another car through Drive Time again. I was told having no credit was better than having bad credit, but I was still treated like a person with bad credit and I am still paying the price.

Review about: Drivetime Loan.

Reason of review: Outrageous intrest/crooked company.

Monetary Loss: $15000.

Preferred solution: Price reduction.

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