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.