I am going to make this short and simple.
I have been with Drivetime/DT Credit Corp for 18 months. I have paid on-time for 90% of the time, and the other 10% I made sure to make payment arrangements. When I got my car with Drivetime, my credit was not perfect and I was in sincere need for a larger SUV for my family and Drivetime had that, so I went for it. I was told by Drivetime that they could help me get back on my feet with my credit report by paying my loan ontime (twice a month) and that they report GOOD and bad pay histories. So if you pay ontime, and as agreed, that gets reported too. Sounds great, right?
Today, I was contacted by a Ford car dealership and told that not only does Drivetime NOT report good credit pay history, they don't report anything under Drivetime!!! They sell your loan every 2 to 4 months, and your pay history only reflects the payments that have been received during the life of the current loan!!! Therefore, Ford only shows that I have made payments ontime for the last 4 months - since my loan was sold 4 months ago!!!
How is this LEGAL??? The Ford loan officer told me he's been experiencing this with Drivetime (under various business names) for 6 years and he does not understand how they are allowed to continue business this way.
This makes me SICK.
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