I bought my vehicle in September. I do have bad credit that's why I went to "Drivetime". I first contacted them online and they said to come on in because "they wanted to help me out".
To make a long story short they sold me a 1999 Ford Explorer with 73,000 miles for $13,000. I needed a car at the time and they told me that it was a good deal so believed them and I signed the papers.
Now I have realized the mistake I made. Blue Book Value on this car is between $4,000.00 and $5,000.00 and they gave me a 29% interest rate on top of that for a grand total of $22,000.00.
Furthermore, I tried sending in payments that were larger than what was due to try to pay money on the principal. Of course they said I couldn't do that because the interest is accrued daily.
Drivetime targets people with bad credit and uses the opportunity to take advantage of their situation by making you think that you got a good deal. I think that this whole deal seems very unfair, does anyone else?
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