Complaint Review: Bridgecrest

 You have no heart and ice water in your veins. You have no sympathy for the credit challenged. You must work for them. Don't you know everybody in this society has problems paying their bill other than you super rich people. This company received huge bailouts from the company and they owe us poor people help. Everybody knows this is a predatory lender and they've been sued hundreds of times. Not only that, it's a scam how they pay interest first and illegal too. Times are tough for most of us and they won't help us. Just think of that the next time you are flying to Aruba for a weekend vacation with money stolen from us using a predatory scam.

You claim the vehicle is paid off yet you are still making payments. That makes no sense. Apparently the vehicle is not paid off.

The dealer is under no obligation to give your mother the vehicle until she has met the terms of the financial agreement. The loan is $1000 in arrears so your mother may be in default.

You have no grounds for a lawsuit unless the dealer has violated the terms of the agreement. Has the dealer violated the terms of the agreement?

The lender’s knowledge of your “situation” is not relevant to the terms of the financial agreement.

A six-year loan from a subprime dealer will always be much more expensive than a typical shorter-term loan for a buyer with good credit. That is why the balance owed is greater than or equal to the value of the vehicle.

It looks like you have some information and not the rest. At least that is how your complaint reads to me.  Do some research regarding auto loans. Robert, from the previous response, is right.  Your parent(s) signed for a loan to purchase the vehicle and it is apparently at an extremely high interest rate.  The payments look like they have not been paid on time and that would add a significant amount to the balance owed to the lender.  

There is some confusion in your post:  Bi-weekly does not mean "two times per week" as you stated in your complaint. It means every two weeks. So that loan payment is due every two weeks on or before the due date. An amortization schedule can help you with the dates and the amounts due and the remaining balance. Or, you could just pay it off with your savings or another loan.  I mention this so you can stop the accruing interest on this loan that your parent(s) agreed to when they purchased this vehicle. 

As to the value: the value is independent of the remaining balance on the loan. The loan was originally based partially on the collateral and mostly on the risk of default of the borrower.  That is how subprime loans work. I don't work for this lender and I would never purchase a vehicle from Drive Time, but I am familiar with financing and this is how subprime lenders work. In hindsight, it would have been better to get the vehicle financing from another lender and go to a different vendor.  The best present you can give to your mother now is to pay off the vehicle and get the title so she has transportation. 

The car has NOT been paid off yet, you currently still owe $5,085.73 minus what ever principal was reduced from your last payment. The total amount you owe is not just the original amount financed. It includes interest, and any additional fees(such as late fees).

This company is a "Sub Prime" dealer/finance company. That is they finance people that have not proven they can handle credit, and "regular" finance companies wouldn't touch them with a 10 foot pole. The "Sub Prime" borrower that these finance companies cater to also tend to have a very big "Entitlement" attitude. Where they think that they are somehow owed and deserve things that they do not. By your post you have shown you fall
perfectly into this group.

You are very specific about the amounts you have paid. But you failed to list anything actually important that would be a lot more telling. Such as when EXACTLY did she get the loan? what was the Interest Rate on the loan? How long is the loan for? Just how many times has this loan been late and how late has it been?

Even though your "Entitlement" mentality figures that your mom is a "special case". Where she needs the car, and you have already made payments, and the value is what it is they should just hand over the title.

Well I have news for you. Just about EVERYONE has "special circumstances" that at one time or antother could make it difficult to make a payment. EVERY car loses value. You don't just get to decide one day that you have paid enough and the finance company just has to accept it.

So no if you haven't figured it out yet, you have no grounds to sue THEM. However, they are right and have every right to reposes the car if you are delinquent. They also have the right to sue YOU for any deficiency balance after they sell the car at auction.

By the way, it doesn't matter what company you financed with every company would work the same way. But if by some miracle you find a company that lets the consumer decide when to stop making payments, please post it here as I am sure they will get a lot of business