Complaint Review: Drive Time

Perhaps I was being a bit flippant when I said you might as well not show up. Basically what Drivetime would be looking for in a judgement would be the balance of the loan, plus court costs. Even with your weak defense, you should at least be there with documentation to make sure they don't pad the numbers.

"Drive Time applied the payment as they saw fit"
- No they applied it as per the contract. Unless you can prove otherwise you really have no grounds for any action.

"Any other lender is willing to may payment arrangements in this situation rather than risk not get paid at all."
- Don't be so sure about that. To most companies, just writing it off, selling the debt and taking the loss is more cost effective than spending the hours trying to collect on a debt they consider uncollectable.

"As far as collateral, it is to insure getting back the value of what they're giving."
- No it is to insure that you pay the loan as agreed. That includes the principal and interest. So even if you mah have paid double(or more) the original value of the loan, as long as there is still a balance they can reposess the car. No court would rule in your favor.

Also, you use the term "gave" several times. They did not GIVE you a car. They LOANED you the money to be able to purchase a car. In order to get that loan you had to sign an legal agreement that stated you would pay back the loan at the specified interest rate. Again, unless you can prove that you didn't sign it, or there is somehow some illegal clause in there. The courts are going to rule in the favor of Drive.

The fact is that the collateral is gone, which is why they are not willing to spread the remaining payments out. Because there is nothing keeping you from just deciding to no longer pay them, other than the threat of a suit.

But if by chance you are sued, SHOW UP. Even though you probably will loose. You may be able to get the judge to at least work out a reasonable settlement between you and Drive. Where if you don't show up, it would be all Drive.

In your mind, you have paid them back more dollars than they loaned you, therefore they should let you off the hook. You won't stand a chance in court with that kind of defense. Being that it's Drivetime, no doubt you signed on the dotted line to pay back the loan at a ridiculously high interest rate. This is the contract that they can hold you to. As long as the balance is out there, Drivetime's cash register is clanging away with interest charges. That is why that $5600 balance is taking so long to go down.

Unless you can show the court why you should not be held to the contract you signed, you may as well not even show up. From what you've posted here, I don't see any valid legal reason why a court would side with you. The bottom line is that you paid way too much for a car, chose not to have gap insurance and now you're on the hook for the contracted amount at the contracted interest rate.

I think your best bet is to pay off the Drivetime balance as soon as you can (i.e. before you buy that next car). It may seem unpleasant now, but it can get a lot less pleasant if you decide to default. Good luck.

Over and over I read here about people wanting a 'Class Action Lawsuit' but no one ever does one.

If you're so certain of youself, why not do one youself and post the pertinent information here so we can watch it with interest.

Hugh Jass is the perfect name for you. If you don't have an intelligent response, why respond at all. I never said I wasn't willing to pay the loan. In fact, quite the opposite. I was trying to make a reasonable set of new arrangements. If I'd paid the $4200 dollars to Drive Time as a payment then I wouldn't have to make another payment for close to a year. But since the insurance company did, Drive Time applied the payment as they saw fit and are trying to screw me out of more money. Any other lender is willing to may payment arrangements in this situation rather than risk not get paid at all. 'I' initiated the contact and attempt to work it out. Would I do this if I just didn't want pay. That's assinine. As far as collateral, it is to insure getting back the value of what they're giving. They've already gotten more than that back and they do their own financing so it's not like they are trying to get money back that they gave me. They are just being plain unreasonable. This is their situation in a nutshell...They gave me a car, made their money back and thensome, and have a customer who's willing to pay rest of the loan on a car he doesn't have in the term initially set...just spread over that term. Wow! Can't believe how unreasonable I'm being! As far as risking a civil judgement, I am very willing and ready to go to court and present my case. I am not going to just not attend like some defaulters do and get some blanket judgement against me. I will bring as much evidence as to Drive Time's unscrupulous practices as possible as well as recordings of what I deem to be unreasonable bahavior in order to convince any reasonable judge to rule in my favor or at least deem that Drive Time agree to more reasonable terms and eliminate any damage done to my credit. I have already consulted an attorney and am prepared to pursue this to the fullest extent. For anyone involved in or wishing to start a class action suit against Drive Time, I will lend my full support and cooperation.

""Why not take steps to ensure they get payment from me rather than anger me to the point of not paying at all. I already have a house and I'm buying another car with cash. I'm at the point of just not paying and waiting the seven years for it to fall off. I already have enough credit cards and don't need any more credit. It's just not good business by Drive Time. ""

Be carefull what you wish for. If they pursue you they could very likely win a civil judgement against you. Should they sue you for the remaining balance of the loan and win, here's some things they will be able to do with enforcement orders from the court:

1. Put a lien against your home. If the court orders this, your mortgage holder will be notified of the judgement against you and the ordered lien. The mortgage holder will most likely call your house note DUE or PAY the judgment to secure their interest in the home and then come after you for the funds. You risk foreclosure if this occurs. If your home is PAID FOR, they may still place a lien against it. In some states the court can order the house be sold so the proceeds can be used to pay the judgment. Consult with an attorney for competant legal advice.

2. Put a lien against your auto or any other vehicles you may have; truck, RV, boat, etc.

3. Put a levy on any bank accounts you have.

4. garnishment order against your wages.

5. levy against any state income tax refunds.

6. Credit reporting for a civil judgment is normally significantly LONGER than for credit contracts and can be reported for as long as the SOL for civil judgments in the State inwhich the awarding court resides.. Here in NY, the SOL for a judgment is 20 years and, per the FCRA, the judgment can appear on credit reports for 20 years (NOT 7 years) for judgments granted by a NY court.

Choose your actions carefully before you carelessly make matters worse.

Good luck.

You borrowed the money. You didn't buy Gap insurance that would have covered this. You owe the money. Now you're upset because you have to pay? They're right...how can anyone refinance a car loan without the car? They're not the problem...you are for owing so much on a car that old.