Ugly Duckling Auto Sales/ Drive Time $2,000 in repairs within first three months, false information about vehicle history, and tried to repo the car when I was a payment AHEAD!!!!!! Garland Texas
I understood when I went to the lot that I was there because of my credit and had no choice. I knew the risks of purchasing used vehicles, especially from BH,PH car lots. I even tolerated chronic overheating (never the same problem twice), lights burning out repeatedly (for unknown reasons), and basically replacing every part on the car within the first year. Fine, whatever. At least I had a car.
I began to get suspicious of the company when I want in (already a payment ahead) to make yet another early payment, and they asked me for the keys. According to them, because this was considered a high-risk loan, the fact that I had just moved to another apartment and hadn't yet provided a new address and phone number, that they had grounds to reposess the vehicle. Thank god I went in when I did to make the second early payment or I would not have had a ride home from work. Or a case - manditory arbitration. Nice try. I thought that was kind of funny.
So a couple of months later, as the wheel axle was about to break, I was told by the mechanic that the car had obviously been severely wrecked at some point. That was the one question I asked SPECIFICALLY when I bought this car. "Noooo! Of coarse not. This car has been well cared for." I did wonder how they could be certain, but I also knew that it was illegal for them to say with conviction that it had not if it had or if they didn't know.
I have paid the $13,000 loan (on a '97 Neon) down to $2,000. Because of just pure disgust, I have told them to shove that amount up their butts and intended to have them come pick the car up. But the loan has been charged off. So either, who do I give it to, or can I get the title? How does this work? I know it's somewhat irresponsible, but I think it's fair that this death trap money pit at least be in my name. I would rather trade it in than give them the money AND a relatively functional vehicle.
Michelle
Dallas, Texas
U.S.A.
2 Updates & Rebuttals
Krista
Wichita,Kansas,
U.S.A.
a charge off is much less harmful than a repo
#3Consumer Suggestion
Fri, December 12, 2003
Sounds like the finance company decided repo expenses would not be worth coming and getting your car... good thing for you, a charge off is much less harmful than a repo.
You will not be able to get the title from the company until the charges are paid... They can hold it indefinitely.
You might try to find another dealer who will take the vehicle on trade and pay off the balance.
Good luck.
Mike
Radford,Virginia,
U.S.A.
Don't just give up...
#3Consumer Suggestion
Fri, December 12, 2003
Try not to get emotional over this. The money you paid and the choices you made in the past are done. You need to think of what to do to make your situation best for the future. You know what kind of company you're dealing with now. But realize they're thinking the same way about this. They don't have any particular vendetta against you, they just want to get as much money as they can.
The question you need to answer is "Is this car, in its present condition, worth $2000?" Because that's the choice you have. You have the option to pay $2000, then keep the car forever, never deal with Drive Time again, and avoid further bad marks on your credit. It sounds like it may be barely worth $2000. So you are now in position to buy a $2000 car for $2000, instead of $13000. If the car is worth $2000 but you don't want to buy it for yourself, you could sell it to someone else and have them pay off the loan and get the title. But though it may be easy finding someone willing to buy your car, it is much harder to find someone willing to buy your car and having the money to do it.
Make sure Drive Time can't find the car and take it before you can arrange the sale. Hiding a car (ideally inside a locked garage) to keep it from being repo'd will not subject anyone to criminal charges, despite what they'll try to bluster you with. They'd have to get a judgement against you in court before the car can be taken by force. Try and make arrangements to keep making payments. They really want money, not the car. If you still have the car, you have infinitely more negotiating power than if you don't.
If you just let Drive Time take the car or ask them to take it, you'll have no car and "repo" on your credit report. And they'll still devise some way to claim you owe at least $2000. Though you should be able to avoid paying it because of the 60% rule, your credit will still be ruined. You should only do this if there's no chance of coming up with $2000 and they won't agree to smaller payments, or if the car is worth much less than $2000. Never "voluntary repo" unless you can get it in writing first that they will consider it full payment of the debt and put "Paid as Agreed" (or at least not put "Repossessed") on your credit reports. There's not much reason for them to do that so they probably won't.