- Report: #1440913
Complaint Review: Bridgecrest (formerly known as DriveTime) - Charleston South Carolina
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Bridgecrest (formerly known as DriveTime)
Charleston, 29407 South Carolina, United States
Web:
myaccount.bridgecrest.com
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Bridgecrest (formerly known as DriveTime) Sold me an overpriced car! Charleston South Carolina
I got a used 2008 Mazda 3 from this dealership back in July 2013. The financing price was a little over $15,000 with an interest rate of 13.09% and a $200 down payment. All together by the time I finish paying off this, now 10 year old car, I’d have payed about $22,000. There is No Way a used 2008 Mazda 3 is worth that much. Now that I’ve recently reviewed my initial paperwork I’m almost positive this car wasn’t worth over $15,000 when I got it. I was a young, desperate, working student at the time of purchase and needed a car to get to school and work so I didn’t realize the scam I was getting realed into. They also added more interest onto my car a couple of years later all because I combined my bi-weekly payments into single monthly payments. I am definitely seeking a class action lawsuit against this dealership. If anyone knows of any in the works, I’m in!
2 Updates & Rebuttals
coast
United StatesWelcome to Capitalism
#2Consumer Comment
Tue, May 01, 2018
Your dissatisfaction with the cost and interest rate is a case of buyer’s remorse.
Merchants are not required to sell their merchandise at or below market value. Property value is a matter of opinion. If you agree to purchase an apple for $100 then that is a contract. You cannot sue the seller because the market value of that apple was 50¢. Did you learn about capitalism in school? Nice car.
Robert
Irvine,United States
You are in...LOL
#3Consumer Comment
Mon, April 30, 2018
Using words like "desparate" is just an attempt to try and convince yourself and others it is not really your fault and you are just a "victim". The fact is a dealer can ask what ever they want for a car, it is up to YOU the consumer as to if you are willing to pay that price or not. The time to negotiate the price is BEFORE you buy the car...not after.
As for the current value, this may be a shock to you but cars lose value. Even if it was worth 15K when you bought the car, it is not going to be worth 15K five years later. As for the extra $7,000 is the cost of borroriwing money called Interest. It doesn't at any point become part of the cars "value".
As for them "adding interest", yes you were paying more interest but it is at exactly the same rate that what was stated in the contract. When you went from Bi-Weekly to Monthly payments you went from 26 payments a year to 12 payments a year. Even if over a year the payment amounts "even" out, because of the reduced frequency of payments you are going to end up with more interest being added. This is basic economics. Where the only RipOff is the one you did to yourself.
By the way, if you talk to people who deal with credit, many will say the Bi-Weekly payment is an excellent way to pay off loans quicker because of those extra payments a year.
