Consumer complaint received 2025-06-11 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: DriveTime
State: TX

Complaint narrative:
I have attached screenshots of the previous complaint with XXXX This vehicle contract is a simple interest loan Simple interest applies the same way across the board The amortization of this loan is being applied in correctly. I have disputed how much interest has been applied to this loan and how little has been applied to principle. 

This vehicle is purchased for {$20000.00}. I made a {$400.00} down payment after all the fees and extra XXXX they added the amount financed is {$22000.00} at XXXX XXXX interest. 
I have included the table of a simple interest amortization schedule for this loan to show. How much should be applied to interest and how much should be applied to principal I have requested my right to arbitration. They have not responded. Its been over XXXX days. I have disputed this directly with the company the Better Business Bureau and this is my second complete with the CFPB drivetime is taken advantage of low income families with predatory lending they sold me a XXXX  XXXX for {$20000.00} that has a value of XXXX so theyve increased the price by XXXX XXXX and now theyre getting XXXX XXXX interest on the vehicle. I cant trade the vehicle in because Im {$10000.00} upside down in the car because of the price increase and all of my payments going directly to interest I cant trade my car in because Im upside down cant even refinance it because of the negative equity drive time to this intentionally when I purchase the car XXXX told me I can make payments on time for XXXX months come back and trade the car and come to find out that was a lie. Im stuck in a vehicle thats worth nothing compared to what I owe and drive time knew that when they sold it to me, they also knew there was something wrong with the steering when they sold it to me and I tried to take it back within the XXXX days and get a jeep from the other drivetime lot in XXXX XXXX and they played me like a fool until that little XXXX day period was over and I was stuck in the car. 


Either drive time can settle the balance on this loan for what the vehicle is worth or they can resend the entire contract. Refund me all my money take their vehicle back and go on lending into other poor families that dont see what theyre doing coming. 

I have notified the company that all this is indirect dispute. They are not to diminish my credit by reporting it late because I refuse to make payments on something where theyre only stealing the money for themselves and according to the XXXX theyre gon na get over {$50.00} XXXX in funds from all these loans that theyre doing at XXXX to XXXX XXXX interest Taking advantage of low income people like myself who is a single mother of XXXX children trying to make ends meet and Im paying {$600.00} a month for the balance on my car not to go down because drivetime wants to apply all of it to interest the way that they choose to according to the contract that is a simple interest loan it is biweekly payments XXXX XXXX of my payment should not be going to interest.

Company response to consumer: Closed with explanation