Drive time is a company which sells used cars to the customers. Drive time currently has 145 locations and 3800 employees. The main business operation of the company is selling used cars to car buyers. The company uses an exclusive credit scoring model to buy cars from the sellers and also, used subprime lending as a funding model. According to the company records, they annually buy 150,000 cars from different auctions. After getting vehicles from sellers, the company does relevant repairs and makes vehicles into selling conditions. All the cars sold by Drivetime are sold based on a loan scheme. The loan scheme is maintained by a third party. Bridge crest Credit Company is one of the major parties that works as a lending partner. Let’s learn about ‘Drive Times Repossession Policy’.
Drive Times Repossession Policy
The repossession of the policy of Drive time is decided by its lending company. The mostly used lending company is Bridge crest and their repossessing policy is a little bit loose when compared with the general policies. Bridge crest gives 60 day repossessing period for the buyers from its buying date. Also, they are sending a notice when your vehicle is getting repossessed. Bridge crest is giving another valuable chance for their customers, which is you can get an extended period to pay your amount by talking with the company. If your car is repossessed, you should follow the contract guidelines to get it back. There are three main methods you can use to get your vehicle back if it is repossessed,
– Get your vehicle by paying the entire loan amount, any other fees related to repossession, late fees, storage, and towing fees.
– You can reinstate your loan by contacting the lender. But this can be varied, under your terms and conditions in the contract.
– You can again repurchase your vehicle from an auction
Repossession Process
The repossession process of Drivetime is, maintained by the third parties who lend money to the buyers. The repossession policy is, based on the general law of the country. In the USA, the general law about repossession is, repossessing your car instantly after nonpayment of the loan. If we take Bridge crest’s repossession policy, first they give 60 days of the period to pay the relevant amount after the due date was expired. When the due date expired, Bridge crest sent you a message reminding your repossession. This was done to allow you to clear your loan before the vehicle was repossessed. Also, Bridge crest gives another specific facility for their lenders which, you can contact the company and, can take a relief period to pay your premium amount. This will be given to the persons who are struggling with financial difficulties. Once your vehicle was repossessed, you can contact Drive time and get a solution for it.
Avoid Repossession
To avoid repossession, the first thing you should do is, to call for an operator of the Bridge crest. If you are struggling with financial needs, you can extend your loan period by contacting Bridge crest. Also, you can call your lender, because lenders will help you to find a solution since repossession is a negative impact on the lender too. Bridge crest also provides an autopay which you can pay your premium by using your bank account. Autopay is a free service, and it will be charged your due amount automatically from your bank account. To facilitate this service, you should enter a bank account or Nest pend. Another option is you can trade your drive time car for another buyer and prevent repossessing.
Conclusion
The repossession policy of Drivetime is based on their third-party lender, and the lender of Drive time is Bridge crest. According to their repossession policy, customers have 60 days grace period before they repossess the vehicle, and can extend their payment period if they are struggling with financial difficulties. Bridge crest sent you a message to remind you about the payment to protect you from getting repossessed.
FAQ’s
- How can I trade off my Drive Time Car?
To trade off a Drive time car, you should have to meet a few conditions. The first one is to buy your car for at least a few years. Otherwise, you cannot use this facility. The length of the period will vary based on the dealership. The second requirement is the outstanding car loan amount should be $4500 or less than it. The third condition is that you cannot get more sum from trading the vehicle instead of your car loan. If you can meet those three conditions, you can trade off your Drive time vehicle.
- Repossession law in the USA?
When considering repossession in the USA, the commercial code is the relevant law used by the court. According to this, the creditor has the right to repose your vehicle once you default your loan amount, and the period of the repossession will vary. In some states, lenders can be repossessed after one day late on a payment, and some states give a certain number of days. Therefore you should know about the grace period for your default payment from your state law.
