Drive Time Warning - Proceed With Caution Drive Time Warning!

In this video I cover the popular platform Drive Time for purchasing a car. Although Drive Time has high reveiws many buyers need to be aware of the hidden costs and what is not disclosed in those fantastic commercials. This video is a must see.

[mvlogs]

Man I owe you a beer. I just got approved at DT, they were going to put me in for $700 down for a used GMC Terrain, seemed like it was easy but after reading the negative reviews from Bridgecrest Financial, I was floored seeing the reviews after seeing I was going to make $30k for a $7k vehicle! LOL. I started to do some research and I saw your video. Thank you bro. Subbed to your channel too.

[Coolguy-esmq]

I worked there for five years. A few major points missed in this video are most all of their vehicles are several thousand dollars more than the Kelly Blue Book or NADA fair value. And it’s their job to sell you a 5 year/50, 000 powertrain limited warranty, GAP insurance, and a GPS theft deterrent tracker which allows you to see where the vehicle is with an app on your smartphone. The warranty is overpriced, and any person can easily buy an extended warranty on their own after the purchase and save money. The GAP is a little over priced, but it does come in handy a lot, and and you cannot buy that elsewhere. The GPS service is a total waste of money. I bought a vehicle while I was there and so did a manager and we did not get that. Employees have to sell it to you, but they know it’s worthless. I only saw two instances where people benefited from that service in all my five years there. But even if you don’t buy it, there is a GPS device on the vehicle anyway so they can find you if you don’t make payments. So they can work with police to find your vehicle in the highly unlikely event that it’s stolen. This video states high down payments and high APR. Well that is actually common knowledge and rather obvious to be looking at that in situations of bad credit. The I’ve seen APR as low as 5% and as high as 29% depending on a person’s credit and how old the vehicle is. Older vehicles have higher APR. This video states used vehicles may have mechanical problems. That’s true for anywhere. Have a vehicle inspected by a trusted mechanic before purchase. They will allow that. Fact: more than half of the vehicles purchased there are repossessed within the first few years after the purchase, which probably puts people in a worse off credit situation than they were in previous to buying. Fact: if you are wise and are on time with your payments and you’re responsible and work and save money you can pay off the vehicle early to the principle balance and avoid interest payments. You will also build your credit with these on time payments, which is helpful. The clientele base with Drivetime is a unique population, and there are a lot of not so smart individuals that walk in there. The process of purchasing is difficult sometimes with these people. DriveTime, like all other businesses is there to make a profit, and employees are paid decent. They are often under a lot of stress if they have a bad sales month. Oftentimes a bad month may result from issues that are out of their hands completely. The best way to buy there is save up a decent down payment. Settle for a reasonable option. It might now be the sparkling F150 or the Dodge Challenger. Shop elsewhere for a warranty. Don’t buy the GPS. Pay the vehicle off early.

[spindeep]

Always better to pay cash and not be a slave to this bs system

[phillygirl]

My credit is non existent so sign me up idc lol my motor went and I'm on foot with a 2 year old in the dead of winter

[craftnjubilation]

I can't speak for everyone but My experience was one of the best I brought a car from them around 7 yrs ago no problems with the car lost the car last year in a car accident no fault of me but that car was in such good shape my people couldn't believe I still had the car

[redlionesv]

Appreciate the honesty.

Is it possible to refinance down the road for a lower interest rate?

[jamespittman]

I tried to get a 2011 silverado and they said I would have to put 10, 000 dollars down on it

[JJ-emcp]

What would you suggest if not drive time?

[BarbaraHale-epyu]

So I got I got on the internet and apply for it again for drive Time I'm just trying something I got approved without a cosigner right and they kept calling me I won't have nothing to do with them now all of a sudden don't need no cosign to am not going to deal with them anymore i just wanted to see the game they going to play i am going to call them back just for the hell of it

[staticwalkink]

Can you switch out a car if you bring it back within 5 days I seen a sign saying that when I was passing?

[RebootFMcom]

Drivetime is about as crooked as they come... !!! 😠
"... several thousand dollars overpriced.." is the understatement of the century!! Their prices are marked up nearly 30% over value...

If you're not familiar with the term "Buyer Beware" you may want to familiarize yourself with that term QUICKLY!!!
My neighbor's son brought a car from the Winston-Salem, NC location, in 2024 (fast-forward a year and $1800 in engine/ electrical repairs later) ... and it still smokes blue out the tail pipe !!!😢

12%interest loan 🤢, and the value in the negative.. in short, HE'S IN AN UPSIDE-DOWN LOAN situation (and that ain't good) youtube those kinda loan horror stories...

Needless to say, that location shut down this year, replaced by Hertz Rent-A-Car

-Good riddance

[samrod]

That’s just like credit acceptance their interest rate was 24%

[Giohungry]

Ok well dang how bout a solution and not just what everybody already knows

[BarbaraHale-epyu]

I went there to get the car and they said I need to go sign so I brought my brother back who's in the military for 35 years and still got turned down I know my credit is not good but I know that his is he is a sergeant major