Is DriveTime payments monthly? (2024)

Is DriveTime payments monthly?

Yes, we are! DriveTime is unique in the way that we are the auto dealership and the bank, which allows us to be more flexible with down payments and monthly payments depending on your unique situation.

How does DriveTime down payment work?

DriveTime does not offer the opportunity to make payments on the down payment. However, we do offer a reservation program. The DriveTime reservation program allows you to hold the car of your choice for up to seven days, but you cannot drive the vehicle off the lot until the down payment is fully paid.

How much interest does DriveTime charge?

While DriveTime advertises interest rates as low as 7.9 percent, that isn't what the typical DriveTime buyer receives. Instead, the “average deal” listed on the DriveTime website has an interest rate of 22.6 percent (based on data between January 2023 and April 2023).

What is proof of income for DriveTime?

Usually this proof is in the form of a current bank statement or pay stub. Proof of income is required when purchasing a vehicle from a dealership.

How does DriveTime layaway work?

A layaway program is a payment program offered by DriveTime. It allows you to have the car of your choice by putting it on hold and placing a deposit on the vehicle, but you cannot drive until you have the necessary funds to complete the purchase.

Why is my down payment so high on DriveTime?

Unlike the majority of 'buy-here pay-here' dealerships, we don't have the same down payments for everyone. We customize our down payments per vehicle and per customer. Typically, higher priced vehicles require a higher down payment, which is pretty standard.

Is DriveTime down payment real?

DriveTime payment

All financing for a DriveTime purchase is done in-house, and the company is open to accepting any credit score, including no credit at all. DriveTime down payments will vary based on the price of the vehicle and the customer's financial situation.

Does DriveTime have trackers on cars?

Inilex Inc. recently signed a deal with DriveTime Automotive Group Inc. of Phoenix to install the technology on the dealer's cars to help it track vehicles on its lots, as well as those sold to customers deemed high-risk because of low credit scores.

Can you negotiate with DriveTime?

DriveTime is a “No-Haggle Dealership,” where there is no negotiation and the price you see is the price you get.

What is the proof income?

How to Provide Proof of Income. For employees, proof of income is straightforward. It's typically a combination of a W-2 form that is provided by the employer and your latest bank statements. The W-2 form is especially accurate since it shows your true income as a factor of your wages plus deductions.

Does Carvana ask for proof of income?

You may be asked to submit proof of income and/or proof of employment during the purchase process. If you're self-employed, we require documentation to verify your income.

Does Carvana want proof of income?

You may be asked to submit proof of income and proof of employment documents during the purchase process. Please submit the full documents with all information clearly visible. We recommend uploading PDFs, but we also accept most common image files (PNG, JPG, etc).

Does DriveTime run a credit check?

The great thing about DriveTime is they build customized approvals. They won't find fault with you if your credit score is not its best. Fair warning, they will run your credit. However, weary shoppers should feel some relief knowing they'll take everything into consideration as well.

What app does DriveTime use to track cars?

PHOENIX — Drive Time announced it has selected Inilex to be the supplier of GPS-based vehicle tracking and recovery solutions for its 89 dealership locations. “We look forward to building this relationship with Inilex,” said John Gersitz, Drive Time managing director.

What happens if you don't pay layaway?

If you don't make your payments or pick up the purchase as agreed, you may lose all payments you've made.

What car payment is too high?

According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn't your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.

How long is the DriveTime warranty?

DriveTime Limited Warranty 30 Days/1,500 Miles During the DriveTime limited warranty (30 days/1,500 miles) your deductible will be $0 for any covered repairs at an In-Network repair facility. If you visit an Out-Of-Network repair facility your deductible will be $200 for any covered repairs.

What is the ideal down payment for a car?

How much should you put down on a car? One rule of thumb for a down payment on a car is at least 20% of the car's price for new cars and 10% for used — and more if you can afford it. These common recommendations have to do with the car's depreciation and how car loans work.

Is DriveTime a predatory lender?

CFPB took action against a “buy-here, pay-here” car dealer. DriveTime must pay $8,000,000 as a civil money penalty, end its unfair debt collection tactics, fix its credit reporting practices, and arrange for harmed consumers to obtain free credit reports.

Is DriveTime the same as CarMax?

Large used-car retailers like CarMax and DriveTime function like independent dealerships, but they're different for a number of reasons. For example, CarMax calls for inspections of all of its cars for sale, and each comes with a free vehicle history report and safety recall report. DriveTime's program is similar.

What is the best place to buy a car online?

Cars.com, Carvana, Edmunds, CarMax and TrueCar are our top recommendations for used car websites. Whether you want to find your ideal pre-owned vehicle or find the right buyer for a car you're selling, these sites are easy to use and offer excellent customer support.

How do you know if your car has a tracker from the dealership?

Perform an exterior inspection: Use a flashlight and mirror to check areas like the wheel wells and under the vehicle. Most trackers are hidden in easy-to-reach locations. The tracker may be dirty and difficult to see. Perform an interior inspection: Check the data port first.

Can you be tracked through your car?

Yes, it's possible for your car's GPS to be tracked even when it's turned off, depending on the type of GPS system installed in your vehicle. Some GPS devices have a feature called "passive tracking" where they continue to record and store location data even when the device appears to be turned off.

Can you get a car loan with a credit score of 450?

In general, you'll need a FICO credit score of at least 600 to qualify for a traditional auto loan, but the minimum credit score required with vary from lender to lender. As interest rates increase due to inflation, securing a subprime auto loan may be more difficult — but not impossible.

What credit bureau does DriveTime use?

Yes, DriveTime via Bridgecrest Credit Company (formerly known as DT Acceptance Corp) will report all activity to the three major credit bureaus: Experian, Equifax, and Transunion. They will report on-time payments as well as late payments.