Short Answer: You can trade in a DriveTime car and purchase another one as long as you have had the car for at least a few years, you have paid down your loan to $4,500 or less, and you do not owe more than the car is worth. DriveTime recommends working with your local dealership for valuations and trade-ins. For more information about trading in a car at DriveTime, see below.
Can I Trade-In My DriveTime Car for Another One?
We reached out to DriveTime customer service representatives to find out about the company’s trade-in policies. We were told that if you already have a DriveTime vehicle, it’s possible to trade it in for another one, but you must meet a few requirements:
- You must have had your DriveTime vehicle for at least a few years (Exact length requirements vary by contract and dealership; contact DriveTime to see if you are eligible.)
- You must have paid your car loan down to $4,500 or less.
- You must not be upside-down on your car loan (i.e., you cannot owe more than the car is worth).
According to the DriveTime website, you can bring in your vehicle to your local dealership and get a third-party valuation for a trade-in. DriveTime has more than 140 dealerships nationwide. Note that having a good repayment history on the first loan can help you qualify for better terms on your new loan. DriveTime recommends that you contact your local dealership to see what your trade-in options are.
DriveTime offers in-house financing through Bridgecrest. The company discloses that it will run a hard credit check to determine if you are approved for a loan. You can apply and get immediate approval decisions online, and interest rates — which start at around 8% — will vary based on your credit history. You can also finance a DriveTime vehicle through your bank or credit union of choice. If you plan to trade-in a DriveTime car that you financed through an outside lender, you will also need to coordinate with that lender to make sure your loans are administered correctly.
If you purchase a vehicle from DriveTime and wish to return it, DriveTime allows you to return a car within five days of purchase, free of charge. However, the company notes that if you drive the car more than 300 miles in the five-day period, you may not be able to get a full refund.
It is also worth noting that DriveTime customers report numerous complaints about the company on the Better Business Bureau (BBB) website. Many of the complaints center around customers being sold a car with problems that were not disclosed at the time of sale, as well as poor customer service and hidden fees when they try to repair the car.
For more about car shopping, see our articles on car dealerships that accept negative equity, lenders that will finance old cars, and how many cars you can have in your name at any given time.