Short Answer: DriveTime’s repossession policy varies, depending on the terms outlined in your contract. But how long will it take DriveTime to repo after defaulting on the loan? Usually, at least 60 days. For more details on the DriveTime repossession process, see below.
DriveTime Repossession Policy & Process
DriveTime only sells cars and initiates the loan application process, customer service told us. Car loans and DriveTime repossession policies are handled by third-party lenders; Gold Financial and Bridgecrest are two of DriveTime’s loan partners.
We spoke with a customer service representative from Bridgecrest to inquire about DriveTime’s repossession policy. While policies vary depending on the terms of your auto loan contract and the laws in your state. Bridgecrest will typically repossess your DriveTime vehicle 60 days after defaulting on the loan, the representative said.
Repossession happens when you’re unable to pay your car loan. Legally speaking, in most states, your car can be repossessed immediately after you default on the loan.
If you’re worried about repossession, you should take with your lender. In general, lenders don’t benefit if you default on your loan, so they’ll want to work with you to find a solution. You may also want to consult Edmunds’ guide on what to do if you can’t make your car payment.
To prevent missing a payment, you can enroll in autopay — a service offered by Bridgecrest (and other lenders) free of charge. To sign up for autopay, you’ll need an active bank account or Netspend. Just be sure you have sufficient funds each month. Sign up online for autopay on your Bridgecrest loan or contact a customer service representative at (800) 967-8526 to sign up for autopay over the phone.
You may also want to find out if you can trade-in your DriveTime car for one with perhaps lower payments.
What to Do After Repossession
If your car has been repossessed, you may or may not be able to get your vehicle back. Depending on the terms outlined in your contract, your location, and which lender you are working with, you may be able to get your car back through one of the following options:
- Redeem the vehicle by paying off the entirety of your loan balance, plus any fees associated with the repossession like late fees, storage, and towing fees
- Contacting your lender to see if it will reinstate your loan; note that the availability of this service will vary depending on the terms of your loan and that you will need to make up all past due payments and fees
- Repurchasing your vehicle at auction
Suggested article: How to Apply for a Free Car