We have all been there—needing a reliable set of wheels but facing a credit score that makes traditional banks turn their backs. DriveTime often steps in to fill that gap, providing accessible financing when other doors are closed. However, once your financial situation improves, you might find that the high interest rates and long terms feel more like a trap than a helping hand.
Learning how to get out of a drivetime car is the first step toward financial freedom and a better driving experience. Whether you are dealing with a high APR or a vehicle that no longer fits your off-road lifestyle, there are several strategic paths you can take to move on. This guide will walk you through the exact steps to evaluate your loan and choose the best exit strategy for your specific situation.
In the following sections, we will explore everything from refinancing and private sales to the nuances of trading in a vehicle with negative equity. My goal is to give you the same advice I would give a friend standing in my garage: practical, honest, and focused on your long-term success. Let’s dive into the mechanics of your loan and get you back in the driver’s seat of your finances.
Understanding Your DriveTime and Bridgecrest Loan
Before you can plan your exit, you must understand the structure of your current deal. DriveTime is a “buy here, pay here” style dealership, but they typically funnel their financing through a sister company called Bridgecrest. This distinction is important because all your negotiations and payoff requests will go through the lender, not the dealership where you picked up the keys.
The first step is to obtain your payoff quote. This is the exact amount of money required to satisfy the loan in full right now. You can usually find this by logging into your Bridgecrest account or calling their customer service line. Do not rely on the “remaining balance” listed on your monthly statement, as interest accrues daily and the final number may be slightly different.
Once you have that number, you need to determine your equity position. Use tools like Kelley Blue Book or NADA Guides to find the current trade-in and private party value of your vehicle. If the car is worth $10,000 but you owe $14,000, you have $4,000 in “negative equity,” often referred to as being “underwater” on the loan.
The Impact of High Interest Rates
DriveTime loans are notorious for high interest rates, sometimes reaching 20% or even 25%. While this helps people with poor credit get on the road, it means a massive portion of your monthly payment goes toward interest rather than the principal balance. This slow equity build-up is the primary reason why many owners look for a way out early.
If you have been making consistent payments for 12 to 18 months, your credit score has likely improved. This improvement is your greatest leverage. A higher score opens doors to traditional lenders who can offer much more favorable terms than your original subprime agreement.
how to get out of a drivetime car
When you are ready to make a move, the most direct path involves settling the debt with Bridgecrest. There are several ways to achieve this, ranging from simple refinancing to more complex trade-in maneuvers. The “best” way depends entirely on your current credit score and how much cash you have on hand to cover potential gaps in value.
One common method is to wait for a tax refund or a work bonus to bridge the gap between what you owe and what the car is worth. By paying down the principal balance aggressively for a few months, you can reach a point where the car’s value matches the loan. This makes a clean break much easier to execute without taking on new debt.
Another option is to look for promotional trade-in events at other dealerships. Some larger franchises offer “push, pull, or drag” events or guaranteed trade-in minimums. While these can be gimmicky, they sometimes provide the extra $1,000 or $2,000 needed to wipe out that pesky negative equity and get you into a more affordable vehicle.
The Role of Gap Insurance
If you purchased Gap Insurance through DriveTime, check your paperwork. This insurance is designed to cover the difference between the car’s value and the loan balance if the car is totaled. While you cannot use it just to “get out,” knowing you have it provides peace of mind while you work on other exit strategies.
If you decide to sell or trade the car, you may be entitled to a pro-rated refund of the Gap Insurance premium you paid upfront. Always contact the insurance provider after the loan is closed to claim this money. It is often several hundred dollars that can go right back into your pocket.
Refinancing for a Lower Monthly Payment
Refinancing is often the smartest way to handle a high-interest loan without losing your vehicle. Many drivers wonder about how to get out of a drivetime car when they realize their interest rate is significantly higher than the market average. By moving the loan to a credit union or a traditional bank, you can slash your interest rate and lower your monthly burden.
To qualify for refinancing, most lenders want to see a credit score of at least 600 to 620. They also look at the Loan-to-Value (LTV) ratio. If you owe significantly more than the car is worth, a bank might require you to pay a lump sum to bring the loan balance down to 110% or 120% of the car’s book value before they approve the new loan.
Start by visiting a local credit union. These member-owned institutions are often more flexible than big banks. Bring your Bridgecrest payoff quote, your most recent pay stubs, and the vehicle’s VIN and mileage. Ask specifically about “auto refinance” programs designed to help people transition out of subprime loans.
Benefits of Moving to a Credit Union
Credit unions typically offer lower interest rates and personalized service. Unlike a “buy here, pay here” setup, a credit union reports to all three major credit bureaus consistently. This helps you build a stronger financial profile for future purchases like a home or a dedicated off-road rig.
Furthermore, credit unions rarely include the predatory fees or “payment protection” plans that are often bundled into subprime contracts. By simplifying your loan, you ensure that more of your hard-earned money goes toward the actual value of the machine you are driving.
Trading In Your Vehicle at a Different Dealership
If you want a different vehicle entirely, trading in is the most convenient option. However, it requires careful mathematical planning. When you trade a car with negative equity, the new dealership will “roll over” the remaining balance from your Bridgecrest loan into the new loan for your next car.
For example, if you owe $5,000 more than your trade-in is worth, and you buy a new truck for $25,000, your new loan will be for $30,000. This can be dangerous because it puts you immediately underwater on the new vehicle. To avoid this, look for a new car that has significant manufacturer rebates or “cash back” offers to offset the negative equity.
Always negotiate the price of the new vehicle first, before mentioning your trade-in. This keeps the numbers transparent. Once you have a firm price on the new car, introduce the trade-in and see what they offer. If their offer is too low, you can always walk away and try a different dealership or a service like CarMax.
Why CarMax or Carvana Might Be Better
National used car retailers like CarMax or Carvana often offer more for used vehicles than traditional branded dealerships. They have a massive inventory and a high demand for stock. They will provide a written offer that is usually valid for seven days, giving you time to think.
If their offer is higher than your local dealer’s, you can sell the car to them directly. They will handle the paperwork with Bridgecrest and pay off the loan. If the offer is less than what you owe, you will have to pay the difference to them on the spot to clear the title.
Selling the Car to a Private Party
If your goal is to understand how to get out of a drivetime car without destroying your credit, a private sale is often the most effective route. You will almost always get more money from a private buyer than you will from a dealership trade-in. This extra cash can be the difference between breaking even and owing thousands.
Selling a car with a lien (a loan) is slightly more complicated but very doable. You must be transparent with the buyer. Explain that Bridgecrest holds the title and that the loan will be paid off during the transaction. Many buyers are comfortable with this if the closing happens at a local bank branch where the funds can be verified.
Once the buyer pays you, you immediately pay Bridgecrest. They will then release the electronic lien or mail the paper title to the new owner. To speed this up, you can sometimes have the buyer pay the lender directly, and the lender sends the title straight to them. Always provide a bill of sale and keep a copy for your records.
Preparing Your Car for Sale
To get top dollar, your car needs to look its best. Perform a deep detail, including the engine bay and the undercarriage. If you have used the vehicle for light off-roading, ensure all mud and debris are cleared from the suspension components. A clean car signals to the buyer that the vehicle was well-maintained.
Gather all service records, including oil changes, brake jobs, and tire rotations. Buyers love seeing a documented history of care. If there are minor mechanical issues, consider fixing them before listing the car. A $50 sensor fix could add $500 to the final sale price.
The Dangers of Voluntary Surrender
When the payments become overwhelming, some people consider a “voluntary surrender.” This is when you call the lender and tell them to come pick up the car because you can no longer pay. While this feels like an easy way out, it is essentially a voluntary repossession and will devastate your credit score for up to seven years.
Furthermore, surrendering the car does not wipe out the debt. The lender will sell the car at a wholesale auction, usually for much less than it is worth. They will then sue you for the “deficiency balance”—the difference between the auction price and what you owed, plus repossession fees. This can lead to wage garnishment and further legal trouble.
Always treat voluntary surrender as a last resort. If you are truly struggling, call Bridgecrest’s hardship department. They may offer a temporary payment deferment or a loan modification that can buy you enough time to execute one of the other strategies mentioned in this guide.
Maintaining the Vehicle While You Plan Your Exit
While you are working on how to get out of a drivetime car, you must keep the vehicle in peak condition. A mechanical failure during this period can ruin your plans. If the engine throws a rod or the transmission slips, the car’s value drops to scrap prices, making it nearly impossible to sell or trade.
Stick to the manufacturer’s maintenance schedule religiously. Check your fluids weekly and listen for any new noises. If you are an off-roader, be extra careful not to damage the body or the frame. Dents and scratches are “reconditioning costs” that a dealer will subtract from your trade-in value.
Consider investing in a basic OBD-II scanner. This tool allows you to read “Check Engine” lights yourself. Knowing exactly what is wrong with the car prevents you from being overcharged at a shop and helps you decide if a repair is worth the investment before you sell.
The Importance of Cleanliness
Never underestimate the power of a clean interior. Smoke odors, pet hair, and stains can knock $1,000 off a trade-in offer instantly. Use a high-quality upholstery cleaner and keep the dashboard protected from UV damage. A car that looks new sells faster and for more money.
If your headlights are foggy, use a restoration kit to clear them up. It is a 30-minute job that makes a massive difference in the vehicle’s “curb appeal.” These small DIY tasks are the best way to maximize your return on investment while you prepare for your next vehicle.
Frequently Asked Questions About DriveTime Loans
Can I return my car to DriveTime if I don’t want it?
Generally, no. DriveTime does have a 5-day return policy (check your specific contract for mileage limits), but once that window closes, you own the car and the debt. You cannot simply “give it back” without it being recorded as a repossession on your credit report.
Does DriveTime allow for loan assumptions?
Most DriveTime/Bridgecrest contracts do not allow for loan assumptions, meaning you cannot just hand the payments over to a friend or family member. The loan must be paid in full to release the lien and transfer the title to a new owner.
What happens if I owe more than the car is worth?
This is called being “underwater.” To get out, you must either pay the difference in cash, roll the negative equity into a new loan (not recommended), or find a way to increase the car’s value through repairs and detailing before a private sale.
Will refinancing hurt my credit score?
A credit inquiry will cause a small, temporary dip in your score. However, the long-term benefit of a lower interest rate and more manageable payments far outweighs the minor hit from the application process. Multiple inquiries for the same type of loan within a short window are usually treated as a single event.
How can I improve my credit to get a better refinance rate?
Focus on on-time payments for all your bills, not just your car loan. Keep your credit card balances below 30% of their limits. Avoid opening new lines of credit in the six months leading up to your refinance application. These steps demonstrate to lenders that you are a responsible borrower.
Final Thoughts on Your Exit Strategy
Escaping a high-interest auto loan requires a mix of financial discipline and strategic planning. By understanding your payoff amount and the true market value of your vehicle, you can stop guessing and start taking action. Whether you choose to refinance for a better rate or sell the car to a private buyer, the goal is the same: protecting your credit and your wallet.
Remember that your current situation is not permanent. Many successful car owners started with a subprime loan to rebuild their credit before moving on to better things. Take it one step at a time, keep your vehicle maintained, and don’t be afraid to negotiate aggressively with dealerships or lenders. You have the tools and the knowledge to make this happen.
Stay focused on the long-term goal of financial stability. Once you have successfully navigated how to get out of a drivetime car, you will be much better prepared for your next automotive adventure. Drive safe, stay informed, and take control of your financial future today!
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