Making Payments to DriveTime – A Complete Guide

Buying a car is an exciting experience. But it also comes with the responsibility of making regular payments. If you have financed your vehicle through DriveTime, you may have questions about how and when to make your monthly payments. This comprehensive guide covers everything you need to know for hassle-free payments to DriveTime.

Overview of DriveTime

DriveTime is one of the nation’s leading used car dealers with over 145 dealerships across the country. They not only sell used vehicles but also provide financing solutions to customers with poor credit. DriveTime aims to put people behind the wheel of the cars they want.

If you have availed financing from DriveTime to purchase your used vehicle, you are required to make monthly payments as per your contract. Failing to do so can lead to serious consequences like repossession of your car. So it’s crucial to pay your installments on time, every time.

When Are Payments Due?

DriveTime requires you to make payments on the same date every month as per your contract. For example if you purchased the car on the 15th of August your payment due date would be the 15th of every subsequent month.

Payments are typically due on the purchase date anniversary or within 30 days in case of a 31-day month If your due date falls on a weekend or holiday, then the payment must be made by the next business day

Ideally, you should schedule automatic monthly payments from your bank account around 7 days before the due date. This gives enough buffer time for the payment to reach DriveTime and be posted to your account.

How Much Are the Payments?

Your monthly payments primarily depend on these three factors:

• Purchase price of the vehicle: The higher the price, larger will be the payments
• Down payment: Higher down payment reduces the financed amount so your installments are lower
• Interest rate and loan term: Longer term loans have lower monthly payments but higher interest costs overall

The exact installment amount is specified in your DriveTime financing contract. This includes the principal to be paid every month plus interest charges calculated on the outstanding balance.

For example, if you financed $15,000 at 15% APR over 60 months, your approximate monthly payment would be $349.

What Are the Available Payment Options?

DriveTime offers multiple convenient ways to pay your bill so you can choose what works best for you:

Online Payments

The easiest way is to make online payments via DriveTime website. You can pay using a checking account, credit/debit card or electronic check. One-time as well as recurring payments can be set up.

Over the Phone

Call DriveTime billing services at 877-235-8835 and make your payment via credit/debit card by speaking to a representative. This option is useful when your payment date is near and you want instant confirmation.

By Mail

Send your payment as a check/money order along with your account information to this address:

DriveTime Payment Center
PO Box 29018
Phoenix, AZ 85038

Ensure your check reaches at least 7-10 days before your due date so it’s processed in time.

In Person

You can visit your nearest DriveTime dealership and make cash, check or money order payments. Get the receipt from the cashier as proof of payment. This works if a dealership is easily accessible to you.

What Details Are Required for Payment?

Whichever payment method you opt for, having the correct account details handy ensures quick processing without any hassles.

You would need to provide:

• Full name on the account
• DriveTime account number
• Contact phone number
• Amount you wish to pay
• Preferred payment source (bank account, card etc.)

This information can be found on your monthly billing statement. Your account number may also be referenced as your “Agreement” or “Contract” number.

Can I Pay More Than My Monthly Installment?

Yes, DriveTime does allow making additional payments over and above your regular installments. This can help reduce your overall interest cost and loan repayment period.

Some ways you can pay more are:

• Increase your usual monthly payment amount
• Make an extra one-time payment whenever you have spare cash
• Pay off lump sum amount if you get some windfall gain

There is no limit to how much extra you can pay. The additional amount gets adjusted against your outstanding principal.

However do note – you need to continue making the minimum payment every month even if you’ve paid extra before. The due date does not change when you make early/additional payments.

What Happens If I Miss My Payment Date?

Since regular payments are crucial for your account to remain in good standing, it’s quite risky to delay or skip an installment.

DriveTime can charge a late fee if they don’t receive the billed amount even 1 day past your due date. The first late payment fee is up to $25.

Further, if you are more than 10 days late, it will negatively impact your credit score. The later you pay, more severe the credit damage would be.

Above 30 days past due date, DriveTime may activate the starter interrupt device installed in your car. This would prevent turning ON the ignition until you make the overdue payment.

Ultimately failing to pay for over 60 days gives DriveTime the right to repossess your vehicle as per the financing agreement.

So no matter what, make sure to pay on time and maintain contact with DriveTime if you anticipate any payment issues. Having your car repossessed severely hurts your credit and chances of future auto loan approval.

Can I Get Support If Facing Payment Problems?

We all go through financial difficulties at some point, often unexpectedly. In case you lose your source of income or get hit by large emergency expenses, speak to DriveTime immediately.

Based on your situation, they may be able to offer assistance such as:

• Temporary reduction in monthly installments
• Extension of your loan repayment term
• Deferring few payments until you are able to resume paying
• Waiving late fees or interest penalties

To get such hardship support, you need to contact DriveTime before you actually miss your payment or default on the loan. The earlier you ask for help, the more likely it is to be approved.

Best Practices For Managing DriveTime Payments

Managing auto loan payments alongside other monthly expenses can get tricky. Use these practical strategies for staying stress-free about your DriveTime installments:

• Activate autopay: This ensures your payment is made on time every month without you having to remember it
• Review billing statements: Check them as soon as received so you can spot and report any discrepancies
• Maintain rainy day fund: Have some emergency money saved up to cover bills in case of income disruption
• Avoid further debts: Until your auto financing is fully paid off, stay away from acquiring additional credit card or loan obligations
• Prepay when possible: Making extra payments builds equity faster and saves on interest expenses
• Communicate proactively: Keep DriveTime updated on any issues you face to prevent repayment problems

Summing Up Key Takeaways

• Monthly payments to DriveTime are due on the purchase date anniversary as per your financing contract
• Multiple payment methods are available including online, phone, mail, in-person
• Failing to pay for over 60 days can lead to your vehicle getting repossessed
• You can pay extra amounts towards your principal anytime to repay faster
• Seek assistance immediately from DriveTime if unable to make payments due to financial hardship