While the question “how long does it take DriveTime to repo a car?” might be on your mind if you’re facing financial difficulties, it’s important to understand that the more pressing issue might be dealing with inaccurate credit reporting after a vehicle return, voluntary or involuntary.
The original post highlights a critical problem: DriveTime, and potentially other auto lenders, may inaccurately report vehicle surrenders as repossessions and re-age accounts, negatively impacting your credit score. This is not about the speed of repossession, but rather the accuracy and legality of credit reporting after a vehicle is returned.
The user in the original post addressed this by sending a demand letter to DriveTime, referencing Consent Order #2014-CFPB-0017 issued by the Consumer Financial Protection Bureau (CFPB). This order mandates that DriveTime must correct inaccurate credit reporting.
The letter effectively argues two key points:
- Incorrect Reporting: The account was reported as a repossession when it was a voluntary surrender as part of a Chapter 13 bankruptcy. These are legally distinct, and reporting a voluntary surrender as a repossession is inaccurate and damaging to credit.
- Improper Re-aging: DriveTime re-aged the account, making it appear more recent and thus more damaging to the credit report. This practice is also potentially illegal and detrimental to consumers.
The letter leverages the CFPB Consent Order to demand immediate correction of the credit report with Equifax. It also threatens a CFPB complaint for non-compliance. This proactive approach, armed with the knowledge of the CFPB order, is key to resolving inaccurate reporting issues.
While “how long does it take DriveTime to repo a car” is a question born from financial stress, the real concern for consumers should be ensuring fair and accurate credit reporting. If you’ve surrendered a vehicle to DriveTime, or faced repossession, carefully monitor your credit reports. If you find inaccuracies like those described, consider using a similar approach, referencing the CFPB order to demand correction and protect your credit score. The speed of repossession is less important than the long-term impact of inaccurate reporting on your financial health.
