Legal Question in Consumer Law in Virginia

Auto finance

I purchased a vehicle from DriveTIme in January. the contracted rate is 26.9% interest. Ive been paying on it on time for 10 months now. ive fixed alot of my credit and now would like to trade it in. the purchase price was 13050 and after 10 months the balance has only gone to 12050. I was told that at my interest rate every payment i make (200) every 2 weeks that 130 goes to principal and 70 to interest. this being the case my balance should be in the lower 10k range. they are refuse to explain this to me and i keep getting the run around. what are my legal rights?


Asked on 10/20/07, 7:21 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Auto finance

If these predators fail to correct this apparenent additional surcharge for interest that already qualifies as predatory, you could sue them for this surcharge in Virginia small claims court for the cost of the filing fee of around $40.

You should make formal wriiten notice of your demand for this adjustment(if you haven't already done so) with a deadline for action. Keep a copy for your record as this will likely be the first important record for you court case if they fail to comply and you have to sue the bastards.

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Answered on 10/21/07, 10:32 am


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