Car Loan

[RobinReumers]

Hi,

I currently have a car loan with Drivetime (who is claiming they are
not a bank, for which they cannot refinance or modify my loan), I'm
paying an interest rate of 24.8%. Now after some research I found
that:

FLORIDA, the legal rate of interest is 12%; the general usury limit
is 18%. On loans above $ 500,000 the maximum rate is 25%.

What should be my next step in order to voluntary repossess my car and
void the contract without too much legal hassle (spending money on
hiring attorneys, …), what would you suggest?

Thanks

Robin

 

[Michael Wechsler]

I'm missing something here and guessing that Drivetime probably knows the lending laws in your area. My guess is that unless you've got an issue of predatory lending, it won't be so easy to just "void" your contract. I don't know the exact terms of your contract but, if you believe it is illegal, did you contact the state attorney general or the BBB?