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How to Get Out of a Bridgecrest Loan

Dena Standley | January 25, 2024

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Follow these steps to get out of a Bridgecrest loan: refinance, sell the car, trade in the car for something more affordable, pay off the loan, and voluntarily return the car.

Getting the car of your dreams after successfully maneuvering the financing process is exhilarating. However, for many Bridgecrest customers, that excitement is short-lived. Before you know it, your loan balance is growing, you are paying more interest than you signed up for, and you are haggling over the company's unforgiving policies.

You are not alone, considering the number of complaints Bridgecrest receives daily. But you don't have to feel stuck. You can get out of the loan and be free again. And if you’ve been sued for the debt, SoloSuit can help you respond and win in court.

But first, let's discuss why so many consumers are dissatisfied with Bridgecrest.

Why are consumers unhappy with Bridgecrest?

Bridgecrest's loan terms are one reason consumers are discontent. It's difficult to comprehend how a loan of $10,000 can wind up being $24,000 and counting! As if that's not bad enough, consumers complain about rude customer care staff, delayed title release, inconsistent loan balances, and more.

Your car loan with Bridgecrest may grow rather than decrease because the company applies a simple interest on your account balance. So they charge a percentage on the remaining balance every day. Any amount you initially pay automatically goes to these charges, which start high (obviously because the loan balance is still huge).

If you pay more than your payment amount, you still have to contact Bridgecrest to ask that the extra money goes to reducing the principal. Otherwise, everything repays the interest until the company deems it the right time to reduce the account balance.

Considering all these complications, it is no wonder that consumers have filed over 1,500 complaints against Bridgecrest with the Better Business Bureau (BBB) in the last three years. And although the BBB gives Bridgecrest an A+ rating, the platform has consistently witnessed numerous negative reviews. The average customer raiting is 1.22/5 stars from over 800 reviews.

Check out these reviews on the BBB platform to learn what your fellow consumers think about Bridgecrest.

You might be wondering how you can end the terms of a Bridgecrest loan once and for all? Let's discuss that below.

How can you get out of a Bridgecrest car loan?

Bridgecrest finances and services car loans. The company's loan terms are so rigid that getting out can seem impossible if you fail to keep up with payments. However, keep reading for a few steps you can take to get out of a Bridgecrest loan.

Refinance the loan

Bridgecrest offers some of the highest interest rates. If you can get a second loan from a different lender at a lower APR, use it to pay off your original loan. After closing the account with Bridgecrest, follow up so your title moves to the new lender.

The one downside of refinancing is that you need a good credit score to access better interest rates. If you have built your credit over time, refinancing it with a lower APR or longer term with lower payments loan can work for you.

Related: Different types of debt.

Sell the car

Selling your car may not be something you want to hear. However, if Bridgecrest gives you sleepless nights, you may decide that getting rid of the car is worth your peace of mind.

You'll need to notify Bridgecrest that you intend to sell and work with them to complete the transfer and all paperwork. The loan then transfers to the next owner.

Trade in for a cheaper car

This option works best if you have some equity in your car. However, if you owe more than the car's value, the second car loan will often be for more than the value of the car, leaving you significantly upside down and making it harder to get a loan with a decent interest rate. Some may consider this option despite negative equity to end any dealings with Bridgecrest.

Pay off the loan

Paying off the loan sooner may be the best option if you can afford it. Remember the simple interest? In an ideal situation, if you paid off the loan in less time, you would significantly reduce the charges, thus eventually paying less. Bridgecrest shows you the payoff amount on their website or app. You will need to log in first. Review the terms and conditions to determine if paying off is a good decision.

Also, confirm with the company that there are no early repayment penalties.

Voluntarily return the car

You can request voluntary repossession. You should only do this as a last resort because such a move will significantly impact your credit score. Surrendering the car can help you save on repossession costs.

Bridgecrest may forcefully repossess the car if you default. A repossession hurts your credit and stays there for seven years. You also pay repossession fees. So, it is better to take action before this happens.

You can get out of a Bridgecrest loan by taking the steps discussed in this article. Also, if you have other questions regarding debt and debt collection, check out SoloSuit's debt collection blog.

Resolve debt at any stage of the collections process.

Follow these steps for a Bridgecrest payoff

To pay Bridgecrest without a fee:

  • Sign up for Bridgecrest AutoPay.
  • Pay online using your bank account.
  • Use your bank's 'Bill Pay' feature.
  • Mail a check or money order to Bridgecrest at PO BOX 842695, Los Angeles, CA 90084-2695.

To sign up for Bridgecrest AutoPay:

  • Log in to your account at Bridgecrest.com.
  • Go to 'Account Settings' and click 'AutoPay'.
  • Follow the steps to enroll. If you have more than one account, enroll in each one.
  • Remember, it takes up to 48 hours to process your enrollment.

To cancel Bridgecrest AutoPay:

  • Log in to your account at Bridgecrest.com.
  • Go to 'Account Settings', click 'AutoPay', and then click 'Un-enroll'.
  • Fill out the cancellation form.

What is the Bridgecrest repossession process?

Bridgecrest's car repossession kicks in when you miss payments on your car loan. Here’s a straightforward look at how the Bridgecrest repossession process works:

  • Loan Agreement and Default: You sign a loan agreement that says you'll make regular payments. If you miss payments, you're in default, and Bridgecrest can start repossession.
  • Repossession: Bridgecrest hires repossession agents who can legally take back your car. They can't use force or break into locked areas.
  • Notice and Sale: After taking your car, Bridgecrest must tell you. You get a chance to pay what you owe and get the car back. If you don't, they'll sell the car. Money from the sale goes towards your loan balance.

Bridgecrest has been known to move repossessed cars to different states, making it harder and more expensive for you to get your car back if you pay up. They've also been inconsistent in their deals to get the car back. These issues have resulted in legal action against Bridgecrest.

In the US District court case, Fernandez v. Bridgecrest Credit Co., Bridgecrest was ordered to pay damages and waive any money still owed after the car sale. They also had to remove the loan from the borrowers' credit reports.

In short, if you have a loan with Bridgecrest and miss payments, they have the legal right to take your car away unless you pay off the debt owed. Having your car repossessed hurts your credit score a lot.

Does Bridgecrest refinance?

No. As of 2024, Bridgecrest does not refinance. We even called Bridgecrest and asked, just to be sure.

Settle your debt with Bridgecrest

If Bridgecrest decides to sue you, they will file a Complaint in your local court, and it’s your responsibility to respond to the lawsuit before your state’s deadline.

Maybe you know that the debt is valid. If this is the case, you can still reach out to Capital One to discuss debt settlement.

Debt settlement can help you save money and avoid going to court. Luckily, you can still settle a debt even after you’ve been sued. Just follow these three steps:

  1. Respond to pending lawsuits. If you’ve been sued for a debt, you can reach out to settle it at any stage of the process. But first, you should respond to avoid a judgment. To respond, draft and file a written Answer into the court case.

  2. Send a settlement offer to start negotiations. There is a good chance your creditor will accept a settlement offer for less than the original amount you owe. As such, start with a low offer to give yourself room to negotiate.

  3. Get the settlement agreement in writing. As soon as you reach an agreement with your creditor, get it in writing. This will protect you from any legal issues moving forward and ensure that you aren’t held responsible for the debt after you pay the settlement.

SoloSettle can help you with all these steps and more. Check out this video to learn more:

What is Solo?

Solo makes it easy to resolve debt with debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt. SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

SoloSettle can help you contact your debt collector or creditor and negotiate the debt to settle for less, all online. It simplifies and streamlines the process to settling your debt.

No matter where you find yourself in the debt collection process, Solo is here to help you resolve your debt.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

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