How to Get Out of a Bridgecrest Loan: 5 Ways to Break Free

Getting financed for your dream car feels amazing. But for many Bridgecrest customers, that excitement fades fast. Your loan balance grows instead of shrinking. You pay more interest than expected. The company’s policies feel impossible to work with.

You are not alone. Bridgecrest receives hundreds of complaints every month. But you don’t have to stay trapped. You can escape the loan and reclaim your financial freedom.

Why Consumers Struggle With Bridgecrest

Bridgecrest’s loan terms frustrate thousands of borrowers. A $10,000 loan can balloon to $24,000 or more. Beyond the growing balances, customers report additional problems.

Consumers complain about rude customer service representatives. Title releases get delayed for months. Loan balances change without explanation. Payment applications seem arbitrary and confusing.

Your Bridgecrest loan grows because the company applies simple interest daily. They charge a percentage on your remaining balance every single day. Your initial payments go almost entirely to interest charges. The interest stays high because your principal remains large.

You can make extra payments. But you must contact Bridgecrest to direct that money toward principal. Otherwise, everything goes to interest until the company decides to reduce your balance.

The Better Business Bureau has received over 1,500 complaints against Bridgecrest in three years. The BBB gives Bridgecrest an A+ rating. But customer reviews tell a different story. The average rating is just 1.22 out of 5 stars from over 800 reviews.

5 Ways to Get Out of a Bridgecrest Car Loan

Bridgecrest’s rigid loan terms make escape feel impossible. But you have options. Here are five strategies to break free from your Bridgecrest loan.

Refinance With a Different Lender

Bridgecrest charges some of the highest interest rates in auto lending. You can potentially refinance with another lender at a lower APR. Use the new loan to pay off Bridgecrest completely. Close your account and follow up to transfer the title.

The main challenge is qualifying for refinancing. You need decent credit to access better interest rates. If you’ve built your credit over time, refinancing can save you thousands.

A lower APR reduces your total interest paid. A longer term can lower your monthly payments. Either option makes your car loan more manageable.

Sell Your Vehicle

Selling your car might sound drastic. But if Bridgecrest causes constant stress, removing the burden brings peace of mind.

You must notify Bridgecrest before selling. Work with them to complete the transfer paperwork. The loan responsibility transfers to the new owner.

You can sell privately or through a dealer. Private sales typically yield higher prices. Make sure the sale price covers your loan balance.

Trade In for Something Cheaper

Trading in works best when you have equity in your vehicle. But even negative equity doesn’t always prevent a trade.

If you owe more than the car’s value, you’ll roll that debt into the new loan. Your second loan will exceed the new vehicle’s value. You’ll be significantly upside down. Getting approved becomes harder.

Some borrowers accept this situation to escape Bridgecrest entirely. You’ll need to decide if the trade-off makes sense for your situation.

Pay Off the Loan Early

Early payoff can be your best option. Remember the daily simple interest? Paying off early dramatically reduces total interest charges. You pay significantly less overall.

Bridgecrest shows your payoff amount on their website and mobile app. Log in to view your exact balance. Review the terms carefully before proceeding.

Confirm there are no early repayment penalties. Some lenders charge fees for early payoff. Bridgecrest typically doesn’t, but verify first.

Voluntarily Surrender the Car

Voluntary repossession is your last resort option. Surrendering your car severely damages your credit score. But you avoid forced repossession and save on towing fees.

Bridgecrest will repossess your car if you default. Involuntary repossession hurts your credit for seven years. You also pay repossession and storage fees. Taking action first minimizes the damage.

Contact Bridgecrest to arrange voluntary surrender. Understand that you may still owe money after they sell the car. The deficiency balance remains your responsibility.

How to Complete a Bridgecrest Payoff

Paying off your Bridgecrest loan requires following specific steps. You can avoid fees by choosing the right payment method.

Fee-Free Payment Options

• Enroll in Bridgecrest AutoPay for automatic payments
• Pay online directly from your bank account
• Use your bank’s Bill Pay feature
• Mail a check or money order to PO BOX 842695, Los Angeles, CA 90084-2695

Setting Up AutoPay

• Log in to your account at Bridgecrest.com
• Navigate to Account Settings and click AutoPay
• Follow the enrollment steps for each account you have
• Wait up to 48 hours for enrollment processing

Canceling AutoPay

• Log in at Bridgecrest.com
• Go to Account Settings and click AutoPay
• Click Un-enroll and complete the cancellation form

Understanding Bridgecrest’s Repossession Process

Bridgecrest can repossess your car when you miss payments. Understanding the process helps you protect your rights.

Your loan agreement allows repossession after default. Missing payments puts you in default status. Bridgecrest then has the legal right to take your vehicle.

Bridgecrest hires repossession agents to recover vehicles. Agents can take your car from public spaces. They cannot use force or break into locked garages.

After repossession, Bridgecrest must notify you. You get a chance to pay what you owe and reclaim your car. If you don’t pay, they sell the vehicle. Sale proceeds go toward your remaining loan balance.

Bridgecrest has moved repossessed cars to different states. Moving vehicles makes recovery harder and more expensive for borrowers. They’ve also been inconsistent with redemption offers.

In Fernandez v. Bridgecrest Credit Co., the court ordered Bridgecrest to pay damages. The company had to waive the deficiency balance. They also removed the loan from the borrowers’ credit reports.

Repossession severely damages your credit score. The negative mark stays on your report for seven years. Avoid repossession by taking action before you default.

Does Bridgecrest Offer Refinancing?

No. Bridgecrest does not refinance existing loans as of 2024. We verified this directly with their customer service department.

You must refinance through a different lender. Banks, credit unions, and online lenders all offer auto refinancing. Shop around to find the best rates.

Settling Your Bridgecrest Debt

Bridgecrest may sue you if you default on your loan. They file a complaint in your local court. You must respond before your state’s deadline to avoid a default judgment.

You can still settle even after being sued. Debt settlement can save you money and avoid court. Follow these three steps to settle your Bridgecrest debt.

Step 1: Respond to the lawsuit. Draft and file a written Answer with the court. Our partner Solo can help you create and file your Answer in minutes. Responding protects you from a default judgment.

Step 2: Send a settlement offer. Bridgecrest often accepts less than the full amount owed. Start with a low offer to give yourself negotiation room. You can typically settle for 40-60% of the balance.

Step 3: Get the agreement in writing. Never settle without written confirmation. A written agreement protects you from future collection attempts. The agreement should state that payment resolves the debt completely.

Settling before judgment gives you more leverage. But you can negotiate at any stage of the lawsuit. The key is responding to the lawsuit first.