Drive Financial / Outrageous Interest Rates
Drive Financial has changed its name or been purchased by Santander Consumer USA.
I bought a vehicle from a local car dealer, a very reputable one - or so I thought, and they set up my loan through Drive Financial. The purchase price of the vehicle was approx. $18, 000. I've had this loan for 4 years, and already paid nearly $28, 800, and I still have TWO YEARS left on the loan, which will leave me paying over $43, 000 for a used $18, 000 vehicle!
Part of this is the interest rate and the length of the loan, and part of it is thier fees and penalties. Frankly, I'm to blame for not being a more sophisticated and careful buyer, but no one should be able to do business in this manner.
Does anyone know who I can report this to? I tried to negotiate myself with them, to come up with a fair settlement of the loan, offering them several thousand dollars, but they wouldn't even discuss it with me. At this point, I'd like to involved a consumer protection entity to try and help me out. They've already made plenty of money off of me, and I just can't afford to keep paying for this vehicle.
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