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Drive Financial / Outrageous Interest Rates

1 United States Review updated:
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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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Comments

Im
  30th of Jul, 2009
0 Votes

Your interest rate is high because you have bad credit. The dealership has nothing to do with your loan terms, they have no control over the bank. When you fill out an application for financing at a dealership, they send it out to all of the banks they obtain loans through. They have nothing to do with the underwriting of the loan. So yes, you are to blame for not educating yourself.

Sa
  6th of Oct, 2009
0 Votes

No one asked for your opinion "imsmarterthanyou"! They would just like some assistance in finding out who to report this too!

Teri, I would get together with other people, such as myself, to see what kind of conclusion can be made of this. What's interesting is how the payment is being applied. For example, the percentage that is going towards the principle and the percentage that is going towards finance fees. I can't imagine that it would be legal for them to put 90% towards the finance fees first. If they are able to do this, this is guaranteeing they receive the entire fees first, which in turn puts you behind the eight ball if you turn it in as a trade. They are smart people, immoral, but smart.

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