Drive Financial / Class Action Lawsuit
I must admit, I was only slightly miffed at this company until I read all of your posts. Now I am royally PO'd. It seems that the practices of these people are highly unethical and boarderline illegal and need to be brought to the attention of the authorities and numorous other resources like the Better Business Bureau and the Attorney General.
My Story - Last summer I was placed in a loan with Drive Financial by an auto dealership without my consent. I signed a set of loan papers with the dealership the day I purchased the car and drove off with my new vehicle. I get a call two weeks later from the dealership stating they forgot to have me sign "a" piece of paper. So I go to the dealership in good faith and find out they have completely reworked all of the loan documents with a new lender (Drive) and I now have a higher interest rate and higher car payment each month. (Can you say kick back to the dealer?) Anyhow, I had already surrendered my other vehicle to the dealership at trade in, so I had no other choice but to sign the new documents, or literally be forced to walk home. The dealership stated that the prior lender had backed out of the loan, two weeks AFTER the original signing when they realized I'd gone through Chapter 13. The dealership left this little tidbit of information out when they called me back in to the office. Everyone I have spoken with who works in the auto industry says this is a lie. Once financing is in place, ITS IN PLACE!! A lender can't and won't back out of the loan agreement two weeks after the paperwork has been signed.
I am now six months into the loan and the calls are non stop from Drive. The latest my payments have ever been is by a few days and yet the calls are a daily thing! They began immediately after we signed the loan with them and have been a dialy thing (multiple times a day) ever since. Of course I ignore them because I don't have two hours a day to talk to an automated system. So now they have begun calling my mom and all of my other relatives numbers. As soon as I found this out, I went into terminator mode. This is now WAR!!
I have been a paralegal for over 15 years and I can smell a scammer from miles away and this company wreaks. I have taken this matter to one of the highest powered trial attorneys in Dallas and he agrees that his looks like a scam between the dealership and Drive. He told me it is not uncommon for the lender to give the dealership kickbacks for placing people into subprime loans (people that may not necessarily have to be subprime).
I am going to meet with the attorney later next week to discuss strategy and determine if he wants to pursue this case. At the very least this is fraud on the part of the car dealership and harrassment on the part of Drive. After I meet with the attorney and see if there is a chance to pursue a class action case against Drive, I will post what I find out and a contact number for you all to call if you want to join in the suit. If there is anything at all I can do about it, I don't plan on EVER letting these people take advantage of me or anyone else out there who is struggling.
Keep in mind, if you DO genuinely owe these people money and you ARE months behind on your payments then they do have the right to contact you and in some cases, repossess your vehicle. I am speaking more about the predatory lending, verbal abuse by the CSR's and harrassing phone calls to the workplace and family and friends AFTER they have been told not to call. Late payments and repossesion are other issues entirely that you will have to take up with legal counsel on your own. My issue is with predatory lending and abuse of the client/banker relationship.
This kind of predatory lending needs to be stopped especially when it is being forced on you without your knowledge or consent! This is EXACTLY what got our country into the mess that it is in now. In the interim I would strongly encourage each and every one of you to keep a log of the calls that come in with date and time. If at all possible, record your conversations with these people and then file a complaint with the Better Business Bureau and the State Attorney Generals Office regarding the harrassing phone calls at work and to your family and friends. It is not legal for them to call these places once you have informed them not to. Write a letter to Drive, outlining the numbers they are NOT allowed to contact, and send it certified, return receipt mail so you have proof that you told them in writing to stop. You will HAVE to have this if you decide to file a lawsuit.
Lets pull together and be heard!!
More Drive Financial Complaints & Reviews
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- Drive Financial - Biggest Scam and Rip-Off
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