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Drive Financial / Car Loan

1 FL, United States Review updated:

drive Financial has been racking up on interest payments. I made payments for 1 & 1/2 years & I haven't even made a dent on the loan I still owe the same amout that I had a year & half ago. they have refused to refinance & i had no idea that if I'm late with a payment (which i was told that i wasn't) they are charging me $6 per day including weekends. I was told before I took out the loan that after 6mo they would lower my interest payment of 22%. I then found out they NEVER refinance. If I had of know that I would have never agreeed to this loan. They are getting 22% interest & late fees'
I also found out that this bank is not located in Texas & it is located in London England so I gues that's how they can get away with this scam. I hope someone can look into this company. They are ripping off Americans!!!

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Comments

  • Ja
      1st of Apr, 2009
    0 Votes

    I think Drive Financial and Watson Motorsport are owned by the same company. I financed my 2002 ford taurus through them back in 2002. My car was around 8, 000 and by the time I finish paying my loand I would be out of almost double. Highway robbery. I requested a payment payoff out of curiosity, and it really didn't make much difference. Now I am trying to get something new but unfortunately it is giving my problems and i can't drive it to a dealer. At this point it isn't worth anything and it's hard to get financed with an excess of 5, 000 in negative equity. Does anyone have a solution to get out of a bad deal?

  • Un
      18th of Jun, 2009
    0 Votes

    This IS the absolute worst company I've ever dealt with. I, like many others, have myself in a financial bind because of the economy and had to file bankruptcy. During my BK they received payments but did not apply them to my loan correctly. After my BK was dismissed, I never received any statements from them. I sent them money and they sent it back saying I was in BK and couldn't take my payment??? After 30 days, they had my car repossed for non payment and charged me for months they were already paid. it cost me $2500 to get my car back and I only owed them $385. I guess they don't need any help from the stimulous package because they are collecting more than enough money from their unhappy customers. Oh and by the way, my BK has been dismissed since February and here we are in June and I still can't get a statement from them.

  • Tn
      18th of Jun, 2009
    0 Votes

    Im in a Chapter 13 and my car loan is paid off and they still won't send me my title. So i spoke to my Trustee and they said they will not give me my title until im fully out of my BK. So now i sent a email to the Attorney General office and come to find out that they have a lot of bad letters about Drive Financial.

  • Ja
      23rd of Aug, 2009
    0 Votes

    I have to agree with 110% of the complaints that I have read above. This company could put someone in the hospital god forbid if they don't change their business practices. It is sad that in this economy you have a company that is allowed to harrass the way they do. I understand that they need their money but after all they are taking advantage of people with substandard credit. It is almost like being a criminal to own a new car! Kind of takes the fun out of owning a new car. Is this what our world has come to? How about a class action lawsuit, afterall the government can shut down large banks, what the hell? Can anyone with law experience help?

  • Sa
      6th of Oct, 2009
    0 Votes

    I also agree 100%. I have been financed with this company for about 2 years. The car was originally $13, 000, I put a $3, 000 down payment. As I stated, I have been with them for 2 years now. My current payoff amount is $10, 000. I had asked them how much money goes towards the principal and how much goes towards the finance fee and no one could give me an answer. I will admit, I did have bad credit, mostly medical bills, amounting in about $6000.00. I was stuck with the highest interest rate possible and was also told by carmax that I would be able to refinance. Come to find out, Santander/Drive Financial does not do refinancing. My concern is that these past 2 years, I have done nothing but pay finance fees every month. I now want to trade in my car due to gas being so expensive but I'm behind the eight ball here. There has to be some type of assistance out there and some type of protocols that they have to follow. I just don't know where to start looking. So yes if someone would like to set up a class action lawsuit, I would be more than happy to join in preventing these people from ripping anyone else off.

  • Na
      18th of Nov, 2010
    0 Votes

    I PURCHASED A VEHICLE THROUGH THIS FINANCIAL COMPANY AND VOLUNTERILY RETURNED THE VEHICLE DUE TO DOMESTIC DISPUTE. THIS WAS OVER THREE YEARS AGO, AND THIS COMPANY HAS SOLD MY FILES TO COLLECTION AGENCIES THAT EVEN TO THIS DAY, CONTINUE TO HARASS MYSELF AND FAMILY MEMBERS! i HAVE INFORMED THE COMPANY, TIME AND TIME AGAIN THAT THE VEHICLE WAS REPOSSESED IN A DIFFERENT STATE, AND THAT I NEVER REMOVED THE VEHICLE FROM THE INITAL PURCHASE STATE. THEY CONTINUE TO HOUND ME. THEY HAVE GONE SO FAR AS TO ATTEMPTING TO BREAK INTO MY HOME WHILE I WAS AWAY, AND DISGUISE THEMSELVES AS LAW OFFICIALS, TERRIFYING MY CHILDREN IN THE PROCESS!! THIS COMPANY ARE NOTHING MORE THAN BULLIES THEMSELVES-AND DO NOT DESERVE TO HAVE A BUSINESS LICENSE.

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