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Drive Financial Services - Blaynes Auto Super Store,ABQ, NMDrive Financial Services Fraudulent Lending Practices Dallas Texas
I bought a car in Jan. of 2008, from Blaynes Auto Superstore, in Albuquerque, NM, with financing secured from Drive Financial Services of Dallas, Texas.
I made payments of 345.63 for a year, then like so many other people, I was laid off in March of 2009, due to the bad economy. This story will read like so many others I have read.
After I came to the realization that I would not be able to continue making the payments, which I knew were high, due to my lack of credit, I attempted to try to adjust the APR as stipulated in the contract, with the dealership.
Upon my arrival at the dealership, I found that they had gone out of business, and the owner had skipped town. There was a man there who had been hired to liquidate the remaining asset's, and he told me that they had falseified loan applications for car buyers.
I then attempted to work something out with Drive, they told me they could lower the monthly payment to under $200.00 a month, on a month to month basis. However, they would not be willing to adjust the APR
So in the long run, the $11.656.00 loan would still cost over $20.000.00.
I then suggested a voluntary surrender of the vehicle, they said it would count as a repo. Thats fine, I would never again attempt to get financing for anything else. This happens to be the only time in my life I ever financed anything.
The rep on the phone said that when they repo the car, it will go to auction, and be sold. Blue book on this car, a 2006, Kia Rio, is between $7,000 and $8,000 dollars, leaving me liable for the difference.
It seems to me, that they could sell the car for next to nothing, and come after me for the rest. However, they can't just attach your wages, or garnish wages without a court order. I also found out, that they can't garnish unemployment benefits at all.
I think the point here is, PLAY THE GAME! Don't let your emotions get the better of you. Be polite with them when they call, no matter how rude or condesending they are to you.
They are not the Gestapo, they can't just come to your house, and take anything from you. They can't take money from you without taking the proper steps. Even though what they are doing may be criminal in some aspects, they still have to follow some rules.
Bigger companies have been brought to their knees by ordinary people. I would rather not have to deal with this, but I got myself into it. Primarily out of ignorance, and my perceived need for a car.
I've read dozens of complaints on this site, relating similar predicaments. We may feel helpless at times, but let me assure you, WE ARE NOT! I understand there is a class action law suit in progress, and I am certainly willing to join in that endeavor. I think most of just want to be treated fairly when we hand over our hard earned money to someone we trust at the outset.
This is not Medievel England, and there are no debtor prisons anymore.
Mike
Rio Rancho, New Mexico
U.S.A.
1 Updates & Rebuttals
Frederic1754
Merritt Island,Florida,
U.S.A.
debtor prisons ???? Yes there are.
#2Consumer Comment
Sun, May 10, 2009
Yes there are debtor prisons. People in this country go to jail every day for, child support, alimony, they are the most common. And there are others. In this county (Brevared),there are judges that put you in jail on the house. You may get out quickly, Or you could be there for months. But you have to pay a bonds men, a lawyer, and lose time from work. You cant use any money you have on you to bail out. You could have a $1,000 on you and your bail could be a 100, and you have to call some one to post your bail. All bails must be paid with money orders only. Oh and the charge stays with you for the rest of your life, and then some. What dose the county get out of it, over 700 dollars a day for misdemeanors, 1200 + a day for Fallon's. In the state of Florida the profit from jails and prison is so high that they now sale stock in them. So yes you can go to jail For nothing and until you pay (one way or another), you stay there.
Now as far as my car >> I had a 1990 Chevy Camaro RS, It was stolen, found, totaled by the insurance company. They pay the bank, the bank gave them the title to the car. BUT!!!! , They had not payed all that was owed on the car. there was still 3000+ owed on it. I told the bank if I still owed money on the car, then I should have the car. They said no the law states that the insurance company gets it. I told them I am not going to pay for a car that they gave to some one else. This is what they did. They put a lean against my K5, and towed it. I had payed cash for it. I took them to court, and the judge said I signed a contract, I owe them, But they should not have given the car to any one if I owed on it. The car should have been left with me. So the judge split the bill down the meddle. At this time though I had lost the car and the K5, Blazer. The bank still wants money. Well the Banks gone now too.
Karma will get you one way or another.