Anonymous
Holbrook,#2Consumer Comment
Wed, November 05, 2008
I have been in the automotive field for quite a number of years and have been aware of the fees held by various Sub Prime Lenders. This consumer probably either financed through Drive Financial or CPS, both banks being primarily in the sub prime market and both banks withhold substantial fees in the event of default. The fees I have seen withheld have been as high as 4800. (rounding the number) The fees are based on the consumers past credit history...the higher the risk, the higher the fees. She should have contacted the bank she financed with, after all there is a truth in lending law. Instead she contacted various other financial institutions, which most likely cater to good credit risks. The courts usually lean toward the consumer, and the fact that she did not win leads one to believe that the dealer did not defraud this consumer.