Carpoor
Ely,#2Consumer Comment
Fri, July 31, 2009
You probably have a loan that uses the rule of 78's to calculate interest. As Drive is a subprime lending institution, they use unsrupulous methods to be sure to get their money. The Rule of 78s calculates interets for the life of the loan and adds it to the front end of the loan. Most loan calcualtors will calculate simple interets....thus your numbers will not match up. I didn't know I was in a Rule of 78's loan and only found out when a customer service representative let it slip. Does anyone know if this has to be disclosed at the time of origination?