Complaint Review: Drive Financial Services - Dallas Texas

So called employees like that one are one of the reasons many are frustrated and do not have their questions answered properly. I am not an employee, or in the finance business. I am merely someone who has figured out things on my own, with no help from loan company employees. Here is what probably has happened. Almost all auto loans are simple interest loans. That means each payment is charged interest from the time of the last payment. To make it easier to understand, I will use the following numbers. Say your payment is $400 per month, where $300 per month is supposed to go to interest and $100 to principal at this time. This rule only holds true if your payments are made ontime every month. Say this month you are 10 days late, therefore it is 40 days since your last payment. The $300 interest, divided by 30 days = $10 interest per day. Since it has been 40 days since your last payment, your payment is charged for 40 days interest ($400). So, with this month's payment, all the money has gone to interest and none to principal. So, now your account is $100 off from correctly amortizing. Do this enough times, and your payments are not applied to principal at all. And, of course, don't forget those late fees added on when the payment is maybe 15 days late (depends on your loan company on the late fees). Remember, the add on for late fees is not a grace period on your payment. Of course, you never stated if you have been late, but even a few days makes the loan amortize improperly. If the loan company employees would explain this to people (they probably don't even understand it themselves), the general public would probably get it. People don't get it because it is never explained and the loan companies don't even try to help.

i feel your pain. i work for drive financial and i recently purchased a new BMW M6. msrp is $102,000. i was financed through bmw for 2.9% interest. after 60 paymens i will have paid 105,180 for the car. thats over 3k in finance charges for a 100k car. thats just crazy. dont get me wrong bonuses here are drive are great. the $1753 car payment is well under my budget. (you want your carpayment to be less than 15% of your gross monthly income) so if you make 3k a month gross your car payment should be under 450 month. but it makes me sick to know i have to pay over 3k in finance charges & my beacon score is 795...thats just sick to think about. so please dont think that we here at Drive financial dont understand the troubles you face.

i feel your pain. i work for drive financial and i recently purchased a new BMW M6. msrp is $102,000. i was financed through bmw for 2.9% interest. after 60 paymens i will have paid 105,180 for the car. thats over 3k in finance charges for a 100k car. thats just crazy. dont get me wrong bonuses here are drive are great. the $1753 car payment is well under my budget. (you want your carpayment to be less than 15% of your gross monthly income) so if you make 3k a month gross your car payment should be under 450 month. but it makes me sick to know i have to pay over 3k in finance charges & my beacon score is 795...thats just sick to think about. so please dont think that we here at Drive financial dont understand the troubles you face.

i feel your pain. i work for drive financial and i recently purchased a new BMW M6. msrp is $102,000. i was financed through bmw for 2.9% interest. after 60 paymens i will have paid 105,180 for the car. thats over 3k in finance charges for a 100k car. thats just crazy. dont get me wrong bonuses here are drive are great. the $1753 car payment is well under my budget. (you want your carpayment to be less than 15% of your gross monthly income) so if you make 3k a month gross your car payment should be under 450 month. but it makes me sick to know i have to pay over 3k in finance charges & my beacon score is 795...thats just sick to think about. so please dont think that we here at Drive financial dont understand the troubles you face.