- Report: #534576
Complaint Review: Drive Financial - Dallas Texas
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Author Not Confirmed
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Drive Financial
3180 Irving Blvd Dallas, Texas, United States of America
Phone:
214-9057569
Web:
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Drive Financial Santander --Deceptive,Outrageous,Dishonest Dallas , Texas
Dear Sir/Madam:
On August 8, 2007, I purchased a 2003 Volkswagen Passat from Volkswagen Santa Monica financed by Drive Financial. For two years, I never was late with my payment, or at least, I thought it was the absolute fact. It was told to me at the outset that there was a ten day grace period, but I found out two years later it was ten days for them to collect hidden fees. If one missed the ten days, there would be two different fees applied to the balance. To pay the car off, it would be around 12,000, no discount for paying in full. They told me that I owed 15,000. I have had cars before this is not making any sense to me. My note is 375.00, and I have paid about 9,000 the last payment was about three or four months ago. During that time, my remaining balance was approximately 10,000 and trying to become current is difficult. It seems that only a minute amount goes toward the principal. I phoned the company and told them that I was voluntarily given the car to them. They told me that it takes 4 to 6 weeks to pick it up. It does not take that long to pick up a car. This company has billions in assest, and I can understand why. I hope that someone understand and take this case individually or class action, because there are others customers who has been ripped-off.
1 Updates & Rebuttals
Jim
Orlando,Florida,
USA
Class Action? Yeah, Right!
#2Consumer Comment
Sun, December 06, 2009
YOU DON'T UNDERSTAND FINANCE and the RESPONSIBILITY which comes with meeting your obligations. I think a Class Action proceeding should be started against those who don't know what they're talking about but shoot off their mouth!
1. Any fees for late payment are CLEARLY DEFINED and listed in the contract YOU SIGNED...if you read it.
2. Any so-called "grace period", if there is one, is clearly defined in the contract, again if you read it. Any fees associated with any grace period would be listed in the contract.
3. A direct quote:..."I was never late with my payment, or at least, I 'thought'...". You thought? Don't you know for a fact if you were ever late? Do you keep a written record of such things?
4. In finance, payments are applied FIRST TO INTEREST and then to principle. This is NORMAL and there is nothing illegal, immoral or unethical about this FACT.
5. Your interest rate is so high because you are a sub-prime borrower. YOU made yourself a sub-prime borrower...nobody else, but you.
6. Incredibly, you wish to maintain this sub-prime status because of sub-prime thinking. You want to voluntarily give up the car in what will be a repo on your credit report. Do you think the balance you owe magically goes away because you give up the car? Is that what you think? Guess what...you're going to get a nice big surprise!
SHALOM
