- Report: #159185
Complaint Review: Drive Financial - Dallas Texas
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Drive Financial
P.O. Box 562088 Suite 900 Dallas, 75247 Texas, U.S.A.
Phone:
800-2224227
Web:
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Drive Financial - Bank Of Scottland Deceptive Bank Practices Predatory Lending RIPOFF Dallas Texas
Drive Financial is by far the WORST bank/finance company in the nation.
I purchased a red vehicle from a Brooklyn-based dealership and had the option of financing with 2 companys. The first company wanted a larger downpayment than Drive. Naturally, I chose the bank with the lower downpayment which is Drive Financial. I purchased the car for 13,723.04. I put down 3500.00 which means I financed the car for 10,223.04 at a 23.95% interest rate in December of 2002. The loan was a 5 Year Loan.
Ever since I financed this car, I have made payments over the telephone. CSR fee ranged from 6.95 to 10.95. This means that I have paid well over 200.00 in payment processing fees. Every time you mail a payment, they deliberately "receive" the payment after 10 days so that the payoff amount can increase. Their excuse is because "you are in New York and we are in Texas" it takes longer for us to receive a check.
This finance company never sends us account balance and payment history which is unfair. I have requested numerous times for account and payment history. I was in a vehicle accident. My car was deemed a total loss. The total loss department called drive financial a requested a ten-day payoff amount in august. The bank said it was 670.20.
On 09/06/05, my bank once again requested a 10 day payoff. They said it was 681.32. The envelope was post-dated on 09/06/05. Drive finacial states that they did not receive a payment to 09/23/2005, which means that now 7.00 dollars is owed on the account.
If you want to hear more about my story, please contact me by using the rebuttal box below. Also, I am interested in starting a class action lawsuit against drive financial for the above mentioned. Please contact me.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Claudette
Brooklyn, New York
U.S.A.
I purchased a red vehicle from a Brooklyn-based dealership and had the option of financing with 2 companys. The first company wanted a larger downpayment than Drive. Naturally, I chose the bank with the lower downpayment which is Drive Financial. I purchased the car for 13,723.04. I put down 3500.00 which means I financed the car for 10,223.04 at a 23.95% interest rate in December of 2002. The loan was a 5 Year Loan.
Ever since I financed this car, I have made payments over the telephone. CSR fee ranged from 6.95 to 10.95. This means that I have paid well over 200.00 in payment processing fees. Every time you mail a payment, they deliberately "receive" the payment after 10 days so that the payoff amount can increase. Their excuse is because "you are in New York and we are in Texas" it takes longer for us to receive a check.
This finance company never sends us account balance and payment history which is unfair. I have requested numerous times for account and payment history. I was in a vehicle accident. My car was deemed a total loss. The total loss department called drive financial a requested a ten-day payoff amount in august. The bank said it was 670.20.
On 09/06/05, my bank once again requested a 10 day payoff. They said it was 681.32. The envelope was post-dated on 09/06/05. Drive finacial states that they did not receive a payment to 09/23/2005, which means that now 7.00 dollars is owed on the account.
If you want to hear more about my story, please contact me by using the rebuttal box below. Also, I am interested in starting a class action lawsuit against drive financial for the above mentioned. Please contact me.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
Claudette
Brooklyn, New York
U.S.A.
4 Updates & Rebuttals
Richard
Houston,Texas,
U.S.A.
Payments take 7-10 days to clear
#2Consumer Comment
Tue, October 11, 2005
The 2nd paragraph in the comment I posted above is for Kristal
Richard
Houston,Texas,
U.S.A.
Payments usually take 7 - 10 to clear
#3Consumer Comment
Tue, October 11, 2005
Claudette If you send a check in the mail from New York to Dallas, it takes 2 - 3 days for the envelope to arrive in Dallas. That is just getting the payment to them. I sent postcards and letters from New York to Houston and the transit time was almost a week in some cases. It is standard policy, even in today's computerized technology, that a check takes 7 - 10 business days to clear your bank. I have recently written checks to the grocery store that did not clear the bank until nearly 2 weeks later. I have been mailing checks to Drive for quite some time and they have always cleared my bank and posted to my account within 5 business days. You posted 2 comments to this report within 2 hours of each other and the only thing that remained consistent is the car was $28,000 and your payment is $405. First you state you put down $15,000 and still owe $14,000 and then 2 hours later you state you put down $14,000 and still owe $13,000. A little to far fetched for me. Also, the finance charges are in your sales contract that you signed. If you had a problem with them, you should not have signed the agreement. If indeed you had $15,000 or even $14,000 to put down on a car, which I doubt, then before paying such high interest rates, you could have paid cash for a brand new Toyota Corolla or something. Finally, though not directly germane, if you cannot remember what you said 2 hours later, you would not be a credible witness in any class action lawsuit.
Kristal
Ashburn,Virginia,
U.S.A.
willin to be class action lawsuit
#4Consumer Comment
Mon, October 10, 2005
I bought a 28,000 car from drive. I put 14,000 down. My payment is 405. a month and and after a year and a half I still owe 13,000. How in the hell? They hae the most out rageous interest rates. They call me 5 or 6 times a day. they chare 10.50 to make a payment over the phone.They charge for anything. so crazy!!! I cant even get out of the loan because I can never et ahead because of there fees. Please help.
Kristal
Ashburn,Virginia,
U.S.A.
to claudette
#5Consumer Comment
Mon, October 10, 2005
I am also financed through drive. I hate them!!!! I bought my car for 28,000 put 15,000 down pay 405 dollars a month and still owe 14,000. how in the hell? I am with you on this all the way!!! They are not right and a rip off. There is no way I can get out of this loan because they make me upside down even though I shouldnt be.
