Drive Financial Dallas Tx. Trying to make me pay double a car is worth... Trying to rip me off. Dallas Texas

Just how big was the gun they held to your head forcing you to buy the car?

It is apparent that you do not know how financing works.  EVERY car loan has a majority of the payments in the beginning go toward interest.  You loan payments are based on you paying on or before the due date, each and every month.  If you pay after that you are assessed additional interest and possibly late fees.

If your $17,000 number is even close you are well short of what you should have been paying.  Because figuring that you should have been paying Nov 2005 through Aug 2009 that is 46 payments.  At $491.87 that means you should have paid over $22,000.  This puts you about $5,000 short of what you should have paid.  So it is quite normal that you would still owe the amount you do especially if you add in additional interest.

"I refuse to pay them anymore. I have already spoke to a attorney and plan to file a law suit against them."

- If the Attorney is taking any money from you that is the REAL RipOff because there is no grounds for a suit.  If you do not continue to pay on the car they will eventually reposess the car. 

Robert,

Not every person knows how financing works and at times in peoples lives we get pushed into making irrational decisions. Not by a GUN being put to our heads but rather our life and the way it's going at that time. weather or not this consumer was behind on there payments or not they obviously feel mistreated by the company. that says something about Santander Consumer and how you are making this comment, being you are an employee of this company. company's like Santander is the reason our country is the way it is. Capitalism is fine but when you have companies like Santander taking advantage of people we have a problem. Not everyone has good credit, and because of that shouldn't be taken advantage of, better yet the company should take a responsible approach to helping the consumer rather that hurting him. A car payment of $500.00 is ridiculous unless the consumer is buying a high end vehicle like a 09 Mercedes, porche, BMW, ect. and if the consumers credit is not good they shouldn't be getting in that type of car anyway.

 I too have had issues with Santander and i as well will be seeking legal advise.

You signed a contract to make X monthly payments at $x.xx amount each and you obviously have not made all the payments you agreed to. You have no leg to stand on as far as an attorney goes, and I suggest instead of wasting money on an attorney who is ripping you off, you pay that car off immediately.

As Robert said, that is the way ALL financing works, in the beginning, most of your payment is going toward the interest YOU agreed to pay, based on YOUR credit.

While I truly agree that it sucks that most of the payments you made go to interest, you were NOT ripped off and by not paying the car loan, you are only going to hurt yourself... Think it was tough getting a car loan last time? Wait until they repo this car, sell it at auction then charge you the difference between what they get and what you still owe.  YOu do owe that money, because you signed the contract.  There were no hidden fees in that contract. 

I just wrote about the finance charge but I wanted to be able to explain to you exacly how to caculate simple interest finance. take the principle amount that owe and mulitpy that by the interest rate that you are being charged. divide that amount by 365 days. and you should come up with your daily rate of interest. this amount will remain the same if when you make the payment it all goes to principle. just make sure something comes off, hopefully as much as possible and if you have to buy another car at a high rate try to send in at least $25 extra every month and always pay on time or earlier. or divide your note in half and pay every 2 weeks to save on interest.

GOD BLESS