Drive Financial Services
1010 W. Mockingbird Lane, Suite 100
Dallas Texas 75247
U.S.A.
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- Phone: 888-222-4227
- Web:
- Category: Loans
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Drive Financial Services Fraud Conspiracy Dallas, Texas
1Author
1Consumer
0Employee/Owner
I've identified inappropriate accounting with my Drive Financial Account. Drive has been incorrectly amortizing my loan (To their advantage). After speaking directly to a Drive Financial Account Services Manager (FASM), I've learned they also included fees and charges to my account without my knowledge and without listing such on my paper statements or my online payment & amortization history. After bringing this to the attention of the FASM, he could not provide a logical reason “Why” such fees and charges were applied, nor could he explain the extreme inconsistencies with the advertised amortization schedule of my account. The FASM and I ran the per diem over and over again, and could not get the numbers to match…..always in the favor of Drive. The FASM forwarded my findings to management for review. Unbeknown to management (Or so I am told), The Drive FASM, agreed to insert my payments as they were made, in an “Independent” amortization model to confirm mistakes have been made and was to contact me with the results.
The FASM has since ceased communicating with me, confirming my belief of intentional improper accounting or FRAUD by Drive. I am in the finance business and am very familiar with standard simple interest amortization, and am 100% certain; Drive is “Skimming” from my payments. While only a few dollars here and there; multiply my account with the tens and millions of loans they service, and I believe I've uncovered a million dollar fraud scheme with Drive. While these are “Strong” words, after reading all of the trash talk on several forums of Drive's deceptive and unethical/legal practices, I believe I've uncovered yet another abusive practice.
I am unfortunately a few months away from refinancing this loan (Could not happen any sooner). I've been making my payments in a timely manner (0x30) for 19 months and soon my credit score will qualify me for a more conventional style bank or credit union loan. Where do I go from here? I do NOT want Drive to get away with this, and I want the proper payments applied to my principal. It is not worth paying thousands of dollars to retain an attorney to “Find” a few thousand dollars. Is there an active class action law suit for relative to my situation? Do I file a complaint with the TX (Where I procured the loan) Attorney General's Office; or do I file such with the FL Attorney General's Office (Where I presently reside)? Any guidance is greatly appreciated.
Allanpb
Ft Myers Beach, Florida
U.S.A.
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REBUTTALS & REPLIES:
1Author
1Consumer
0Employee/Owner
Updates & Rebuttals
#1 Consumer Comment
AUTHOR: Robert - Irvine (U.S.A.)
SUBMITTED: Monday, May 18, 2009
POSTED: Monday, May 18, 2009
You left out a lot of specifics, but it seems as if you probably have a misunderstanding of how your loan works.
"I've been making my payments in a timely manner (0x30) for 19 months and soon my credit score will qualify me for a more conventional style bank or credit union loan."
Drive is a Sub-Prime lender, and 0x30(meaning you were not 30 days late?) is NOT timely enough. Most likely the interest compounds daily and they do not have a grace period. So if you have a payment due on the 1st, it is late on the 2nd. If for example you then don't pay it until the 5th, you have 4 extra days of interest. If you do this every month after 19 months it can add up to a significant amount of money.
Note that the grace period(if there is one) is not the same as the penalty date, where the late payment is assessed. Depending on the loan this can be anywhere from 5-10 days after the due date. Where again if this is assessed and you don't pay it can add to the balance, and start to be assesed interest.
