I bought a car in Sept. of 2007, from Jack Mascheeter Ford Auto , in Columbus OH, with financing secured from Drive Financial Services of Dallas, Texas.
I made payments of 402.13 for 1.5 years, then like so many other people, I was laid off in Nov. of 2008, due to the bad economy. This story will read like so many others I have read.
After I came to the realization that I would not be able to continue making the payments, which I knew were high, due to my lack of credit, I attempted to try to pay what I could out of my unemployment check for 5months. The APR as stipulated in the contract, with the dealership is so highI am never going to be able to pay for my 2007 Ford Focus. I don't know why but to me it seems that my loan had something real bad for them to giver me a car and I have to pay twice as much as it cost. I wonder if
they had falseified loan applications for car buyers.
I then attempted to work with Drive, but they told me that I was a low life asasnd hung up on me. I read another complaint and I say ditto to the following comments, So in the long run, the $15,00.00 loan would still cost over $35.000.00.
Likewise, if I suggested a voluntary surrender of the vehicle, they said it would count as a repo. Thats fine, I would never again attempt to get financing for anything else. This happens to be the only time in my life I ever financed anything.
The rep on the phone said that when they repo the car, it will go to auction, and be sold. Blue book on this car, a 2007, is between $?? and $ ?? dollars, leaving me liable for the difference.
It seems to me, that they could sell the car for next to nothing, and come after me for the rest. However, they can't just attach your wages, or garnish wages without a court order. I also found out, that they can't garnish unemployment benefits at all.
I think the point here is, PLAY THE GAME! Don't let your emotions get the better of you. Be polite with them when they call, no matter how rude or condesending they are to you.
They are not the Gestapo, they can't just come to your house, and take anything from you. They can't take money from you without taking the proper steps. Even though what they are doing may be criminal in some aspects, they still have to follow some rules.
Bigger companies have been brought to their knees by ordinary people. I would rather not have to deal with this, but I got myself into it. Primarily out of ignorance, and my perceived need for a car
I've read dozens of complaints on this site, relating similar predicaments. We may feel helpless at times, but let me assure you, WE ARE NOT! I understand there is a class action law suit in progress, and I am certainly willing to join in that endeavor. I think most of just want to be treated fairly when we hand over our hard earned money to someone we trust at the outset.
This is not Medievel England, and there are no debtor prisons anymore.
Corene in columbus, oh