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  • Report: #463229

Complaint Review: Drive Financial ,Santander Consumer

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  • Submitted: Sat, June 20, 2009
  • Updated: Sun, June 21, 2009

  • Reported By:Chicago Illinois
Drive Financial ,Santander Consumer
drivefinancial.com Dallas, Texas U.S.A.

Drive Financial ,Santander Consumer Acceleration Clause In Contract--Are you aware! Dallas Texas

*Consumer Suggestion: Nothing Unusual!

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I would like to know how many Drive Financial customers are aware of the "Acceleration" clause listed on their retail installment contracts? Basically, it states that you the "Buyer" agree that if you fail to perform the 8 items listed...i.e. default on your loan (please see your contract for the complete listing) the holder (Drive Financial) may declare all unpaid installments of the "Total of Payments"...in my case this would total 33,000.00, the cash price of the vehicle plus the finance charges...I thought that Drive Financial would only be able to collect a deficiency balance from the cash price of the vehicle and not the cash price plus finance charges. How is this even possible? when I saw this I was shocked and in disbelief at how they are getting away with being able to issue these unconscionable contracts.

Sunshine33girl
Chicago, Illinois
U.S.A.

This report was posted on Ripoff Report on 06/20/2009 10:07 AM and is a permanent record located here: http://www.ripoffreport.com/r/Drive-Financial-Santander-Consumer/Dallas-Texas/Drive-Financial-Santander-Consumer-Acceleration-Clause-In-Contract-Are-you-aware-Dallas-463229. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

Nothing Unusual!

AUTHOR: Jim - (U.S.A.)

An acceleration clause is NOT unusual in a finance contract. When you signed the contract, you agreed to pay for the car, the finance charges and any other charges on the contract. Same goes for any other auto finance contract. When you default, you owe the entire cost of the contract because that's what you agreed to if you don't default.
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