• Report: #415546

Complaint Review: Drive Financial Services

  • Submitted: Sat, January 24, 2009
  • Updated: Fri, January 30, 2009

  • Reported By:ridgewood New York
Drive Financial Services
Po Box 660633 Dallas, Texas U.S.A.

Drive Financial Services after 18 on time payment never late principle only diminished 1100.00 Dallas Texas

*Consumer Suggestion: interest and loan balance

*Consumer Suggestion: interest and loan balance

*Consumer Suggestion: interest and loan balance

*Consumer Suggestion: interest and loan balance

*Author of original report: even though theres a 10 day window for late payment fees are assesed through interest

*Author of original report: if you're having problems with drive report them to ftc.gov

*Author of original report: if you're having problems with drive report them to ftc.gov

*Author of original report: if you're having problems with drive report them to ftc.gov

*Author of original report: if you're having problems with drive report them to ftc.gov

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after paying 18 months of 351.82 on a 60 month term to drive never any late fees assesed always on time, i've yet to see my priciple diminish. when i call them to get remedy they get rude , nasty and hang up on me. they are quick to call for their payment but not address billing concerns of mine. when asked about my principle not diminishing they simply state that i've paid my bill late excessively (which no late fees were ever assesed) and each day after your due date a 7.00 charge per day goes towards priciple even though according to the dealer and their terms you have 10 days before a late fee is charged. but even @ that there should be a lower balance on my loan. when i ask for a copy of my contract in which it SHOULD reflect what they say i get hung up on. after 4 months and multiple requests for a copy of my original signed contract, i'm yet to receive it. their statements are far from itemized and don't even know where my money is going. i've tried numerous times to refinance or trade in and can not due to this over inflation or miscalculation of funds. i am stuck in this hole and can not get out and want some answers!

Drive ing to financial hardship
ridgewood, New York
U.S.A.

This report was posted on Ripoff Report on 01/24/2009 12:41 AM and is a permanent record located here: http://www.ripoffreport.com/r/Drive-Financial-Services/Dallas-Texas/Drive-Financial-Services-after-18-on-time-payment-never-late-principle-only-diminished-110-415546. 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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REBUTTALS & REPLIES:
0Author 9Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

interest and loan balance

AUTHOR: D K - (U.S.A.)

You stated you have a 60 month loan at $351.82 a month and have only paid 18 months on it. I hate to tell you this but you will be paying mostly toward interest until the loan is 4 or 5 years old. Interest is paid first, then principal. You won't see a major dent in the principal amount of your loan for quite some time depending on your interest rate. This is not a rip off
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#2 Consumer Suggestion

interest and loan balance

AUTHOR: D K - (U.S.A.)

You stated you have a 60 month loan at $351.82 a month and have only paid 18 months on it. I hate to tell you this but you will be paying mostly toward interest until the loan is 4 or 5 years old. Interest is paid first, then principal. You won't see a major dent in the principal amount of your loan for quite some time depending on your interest rate. This is not a rip off
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#3 Consumer Suggestion

interest and loan balance

AUTHOR: D K - (U.S.A.)

You stated you have a 60 month loan at $351.82 a month and have only paid 18 months on it. I hate to tell you this but you will be paying mostly toward interest until the loan is 4 or 5 years old. Interest is paid first, then principal. You won't see a major dent in the principal amount of your loan for quite some time depending on your interest rate. This is not a rip off
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#4 Consumer Suggestion

interest and loan balance

AUTHOR: D K - (U.S.A.)

You stated you have a 60 month loan at $351.82 a month and have only paid 18 months on it. I hate to tell you this but you will be paying mostly toward interest until the loan is 4 or 5 years old. Interest is paid first, then principal. You won't see a major dent in the principal amount of your loan for quite some time depending on your interest rate. This is not a rip off
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#5 Author of original report

even though theres a 10 day window for late payment fees are assesed through interest

AUTHOR: Drive ing to financial hardship - (U.S.A.)

i need to correct the original text of my report i stated that each day after due date 7.00 charge per day goes towards principle, which is far from the truth the charge is going towards interest. even though there are no late fees assesed they, on the sly hit you by removing the funds from priciple and according to them apply to interest.
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#6 Author of original report

if you're having problems with drive report them to ftc.gov

AUTHOR: Drive ing to financial hardship - (U.S.A.)

we all need to contact the ftc by going to their website @ www.ftc.gov or they take complaints over the phone @ 1-877-382-4357.

Also you'll need to file a complaint with the Better Business Bureau of Dallas Texas www.dallas.bbb.org

if you like myself have not gotten answers to your concerns, nor have received itemized statements as to where your money is going or have been treated rude over and over again and hung up on.

do not see your principle diminishing or they have not responded to your emails, PEOPLE we need to get togeter and find the answers by contacting the appropriate agencies. FTC and the BBB of DALLAS tx
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#7 Author of original report

if you're having problems with drive report them to ftc.gov

AUTHOR: Drive ing to financial hardship - (U.S.A.)

we all need to contact the ftc by going to their website @ www.ftc.gov or they take complaints over the phone @ 1-877-382-4357.

Also you'll need to file a complaint with the Better Business Bureau of Dallas Texas www.dallas.bbb.org

if you like myself have not gotten answers to your concerns, nor have received itemized statements as to where your money is going or have been treated rude over and over again and hung up on.

do not see your principle diminishing or they have not responded to your emails, PEOPLE we need to get togeter and find the answers by contacting the appropriate agencies. FTC and the BBB of DALLAS tx
Respond to this report!
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#8 Author of original report

if you're having problems with drive report them to ftc.gov

AUTHOR: Drive ing to financial hardship - (U.S.A.)

we all need to contact the ftc by going to their website @ www.ftc.gov or they take complaints over the phone @ 1-877-382-4357.

Also you'll need to file a complaint with the Better Business Bureau of Dallas Texas www.dallas.bbb.org

if you like myself have not gotten answers to your concerns, nor have received itemized statements as to where your money is going or have been treated rude over and over again and hung up on.

do not see your principle diminishing or they have not responded to your emails, PEOPLE we need to get togeter and find the answers by contacting the appropriate agencies. FTC and the BBB of DALLAS tx
Respond to this report!
What's this?

#9 Author of original report

if you're having problems with drive report them to ftc.gov

AUTHOR: Drive ing to financial hardship - (U.S.A.)

we all need to contact the ftc by going to their website @ www.ftc.gov or they take complaints over the phone @ 1-877-382-4357.

Also you'll need to file a complaint with the Better Business Bureau of Dallas Texas www.dallas.bbb.org

if you like myself have not gotten answers to your concerns, nor have received itemized statements as to where your money is going or have been treated rude over and over again and hung up on.

do not see your principle diminishing or they have not responded to your emails, PEOPLE we need to get togeter and find the answers by contacting the appropriate agencies. FTC and the BBB of DALLAS tx
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