- Report: #475349
Report - Rebuttal - Arbitrate
Complaint Review: Drive Financial
Drive FinancialDrive.com , Texas U.S.A.
Drive Financial Rule of 78's Dallas Texas
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I, too had a loan from Drive Financial. When I refinanced out of the loan I learned I had not paid ANY principal. When Drive was pressed to answer why we found that our payments had all gone to interest that was calculated for the life of the loan and added to the front end.
In some states these type of loans are illegal and they are typically only used by subprime lenders.
Beware of this type of loan and be sure to ask if this is how your interest is calculated!
This report was posted on Ripoff Report on 07/31/2009 01:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/Drive-Financial/Texas/Drive-Financial-Rule-of-78s-Dallas-Texas-475349. 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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