• Report: #478080

Complaint Review: Santander USA / Drive Financial

  • Submitted: Mon, August 10, 2009
  • Updated: Sun, August 16, 2009

  • Reported By:Upper Marlboro Maryland
Santander USA / Drive Financial
www.santanderusa.com Upper Marlboro, Maryland U.S.A.

Santander USA / Drive Financial PAY AND PAY AND PAY ... AND STILL OWE MORE THAN CAR IS WORTH Upper Marlboro Maryland

* : Who's Fault Is It You Are a Sub-Prime Borrower?

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Well ... I'll start by saying that I did not initially refinance my vehicle with this company -- my loan was sold by HSBC Auto when they stopped servicing automobile loans. I've been tyring to trade the car and I owe so much on the car that trading it without paying a TON of cash is out of the question. And ... once you finance with Santander/Drive, your credit report shows subprime financing and it automatically lowers your credit score.

I've found all of this out by speaking with various car dealers over the past 2 weeks. Thsi is the worse predatory lending company that I have ever known! They won't lower your rate or try in any way to assist you with trying to pay off the loan. It is an absolute automobile ownership nightmare! I can't believe that Congress or some governing body can't stop them from these predatory lending practices and the unbelievably unhelpful customer service practices of this organization.

If nothing else has been learned, I will NEVER EVER use them for anything. I've always financed my cars with HSBC Auto (since they are also my mortgage lender) and had no idea they even dealt with any organizations such as this. This is a HORRIBLE AWFUL finance company and you would be well served to STEER CLEAR of them!

Unhappy Re-Finance Customer
Upper Marlboro, Maryland
U.S.A.

This report was posted on Ripoff Report on 08/10/2009 10:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/Santander-USA-Drive-Financial/Upper-Marlboro-Maryland-20772/Santander-USA-Drive-Financial-PAY-AND-PAY-AND-PAY-AND-STILL-OWE-MORE-THAN-CAR-IS-WOR-478080. 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

Who's Fault Is It You Are a Sub-Prime Borrower?

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

You are a sub-prime borrower with a bad credit reputation.  Because YOU made yourself a sub-prime borrower, your interest rate is high.  When you make the payments, the money pays off the interest first and then the principal.  Because YOU made yourself a sub-prime borrower, the lender charges a higher interest rate because YOUR repayment history is bad.  Trading a car you still owe money on is never a good idea because the amount you still owe doesn't magically disappear!  It is added to the new purchase loan and in effect you pay for TWO CARS while driving one!  This lender is not obligated to lower your rate or to "help you" make the payments.  YOU agreed with the lender to make ALL the payments, ON TIME everytime and for the contracted amount. 
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