Report: #482851

Complaint Review: DRIVE FINANCIAL

  • Submitted: Thu, August 20, 2009
  • Updated: Thu, August 20, 2009
  • Reported By: Matt — USA
    Internet, Texas
    United States of America

DRIVE FINANCIAL Salamander - Drive Financial Drive Financial are a crooked corrupt organization, immoral, and the opposite of what the future should hold! Texas Internet

* : verbal promises?

* : Verbal?

Show customers why they should trust your business over your competitors...

I only wanted to add my piece.

 I appears there are hundreds of rip-off reports and other complaints about this company.

 My trouble:

 I was promised 8% verbally provided I met all my payments on time. I got 24% with no chance to change this rate ever. EVER. Even if I pay early and in large sums for months at a time, my total barely changes. In fact, I have now sent them about 10,000 dollars and my balance has gone down 2000...

 I never declared bankruptcy, I never missed payments, I didnt have bad credit... But this didnt stop this organization from lying ( of course, not in writing, so there is nothing I can legally do) verbally, and ensuring that the fine print makes me in debt 20 times the value of the car or loan...

 Customer service is a joke over there. The few times I have called, the agents couldnt speak proficient enough English to explain the details of my contract. I dont mean that from a ethnicity standpoint, these people were simple ill-educated. 

This company reflects the perfect example of everything wrong with our system. It is in the business of stealing as much money as possible from those that can afford it least and offering no support.

If you ask to speak to someone who actually knows what they are talking about, you are told its not allowed. It doesnt help that the loan comes from an internal department located in another country

I am not saying anything new. If I were you, I would walk, run or bike before taking a loan for ANYTHING with this organization. I intend on missing payments to save up the total on my own, and pay it off in one lump sum. Its the only way out. I loose money doing it this way and damage my credit history, but better than paying this company for the next 15 years, long after the car has most likely died.

What a joke. As a race, this organization is an insult to everything we, humanity, are capable of. It is the exact opposite of what we need to bring us to a better tomorrow. I use to be angry, mostly at myself, for this. But that has been replaced by a sense of morose. What a sad time to live in, where organized legalized extortion and theft are institutionalized

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This report was posted on Ripoff Report on 08/20/2009 08:23 AM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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verbal promises?

AUTHOR: Hugh jass - (U.S.A.)

1. Obviously you didn't read the contract before signing.
2. The balance will drop if you pay them on time. Look up "simple interest loan".
3. Salamander? HAHAHAHAHAHAHAHA. You mean Santander.
4. You claim you don't have bad credit. If you financed through Santander you either:
a. have terrible credit
b. didn't read the contract
c. both.

Remember this: If a car salesman's mouth is moving, he's lying. Get EVERYTHING in writing. READ BEFORE YOU SIGN.
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AUTHOR: Robert - (U.S.A.)

First Drive FINANCIAL did not verbally promise you an 8% loan, that was the dealer.  However, it does not matter what they said, it matters what YOU signed.  So if you got ripped off, you let them to it to you.

As to changing the rate, that is mostly false.  You can change it but you have to have good enough credit to refinance with another company at a lower rate.  If you can't do that then perhaps you don't have as good as credit as you thought.  If you have good enough credit but they say you are "too" upside down, that again falls back to you for not researching the value of the car before you bought it.

Some of your other statements seem to show you don't have an idea of how Car Financing works.  First no matter what company you go with during the beginning of the loan you are always paying more interest than principal.  But since your payment is constant, near the end the majority goes to principal.  As long as you are paying the amount due on or before the due date EACH time the principal will decrease, again slowing in the beginning and quicker near the end of the term.  But if you are ever late you are subject to extra interest and/or late fees. 

You can't just decide to not pay on the car.  And the (il)logic of saying you are going to pay off the loan by not paying on the loan will not work.  If you do stop paying they will add the late fees and additional interest.  After about 2-4 months they will reposess the car, sell the car at auction(for a fraction of the value), and still hold you responsible for the difference.  If you thought 24% interest was bad just wait until the Repo shows on your credit report and you try and get another loan. 

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