Report: #530883

Complaint Review: Santander or Drive Financial

  • Submitted: Mon, November 30, 2009
  • Updated: Mon, November 30, 2009
  • Reported By: Lucky6 — Dublin California United States of America
  • Santander or Drive Financial
    P.O. Box 562088 Suite 900 North
    Dallas, Texas
    United States of America

Santander or Drive Financial is applying almost all payments made over the last 9 months as interest Dallas, Texas

*Consumer Comment: Crooks? Then Get a Lawyer!

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

I am financed by Santander for a Mazda6 that I purchased through a local dealer in the SF Bay Area. My credit was shot, but my current vehicle died and I had no choice but to finance half the loan. They gave me a interest rate of 24.99, which is awful to begin with.

I am currently contemplating either refinancing very soon or paying off the balance, but my payoff amount is so high that I am wondering how they have applied the last 9 payments that I have made.

I have called them 4 times and I cannot get a straight answer out of any of them. They refuse to send me anything in writing that explains where each payment has gone (interest vs principle) and they have yet to tell me over the phone, but with a monthly payment of 269.00 (times 9 payments=approx. $2,430.00) and the amount financed was $10,015 with a current payoff of $9760...less than the amount of one payment has gone towards the principle.

They have told me that my contract states that for the first two years of the loan that almost all of payments will go towards the interest????  Cannot locate it on my contract and they can't seem to tell me where this is in writing.

They claim this is a simple interest loan but I don't believe that I have ever had a simple interest loan like this!!!!  What a bunch of crooks.




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#1 Consumer Comment

Crooks? Then Get a Lawyer!


Go ahead, call an attorney and pay him/her for what I am about to tell you FOR FREE.

You don't understand finance!  Applying payments to interest first is common practice in finance!  It is not illegal, immoral or unethical.  That's how finance works.  Period.

You are a sub-prime borrower, that's why you went to these people as opposed to a major bank or credit union.  The 24%+ is because your credit reputation is so bad, so bad because you made it that way by not paying your bills on time.  I doubt very seriously if you'll be able to refi this because of your credit reputation.

These people were willing to do business with you and at a time when you needed them.  They were willing to take a chance on you despite your credit reputation.  Instead of name calling, you should kiss everyone in that office on the mouth on your way to the library to check out a book on how finance works.



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