Drive Financial Dallas Tx. Breach of Contract by Drive Financial? Dallas Texas

Before I start I just want to say that I understand that there is a high intrest payment on my loan, I knew that when I signed the contract. I also understand that I will be paying on the intrest more money than what I am paying for the actual car.

Now here is where everything goes kinda Blahhh. On June 2nd of 2007 I got an email saying that I could get financed on a new car, and seeings that I have very poor credit and in desperate need of a dependable car I jumped in. I have issues with the dealership that sold me the car because I feel that the worker there took advantage of me because he saw the word sucker plastered on my head, but that is a different topic. My main issue is with Drive Financial.

My intrest is 24.9% over 5 years with a monthly payment of 422.00 a month. So I will be paying 30,000 for a 15000 dollar car by the end of my contract. I was told by the dealership that I can refinance after a year for a lower intrest and possibly lower car payment. When I spoke to a rep with Drive financial I was told they do not refinance. So I was mislead there. I told the rep that 422 dollars was a lot of money to come out of one paycheck so would it be possible to split my payment so that I am paying half of the payment bi-weekly, and I was told that I could do that.

So I paid a months payment then called Drive two weeks later and was ready to make my first half payment and it was then that I was told that they do not accept half payments that will go towards the principle. They will take that money and put it towards the intrest but I still have to pay the full monthly amount of 422 each month.

I was also told that if I have a due date of the 2nd of each month that even if they recieve the check on the 2nd of each month, I am still charged a daily intrest fee of 10.40 because it takes 5-7 days to process the check. Well just because someone does not want to get up and go the the bank does not mean that I should have to pay for them being lazy plain and simple. I make sure that my bank send out my payment so that it is recieved before or on the due date, so I should not have to pay any daily intrest fees. I was told that there are two ways I can avoid those daily intrest fees. One is doing a check, or debit card over the phone, but that is an additional 10.95 per transaction, or I can allow Drive to automatically deduct the payments out of my account each month. Well I do not know about you guys, but I do not want anyone having access to my checking account except me and maybe my wife (depending on if she lets me buy what I want :) ) I do not know the laws in Texas but I do know that here in Cleveland Ohio that is illegal for them to charge daily intrest fees when they have recieved my payment, just because they do not deposit it right away. When trying to dispute that with them, it resulted in them "hanging up on me"

Now here is what REALLY gets me steamed. I was told that each day my payment is late I am charged 10.40 per day for each day that my payment is late. I am also charged an additional 10.40 if my payment is more than 30 days late which means that depending on how many days are in a certain month I can owe over 320 just in intrest alone for one month.

Something about that did not seem right so I decided to look at the contract that I signed with the dealership, and on my contract it states that if my payment is MORE than 10 days late I am charged either $15 or %5 percent whichever is greater. Nowhere does it state what Drive mentioned to me.

When I called Drive and explained that to them, the lady on the other end told me to hold on so that she could look at my contract. She came back and few minutes later and here is what she said. "Unfortunatly the daily service charge is not in your contract, but that is something that Drive Financial does" When I tried to dispute it with her and inform her that you can not have me pay something that I was not informed about, or that is not in my contract, the phone call somehow got disconnected.

Now granted if you want to avoid the late charges then you need to make your paymenrs on time, but at least in my situation, my credit is bad and so I am high risk to begin with. Trust me I want to pay for this car because I want to rebuild my credit, but Drive knew I was high risk that is why I am paying 24.9 percent intrest. But trust me on this, had I known about the daily intrest fees, I would of walked to work and saved 400 dollars a month till I could afford to but a junker for a few grand.

I have come across some rude reps, but I think what really gets me upset is the lack of knowledge the workers have. I am told so many different things by so many different employees, and none of them equal what I was told by the previous rep. But the one thing every single one of them gets correct is When can we expect payment, and how to hang up the phone when you want to dispute something with them. So whoever wants to do the class action lawsuit count me in. I do not know how you can reach me, but at least through here we can keep in contact.
Thank You
Roger

Roger
Cleveland-Strongsville, Ohio
U.S.A.

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