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Report: #411056

Complaint Review: Drive Financial - Dallas Texas

  • Submitted:
  • Updated:
  • Reported By: Ely Nevada
  • Author Confirmed What's this?
  • Why?
  • Drive Financial PO Box 562088 Suite 900 North Dallas, Texas U.S.A.
  • Phone: 888-2224227
  • Web:
  • Category: Loans

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Like those filing reports against Drive Financial, at the time I purchased my car, I had less than stellar credit.

My husband had come home from Iraq and had medical problems which made him unable to work for more than a year. Previous to this we had a credit score over 700.

Needless to say, we needed a car and ended up being financed by Drive. What a nightmare! They engage in predatory lending practices, making loans for people they now have no choice and squeeze every dime they can out of them. They engage in harrassment and deception.

We finally had cleaned up our credit and decided to refinance our car only to find out that the first two years we had made payments went strictly to interest. We had not paid any principal and owe basically what we purchased the car for after two years of payments. SO now we are stuck with a car that we can't trade in, sell otherwise get rid of!

When we called them to talk to them about it, they blocked our phone numbers and we had to make calls from other peoples phones, even to make payments! We can't contact them from our cell phones, or our home phone.

These people should be ashamed of taking advantage of people who are dire straights.

Not all people have bad credit by choice and preying on them is a shamful act!

Carpoor
Ely, Nevada
U.S.A.

This report was posted on Ripoff Report on 01/12/2009 11:41 AM and is a permanent record located here: https://www.ripoffreport.com/reports/drive-financial/dallas-texas-75247/drive-financial-predatory-lending-practices-dallas-texas-411056. 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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REBUTTALS & REPLIES:
0Author
8Consumer
0Employee/Owner

#8 UPDATE Employee

No, You Weren't "Lied To" or "Deceived"

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

POSTED: Saturday, January 31, 2009

You claim to understand simple interest loans, yet your description of your Drive loan is obviously a simple interest loan and yet you are complaining about it. Since you likely had a very high interest rate, it is reasonable that your principal amount owed after 2 years of making payments was very similiar to the amount you purchased the car for. That is how simple interest loans work. Only until the last year or year and a half of your loan would you see a significant decline in your principle balance.

I suggest in the future, you look at an amortization calculator and inform yourself before making any credit purchases, that way at least you will know what to expect a year or two into your loans. Hopefully things will work out for you!

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#7 Author of original report

Drive Financial Predatory Practices

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

POSTED: Sunday, January 18, 2009

I appreciate all of the responses to my report explaining simple interest loans.

I can assure you that I understand simple interest loans and believed that I had one on my car.

We had made payments for two years when we refinanced the car at a better rate...we owed the same amount that we had taken the loan out for.

Wondering how that could be, we called Drive to no avail. We finally had a financial professional look at the loan and make calls to Drive on our behalf (as they quit talking to us). The financial professional was told that because we were a high risk borrower our interest had been calculated and put on the front end of the loan. That way they could make their interest off of us, even if they had to take the car back.

Oddly enough, with our new loan we have actually paid down the principal of the car. Needless to say, we are stuck with a car that we can't do anything with until we pay the loan off.

So, yes we have hunkered down and weathered the storm, but we were taken advantage of, deceived and lied to. And it will take more than four years to fix this loan. That is pretty hard to swallow.

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#6 Author of original report

Drive Financial Predatory Practices

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

POSTED: Sunday, January 18, 2009

I appreciate all of the responses to my report explaining simple interest loans.

I can assure you that I understand simple interest loans and believed that I had one on my car.

We had made payments for two years when we refinanced the car at a better rate...we owed the same amount that we had taken the loan out for.

Wondering how that could be, we called Drive to no avail. We finally had a financial professional look at the loan and make calls to Drive on our behalf (as they quit talking to us). The financial professional was told that because we were a high risk borrower our interest had been calculated and put on the front end of the loan. That way they could make their interest off of us, even if they had to take the car back.

Oddly enough, with our new loan we have actually paid down the principal of the car. Needless to say, we are stuck with a car that we can't do anything with until we pay the loan off.

So, yes we have hunkered down and weathered the storm, but we were taken advantage of, deceived and lied to. And it will take more than four years to fix this loan. That is pretty hard to swallow.

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#5 Author of original report

Drive Financial Predatory Practices

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

POSTED: Sunday, January 18, 2009

I appreciate all of the responses to my report explaining simple interest loans.

I can assure you that I understand simple interest loans and believed that I had one on my car.

We had made payments for two years when we refinanced the car at a better rate...we owed the same amount that we had taken the loan out for.

Wondering how that could be, we called Drive to no avail. We finally had a financial professional look at the loan and make calls to Drive on our behalf (as they quit talking to us). The financial professional was told that because we were a high risk borrower our interest had been calculated and put on the front end of the loan. That way they could make their interest off of us, even if they had to take the car back.

Oddly enough, with our new loan we have actually paid down the principal of the car. Needless to say, we are stuck with a car that we can't do anything with until we pay the loan off.

So, yes we have hunkered down and weathered the storm, but we were taken advantage of, deceived and lied to. And it will take more than four years to fix this loan. That is pretty hard to swallow.

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#4 Author of original report

Drive Financial Predatory Practices

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

POSTED: Sunday, January 18, 2009

I appreciate all of the responses to my report explaining simple interest loans.

I can assure you that I understand simple interest loans and believed that I had one on my car.

We had made payments for two years when we refinanced the car at a better rate...we owed the same amount that we had taken the loan out for.

Wondering how that could be, we called Drive to no avail. We finally had a financial professional look at the loan and make calls to Drive on our behalf (as they quit talking to us). The financial professional was told that because we were a high risk borrower our interest had been calculated and put on the front end of the loan. That way they could make their interest off of us, even if they had to take the car back.

Oddly enough, with our new loan we have actually paid down the principal of the car. Needless to say, we are stuck with a car that we can't do anything with until we pay the loan off.

So, yes we have hunkered down and weathered the storm, but we were taken advantage of, deceived and lied to. And it will take more than four years to fix this loan. That is pretty hard to swallow.

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#3 Consumer Comment

Sounds Like...

AUTHOR: Been There Done That - (U.S.A.)

POSTED: Tuesday, January 13, 2009

Not to be judgemental but you bit off more than you could chew. We all did this it was 2 years ago everyone wanted to live large but times have changed but I fail to see the rip-off. You should have received a disclosure statement with your APR and all other financial details and determined what your payments would be and type of loan. Anytime you have such a high interest rate on a loan it takes quite a while to bring down that principal balance. I was told I had to put down over 40% on a car and STILL required GAP insurance cuz the lender KNEW I was already upside down even after putting 40% down. Thats when I walked away!

Here is a lesson NEVER trust a dealer when they say "you can refinance in a year" thats the biggest pile of crap along with "the check is in the mail". Noone expected this bad of an economic climate that we are in now and will be in for quite some time. Sorry to break this to you but your gonna have to hunker down and pay it cuz noone will be dropping any credit for subprime borrowers any time soon.
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#2 Consumer Suggestion

Did you know...?

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

POSTED: Monday, January 12, 2009

Most auto loans are simple interest. Did you know that early in your loan, just being 10 days late (not late past the "grace period" but late past the due date), can result in your payments going to interest and not to principal? Also, if you ever took a deferrment, that makes it that much worse.

Go online and find a simple interest loan spreadsheet. Plug in the date each payment was posted to your loan and you can see how much you should owe at this time. Make sure to deduct any late fees you were charged from your payments.

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#1 Consumer Comment

Type of interest?

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

POSTED: Monday, January 12, 2009

What does you loan contract state is the APR for the loan, and is it a simple interest loan as most vehicle loans are?

If it's a simple interest loan, a portion of each payment does go towards the principal, but it is amortized. You can use any amortizing calculator (many are available on line) to determine what you principal balance SHOULD be.

However, using an amortizing calculator ASSUMES that there have been NO LATE OR MISSED PAYMENTS. Any time you're late, there is ADDITIONAL interest applied to the remaining principal and this is carried until the end of the loan.

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