Complaint on Drive FInancial Services in Dallas, TX

Hello, my name is Kevin from Oklahoma. I purchased a vehicle in July 2006 from a dealership in Tulsa, OK called Riverside Chevrolet. My vehicle was financed through a company named Drive Financial. From August 2006 through February 2007 I made on time monthly payments and even paid above my payment of $681.43 to be applied to the principle of the acct. At the end of February my employment was terminated due to an issue that was out of my control. The very next day I called Drive Financial and told them my situation. I told the gentleman that I spoke with that I will not be able to afford the vehicle and that I would like to elect for a voluntary repossession. He explained to me the consequences of this option and that they come and get the vehicle and sell it at auction and that I am still responsible for the remainder of the loan amt. I agreed to this and he advised me that they would be coming for the vehicle in 10-14 days. Two weeks go by and the vehicle is still in my

driveway. I called Drive and the lady was very nice and she said that someone would be there soon. 45 days later I get harassing call number one- around 1 pm I receive a call about the now past due payment of the vehicle. I told the lady the same situation that I described to the man I spoke to the day after I got laid off in Feb. She VERY rudely said that I had entered into a contract with Drive Financial and that I must make a payment right then and there. I told her that I was unable to and she said that I would be sorry and she hung up. After that day I received EXTREMELY harassing phone calls every day if not twice a day with the same attitudes and the same outcome of every call. This is still going on to presently. Today 6-7-2007 I called Drive and spoke with an Tylette (Ext. 1415) and asked her if anyone was ever going to come pick up the vehicle. She said that a volunteer repossession was no longer an option because I am now 3+ months past due. I advised her that I

requested the vehicle to be picked up back in February. She said that even if I did request that, that they cannot do that and now the vehicle will be repossessed and will show on my credit report that it was not voluntary even though I requested it to be done over 90 days ago.

I do not believe this to be fair. I am willing to keep the vehicle if they can move the "past due amts" (Payments for March-06, April-06 & Mat-06) to the end of the note and I can start back paying on the vehicle in June with my normal payment of $681.43

I also believe it to be fair that they should lower my outrageous interest rate which is currently at 21%.

Thanks you for your time,

Kevin

PS. - If you need anymore information please contact me and I will be happy to provide more. Thanks!

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Don't pick lemons.

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Comment On This

Do you really think 21% interest on you is outrageous? Drive Financial is a high risk deep subprime finance company. They reason they charged you 21% is because you are a high risk for repossession (they are obviously correct in their assumption of you being high risk because you aren't paying for the car you agreed to pay for). If it makes you feel any better it doesn't matter if you repoossession is voluntary or involuntary to companies looking to finance you. What matters is that you didn't keep your word by paying for the vehicle. All previous credit means on your bureau is a way for people to judge your word (which obviously isn't worth much). And if it makes you feel any better I know a little about drive and not only did you pay 21% interest but they charged the dealership somewhere between a 15%-25% fee to finance you (which was tacked on to the sale price). Enjoy.

Comment On This

Hi ,

My name is Cindy and I also have an issue with Drive Financial. I have had my vehicle with them and made 48 of my payments with a Large interest rate. The issue is this, I fell behind 3 payments due to some unexpected issues and although I tried to resolve it with Drive I always was directed to someone on a power trip who only wanted to berate me for getting behind. Now they have che=arged off my account after saying that I did nothing to reassure them that I wanted to resolve my account ( I guess the 48 payments meant nothing) and that my only hope for keeping the vehicle is bankruptcy. I feel for anyone who is dealing with them. I think a class action suit should be brought against them for their collection practices which I also should state are not limited to threatening a felony charge for withholding the vehicle from them.