Drive Financial: Auto Financing

Drive Financial: Auto Financing

October 7, 2005

Drive Financial: Second Chance Auto Financing.

North Stemmons Way

Dallas TX

Re: Predatory Lending, Misapplied payments, deceptive bank practices, possible breach of contract.

If you have bad credit and in need of auto financing, Drive Financial is the worst place to go for auto financing.

I brought a 2001 Honda Civic DX (powerless) from a Brooklyn-based auto dealer called Plaza Auto Mall in December of 2002 for 13,723.04. I put $3500.00, which means that I was financing the car for 10,223.04. Because my interest rates is set at 23.95%, my monthly payments are 295.16. The term of my loan is Five years. The retail installment contract that I signed had a Chase Manhattan Bank Letterhead. The creditors name is not in the upper right hand corner of the box. At the bottom, the creditor-seller did not even sign the contract. This contract is misleading because I can't even report this finance company. I don't think this Finance Company is even allowed to lend money with interest in the State of New York. I received a payment book that only covered 1 year of my loan. I started mailing my check in March 2003 when they said that the check was never received, which cause a late fee to be applied. So, naturally, I made the payment over the phone. This transaction cost about 10.00, which means that I paid over 200.00 in telephone check payment fees over the phone. Even that method didn't work. Drive Financial never encouraged mailed check payment. I personally think they have stocks invested in Western Unions: Quick Collect. In that year, we couldn't make on-line payments or auto-mated telephone payments. It was either check by phone, quick collect, or mailing in payment. Every time I request statements on my loan (like what is the principle, finance), they never send it to me. In fact, this bank never sent me a statement. On May 20th, I called at 1:30pm to make a payment. According to my financial records, I had 331.25 in the account up to the 31st. They claim they never received the payment. This is why on June 9th when they received the payment for 2500.00, 236.28 went to interest. On June 27th I sent a check for $1000.00. 58.43 went to interest. Next check was received on August 18th, for 3500.00. 136.58 went to interest. I requested that these payments not go to interest. I also requested statements so I could look at payment history. They never honored my request. I can't mention the amount of time they have called my place of employment to obtain a payment that they in fact, received. They call your place of employment before they call you. Every time you call to make a payment, the customer service representative ask you for whimsical information like, how many miles on the car, Place of employment with address and phone number, your telephone number, your social security number, the name of insurance on the car. I could understand name and address, but all that information is unnecessary for making a car payment.

My car was totaled on the August the 16th. Laurie Wossner from Liberty Mutual called Drive Financial on August 26, 2005 for a 10-day pay off. She also stated that she need the Letter of Guarantee which is a document that states if we pay off the full amount, we can get the title and lien release. Liberty Mutual need this because without the lien release, they cannot salvage the vehicle, thus making the claims process longer. After she received the letter of guarantee, on September 6, 2005, she issued a check to Drive Financial for 681.40. I called on the 10th to see if they had received the payment. She sent the check to the address that they originally instructed her to send it to. I called last week. They said that they didn't receive to payment to the 23 of September. They said that because they didn't receive the payment within the 10 day time frame, that I would owe 7.00 dollars. I was very desperate. I asked them, how much does it cost to make a payment over the phone. They said it would cost 7.95 cents to make a payment. I ask them how long would it take to final this account. They said it would take 10 days. Drive Financial will never send the lien release. What worse is that I have no way of seeking legal representation. I called Drive Financial on 10/07/05. I also did called Liberty Mutual which means we had a 3-way conversation. My account was routed over to the litigation department. I laughed. I asked myself, why is this account in this department? I spoke to someone name Seneca, a rude and very abusive man who said, "if your credit wasn't bad then you wouldn't of had to come to this bank." He said this while Dennis from Liberty Mutual was on the line. This is very harmful cruel and insulting. In my 25 years of living on this planet, this was the worst possible statement anyone could say. Having bad credit in society is not socially accepted.

Up until now, I have not received a statement. This makes it very hard to obtain legal action against this finance institution.

I am seeking the amount of interest paid on the loan and finance charges that were misapplied to my account. I am also looking for my down payment for my vehicle since in my opinion this finance company is not allowed to do business in New York.

Anyone who is interested in starting something please email me. This company should not be allowed to lend money with interest. thank you.

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Comment On This

I am also a drive financial customer, current at that. My husband recently lost his job and we are running 2 weeks behind on our car payment. They are calling 9 times a day and today a woman named Tasha and her customer service rep. buddy Donald yelled at me and told us they were going to take our car. I tried to explain that our daughter was extremely sick and that we had spent all of last night in the emergnecy room. My husband was in a nearby town getting her anti-biotics as I spoke to them. I explained that as soon as he got back we would be wiring the money to them. Tasha, wanted to know why we weren't using our checking account. Like that is any of her business. We had to borrow the money in the first place. She then said that we were going to collections, mind you we are 18 days past due! I asked her what does that mean, she hung up on me. I then called back and spoke with a Donald. He was very rude, very very rude. He then said that collections meant them coming to get my car. I said I am not even 30 days past due, and he said it didn't matter they don't have a grace period. I would love for them to come and get my car, because I know that standing in front of the judge and them telling him we were 18 days past due, would make them look bad. Being unemployed and having a sick child but still managing to get my car payment made by borrowing the money, I thought was a good thing.

These people are horrible, they take people with troubled credit so they can treat them horribly. I would not recomend this place to anyone. And they don't refinance. So you are stuck with the interest rate until you can get somebody else to take your loan. And they told me they would give me a bad reference so that I would have to deal with them. Buy-here pay-here places are easeier to work with. If I could do it over, I WOULD NOT HAVE GONE WITH DRIVE FINANCIAL!

Comment On This

my husband an i became disabled and we fell behind on

our payments, we have been struggling to keep them up,

and the company informed us that they would put the 2 months we were back aug and sept to the rear and our next

payment is due the 23 of october and this was recorded now

they supervisor mr dixon called and stated he denied this

request and told me to get a full time job and was very nasty to my husband, this is not the first time. i want to

know who i can go to above him and now i am not gonna have

the money so they are gonna take my car.

not fair, that is fraud, no one told us it was under review.