Las Vegas, Nevada
3 comments
Not resolved

In April of 2008 I purchased a car.The financing was through Wells Fargo.

After making 5 payments I refinanced the car through Roadway Loans or so I thought. After preparing all the paper work for Roadway and sending it in I thought all was set. Well it was not just before my first payment was due I received notification that my loan paper had been purchased by Drive Financial. That is were all my problems started.

I was being called on monthly basis telling me that they needed information and a week before each payment was due I would get a call telling me that my payment was due. I gave all the information that was on the original loan application several times and Drive Finical was still not able to record it. My insurance co still has not been listed on my account page. In December of 2008 I was laid off from my job.

I have managed to keep my payment currant my next payment is due August 15 2009. I did foresee a problem so I called them and ask on several occasions for some assistance because I did not want to get behind on my payment. I called the last time on July 13,2009 and was told that I could not speak to anyone about this problem because until I was behind they did not consider it a problem. I was also told that the only way someone would talk to me other than a customer service rep if let my get in arrear.

I have done everything I can to talk to this company no will even talk to me. I must also state when Drive took over I did not sign a contract with them my contract was with Roadway Loans, I was never given the opportunity to even purchase insurance on missed payments due to unemployment. This company continues the threat of only dealing with me if I get behind on a payment. As long as I am currant they will not talk to me.

When pulling up my payment history I was amazed a contract in which I have a loan at 15% interest I am paying all the interest up front with very little going to the principal of the loan. In the months of May and April my entire payment was taken as interest.

Out $4151.83 payments $2241.57 have gone to paying interest up front.

Review about: Car Refinance.

Review #151252 is a subjective opinion of a user.

PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss Not specified / $19
Preferred solution Not specified

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Leeds
#63231

Yolanda congratulations on side stepping the HSBC nightmare you had a brush with.I used to work for them and the money you think you could have saved is an illusion.

There is no savings, just a lower rate for more years.

By the way Drive financial is the absolute worst lender if you plan on paying, however if not they are great, I "helped" a lady finance a car with Drive after 8 Repo's.Wonder why they have higher rates still?

jc
#63018

I did a little reasearch on the company that bought Drive.Staying overseas, Spanish authorities opened a fresh investigation Monday into how Banco Santander lost its clients so much money by investing with disgraced financier Bernard Madoff, the WSJ leads off its coverage today.

Europe's second largest bank lost its clients -- some of Europe's and Latin America's wealthiest individuals -- $3.1 billion.

"Prosecutors said Monday they want to know the details of Santander's relationship with Mr. Madoff's firm and when Santander knew about problems related to it," the newspaper reports. Closer to home, the NYT writes that Madoff's lawyers are actively negotiating "a plea agreement that could conclude the baffling fraud case without a trial." Al so Sanatader how owns Soverign Bancorp accepted $18,000,000.00 in bail out money.

Santander is not a US bank. They took taxpayer money and treat customer like dirt.

This is the company that you are dealing with when you deal with Drive Financial.They should be run out of the country!

Yolanda
#62689

I got my car loan with this company back in 2004....I have never really hd any problems with them.

My only downfall is that I am paying an interest rate of 17% but I am almost done with the deal which last payment will be in 3/2010. I had the opportunity to refinance about 2-3 years back at 14% with HBSC bank but decided not to go wih the headache which cost me about $1500 but all in all I have not had any problems.... I a so sorry you are gogin through this, now they are under a "bank" Santander or something so you may have better luck with them... or else let them know this in writing and not just by a phone call...

send them a letter at the address on the statement and tell them you will report them to the Better Business Bureau and to Consumer Affairs if you are not contacted by X day.

This usually works for me as they do not want to have a bad record in their history with these two agencies.Good luck.

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