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I recently had an accident in which my car was totaled.When insurance company gave amount for car in which it was to pay, it was noted that it wouldn't cover the full amount.

With this in mind, I decided to go online to view my current balance with Drive for a vehicle that I'd been paying notes on for the last 3 years. Amazed, I saw that I was being charged well over $200 for a daily interest rate a month on a $371.37 a monthly principal payment, which basically means, my car payments were never paid in full. THIS WAS NEVER EXPLAINED TO ME, NOT EVEN AT TIME OF SIGNING CONTRACT. It was explained to me that Drive was trying to help me and my wife restore our credit, and like fools, we believed them.

So it appears that after 3 yrs. of payments, we've on actually paid a little over $2000 on a car that's starting price was $12,855. Now they call every other week to see when payments will be in, but never have they took the time to bring up the daily interest that's being charged. THIS IS A RIP-OFF!

Who in their right minds would actually agree to such interest. At the end of it all we'd be paying double the valve of this car. As of right now, we have 60 days to pay an addition $2874 to pay the car completely out, even after the insurance company sent them $7786, keep in mind, we've been paying $371.37 a month for 36 months already!!! STAY FARRRRRR AWAY FROM THIS COMPANY!!!!!!!!!!!!!!!!!!!!!!

For what they are charging, I could've gotten a BRAND NEW CAR, in stead of a used and been better off, even with higher payments, after all, Drive has been collecting $200 of free money that has nothing to do with actual principal.They did all but grease me up, they could've at least kissed me 1st!!

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Anonymous
#123146

:sigh Like all contracts it states on the front page simple interest.If you paid all your pmts by the due date there wouldn't be an issue .If they didn't give you the extension when you needed it you would be in repo .

Anonymous
#117304

I am in the same boat as you.They deferred payments for us as a help, but it's more as a curse.

Never did they tell us about the added interest I guess they pull from your next month's payment, leaving a LARGE sum of principle at the end of your loan.

I'm supposed to be paid off next month, instead they tell me I owe $2800 in principle (actually, they were calling it interest until today).NEVER was I explained to about this until 6 weeks ago, and my maturity date is supposed to be next month :(

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