Drive Financial is by far the WORST bank/finance company in the nation.
I purchased a red vehicle from a Brooklyn-based dealership and had the option of financing with 2 companys. The first company wanted a larger downpayment than Drive. Naturally, I chose the bank with the lower downpayment which is Drive Financial. I purchased the car for 13,723.04. I put down 3500.00 which means I financed the car for 10,223.04 at a 23.95% interest rate in December. The loan was a 5 Year Loan.
Ever since I financed this car, I have made payments over the telephone. CSR fee ranged from 6.95 to 10.95. This means that I have paid well over 200.00 in payment processing fees. Every time you mail a payment, they deliberately "receive" the payment after 10 days so that the payoff amount can increase. Their excuse is because "you are in New York and we are in Texas" it takes longer for us to receive a check.
This finance company never sends us account balance and payment history which is unfair. I have requested numerous times for account and payment history. I was in a vehicle accident. My car was deemed a total loss. The total loss department called drive financial a requested a ten-day payoff amount in august. The bank said it was 670.20.
On 09/06/05, my bank once again requested a 10 day payoff. They said it was 681.32. The envelope was post-dated on 09/06/05. Drive finacial states that they did not receive a payment to 09/23, which means that now 7.00 dollars is owed on the account.
If you want to hear more about my story, please contact me by using the rebuttal box below. Also, I am interested in starting a class action lawsuit against drive financial for the above mentioned. Please contact me.
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