I bought a car through Drive Financial back in October. I have not had any problems with them so far, besides the fact that I am paying 25% APR. This place and the car dealership work together to rip us off. I didn't have good credit, so I took what I could get, even if my interest rate was high.
I went to the first car dealership and they offered me one car. We took it, and the next day I went to the dealer's website and the car was listed for $2,100 less. When I took it back to the dealer and asked why, he said Drive charges them a "bank fee" and they have to pass it on to us, but when I asked him to show me this on paper he couldn't, so I returned the car and got my money back.
Then I went to the next dealer and told them what happened. They said that was illegal and they would take care of us. Yeah, right! They gave us a higher interest rate, asked for more money down, and overcharged us $2,700 as if I wouldn't notice. This time I spent 3 months arguing with them and sent a letter to the attorney general (before sending it, I dropped them off a copy). They called me the next day and asked what they could do to make me happy, anything. I settled with them instead of sending the letter, and they have been making my car payments for me for 3 months. In exchange, I cannot take legal action against them. I figured that was a lot quicker than any civil suit. Obviously what Drive and these dealerships are doing is illegal and needs to be stopped. So if you are about to buy a car, always view their internet prices; you would be amazed. They give you a price based on your credit, gender and age.
Why should people with bad credit, who obviously need cars and otherwise wouldn't pay an interest rate of 25% (which I'm sure most of us are doing), have to pay an outrageous interest rate and price for a car? Drive is supposed to help us rebuild our credit. Who can do that while making a $500.00 car note?
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