Drive Financial
Repossession threat after job loss and no refinancing option

I'm also a customer of Drive's. I bought a car from them back in November. My down payment was pretty heavy, but that's understandable due to my lack of credit, I guess. About four months ago I lost my job, which caused me to get four months behind on my payments of (get a load of this) $669.42. So Drive now wants to repo the car. However, I spoke with Drive and emailed them to inform them that I can now afford to pay on my car again since I've gotten another job. I asked if they could re-fi my loan. This is the kicker: they told me that they do not re-fi any of their loans. I said I was never informed of that at the time of purchase. They also said that they do not have a grace period for people they approve as a credit risk in the beginning. I of course am pretty furious by this time. Not only have they not informed me that they can work with me, but they want to repo my car. I'm willing to pick payments back up. The delinquency should be put on the back of my note. Still they have not responded. They call my mother's phone constantly, leaving message after message about me turning the car in.

I went online and found that they cannot by law repo your car while it's in your driveway, garage, etc. Yes, this is now a law. However, I don't want to find ways to avoid paying my car note. I just want them to work with me because I want to pay. If they repo the car, the choice I have is to file bankruptcy, because I owe $28,000 on it. They hit me with an interest rate out of this hemisphere, about 23%. I didn't even know that was legal. I'm a woman, so surely that shouldn't surprise me, you think! Web users, I need some feedback/suggestions. What should I do? Should I give the car up and file bankruptcy?

Sincerely

Company: Drive Financial
Country: USA
State: Texas
City: Dallas
Site: drivefinancial.com

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