I purchased a 2005 Dodge Ram truck on 6/25 at East Tennessee Nissan in Morristown, Tennessee. The price of the truck was $16,995. There was a vehicle trade-in for $4,425 with a remainder balance of $14,129.32. This was to be financed at an interest rate of 13.45% and payments were to be $287.00 monthly.
There have been a total of 21 payments made equaling $6027.00. At 13.45% deducted, the interest would be $810.63. Thus, $5,216.37 including interest deducted has been paid.
The original loan was for $14,129.32 and the latest pay-off quote was $11,380.00. This shows that only $2,748.32 has been credited to this account. Being that $5,216.37 (including the 13.45% interest rate being deducted) has been paid, there is an amount of $2,467.05 that is unaccounted for. The interest rate has jumped from 13.45% as per signed in the contract to almost 54%.
It does not matter when you pay, you always occur a late fee. You can send payment in three weeks early, and its still late! You confront them about it and you get every story line in the book!
They call and harass you regarding payment, yet I have not received a statement or bill from them in over a year and a half. They have never provided me with any information regarding this loan, i.E., how much of payment was paid toward the principle loan, what percentage was paid, the pay-off balance, etc.
Calling Customer Service does no good. You're either put on hold, get hung up on, or get the run-around with no answers.
Several months ago, I made a "One-Time" payment (choose that option) online using my checking account. A few days later I received a letter from them stating that they would be taking this out of my checking account monthly. I did not authorize this and had to go to my bank to place a block on Drive Financial from doing so. My bank stated that this was illegal and they could not do that without my consent. They said to call Drive Financial immediately, which I did. I spoke with Customer Service about this and they admitted that they could not legally do that, nor would they. They gave no answers to why I received this letter.
They threaten and harass you regarding payments even when they are not yet due. They provide no information regarding a breakdown of payments, interest applied and principle monies applied toward the loan.
When you go to register on their website, the form that you must agree to before registering tells it all! Just read it for yourself and you will know what I'm talking about!
Drive Financial is owned by Santander Consumer USA Inc., one of the 10 largest Banks in Europe. How convenient for them to be located outside the United States.
Drive Financial has not only ripped me off, but thousands of others as you already know. I indeed want to be included in any class-action law suit against Drive Financial. This is a fraudelent, shady Company that is getting rich off of the poor! Something needs to be done to prevent this from happening to other potential victims!
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