Drive Financial, Santander Consumer
Acceleration Clause in Contract: Are You Aware
- 06-20-2009
- 8
I would like to know how many Drive Financial customers are aware of the "Acceleration" clause listed on their retail installment contracts? Basically, it states that you the "Buyer" agree that if you fail to perform the 8 items listed... I.E. Default on your loan (please see your contract for the complete listing) the holder (Drive Financial) may declare all unpaid installments of the "Total of Payments"... in my case this would total 33,000.00, the cash price of the vehicle plus the finance charges...
I thought that Drive Financial would only be able to collect a deficiency balance from the cash price of the vehicle and not the cash price plus finance charges. How is this even possible? When I saw this I was shocked and in disbelief at how they are getting away with being able to issue these unconscionable contracts.
Company: Drive Financial, Santander Consumer
Country: USA
State: Texas
City: Dallas
Site: drivefinancial.com