In 2005 I attempted to get a car loan to repair my credit and at the same time aquire reliable transportation. The car dealer Marshall Ford East in a Cleveland Ohio suburb hooked me up with Drive financial. At first the dealer did a bait and switch by telling me my payments with a decent down payment would be in the low 300's. At that point is when I should have walked away, but I didn't and ended up with a 450 dollar per month payment with Drive financial. The car was 16,500 dollars before taxes, 19,000 dollars after taxes and fees, I put 2,500 dollars down payment, paid 450 dollars per month for 2 years and still owed 15,000 dollars and change. I would say in that 2 years I made 25 percent of my payments over 30 days but never over 60, I tried to do the math at the end of 2 years I was up to date with my payments but still owed 15,000 dollars after paying around 14,500 dollars on this car loan. Every one I told this to said it didn't sound rite and I agreed with them that my concern where justified! When I talked with the rep for drive I got the same rude responces as others on this site! I was at the end of my tolerance level with this bottomless pit rip off financial institution called drive financial.
I told the guy to either make this loan manageable or come and pick up the car. He told me to be a man and pay my loan payment. I told him what the heck does that have to do with anything? So he threatoned me he would call the local police and claim the car stolen, even knowing I told him to come and pick it up! So I called the local law enforcement for him, haha then called drive back to let them know they didn't have to bother, that I already called for them! So after 2 years of paying on this car loan they pick the car up, never hand me or mail me pay-off ammounts or what they got at auction but it showed zero ballance on my credit report and of coarse with a repo status! To this day I still don't have a receipt for anything except my payments. 6 months to a year later I try to really work on my credit and come to find out they sold the car at auction, had a remaining balance of 6 thousand something, they sold my dept to another creditor and the balance sits on my credit report. So how much does that add up to now? Lets see, at the time they picked the car up I paid close to 15,000 dollars, with a remaining balance after auction of 6,000 and change, that would bee around 21,000 dollars and I don't even have the car! What a bargain! Does anyone have any advice on this one besides don't do this again?
0 comments