I bought my auto from Champion Auto In Austin. They left me on an open ended contract at the dealership which Drive eventually bought. I never even signed any paper work with them. My interest rate is a startling 22%.
I rolled a payment to the end of my note because my husband was hurt in an accident and it was at that point that I was informed that it costed me $7.95 per day for thirty days to do this. So the payment actually costed me 2 payments.
My payments are $484.00 per month and I have been with them 3 years. My payoff is only $3000.00 less than what I financed to start with. Our situation improved and we bought a brand new truck from Ford in 2002. Because of good payment history, they were willing to finance a new SUV or truck for me. I was approved for their financing and Drive would not release my loan with them. They would not remove the interest for a premature payoff as ALL banks and other financial insitutions do, and stated to the dealership and Ford Credit that unless I pay the etire maturity amount, they would not release my collatteral.
This is illegal. Drive called me at my job at a convenience store repeatedly until I was dismissed because the representative of Drive yelled obscenities over the phone to my employer. I could go on. This is not a sound company. They will not even release my loan to my personal bank to refinance. My bank will not pay the interest to the end of the contract, which I never signed with them.
They are willful cheats and I am not afraid to be publicly bound to my statements because I can support all of them with written evidence. I am tepmted to surrender the auto to them. I am working with a dealership for "Prime" financing, without mentionioning my loan with Drive, as was suggested by the person selling me the auto. If approved, I will give Drive back thier collaterall and possibly seek damages.
0 comments