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Can I buy out of a 22% if the com. wont let other banks ?

Date: Thu, 12/14/2006 - 13:30

Submitted by minkeye_
on Thu, 12/14/2006 - 13:30

Posts: 45 Credits: [Donate]

Total Replies: 9


I have found a web site of a life time at ripoff.com.
I just found out that the company that has our car loan is not able to refinance. We have only had this loan for one month and have paid on time.From what the people that have either delt with Drive Financial Services or have worked for them say they have hidden fees and at time of pay off they demand more money for the title.One person was told they would have to pay an extra $4,000.00 to get their title.The people who work or worked for them even say the company is a fraud and there is a class action law suit in progress.What can we do to get out of this 22% intrest rate if we can't buy out with another bank?


So sorry Ashley. I'm not sure,but people are going to have to check out this site on their own and find out if what all these people are saying is true.Like I said, I am new to Drive but I know that they can be rude.My Explorer has had problems with it even before the warenty expired.I hadn't even made a payment yet. I called them to see if they would put the loan on hold but they got rude with me and said they would do nothing until I made my first payment.When it rais it poors!


lrhall41

Submitted by minkeye_ on Thu, 12/14/2006 - 16:33

( Posts: 45 | Credits: )


A) It should be marked up in the contract under some section called "prepayment"

B) I think just like the internet paydays, if they want to do business and charge interest in your state, they need to be licensed in your state. It usally falls under a Sales Finance license....

I went to my Illinois Dept of Financial Insitutions, and found an Illinois Sales Finance license for:
Drive Financial Services, LP
8585 North Stemmons Freeway
Suite 1100 N
Dallas, TX, 75247

Illinois does not allow a prepayment penalty. If they tried to tell me I cannot pay it off early, I would fight it.

BUT it may not have to do with a prepayment penalty... your contract might calculate interest on a Rule of 78ths earnings method. If that is the case, and most states do allow 78ths, you do end up paying more interest on an early payoff.


lrhall41

Submitted by DebtCruncher on Thu, 12/14/2006 - 21:50

( Posts: 2293 | Credits: )