Car before Ch13 - Drive Financial

[spearmint]

I am trying desperately to get a half decent interest rate on a car loan before I file. One of the names the dealership mentioned was Drive Financial but mentioned their rates are horrendous and that they tack on something like a $3K premium to the price of the car which the new owner (me) would have to pay. Can anyone confirm the premium issue?

I'd love to hear anyone's experience with Drive Financial.

[NowImDownInIt]

They do tack on premiums.. They also are liars.. My car with them was listed for 15.5k at my dealership.. I put $1800 down and they financed 17k... Doesn't quite add up. I paid on the car for a year at an 18% interest rate before I lost my job and got quite a bit behind. Then they repo'd. I filed Ch 13... Somehow, after a whole year of $393 payments even though my paperwork showed that my balance was $15,147 (still higher than it should have been) and that's what we scheduled, they claimed $17,729 which is more than they originally financed. I hate Drive Financial. They are very unfriendly and unprofessional. If I had done any research on them up front there is no way I would have financed with them, but I didn't and now I read all sorts of bad stuff on them.

[chicklet]

I can

I had a great experience so far with them.. I got a loan from them while I was 5 months into CH 13. Basically saved my life when my other car inside BK got totaled and I was left with no car and a nervous breakdown..lol for real, The interest rate was better than I had , payments reasonable. I didnt pay any premiums or anything but extra coverage that I added and wanted. They give you a choice to add on what you want including sales tax for the vehicle.. but I wasnt pressured into anything. It was a very smooth transaction I thought. They might have horendous interest rates to a normal situation yes, but what interest rates are available for people in this boat??

[maddog2112]

I purchased a new car 6 mos. into my 13 and drive financial was the only one who would finance even though I had a very large down payment. My % rate is 18% but beggars can`t be too choosy. It`s been 2 years and I`ve had no problems so far. If I would have planned better, I would have purchased before the 13 for the lower rate, but the lease I owned was mine until 6 mos. in.

[spearmint]

How much will DF finance?

[maddog2112]

One of the other posts on this subject put down 1800. I put down quite abit more but never asked before I was approved. Regardless, It is much easier to do before you file if you can so you don`t have to go thru the trustee.

[spearmint]

I purchased a new car 6 mos. into my 13 and drive financial was the only one who would finance even though I had a very large down payment. My % rate is 18% but beggars can`t be too choosy. It`s been 2 years and I`ve had no problems so far. If I would have planned better, I would have purchased before the 13 for the lower rate, but the lease I owned was mine until 6 mos. in.

Did they add a high premium to the price of the car? Did you have to get an older car?

[maddog2112]

The only thing drive required was that I buy the extended warranty which I wanted anyway,and the car was brand new.Warranty was included in financed price.

[chicklet]

My situation was I could buy the car of my choice up to $18,000. I did not put down anything, did not have to purchase anything but the car. signed over the blank check to dealer and drove off.. IT was a miracle.