Drive Financial

[KMC4]

Hi,

Drive Financial is the lender I was financed through right before we filed for bankruptcy at the end of August. I've done a google search on them and have read some pretty scary stories. Has anyone here dealt with them directly?

I don't think they're aware yet of my bankruptcy since they just called me last week for their "welcome" phone call and didn't mention it so I didn't either. I'm wondering if I should. I'm afraid we may have made our situation worse by dealing with this company.

Our first payment isn't due until October 30th. I'm toally freaking out about this.

[tunskit]

I wouldn't be too concerned as long as you're planning to keep the vehicle. Stay current with your payments, and you'll be fine. I'd definitely refinance with another bank/credit union as soon as you're eligible, simply because the interest rates with Drive are usually astronomical.

We had a vehicle financed with Drive and didn't miss any payments for 18 months. Then we ran out of money and places to borrow to stay afloat. Drive let us defer two payments onto the end of our loan terms to get caught up. Unfortunately, we couldn't stay caught up and eventually surrendered the vehicle. They sold it at auction and assigned the balance to a collection agency. We'd heard from the collection agency twice in the eight months before we filed BK.

Drive was horrible about calling when we were late, but they were polite when we spoke with them. After they got the deferment in place, the calls stopped again.

Good luck!

[KMC4]

Thank you for your response. It gives me some comfort.

I am definitely planning on refinancing the loan. Hopefully I'll be eligible after a year to a year and a half of on-time payments.