Your interest rate is guaranteed for a maximum of 45 days from the date your up2drive loan application is approved. Once you use your Drive Check and your loan begins, you are guaranteed that interest rate for the life of the loan.
Archive for the 'General Questions' Category
up2drive uses the Simple Interest method to calculate interest. Simple Interest is a method of allocating monthly loan payments between interest and principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. For example, if we receive a payment and it has been 30 days since your last payment, then you will be charged 30 days of interest on the unpaid principal balance of your loan. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.
Monday through Friday 9 a.m. to 9 p.m. and Saturday 10 a.m. to 6 p.m. Eastern Time.
Please note that we are closed on the following Holidays:
New Years Day
Memorial Day
Independence Day
Labor Day
Thanksgiving Day
Christmas Day
A Drive Check is an actual check that you use to purchase a new or used vehicle from a franchised dealership or to refinance your existing vehicle loan.
The Drive Check works like your own personal check. It has your name on it, a maximum amount and a space for you to date and sign. The amount you write on your check becomes your loan amount.
The Drive Check comes with simple step-by-step instructions to help you purchase a new or used vehicle from a franchised dealership or to refinance your existing vehicle loan.
Your application is encrypted for transmission and then stored with industry-leading security on our servers. Microsoft Internet Explorer, Mozilla Firefox and other web browsers are compatible with this form of encryption. All the application pages will display the ‘”secure icon” in your browser indicating the information you enter on these pages will be transmitted securely.
up2drive offers financing in all 50 United States and the District of Columbia. We currently do not provide financing in Puerto Rico and other United States Territories.
up2drive is a wholly owned division of BMW Bank of North America located in Utah. up2drive offers consumer-direct installment loans for the purpose of financing the purchase of new or used vehicles from a Franchised Dealership or refinancing your existing vehicle loan.
No. up2drive does not charge any application fee on any of our loan products.
New/Used Franchise Dealership
You should apply for an amount greater than the amount you think you will need in order to give yourself some flexibility. Your actual loan amount will be the amount you write on the Drive Check. This amount can include the sale price of the vehicle, taxes, licensing and registration fees, extended warranty/service contract and any other fees normally associated with a franchise dealership vehicle purchase. Up2drive does have vehicle eligibility conditions which include year, Loan-to-Value (LTV) and mileage restrictions that must be met in order to use our Franchise Dealership vehicle loan product,
Refinance
You should obtain a payoff quote (usually 10 or 15 day payoff quote) from your existing lender in order to determine how much you owe on your current vehicle loan. You may want to request an additional $100 to cover any extra interest that may accumulate between the time you request the payoff quote and the time the Drive Check is accepted by your current lender. Up2drive does have vehicle eligibility conditions which include year, Loan-to-Value (LTV) and mileage restrictions that must be met in order to use our Refinance vehicle loan product.
No. up2drive does not charge any prepayment or early termination fees on any of our loan products.