Massive FPS drops

This game is unplayable, I constantly get massive FPS drops. When I have this game maxed I get around 130 FPS when standing still, but as soon as I start to walk around or drive I get constant frame drops down to 40 FPS. Changing all settings to low doesn't even improve performance or stop the frame drops, in fact I actually get slightly lower FPS. What's strange is that I can play SR3 and Gat Out of Hell maxed out just fine, with no FPS issues what so ever. Any help on fixing this would be greatly appreciated.

My specs shouldn't be the issue:
GTX 980 Ti
i7 3770k @4.5GHz
16GB RAM
 
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