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I have read dozens of complaints on here against Santander Consumer USA about over charged fees, interest etc. you name it. First off read your contracts people. If you have a sub prime loan you most likely will pay 1-4 times what your car is worth in interest over the life of the loan. If you are 1 day late on your loan they will contact you, period. You are driving their collateral until you pay it off and receive the title, only upon receiving the title you own it. If you are one day late, you will get an interest accrual per diem. This could be upwards of $15 per day, for each day ur late". The grace period, depending on ur contract, is usually 10 days, and that is when a late fee may be accessed/. Many of you complain of having lump sums due at your maturity date, this if due to any interest accrued over the life of the loan, again, read your contract!. It may also be the result of deferments you had during the life of the loan!. I know they can extend up to 8 months of deferments;. Thus if you had the max deferments, you have 8 total months of payments due plus 240 days interest that accrue as a result of those deferments,. Educate yourselves and actually read the terms and conditions you agreed to before signing it/. The deferments they offer and reduction programs are a courtesy, not a guarantee:. They legally don't have to do anything to help you and its not in your contract either to help you if you run into hardships. 12a6bb0  Comments (12) |
| 1. Written by pcbey on May 7, 2012 from new york, new york, US First is first. Find out who the loan was with first. Second, if Santander is a 3party acting as though they have a contract with you... sue them. They are under fraud. They bought the contract from the first company and now are debt collectors. Sue them. Use title 18 1001, and title 15 1692. Ask them by written paper to show you the contract between them and You. Dont let them show you a contract between you and some other creditor. You and Santander. If they dont ...than they bought the loan. No bank or debt collector can buy a loan and say stranger x owes them money now. The loan when bought was already monotized (the first creditor cash it in and then sold it again). Sue the crap out of them for fraud which has no statue of limitations. |
| 2. Written by N.A.D.A. North America on February 24, 2012 from lawrence, kansas, US Based on the volume of complaints that have been posted here by upset and dissatisfied customers it appears the Purchase and Sales Agreement and Finance Documents processes must be lacking or very unclear. The majority of the Santander customers are not College educated nor are financially savvy. A more Elementary Contract and Purchase Sales Agreement coupled with a very simple and very basic Summary page on a standard sheet of paper - very basic, large font and simple of the most important financial and penalty points, rates etc... Not on the fronts and backs of 24" long contracts where the print is so small and so faint that it would take almost 30-45 minutes to read all and understand. When is the last time a Santander customer read the complete contract front and back? Never is a possible answer. The Majority of Special Finance Managers have the signature points highlighted with a bright yellow marker and basically say "Sign and Print here and here and here." They are trained to slam them into the loan and car and get them busting bugs. Once the car leaves the Dealership lot the customer is the owner with little to no rights. Buyer be ware.... Santander do a better job educating your uneducated customers. |
| 3. Written by Hate this bank on February 23, 2012 from las vegas, nevada, US My loan was sold to Santander by HSBC. I never gave Santander by checking account information nor have I authorized them to send any payments through my account. But somehow they got a hold of my checking account number through my documentation and have been sending payments through my account at various times, without warning, causing constant overdraft fees. I have been accruing over $100. per month in fees alone because of this and have told them repeatedly to stop but they refuse. This bank SUCKS. |
| 4. Written by Kaye on February 22, 2012 from nashville, tennessee, US Oh well Citi-Bank has done a number on a lot of us!Paid 4years on a loan to Citi-Bank just to have them somehow turn-over the loan to santander,which somehow-someway the loan increased  now people get out of here  that's just robbery isn't it  I would like to sit down face  to  with the real people collecting out money and the bookkeepers also! Would we get truthful answers then? |
| 5. Written by MsNumbers on February 13, 2012 from denver, colorado, US I had to finance a car through Santander because of a divorce and my credit was just horrible after the fact. But, a take it from someone who works with numbers on a daily basis. Look at your account payment details the amount of your balance should be multiplied by your interest rate and that amount should be divided by 365 days and this amount should be multiplied by 30 days and that should be the interest for the month of your payment. The difference should be applied to the principal, I have found out that Santander has been applying at least 100 more to interest on my account that should have been applied to my principal. I will have this investigated because no telling how many others they are ripping off due to the fact that they offer loans to people with bad credit. Its not right and against the law |
| 6. Written by IHATESANTANDER on February 11, 2012 from atlanta, georgia, US They will come up with all kind of excuses, but what it boils down to, is that they are CROOKS!!!! The financial bind that most Americans are in is a result of people like Santander!! I had no problems at all when CitiFinancial had my auto loan. The problems began the very first month that Santander took over. After 5 years of paying on a 6 year loan, they were saying that we still owed $10,000. That is insane!!! I hope that everyone they do this junk to seeks legal help!!!! I have!  |
| 7. Written by Prepared to Fight on February 10, 2012 from dallas, texas, US DodgeRam I am having the same problem - no repossession but all payments going to interest and never been late. I am looking to take action and would like info on how you got OCC involved |
| 8. Written by Well Santander suks on February 9, 2012 from louisburg, kansas, US Well my loan was sold to santander in 2010 from citifinancial. All was fine and well until I was 41 payments into my 72 payment loan. My payoff balance shot up 4,000.00 to which I called santander and they did not have an explaination for the increase. I ran into tough times and couldn't make the payments anymore. So they came and got it. They said they sold the car for 5800.00 but that I owed them 19,500 dollars. but they would settle for a lump sum payment of 10,800.00 wtf.. Anyways Im going to take my chance in court. Kansas has a purchased paper law which states that if the original loan holder sold my loan then the new loan holder does not have the right to garnish my wages. or a claim to this loan. 60-2310: Wage garnishment; definitions; restrictions, exceptions; sickness preventing work; assignment of account; prohibition on courts. (d) Assignment of account. If any person, firm or corporation sells or assigns an account to any person or collecting agency, that person, firm or corporation or their assignees shall not have or be entitled to the benefits of wage garnishment. The provision of this subsection shall not apply to the following: and then it list owing taxes, IRS, or student loans. So I will take my chances in court. |
| 9. Written by yup on February 9, 2012 from sioux city, iowa, US I never signed a contract with this company. I hate this company and will never get another auto loan again. I don't believe that Citi should have been able to dump my account with these people, and apparently their computer intranet is a huge joke. You can call ten times and here ten different lines of crap. What a joke. |
| 10. Written by IHATESANTANDER on February 6, 2012 from menlo park, california, US No where in my contract does it say that my account could be credited for 3 months of advanced payments, so when I sent in 6 months of payments I was very shocked to find out that I had been charged a late fee and an interest accrual per diem (what did you say almost $15 a day). Plus they reported to the credit bureaus that I was late on my payment. But the funniest part of the whole story is that I called Santander about 5 times to figure out what was going on and nobody could explain to me why all these extra charges had been placed on my account. See, so even when you do pay your bill on time, or in advance, Santander still finds a way to slap you with excessive charges. I'm not asking for help during hard times but I do expect for you to apply my payments to my @#$%^&* account properly. |
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