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Took out an auto loan in July of 2012 for $20,729 and today May 6, 2016 we are still paying and shows we still owe $15,576.54. They have applied over half all my payments to interest on time or late.

I am hiring an attorney next week to file a judgement against them and I will not pay another penny on the car until it's finalized. I would suggest that everybody read reviews and get a loan through your bank when buying a car or no someone who works at the dealership. This is ridiculous.

We can barely make ends meet because of Santander. This will be justified.

Reason of review: Problems with payment.

Santander Consumer Usa Cons: Being ripped off.

Location: Virginia Beach, Virginia

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Guest

You can download loan amortization calculators from several sites, Then you will see how a normal loan payoff works. It's normal accounting and makes sense once you understand how it works and why.

Guest

Its all called AMORTIZATION. Payments are first applied to interest then over time, more and more of that payment is applied to principle.

If you are late making payments, you generate more interest for them. This is STANDARD ACCOUNTING PROCEDURE and is done everyday!

Guest

Please let me know how this turns out! I have been chatting with one of Santanders uninformed employees that can't explain to me why only 10% of my total payments are being applied to principal and the other 90% is applied to their interest at this rate you can never pay them off!

Guest
reply icon Replying to comment of Guest-1156187

Hey dummy...it's called AMORTIZATION! It's the same with ANY car loan, conventional mortgage, credit cards etc.

You make me laugh! Thanks!

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