This company is about as bad as it gets. I purchased an auto on a 5 year loan with citi-financial. About 3 years into the loan it was sold to Santander. I made every payment on time. When I made the 60th payment I still mysteriously owed 600.00. The car should have been paid off. 1 week after I made the payment the phone calls started, demanding the balance at once. I explained that I had no idea why I still owed in essence 2 payments after making the contracted 60. Finally after a week of calls to my home and my employer I got a supervisor on the phone who basically told me that when Santander boughgt the loan they went back to day one and any payment that was late from the due date as little as 1 day was assesed back interest. I have purchased over 25 cars over the years and never had this happen". Most loans have a 10 day grace period on the due date/. When I questioned this I was told that was not the way they worked and I owed the money now!. I was also told unless I paid immediatly my account would show delinquent on my credit report!. I did not have 600/.00 available for payment:. I arranged to pay it over 2 weeks even though I knew I was being ripped off,. Guess what paid them their ransom and was still shown as delinquent,. Leagal crooks, stay away from these guys. 12a74c6
 Comments (3) |
| 1. Written by I want my title! on February 16, 2012 from houston, texas, US I have noticed a LOT of people had original loans with Citi-Financial that were sold to Santander. And quite a few of them originated in 2007. What's going on? And as far as reading the contract, I got no contract from Santander to read or sign... Just a letter in the mail stating they had purchased my loan and where to mail the payments to. |
| 2. Written by Anon on February 4, 2012 from jasper, alabama, US Peggy is that you? |
| 3. Written by Grace period on January 18, 2012 from charlotte, north carolina, US The grace period if for a late fee to be charged, if you are 1 day late, period, you will accrue interest, that unless you pay asap, will sit on your account until the end of the loan. They do not report to credit bureaus until you are at 30 days late. Educate yourself on what the loan entails before you sign it. |
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