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Attorney General Ashley Moody, with 34 other attorneys general, locked in an agreement Tuesday with the nation’s largest subprime auto loan company to provide relief for those burdened by the company’s lending tactics. The agreement will provide eligible Floridians with $7.7 million in consumer restitution and more than $35 million in waivers for balances owed on particular auto loans the company holds.
Nationally, there is roughly $550 million in relief for auto loan borrowers in addition to deficiency waivers. The agreement follows a multi-state investigation, which Florida joined in 2015, into the Santander’s lending practices.
In the complaint, the lending company is accused of “unfairly and deceptively extending credit to consumers that Santander knew or should have known there was no reasonable probability the consumer would be able to repay.”
Santander is also accused of not disclosing to consumers that they were obtaining credit on terms “that were likely to fail.”
Moreover, the complaint further alleged that Santander looked over falsified information on loan applications including income amounts and expenses.
Under the proposed consent judgment, Santander will be required to modify their practices before extending future auto financing.
Santander will repay Moody and company $2 million for settlement administration and $5 million to the states for investigative costs.
“My office is committed to holding irresponsible lenders and servicers accountable when they take advantage of economically challenged Floridians,” Moody said. “I urge affected Floridians to pursue their claims through the process made possible by this multi-state settlement.”
Details of the Settlement Agreement.
Have you had a car financed through Santander Consumer USA?
Did you feel pressured to buy a vehicle service contract?
Was your income exaggerated, to seem more than it was, in order for you to qualify for an auto loan?
Do you have a negative report on your credit report, due to money owed on an auto loan to Santander?
Was your vehicle repossessed when you defaulted on a loan furnished by Santander?
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Orlando Consumer Rights Lawyer - providing aggressive and affordable professional services to consumers who have been victims of debt collection harassment by debt collectors and Credit Repair, to residents in Orlando, Kissimmee, and throughout the Central Florida Area.