In mid-2020, Florida Attorney General Ashley Moody obtained a huge settlement with Santander Consumer, USA, the nation’s largest subprime auto loan company. The settlement provided 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.
It was alleged that Santander’s lending practices “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 claims against Santander looked over falsified information on loan applications including income amounts and expenses.
Santander agreed to modify its 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.
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?
I have made $360 a month car pmts to Santander for 4 years. I was struggling with my pmts last couple months but managed to make them within 30 days of bekng delinquent. Santander issued me a default notice when my pmt wasnt over tjirty says. They have satisgoed their interest because all my pmts went to interest only. Therefore, they just wanted to get my car and sell it. I have docs to backup the acctng errors from their computer system. They have charged me fees, not spplied my princ after sending me an internal response when i asked 7/1/21 why pmts int only. Emsil states $4266 was pd to princ. They just deleted the email never correcting my bal. Yherr is so much more. I am losing income without my car. I want to sue them.
I am having this same issue in NY. Santander is still doing the same things listed in the NYS AGs lawsuit but there is nothing I can do because the settlements were reached and paid before I even bought the car. Apparently nobody is following up and seeing that they continued to operate as is after the settlements were paid. I have never had a car repossessed until this Santander loan. I had to file bankruptcy to get it back and its literally the only debt in my bankruptcy. The bankruptcy will last longer than the car.
I purchased a 2013 Nissan Altima in 2017. The cost of the car was $16, 251. The APR was 27.67%. The finance charge was $17,596.92.
The total cost for this 2013 Nissan Altima was $33,883.09
I paid on this car for 5 years, with payments totaling $20,538.00 at $470.00 a month and only $518.00 went to the principal.
It’s been a struggle to pay this car off. Once I learned about the Predatory Lending lawsuit in 2022. I contacted Santandar because I believed I was a victim of there scandal. They told me I didn’t qualify, but never explained why. When all the facts are relevant.
I wrote a complaint to Santandar, CFPB and the Attorney General in California where I lived and I was told the case has been closed.
Santandar charged off the loan with a balance of $17,689.00 as of October of 2022.
I reached out to a few lawyers who never contacted me to get a deficiency waiver, and the title to the car, which was one of the settlement agreements and received no luck.
As of this week, Santandar repossessed my vehicle.
I have paid more than the cost of the vehicle. I am a victim of there scandal. I need help on how to get my car back with the title or be compensated
Santander was sued by several Attorneys General throughout the United States. Check with your State and see if they have a program or fund to reimburse victims of Santander’s practices.
Yes my car got repossessed by Santander. I was behind on payments because of an hardship. I made a payment just 2 days before my car got repossessed. Am I able to get my car back?
Yes I have a car three Santander and they is a mess I bought a car for 17661 and every time I make a payment my balance never go down and know they say my payoff is 20,000 balance never go down had car since 2018