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Santander Settlment Agreement

UPDATED OCTOBER 16, 2020

CONSUMERS WILL RECEIVE NOTICE IF THEY QUALIFY FOR RELIEF.

NOTICES MAILED TO ELIGIBLE CONSUMERS ON OCTOBER 16, 2020.

SCAM WARNING: Consumers are NOT required to submit any additional information to qualify for this settlement. Be cautious of any phone calls or mail that asks for your personal information, claiming to need said information for this settlement.

Who to call?

o Rust Consulting: Rust Consulting is the settlement administrator for restitution payments. Consumers can call 1-800-253-2171 regarding restitution questions. Timing of restitution payments is not yet certain, but updates will be provided on this website once more information is known. Qualified consumers will receive payments of at least $244.80.

o Santander: The company will send notices to consumers who qualify for deficiency waivers and loan forgiveness and title to the car. You should call 1-888-222-4227 if you have questions regarding whether your loan qualifies for either of these forms of relief, or if you have questions in general about your Santander loan.

What states are included in the settlement? You may qualify for relief if you were a resident of or purchased a vehicle in one of the following states when you got your Santander auto loan:

o Arizona, Arkansas, California, Connecticut, the District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, West Virginia, and Wyoming.

How do I know if I qualify for relief?

o The categories of consumers entitled to relief have been established by this settlement, and the states are working to get eligible consumer-identifying information from Santander to the settlement administrator.

o Loan Forgiveness and Car Title: Consumers who qualified for this relief were sent a notice from Santander regarding this loan forgiveness, as well as title to the vehicle, via mail at the end of September, 2020. Please allow for mail delivery time. You should call 1-888-222-4227 if you have questions regarding whether your loan qualified for this form of relief, or if you have questions in general about your Santander loan. You can also visit https://santanderconsumerusa.com/topic/AGSettlement [santanderconsumerusa.com].

o We cannot tell you for certain if you qualify for restitution or deficiency waivers yet. Check this website for updates.

I have a Santander auto loan that I am currently paying on. What should I do?

o Even if you may obtain relief under this settlement, you should continue to pay on your loan unless and until you hear otherwise from Santander. If you are unable to pay on your loan under its current terms, you can speak with Santander about your options.

Will all consumers who have or have had a loan with Santander qualify for relief?

o No. Only certain consumers who have a loan or had a loan with Santander will qualify for relief under this settlement.

o If you qualify for relief under this settlement, you will receive notice from either Santander or Rust Consulting, the settlement administrator for restitution payments. For an update on when to expect that notice, you should check this website.

o The types of relief, and who will qualify for them, are detailed below.

o Some consumers may receive more than one type of relief.

Consumers may be eligible for the following types of relief:

1. Restitution: Santander must pay $65 million in restitution to be divided amongst the 33 states and the District of Columbia. Over 265,000 consumers across the settlement states will be eligible for this restitution.

a. Who qualifies? You must have a gotten a loan with Santander between January 1, 2010 and December 31, 2019 and Santander must have given you a certain internal score at the time you got the loan. Consumers will NOT know their own internal score. Additionally, neither states nor the settlement administrator know consumers' internal scores. This is why consumers will have to wait for notice from the settlement administrator.

b. How much will restitution be per consumer? The final restitution amount per consumer is not yet known, but the amount will be at least $224.80 per consumer.

c. When can I expect restitution? We do not yet have a date certain by which eligible consumers can expect a notice from the settlement administrator. Please check this website for updates.

2. Deficiency Waivers: Santander is required to forgive the remaining balance on certain loans. Santander will also request that the loans be removed from consumers' credit reports. As with Restitution, consumers who qualify for this relief will have to have a certain internal score. Consumers will NOT know their own internal score. Additionally, neither states nor the settlement administrator know consumers' internal scores. Consumers who qualify for this relief will receive notice directly from Santander, and not the settlement administrator. We will update this website when we know of an anticipated timeline for said notice. At a minimum, to qualify for this relief, you must meet the following:

a. You got your loan between January 1, 2013 and December 31, 2019; and

b. Your car was repossessed or your account was charged off by Santander within the first 12 months after you got the loan. Making a late payment or missing payments does not qualify you for a Deficiency Waiver; and

c. You had a certain internal score. Consumers will NOT know their own internal score. Additionally, neither states nor the settlement administrator know consumers' internal scores.

3. Loan Forgiveness and Car Title: For certain consumers, Santander is sending the consumer title to the car and has forgiven the balance of the loan. Santander did this until the value of the total amount of loan forgiveness across the participating states reached $45 million. Santander will also request that the loans be removed from consumers' credit reports. If you qualified for this relief, you should receive notice from Santander by the end of September, 2020.

The consumers who qualified for this relief:

a. Defaulted on the loan but the vehicle was not repossessed; and

b. Had a certain internal score. Consumers will NOT know their own internal score. Additionally, neither states nor the settlement administrator know consumers' internal scores.

 

Contact Consumer Rights Lawyer, N. James Turner at The Debt Relief Law Center by Calling Toll Free 1.888.877.5103 to Schedule a Confidential and FREE Legal Consultation.

Orlando Consumer Rights Lawyer, N. James Turner proudly serves the Debt Collection Harassment, Debt Collection Defense, Bankruptcy, Student Loan Dispute, Credit Repair, and other Consumer Law legal needs for residents of Orlando, Kissimmee, Orange County, Osceola County, Seminole County, and throughout Central Florida.

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