Vehicle loan or lease -- Managing the loan or lease -- Complaint #6667925
Complaint Overview
Complaint ID: 6667925
Company: Santander Holdings USA, INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with additional products or services purchased with the loan
State: Georgia
ZIP Code: 30813
Date Received: 2023-03-08T12:00:00-05:00
Date Sent to Company: 2023-03-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Santander should never have extended financing if I had negative residual income. I trusted my dealer. I was never asked what my monthly debt obligations were or income. I do not work, I am a XXXX XXXX XXXX utilizing the end of my XXXX XXXX XXXX XXXX and it has reached the end. My original intent was to trade my XXXX auto that I bought from that dealer, and use an additional {$7000.00} to {$10000.00} that I saved as a down payment. My credit is extremely low and has a lot of medical bills defaulted with a rating of under 300. When I expressed my concern and worry stating I could only afford {$220.00} per month MAX, the owner of dealership would wave his hand telling me not to worry and I would be leaving his dealership in a brand new car. When I told him I needed to go home and write my check for down payment, he said " just bring it when you can, no rush ''. That didn't sound right. When I told him that I only wanted to pay {$7000.00} down, he said I couldn't do the deal then and wouldn't have a car. He said that since my credit was so very low, I had to use Santander Consumer USA with a MANDATORY service warranty and this weird arbitration clause which I do not understand. When I said I did not want a warranty, it was a brand new car, he told me it is attached to loan and I have to. The sticker price on car was {$34000.00}, my down payment equals {$17000.00} ( {$10000.00} cash/ {$7000.00} trade in and pay off ), 14 % interest rate from Santander 72 months with a total sale price of {$50000.00} (? ) and a lot of verbal chatter about this is a " different '' type of loan and not to worry about it. I called XXXX ( owner of dealership ) on my way home crying telling him I can not afford a {$470.00} per month car payment. I never in my life had a loan payment that high for an automobile. He said it was too late. I left him a voicemail ( night of sale ), called him in morning, sent emails and told him he has to take it back I can not afford it. He said it was " too late ''. I have defaulted since the loan originated in XXXX, XXXX. Santander never even looked at me and noticed I had a negative income? Isn't that by LAW what they were supposed to do according to their agreement from XXXX? My loan is unaffordable and I defaulted every month since I got this loan. They need to forgive this loan. I trusted my dealer too! He knows I'm a XXXX XXXX XXXX trying to get my degree and I do not WORK yet!
Frequently Asked Questions
What is Complaint #6667925 about?
Complaint #6667925 was filed against Santander Holdings USA, INC. regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2023-03-08T12:00:00-05:00.
How did Santander Holdings USA, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Santander Holdings USA, INC.?
Yes, visit the Santander Holdings USA, INC. company profile at readthecomplaint.com/company/santander-holdings-usa-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.