Vehicle loan or lease -- Getting a loan or lease -- Complaint #7323198
Complaint Overview
Complaint ID: 7323198
Company: Santander Holdings USA, INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Credit denial
State: Maryland
ZIP Code: 21222
Date Received: 2023-07-29T12:00:00-05:00
Date Sent to Company: 2023-07-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I contacted XXXX XXXX Chrysler in regard to a purchase of a new vehicle. I went through the same process I would have anywhere else. The lender, Chrysler Capital, and the finance manager at the dealership requested a ton of documents as proof of income and I provided 12 month 's worth of Paycard statements, two years of tax returns, and all of my bank statements over the last 90 days. Along with all of my basic necessity documents to qualify for the loan. The loan was for {$35000.00} at 16 % interest and the payments were going to be 75 months at {$640.00} a month. The only reason the interest rate is what it is would be because of debts incurred waiting on unemployment and COVID related delinquencies. Again, waiting on unemployment and applying for thousands of jobs in all sectors because my resume is universal. I was told that because of my " self-employment '' that I had to be able to average out to {$5500.00} a month in pay in order to secure the loan. Well, if the interest rate wasn't 16 % the payments would be way lower. As I have never had a loan at that high of a rate for a car or a mortgaged home. While I understand what is transpiring here, I have a full background in finance. And I'm quite educated in what is going on here. I am a single female, making roughly {$75000.00} a year in self-employed income and I just got denied a loan for a car. So, they received all necessary documents to complete the process, that I would most definitely make with the intention to refinance. I find this loan process to be discriminatory, predatory, and an outright insult to make a XXXX-year-old woman out here independently on her own making her own money to not be approved for an auto loan. I shouldn't need a co-signer. And to top it all off, my credit is what it is due to decisions my government made causing massive inflation and debts that I would have resolved had I been employed ( jobs available ) and my unemployment was processed in a timely manner.
Frequently Asked Questions
What is Complaint #7323198 about?
Complaint #7323198 was filed against Santander Holdings USA, INC. regarding Vehicle loan or lease specifically about Getting a loan or lease. It was received by the CFPB on 2023-07-29T12:00:00-05:00.
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.