Vehicle loan or lease -- Managing the loan or lease -- Complaint #7740419
Complaint Overview
Complaint ID: 7740419
Company: Santander Holdings USA, INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: Texas
ZIP Code: 751XX
Date Received: 2023-10-22T12:00:00-05:00
Date Sent to Company: 2023-10-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, I am aware I have a XXXX XXXX XXXX XXXX & I understand how that works/means ... for my XXXX XXXX XXXX XXXX XXXX I have paid my monthly payments early since day 1 to minimize the total amount of interest I pay for the life of the loan. I paid my XX/XX/XXXXXXXX payment on XX/XX/XXXX which means I am paid ahead my next payment was not due again until XXXX which I paid on XX/XX/XXXX this payment in the amount of {$180.00} was paid online and scheduled as the XX/XX/XXXX Payment. I then paid my XX/XX/XXXX payment on XX/XX/XXXX again I am paying early to decrease the amount of interest I pay over the full term of the loan. Santander applied the XX/XX/XXXX monies received as a interest only payment and will not reverse it and apply it correctly as intended as the XX/XX/XXXX payment. I am being told the interest had to be bought current. However, what I don't understand is why am I being penalized and being charged compounded interest by paying early I have requested these monies be reversed and reapplied correctly as a regular monthly car payment as intended ( or refund me directly so that I can remit again as a regular payment when due to receive proper credit ) and they have refused to apply them correctly I have paid this loan early and never been late or missed a payment I only want what is fair how can they take my XXXX payment and apply it to interest when I was paid 1 month ahead in my payment obligation. Please help I do not have XXXX to just give away and not receive any benefit of my hard earned $ when I am paid ahead... I am a XXXX XXXX and do not see how this is fair... This seems Predatory how can they charge additional interest when they received benefit of my payments early where is my benefit I did not see any Prepayment penalties disclosure in my contract. Any assistance you can provide is greatly appreciated... Thank you
Frequently Asked Questions
What is Complaint #7740419 about?
Complaint #7740419 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 2023-10-22T12:00:00-05:00.
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.