Update by user Sep 21, 2016
So I was contacted by Santander yesterday, 9/21. This person's job was damage control - I'm guessing pissedconsumer waved this review in the face of someone who bothered to notice.
Anyways, they apologized, advised to me that one of their staff made a mistake, hence why they were harassing me and applying my payments incorrectly.
The damage that has been done to my credit, they wont do anything about it, nor will they do anything about rectifying my interest vs.
principle balances, so all that extra money I've given them was pointless.
Also, while this "error" was going uncorrected, they were charging me $9.50/day additional interest. Amazing.
There you have it folks. At least I got an apology.
Original review posted by user Sep 16, 2016
So over the course of the past 3 years, I have missed three payments. This was only after communicating with the bank by phone and getting their permission. Never once was I told that they are expecting that missed payment IMMEDIATELY.
So after thoroughly researching this situation online, I come to realize this is one of their primary predatory practices.
They will start claiming that each and every subsequent payment is late, they will add fees on top of fees, and then compound additional fees and penalties on all of that.
Case in point, and mind you - I've only missed three payments, with their permission - I make my payments on time and they are due on the 17th of every month:
June 15, 2016: Payment of $550 + $10.95 convenience fee (over 50% to interest)
July 17, 2016: Payment of $509 + $10.95 convenience fee (over 60% to interest!)
August 18, 2016: Payment of $600 + $10.95 convenience fee (over 50% to interest)
Literally days after my payments are made, I get harrassing phone calls demanding the past due amounts. These amounts vary, but apparently, in addition to the normal payment, they are trying to get an additional $300 ~ $1400 from me. In a single calendar month.
They have not yet made any threats to me, since I'm not a deadbeat, but they sure as *** are not interested in explaining why no one informed me about their deferral process - nor are they willing to renegotiate a 22% rate. So, after $13,000 in payments on a $21,000 loan - I still owe $15,000+ dollars.
The math makes zero sense to me, and this bank has been successfully sued in a few states for this exact kind of *** - but apparently certain states protect shady institutions like this.
Also, the only reason I ended up accepting financing from these folks is credit fraud from 2008 that I simply cannot shake. Hooray.
Stay away from this bank. Very far away.
Review about: Santander Consumer Usa Auto Loan.
Reason of review: Unfairness, insane collection practices, insane principle/interest calculations, non-existent customer service.
Monetary Loss: $20000.
Preferred solution: Let the company propose a solution.