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Like others, I have paid on this car since 2015 and my principle balance has not gone done. Granted we also fell on hard times and made a few late payments.

But how is it okay to charge someone 26.44% interest on a 72 month loan for a car that was priced at $11,000, but in reality was probably only worth $3,000. It is a 2007 Volvo S60 and at the time of purchase had 93,000 miles on it. Within a week of our purchase we had to take the car back to carmax because the alternator went out and so did the power windows. Unfortunately I got this vehicle in CA, which is a state with no interest rate cap.

But, this still doesn't make it okay. My credit sucked at the time of purchase and my income for a family of 5 was $31,220/year...but CarMax got the loan approved anyway. Obviously we were just relieved we could get a car, which we needed desparately. Santander is a predatory lender and they charge these high interest rates on loans they know can't be paid back.

I called the Office of the President at Santander yesterday and now my account is with legal because I made a complaint through CFPB and BBB, so they can't even talk to me about my account anymore. I urge everyone to check your interest rate and check the interest rate cap of the state you purchased the car in.

Anything over the cap would make the contract null and void. I will keep fighting this issue, because interest rate cap or not, this is bad business and Santander knows full well what they are doing.

Reason of review: Pricing issue.

Monetary Loss: $5049.

Preferred solution: Let the company propose a solution.

Santander Consumer Usa Cons: Interest rate.

Location: Thanksgiving Tower, 1601 Elm St, Dallas, TX 75201, USA

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Guest

@ Anonymous, regardless of the creditworthiness of the consumer, Santander is a predatory lender and they are fully aware of what they are doing, the legal protections they have and the rights that some consumers are not aware of and they knew very well the customers they were serving but that does not give them the right to take advantage of someone...who is more wrong the taker or the taken?

Guest

LOOK AT YOURSELF FOR THE HIGH APR!

APR of ANY loan is determined by the creditworthiness of the borrower. It is a DEAD GIVEAWAY you shafted other creditors by not paying them otherwise, you would have been financed with a much lower APR by a bank.

As such, the banks wouldn't touch you because of the credit reputation you gave yourself. Again, like what's been said hundreds of times before, this is nothing more than a case of the borrower blaming the lender for the circumstances they brought upon themselves and no, I don't work for them!

Guest

I also want to add that as of January 2016, they were no longer applying the $10.95 fee when you make a payment. I still was charged the fee, but it didn't go anywhere.

Prior to 2016, my ledger shows everytime I made a payment they applied the $360.75 to interest and charged my account $10.95 for payment fee then applied the $10.95 I paid, to the payment fee.

Now my ledger just shows my payment and the description says "(No Fee)", but I still get charged the fee. Check your ledgers everyone!

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