what I noticed about Santander is that they hire people who are not on the same page. the next time you all place a call make sure that you are able to record the phone call because they will lie to you.
make sure you ask the names and title from each person you speak to and make sure you have a paper trail meaning pay by debit or credit card any letters etc.. and please pay attention to your statements every month. Does anyone know how their payments and intrest is applied to their account? if not here is an example.
you might want to audit your account from start to finish. 1. request a copy of your payment history. they can send it via email and always after you make a payment.
2. review your payment history and calculate your starting principle balance and intrest rate. loan x intrest ÷ 356 days = daily intrest. example.
loan $16000 × rate 24.99%= annual intrest rate $3998.40 ÷ 365 days =$10.95 a day until you make the next payment. so less say your monthly payment is 541.89 and its due on 25th of april. you will be charged 10.95 a day until your next payment. if you make your payment every 30 days you will mutiply 10.95 x 30 days = $328.50 that amount will be deducted from the $541.89 so only $213.39 would be applied to you principle.
so now you deduct $213.39 from your principle $16000= $15, 786.61. most of your payment went to your intrest. the longer you wait to make a payment the more intrest will be deducted from you monthly payment. so less find the daily intrest for the next 30 day payment example.
$15, 786.61 x 24.99% = 3945.07 ÷ 365 = montly intrest rate 10.81 so multiply 10.81 x 30 days = 324. that amount will be deducted from your 541.89 payment the rest will go to principle. so if you are 60 days late your payment is going towards the intrest and your principle balance will remain the same until your intrest is current or you make a large payment to bring your principle balance down. always stay on top of your account.
make sure your payments are applied correctly. so I hope what I explained to you all was clear. please go over you payment history and remember your intrest goes down every time you make a payment. so it will never stay at the starting intrest rate.
so now that my rate is down to $2.03 a day I include the intrest with my payment so all my *** money goes straight to the principle balance but I must admit I wasnt able to do it when my rate was at 24.99%.. good luck with this bank and always stay on top of them and always request to speak to a manager. I have 3 more payment and I am done. I hope I dont have a problem getting my title..
smh. i will never finance through them again.
Product or Service Mentioned: Santander Consumer Usa Loan.