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I have read hundreds of the reviews left here and was afraid to take a loan from them as well but did and haven't had any problems thus far. I called customer service and they told me that I was 1 out of 100 individuals who seem to understand how the interest is applied so I figured I would provide an explanation. So for simple interest calculations you have to remember that it is calculated daily based off your APR and remaining principal. So for example if you were approved for a $20,000 loan at 25% APR, 60 months term with monthly payments of $587.03 then your daily interest would initially be the following: Daily interest = (APR/ 365 calendar days) * Remaining Principal = (25%/ 365 ) * $$20,000 = (.0685% ) *$20,000 = .000685 * $20,000 = $13.7 each day (which is freaking high but bad credit got us here) which would mean out of that $587.03 monthly payment, a whopping $417.85 would go towards interest ($13.7 * 30.5 average days in a month).
THIS IS VERY IMPORTANT TO RECOGNIZE ESPECIALLY WITH THE VERY FIRST PAYMENT. If you elect to have your first payment not be due for 45 days (like I did) and only make the required monthly payment when due ( like I did ) you will be behind on the interest (like I was), but not late on the payment because... THE FINANCE CHARGES BEGIN THE DAY YOU SIGN THE FOR THE LOAN!!! Meaning that you will be charged 45 days worth of finance charges: Finance charge = Daily simple interest total since last payment = $13.7 * 45 days = $616.5. And if you only made the first payment (like I did) which is based on 30 days not 45, you can see how after making a monthly payment of $587.03 but owing a finance charge of $616.5 would leave you with a finance charge balance of $29.47. That's how they get you!!!! (Because now you have a balance you didn't even know you had.)
Because everything is applied to the interest first and whatever is remaining towards the principal, while the finance charge compounds daily between payments. I quickly realized this after my first payment, so I immediately made another payment and another one multiple days in a row to test it out. Sure enough my second payment included only the interest accrued from the few days of finance charges since my first payment and because I made my 3rd payment the very next day after my second, the finance charge was slightly less than $13.7 and the rest of my payment went towards principal.
If you never even pay late, only make the required monthly payments, but extended that very FIRST payment out past 30 days of when you signed the contract, guess what? YOU WILL NEVER PAY DOWN YOUR LOAN. YOU WILL BE BEHIND FROM DAY ONE. (That's what they are counting on.) PLEASE CALCULATE YOUR DAILY SIMPLY INTEREST!!! Figure out how much of your payment is going towards that and you will be fine. If you have to pay late just know that the interest doesn't stop so you need to know that when they say everything is applied to interest first, they mean it. (fees and interest get paid prior to principal balances). Think of it like this: Do I have a finance balance since my last payment? Do I have a late fee balance since my last payment? If one of these is yes know that your required monthly payment may not cover all outstanding balances, especially if you are early in the loan.
People trust me it works. I know it sucks but if you have the knowledge you will never be behind the eight ball. Now that I am aware of the way the finance charges work I have paid down sooo much of my principal in comparison to my interest. The more I pay down the lower my Daily simple interest becomes and the more my payments get applied towards principal ( and round and round it goes). Hope this review helps at least one person not feel like they are getting screwed because face it, they are in it to make money so they aren't going to tell you how to save it.
So, due to all of poor reviews, I was petrified when Fifth Third sold my loan to this company. I was on edge the entire six years of my loan and I just knew the company would screw me, so I said I would write a review once I paid off the vehicle. In actuality, my experience was not bad! I did not get screwed over! Of course, my note was paid early each month and the car loan was paid off in full. There was never a late payment. My payments were reasonable - but I didn't have a crazy interest rate to begin with. I did not have to call customer service much, so I cannot speak to that. The only reason I had to call was to see where my title was. A few weeks later I was told that my local DMV had the E-Title on file. When I went to pick it up, it was there, as they said.
Santander gave me no problems. The only thing that annoyed me and the reason for only four stars is that I would repeatedly get emails saying the number on file was invalid. Not only did they have no reason to call, but the phone number on file was very much valid, as I've had the same number for over 15 years. The first time it happened, I called to make sure that no one was trying to reach me. They said that they hadn't called so they weren't sure why I got the email. After that, I just got the email and ignored it, but it was quite annoying to get it so regularly. Overall, my experience was the same as any other lender. I paid on time, they gave me no crap. I didn't have to wait lightyears for the title that was rightfully mine. I can't say that I would use them again, but I had a pretty reasonable experience overall. Minus the email thing, no complaints from me.
I have poor credit, but I found a late model car that I fell in love with. I had a down payment, but my own bank wouldn't give me a loan for it. Santander was the only one who would. I had never heard of them, the dealer dealt with the whole thing. The interest was high, but it was my only option, so I accepted it and drove away that day. When I got home, I researched the bank and was terrified of the reviews I read here. I thought I had made a big mistake.
Well, they did EVERYTHING exactly right by me! I paid extra every month from day one, I was never late, the payment was credited to the principal correctly, I had zero complaints. When the principal withered down to under $2000, I mailed one last check to pay it off. When I checked my account 3 days later it was closed. I don't understand all of these bad reviews! My loan was for 4 years, I paid it off in exactly two and never had a problem. Thank you Santander! I am driving the car I wanted but couldn't afford to pay cash for only because you were there, nobody else would take a chance on me, not even my own bank. Sure, the interest is high, I have poor credit! My FICO score is under 600! Yet, they loaned me what I needed and I appreciate that. I would gladly accept another loan in the future from this bank with gratitude! They held up their end of the bargain exactly as agreed.
I'm so used to writing reviews out of frustration, that it's refreshing to write a good one for once. The JDC dealership I purchased a little Fiat to use as a work car from is a bit of a different story, but the service received from Chrysler Capital financing is something I was very happy with. My experience was quite different than 99% of the reviewers on here. I never had any issues throughout the life of my loan, which was only about a year and a half, but I initially had to call them every month since I would pay additional principal that I had to have allocated correctly. They eventually changed that to where additional funds received automatically goes towards the principal, so I was pleased to see that they were trying to better the customer experience.
I paid the loan off about 2 months ago, and have called the dealership several times to cancel my GAP insurance and get that refund. I finally spoke to someone who told me that Chrysler Capital had already done this, and that the check was on its way. If you've ever tried to get a refund on Gap insurance, you know this is rare! For every other car I've ever paid off, you have to contact the dealership and jump through hoops to get your money back. Even the woman at the dealership was surprised by this. I appreciate anything that results in me having 1 less thing on my plate to worry about! Personally, I would recommend them for funding a loan, and I will certainly use them again if the need arises.
After reading a few of the (mostly) negative reviews here I just had to chime in (as a satisfied SCUSA customer for almost 4 years now). It is apparent they all have a common theme... They didn't make their payments as agreed so they default and lose. It's life, in the USA if you sign a legal agreement, you are bound by it. Responsibility is key but most of these peeps just want to point the finger and blame others for their own problems. Speaking for myself, I have financed my car without any issues since purchasing in March of 2015 and Santander has been awesome, both online and on the phone whenever I seldomly called. Of course, I have responsibly paid on time every month, except one last year by a few days because of an issue with my pay.
In that instance, I promptly called them and explained my situation and they made note of it and were more than happy to flex a bit, which I was very grateful for. No rudeness or anything like that, very professional and personable. Of course I was respectful and courteous to them as well which I'm guessing a lot of these people posting these negative reviews were not when they communicated with SCUSA. You've gotta give respect to get respect people! Anyway, just wanted to post a 5 thumbs up because they deserve it based on my experience with them for the past few years. Nothing but a great experience from just a guy who is financing. Almost owning in a few months!... My baby Lex. Thanks for the awesome service Santander! Don't let the irresponsible lowlifes get you down!
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They have terrible loan service. I had a loan with ALPHERA Loans and Santander bought the loan out from them. I had automatic withdrawals being taken out for 48 months with Alphera and when Santander took over the loan they only said that I had 13 months of loan left so they took out the payments for 47 months and did not notify me by mail or email that one more automatic payment needed to be made..? They finally call a collection agency and I make the automatic payment but it was now 36 days late. My credit was destroyed. It went from 810 rating to 705. I never made a late payment in 33 years. I spoke with executive branch and they said too bad nothing we can do. Don't use this company for loans. They will destroy your credit for seven years because of their incompetence. Don't use this company. Use a real bank that you can understand what they are saying on the phone. Don't care about people.
If I could give this company zero Stars I would. I bought a 2014 Kia Sportage and the sticker price was 16,000 when I got the car. Fast forward to 2019 I've been paying on this car for about 4 year and I still owe $13,800!!!! How have I made almost $20,000 in payments on this car and still owe that much!!? I just let them take my car in a voluntary repossession. If you get approved with this company run!!! Also their staff is extremely rude. They treat you like you stole the car off their parking lot!
Chrysler Capital is a complete joke of a company. First their interest is extremely high. My husband ended up getting Heart Failure and was told he couldn’t work anymore. We applied for Social Security Benefits and ended up hiring an attorney to help us. We let them know exactly what was going on. We paid everything we could and fell behind a little. We then received a letter stating that we could call and work it out with them and they were “here to help.” We called and not only were they completely unhelpful they threatened my husband. My husband unfortunately passed away unexpectedly and I am still getting threatening letters although I am less than one month behind. If I could rate them with zero stars I would. Had we known how awful they were we would’ve gone somewhere else. Save yourself Stress and Headaches and find a different financial company. Run don’t walk away from them.
THE ABSOLUTE WORST POSSIBLE COMPANY. Got a loan from them when I financed my car. Worst decision I've ever made. My payments when I first purchased car and paid earlier than due date, were sometimes completely going to interest. I called and called about this. Did a report on this. Nothing. My car was recently totaled. They have been all but helpful and as slow as possible getting in all necessary documents to my GAP insurance company. Now that my GAP insurance sent them a check and they received it (on Aug. 6th) they still will not post it to my account, yet my interest is accruing. They wouldn't pick up the vehicle either despite the fact that I am continuing to make payments on it.
This company is absolute trash. Their contracts are horrible. They only care about getting their "payments". I spent 35 minutes on the phone with them just now and because of the "manager's" frustration at the fact that I told her I wasn't paying anything until they fulfilled their part of the contract and applied my payments.... she pretended that she could no longer hear me and said "due to non-response I'm ending the phone call". Absolute trash. Just save yourself the headache and credit reporting. Go with someone else.
I have found their customer service, while accessible, does not offer customer friendly solutions. I had a mortgage with Santander, and they made the pay off very difficult, and did not send any acknowledgement that the loan had been paid off. It took multiple contacts to get any help, and in the end the bank required that someone be home during the day to sign for such a letter (though their statements came in regular mail). More unnecessary inconvenience.
Santander Consumer USA Company Information
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- Santander Consumer USA