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Just made my last payment on my Nissan Altima. Thank you to Santander Consumer who took a chance on me 6 years ago when my credit was crap. Over the years, I stayed current and my credit went from the gutter to shining bright. I’ve had a few loan companies who’ve been an utter nightmare to deal with, but my experience with SC has been very positive. I’ll come back to Santander Bank for my next car loan!
They are very understanding and flexible. I was having a tough time financially and they were able to work with me. They also accept several methods of payment which is very convenient. I would definitely recommend contacting them if your credit is subpar.
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I got an auto loan from this company back in 2014. I will complete this loan this year on 2019. I have been satisfied with the loan for my vehicle. I was able to re-finance and get lower payment halfway through my loan terms because I made on time payment every time. As long as you keep up with payments I believe this is a fair company to go with on an auto loan.
Santander Consumer USA has provided me with outstanding customer care and financial services, they financed my Hyundai for a total of 20k when I was a temp and could not get another bank's loan. My credit rating was poor due to inquiries and high balances on my credit cards. They approved me. No income questions asked, assuming all risks, and even though they gave my a rate of 21%. Do you think that is high? Think again. Finance companies like United Finance and OneMain Financial will charge you 36% interest rate so it gets me when people say Santander is bad. It really gets me how unfair those folks are. If you want better rates be responsible, pay in full and have no collections, stop complaining for everything, be an adult.
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.
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This company is the worst! I had made all my payments on time for over 3 years and then lost my job for 10 months and was struggling to keep my car. They sent a letter that said to contact them to see what options I had for assistance. I did and all they wanted to know was when I was going to make a payment. Then I spoke with a “Supervisor” that told me what to do to keep my car from being repossessed, so I did it and she told me to call back and tell them I wanted to be transferred to the Assistance Team. I called back and it was like pulling eye teeth to get transferred. Which never happened. They are rude, smug and downright the worst ever! Never again with this company!
We closed a Santander HELOC (never used) when we closed on the sale of our condo more than five years ago. Nevertheless, Santander keeps sending us a yearly HELOC bill for $195. Again, this is on a property we no longer own for a HELOC we never drew upon. Santander found our new address through the post office and are now continuing to harass us at a new address -- again for a closed out HELOC (TD Bank took care of our closing papers on the sale of the property and assured us Santander received their signed form).
I have gone in person to Santander, written and e-mailed them telling them this should have been closed years ago; nonetheless they are so disorganized nothing has changed. It is a little scary and I would never do business with them again. This is personal information they are so cavalier about mailing around. Their customer service reps seemed uninterested in anything that wasn't going to give them a commission check. Short-term focus and a terrible company to deal with! A frustrating situation!!
I bought a car last year and traded it in in January 2020 for a car from the Toyota dealership I work for. Santander owed me a $1,500 refund from a warranty that had been cancelled since Oct 2019. They fought with me over the phone and over the chatlogs. They refused to refund me despite the contract and official documents from Easterns Automotive Group saying specifically that money would be refunded from the dealer to Santander and that check would be sent to me as soon as two weeks.
It has been over four months since the cancellation was processed. After the heated argument, the representative from Santander, Tarrick, became rude, and hung up on me. I find that today, Feb, 11, 2020, that Santander published to my credit report that I did not pay on time. And I paid on time 100% of the 6 months I had the car and I have the payment receipts for each transaction. Such evil loaner. They are called a "second chance" bank but they are just full of lies and deceit.
This is the worst company ever, do not ever get a loan with them. Big rip off, don't care about you. Just out to ruin your life, they really need to close for good... Very saddd!!! If looking for a loan please go somewhere else, All this company do is RIP off people.
I took out an auto with these guys in 2015, I had a good-paying job and my mom took out a joint loan from them because that's what we qualified for. My mom had already a house she was still making satisfactory payments on, but only this bank approved a lower price. It was the first time I and my mom actually bought a car from a dealership because she likes older cars, I like newer. We went to the dealership. Sign the papers, honestly, I regret signing things from only skimming over the page, because it was a lot of things we didn't need that was added to the loan. Santander didn't put a payment on my account for two months straight, I called them and they told me there were no payments due, I offered to mail it in they said its okay. By the third month, these crooks said I owed roughly $900, I went bizarre, but because I needed the car I paid it.
I made on-time payments for three full years, and little do you know all I was paying for was the interest rate. $389 per month, because my interest rate was near 25% that's what I was stuck with. I ended up losing my job for at least 6 months, didn't qualify for unemployment, and I was basically screwed. I fell behind them for about six months straight, I know that's a long time, anything they offered me they'll persuade me on what jobs to do, UBER LYFT, etc. and I asked would they lower the cost since I am basically on the road everyday driving more than the average miles per year, they said no. Then they found out that I did not have any insurance on the car and demanded me to get insurance or they will repo the car. In the end, the repoed the car.
I had started a new job, now this debt sits on my credit. I can't get approved for anything, and this sucks badly. I wish I wasn't so dumb and eager to get a car so fast. I put my mom underwater because she couldn't afford to pay two cars and insurance at the same time. I tried my best to find employment during the course of the months, but living in Miami if you don't speak Spanish it's really getting hard. Besides that point, teenagers if you're reading this, do not hurry to get a car so fast, save your money, build your credit up to about 680 and find a credit union in your area to help finance a car. Do not go with Santander, and if the dealership tells you, "we're searching for more banks to approve you" runnn. Do not stay there, they will find the worst of the worst to finance you and that's my living right now.
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