- Report: #1055396
Complaint Review: Santander Consumer USA - Dallas Texas
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Author Not Confirmed
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Santander Consumer USA
PO Box 660633 Dallas, 75266 Texas, USA
Phone:
1-888-222-4227
Web:
www.myautoaccount.com
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Santander Consumer, USA All of the sudden they claim interest is compounded daily! Rip-off! Dallas Texas
Our auto loan originated with Citi-Financial & it actually started before the 30 days we had vehicle. We originally were fighting with Citi-Finanical. Then all of the sudden without any notice from Citi-Financial our loan got sold to Santander. According to the original terms of te loan it was suppose to be for 72 month at a high rate for one year & then the rate was suppose to go down. That didn't happen, but it was always agreed to be a flat rate.
Now all of the sudden we find out from Santander that interest/finance rate is compounded on a daily basis.
Also, we had an insurance policy & the insurance co made the payments & sent us a letter telling us they paid off the loan. Santander also neglected to inform the insurance co that they had brought out the loan & allowed additional late fees to accumulate.
We had been always like 3 months ahead with the loan & now they are asking for addtional money & additional months for payments, which is bologna!
They need to be stopped for once & for all!
2 Updates & Rebuttals
JonathanX
Dallas,Texas,
It's IMMORAL and PREDATORY to Compound Interest Daily
#2General Comment
Sun, June 16, 2013
For some reason I am coming across a lot of reports about companies using the ability to charge interest and getting greedy and changing terms or becoming exploitative with it.
I am becoming against usury, just like the Muslims. Especially when it is clearly predatory (I don't care if it is spelled out in a contract) it is STILL predatory. This is what white folks have always done to black and brown countries. They will give them a little money and then all of a sudden hit them with charges and extra charges and loads of interest... you guessed it.. COMPOUNDED DAILY. Basically entrapping these folks in loads of debt they can never repay.
This is IMMORAL.
But it is the capitalistic way.
I rarely finance. It is all a WHITE MAN'S SCHEME.
I have an african friend who sells cars. The way he sells his cars is by charging an extra $500 to $1000 for what he paid for it. IF THAT. Sometimes he does it for less and he has very good cars. He has his dealers license and goes to dealer auctions.
Well, he once told me that he doesn't understand why folks do business with white people. He said that the white man will buy a car from the auction for let's say Two Grand. Then he will tie a person up in years in payments if he can and by the time he has finished with the down payment and the monthly payments a person would have paid FIVE TIMES as much for that car.
He said the white man will never be satisfied making his money plus some. He has to always look for ways to engineer exploitative ways to Scalp a person literally.
Stay away from interest. America is a debtor nation by DESIGN. For Capitalism to be successful it needs a bunch of folks willing to work for low wages and desperate enough to enter into these truly exploitative deals. Capitalism, regardless of what these white folks say, has become a system very different than that which it was originally intended. It is predatory now. Very predatory.
Don't do business with companies that want to tie you into a lot of these types of deals. AVOID THEM.
In conclusion, Screw Santander. Put complaints all over the internet and let folks know to stay away from them. Regardless of the merits of what you say when I hear interest "compounded daily" that is all I need to hear. That is GREED.
Robert
Irvine,California,
What?
#3Consumer Comment
Sat, June 01, 2013
Your report doesn't make sense.
How exactly did your loan start 30 days before you bought the car? Did the bank predict that you were going to get a loan a month later?
Do you have something in writing that says the rate was supposed to go down..or was that just something your salesman told you to get you to buy the car?
But perhaps the biggest thing is that insurance companies don't just pay off car loans for no reason. But if they did pay it off how could you get late payments?
The only thing that can actually be explained is the interest being compounded daily. You have the same rate you had before, but instead of it being compounded on a monthly basis...it is daily. For example if your APR was 24%, you have a daily rate of 0.065%. The only way this makes a significant difference is if you are constantly a few days late on your payments. But this is something that is fairly standard on any loan now.
