Flynrider
Phoenix,#2Consumer Comment
Tue, March 20, 2012
The OP's post reads like she thinks that she's heard the last of Santander. Let's run this down. High interest loan. Payments not made. Collateral wrecked. What are the chances that there is not a big outstanding balance on this loan? Pretty slim.
Santander may hand this over to a collection shark or may follow up themselves, but I'm confident that the OP has not heard the last of this.
My guess is that she must have obtained the loan on the new car before this fiasco hit her credit report. Either way, I think she'll get a rude awakening from her new subprime lender the first time she's late. They all deal with the same type of customers and use similar tactics to get them to be responsible and pay when they promised to pay.
Robert
Irvine,#3Consumer Comment
Tue, March 20, 2012
Since everyone has bad credit these days you still can get another car. Of course there are other "high risk" companies but people I know who deal with these companies themselves because of their poor credit rating still hadn't experienced what I did.
- Go ahead and continue to think that, and you will be one who is sure to continue to have bad credit. But for your information more than 50% have a FICO score of 700 or higher, and only about 15% have a FICO score below 600.
You were not being harassed..you were being called because they had allowed you to borrow several thousand dollars of their money to buy a car. Since you were not making the payments you made a legal agreement to do, of course they are going to call to get it.
You can "think" that other sub-prime lenders wouldn't treat you the same way, and you may be right. There are MANY that would treat you worse. Many would have continued to call you, others would have repossessed the car after only being a few days late.
You didn't mention anything about the "accident". But just because the car was in an accident does not mean that you are all of the sudden free of the loan..you STILL must pay off the loan. So if you were not at fault and the other party paid your car off..you got very lucky. If you were at fault and there is still money owed they may eventually come after you for the difference. And yes regardless of how invincible you think you are..you may very soon get a huge dose of reality through the courts when you are sued.