Southern Chemical and Equipment LLC
Sarasota,#2Consumer Comment
Wed, May 30, 2012
You need to file a lawsuit against them for your damages.
Take all of your documentation to a good accountant and have them work an amortization statement, taking into consideration your extra payments to principal.
They cannot charge you any fee that was not agreed upon in the original loan documents you signed.
You should have called the police and reported the vehicle stolen, as this would have at least documented the illegal repo.
Also file as many complaints with state and federal agencies as you can such as consumer protection divisions of the AG's office, investigative news channels, FTC, pull your credit report and do written disputes, and also write to all offices listed on that report of those in charge of financial regulation at the federal level. I believe one of them is the Office of the Comptroller, etc.
Send all complaints via certified mail, return reciept requested. Be sure to put the certified# in the body of the letter and keep a copy for your records. This procedure is very important as they then know there is proof of exactly what you sent.
HArlyd
Douglas,#3Author of original report
Wed, May 30, 2012
Never late, bank records have been submitted to Texas AG. The same goes for the $2500 charged as adminstrative fees after the loan was purchased by Santander as well as the three congratulatory letters with requests for 3 different pay off amounts. Yes loans are bought and sold everyday, any modification to the original loan must be signed that was not the case with Santander. If you bothered to read any of the other complaints, you can see the CSR's are scripted it does not take a genius to figure that out either...another point proven by your response.
Jim
Orlando,#4Consumer Comment
Wed, May 30, 2012
The loan is owned by the lender and they can sell it to whomever they want, whenever they want. They don't need to tell you anything nor is your "approval" needed. I strongly suspect however, either you are mistaken or are doing the typical suprime tactic of trying to discredit the lender because you have been repo'ed or are horrendously late in your payments. Loans are sold everyday. There are never any fees to the borrower for this since the borrower is technically not involved in the process. Secondly, the so-called Fair Credit and Collections Act does not apply to Santander...only to third party collection agencies. Thirdly, any time you are late or get payments deferred, the interest clock keeps running and at the end of the loan, that additional interest can be substantial as it is in your case...which is prime evidence that you've been late many times over the length of the loan. If there really was a fee as you described then definitely the AG's office would be very interested in seeing proof. You don't have any, do you? If so, please post it here on their letterhead and I will retract my statement. But I see, you just paid it anyway, right? You have $2500 to pay this alleged fee but are horrendously late on your payments and for absolutely no reason at all they call you many times a day! Right. Sure. And by the way, I don't work for them.