- Report: #1281226
Complaint Review: Santander - Nationwide
-
Author Not Confirmed
Why?
Santander
Nationwide, USA
Phone:
1 (888) 222-4227
Web:
www.santanderconsumerusa.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Santander BEWARE - RIP OFF!!! You will NEVER pay your vehile off, and you WILL OWE MONEY at the end of your loan!!! HAVE TO READ! Nationwide
I wish someone had explained all the details of this loan to my wife and I before having purchased this vehicle. So here goes... My gift to anyone considering Santander. BUYER BEWARE!!! Everyone complaining should get together to file a CLASS ACTION LAWSUIT against this company. They are CROOKS!
We bought a USED 2012 Dodge Grand Caravan for roughly $19,000 in late 2013. It was NEVER explained to us that it was a "SIMPLE INTEREST" loan. This means that you will be charged interest every day you are late on your loan (Something that we just found out today). Which in our case, is $9.18 EVERY day that we are late (Again, just found this out today). We are furious! NOT AT ANY TIME was any of this explained to us. We have been making the payments late each month (20+ days) and were never told. We were offered EXTENTION'S at times, and also NEVER told that the interest would continue to compound. We have been making payments for almost 2 years now. I have paid over $9,000 and still owe $18,600!!! We have maybe paid $500 towards the principal! Here's the kicker... We were also informed today that because of the interest they've been unknowingly gouging us with, we will now have a HUGE LUMP SUM at the END OF THE TERM to pay off!
Megan (The person we spoke with today) did say that they might be able to offer a modification to EXTEND the payments. She couldn't say for how long, or how much, etc. As a matter of fact, she couldn't give any concrete information to help me understand when or if my loan would ever be paid off! She only agreed that my logic made sense when I mentioned that it would probaly be another 2 years since the amount that I would need financed would be the same amount that I finaced 2 YEARS AGO!!! Really!!! I had already paid more than it was worth 2 years ago and financed it for 6 YEARS!!! So now the loan will be for over 8 YEARS!!!
I had requested a copy of my payment history last night. The record I received was broken down into categories (Amount paid, Pricipal paid, interest paid, late fee's, etc.) You can clearly see where hardly any principal has ever been paid, and it's been spuratic. But here's the part that floored me... There was hardley any interest EVER paid! As a matter of fact, it doesn't show where any of my money went. It's as if I've been throwing my money into a bottomless pit this entire time. And NO... Megan couldn't provide an explanation for this.
On top of it, Santander has wrongfully reported us as being 30 days late on several occasions resulting in us taking a 20-30 point bath on our credit each time. And every time you try to get answers, you hit roadblocks and encounter people that seem to have no idea. Even trying to get to the bottom of this, when I asked to speak with a Manager I was told that an "Upper Manager" would contact me. When I said "I realize that their in upper management, but what is their title?" I was told "Their title IS Upper Management". Then today the title of the person I spoke with was "Office to the President" This place is a Joke!!! Seriously how are they still in business?
Oh wait I know... Because of people like me that get locked into an auto loan that your either (a) pay on for the rest of you life, then still give them the keys to your house when you're done, first born, etc... Or (b) file bankruptcy and lose everything just to get out from under them.
1 Updates & Rebuttals
Robert
Irvine,California,
USA
Typical Deadbeat whine
#2Consumer Comment
Sat, July 23, 2016
oh yes the typical deadbeat whine and mis-direction. Attempting to shift the blame to them, when the blame falls squarely on your shoulders.
A "Simple Interest" loan is just about the fairest type of loan you can get. Many car dealers use things such as Pre-Paid interest and the Rule of 78's that discourage pre-payment and end up costing you more money in the end.
So answer this. What if they explicity told you face to face that you are charged interest daily if you are late? Would you be sure you were on time? If the answer is Yes you would have made sure, then why do you need the "threat" of costing you more money for you to just do what you originally made a legal obligation to do...pay your loan ON-TIME?
Let me answer that for you. You are the definition of a "deadbeat" "sub-prime" borrower with a huge entitlement attitude. Where this is the primary reason you are with a sub-prime lender in the first place, and the reason you will be stuck with lenders like this for the foreseable future.
If by chance you would have still paid late and are complaining that you just didn't know. Then if you have constantly been 20+ days late, perhaps your first bad move was to purchase a car you couldn't afford in the first place.
Too tough for you, I'm not being "fair" to you, I don't know your "situation". Well guess what none of that matters. All that matters is what you made a legal agreement to do. Where because of your constant lateness you basically have made about 2 years of payments for nothing.
Oh and as for the loan never being paid off or you having to declare bankruptcy. There is a third option. Just pay your bill ON-TIME and at the end of the original loan the car would be paid off.
One final item. No I do not now or have I ever worked for this or any other dealer or finance company.
