- Report: #1096234
Complaint Review: Santander Consumer - Select State/Province
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Santander Consumer
Dallas, Texax Select State/Province, USA
Phone:
888-222-4227
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Santander Consumer Citifinancial Auto Auto Loan Ripoff Dallas, Texas
Bought a 2007 Nissan Maxima from Enterprise Auto Sales in April 2007. Sale price $25,000(It had 14Kmiles) Put down $5,000 cash , financed $22,800. Simple interest loan of 18.9%...from Citi Financial Auto, then sold to Santander..have been paying $506 per month (63 total payments),over $32,000. I STILL OWE OVER $14,000.00!!!!!!!! Yes, I was late a few times and had several payments put on "back end" of loan.
After trying to understand a foreign customer service rep at Santander, I learned that they can not modify my loan even though technically I only have one payment left.. they expect me to continue paying $506 a month!!! They already ruined my fragile credit, should I just give them back the car that now has over 220,000 miles on it? Definitely not worth $14,000.....
1 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
You are confused about your car payment
#2Consumer Comment
Mon, November 11, 2013
First of all, if you owe $14,000 and your payment is $506 per month, then you owe more than one month! Just because you signed a contract for 72 months (for example) it doesn't mean that the 72nd payment is the payoff UNLESS you paid ontime, everytime. If you sign an agreement to repay a loan in 72 months and you don't make each and every payment ontime, your loan balance is going to increase. You apparently increased your loan balance by over $13,500 through these defered payments and late pays.
You added to the balance of the loan by paying late so there is additional interest and late fees and possibly penalties depending upon your finance contract. Interest is charged on a per diem bais so the later your payment the more you owe. When you defer payments, you are tacking them onto the end of the loan so those payments are due immediately per your deferral agreeement. By the way, the amount you deferred also has daily interest charged to it so if you defer $506 at the beginning of your loan, you could owe thousands more by the end of the loan, especially if it is a six year loan!
You can stop this by refinancing with another lender. Perhaps your credit union will refi the vehicle. If not, then keep making the payments until you have paid off what you owe. No, I don't work for them. All financing contracts are the same in that you aren't done until you pay it off.
