Santander bank pay car loan

Your Car Loan May be Part of $25.9 Million Settlement with the Lender

Many people in Massachusetts and Delaware may soon get relief after being given auto loans they cannot really afford. In March of this year, a major subprime lender, Santander Consumer Holdings USA, reached a settlement with Attorney Generals' offices in those states. This is not the first settlement agreement between Santander and a state over questionable lending practices.

Santander bank pay car loan

Are You Struggling with Credit Card Debt?

Many people have issues of having to pay off a credit card balance, and the interest at the very least, quickly and in a way that does not hurt their credit. If you are in that situation, you will no doubt have questions about how to .

Santander bank pay car loan

Veterans sacrificed so much to defend our great country, and now, many grants are available for veterans as a small token of appreciation for their service and work. Numerous grants for veterans provide those who've sacrificed all for our country.

Santander bank pay car loan

Our reports have helped thousands of viewers of “Good Morning America” reach their monetary goals of making money from various work at home jobs. Do you have a success story to tell? Please visit my website to let us know! If you haven’t yet m.

Santander bank pay car loan

10 Facts About the Free Cell Phone Program From the Government

The struggling people in the world now have an opportunity to have a cell phone for emergencies. The Lifeline Assistance is a special governmental program that offers a phone and some minutes to those who qualify.

BBVA Compass Bank Auto Loans – A Brief Review

Car sales are rising and so does the credit extended by banks, finance companies and automakers’ financing arms, either directly or via car dealers. New cars as well as used cars are being bought with loans and the percentage of such transactions has shown an upward trend in recent years, according to many credit reporting agencies.

BBVA Compass, being one of the major banks and finance companies in the nation, is helping people buy new as well as used cars with its auto financing products. The company having branches and store locations in states like Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas has attracted the attention of vehicle buyers for its competitive auto loan rates and quick loan decisions.

The Pros and Cons of BBVA Compass Vehicle Loans

Like many auto loan providers, BBVA Compass also has advantages and disadvantages associated with its loan products. Here is a review of the same in brief.

What to consider before buying your car?

Let us first examine what you should consider before choosing your car loan company.

  • The price of the car and whether it is affordable
  • How much your auto finance company can lend
  • The amount you need to put down and whether you have resources to meet it
  • The rate of interest and whether it is fixed for the term of the loan
  • The term of the loan and whether it is flexible
  • Is your credit score enough to qualify for the loan
  • Is there prepayment penalty should you desire to pay off sooner
  • The payment clauses in the event of a sudden job loss or disability

The above are only a few things to consider. You may have many more things to consider before making a car loan decision, depending upon your typical financial situation.

How BBVA Compass auto loans can fit your requirements?

Here are a few key features giving BBVA Compass an edge over its competitors.

  • Loan Size: While the minimum loan amount is $5,000, the maximum has virtually no limit, allowing you to buy the car of your choice. Note that the interest rate might increase greatly once the loan amount becomes larger than $20,000.
  • Interest Rate: The interest rate is competitive with other lenders, and you can even obtain a rate discount with auto debit from a checking account you have with BBVA Compass Bank. Most importantly, the rate is fixed, so you know always how much is due and when to make payment for loan amortization.
  • Loan Terms: BBVA Compass Bank offers a flexible term, ranging from 12 to 72 months. Choose your term according to your budget and convenience. A shorter term can help you reduce the cost of your loan whereas a longer term can make your payments smaller and more manageable.
  • Easy Payoff: You can still choose a longer term and pay off earlier as BBVA Compass bank has no pre-payment penalties or unexpected fees for making extra payments.
  • Protection: The auto loans of BBVA Compass Bank come with safety features that protect a borrower in the event of a sudden job loss or disability.

Disadvantages with BBVA Compass Car Loans

Though there are not too many disadvantages, the following few can be important for you.

  • The company offers its financing products only in a few selected states. You may not get to avail its services if you are not from the states whether it has branches.
  • You may find a better interest rate at some other bank in your state. It is always a good idea to shop for the lowest interest rates and attractive loan terms before taking a final decision.
  • You may be denied a loan if your credit score is too low or if you have a history of recent foreclosure or bankruptcy.

BBVA Compass Auto Loan Payment

You can pay your car loans in a number of ways at BBVA Compass Bank.

  • Online Payment: You can make auto loan payment online by logging in to the bank’s online platform. This is the easiest, simplest and most convenient payment option, which you can avail by simply logging in to your online account from anywhere, anytime.
  • By Mail: You can send a check to a mailing address mentioned on your loan document.
  • At a Branch: You can visit a bank branch near your location and make payment in person.
  • AutoPay: If you have a checking account with the bank, you can set up AutoPay and have your payments automatically deducted from your account every month. Moreover, the bank can also offer a discount on its car loan rates.

Santander loan on repoed car now debt collectors calling.

In 2009 I had a vehicle financed by Santander repossessed. The account was sold to several collection agencies over the years. Today I received a collection debt settle offer letter from an attorney's office. I live in Texas and the last payment to Santander was in 2009. Can they sue me or should I even contact the attorney trying to collect this debt?

Santander repoed car and now an attorney debt collector has contact me with a settlement offer. What next?

Your unpaid car loan with Santander appears to be passed the Texas statute that limits a debt collectors ability to legitimately file a collection action in the courts to 4 years.

Because your debt with Santander is passed the SOL does not mean debt collectors do not file collections in the courts. They still do sometimes, and I will help you explore the likelihood of that happening. But if a debt collector does take this to court, your defense is simplified when the debt is time barred.

First, who is the attorney you received the collection notice from? Does that attorney have an in state address on their letter head?

Second, who is it that the attorney says they are collecting on behalf of?

Should you resolve your collection debt with Santander Bank.

What would be your motivation to settle the Santander debt? People have different reasons for resolving bills that went to collection. But if you have next to zero risk that the attorney collecting would file with the court, you will want to focus on the purpose of negotiating a settlement, and especially if the debt has been sold off to a debt buyer.

Settling now, even though it has been several years since your account went delinquent, could improve your credit in the eyes of different types of lenders. Are you thinking of getting a home loan or refinancing in between now and when the Santander collections account drops off your credit reports? Are there other reasons you would want to get this account to reflect a zero balance owed status on your credit. And who else besides Santander is showing this account on your credit (if anyone)?

If settling is not done for credit purposes, and not to eliminate the risk of being sued, then it would likely be a goal for personal reasons. Those are good reasons too.

If you are motivated to settle, you would typically connect with the collector on the account. You will often find you are in a better position to negotiate if they can no longer legitimately sue, and if you are not under pressure to accomplish anything with your credit (pending loan approval).

You mentioned you believe Santander sold the debt several times. Whoever holds the account now, if not the bank, will have paid a fraction of the balance to obtain the legal rights to collect. What was the settlement offer from the debt collector? If settlement is your goal, what is a target amount you are willing and able to pay, if less than the offer they started off with?

You can answer my questions in the comments section below and I will have more feedback. Anyone reading this page, who has questions or concerns about settling collection debts from Santander Bank, is welcome to post in the comments for feedback.

Santander bank pay car loan

If you’ve fallen behind on your payments, then we can help you settle them with your creditor directly through our platform.

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We have experts standing by to answer any questions you have about debt settlements, lawsuits and judgements.

Michael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry, and is a regular contributor to several personal finance websites.

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Hi, my elderly mother had a car repo’d from Santander after her husband died back in 2013. They talked her into a smaller “more affordable” car right after and now a few years later cannot afford that car either due to income loss. The car is abiut 5 months behind on payments and they haven’t taken it yet, her payoff balance is about $16k. Do you think they would consider a settlement?

Michael Bovee says

It is possible to do that sometimes, and still keep the car. Call in for a consult at 800-939-8357 ext 2. How much can y’all raise to offer in a settlement?

Have a santander loan that I have paid on time every time for 2 years. I recently had to buy another car because the other broke down and it has 2 seats and I have a child now. I offered to buy at less amount they won’t budge. I have already paid for the car and now I owe another 11 K in just finance charges. I had a divorce and why I can’t afford both now plus in school. What can I do. I don’t want it repo however they won’t take a settlement offer on a broken car

Michael Bovee says

Voluntary repo is one solution, and you can also wait it out without making payments, and later look to settle and release title to you. Either way your credit report is going to get hit.

Jacqueline Mason-Elie says

Santander closed out our loan because of default on payments. We have just sent in full back payments. And the car has not been repo yet. Can we reinstate our loan to continue paying off the car or should we just cut our losses.

Michael Bovee says

How many months late were you before you made up the back payments on you loan?

You will want to call Santander and see if the money you sent in completely caught the loan up. There are sometimes fees.

I owe Santander 11,900. I surrendered my car.I immediately got another one that I pay on time.I gave them the car in December.I want to settle..see my credit go up..what do I do?

Michael Bovee says

Call me for a consult Kellie. I will dig into the details I need to offer feedback about settling with Santander.

You can reach me at 800-939-8357, ext 2, or fill in the little “Talk to Michael” form in the right side bar on this page.

paul Walker says

I have open car loan with santader consumer this is the second debt collector They have passed my loan to total is 7,723 but they want to settle for 3,090 just don’t have the money so i have any legal rights to fight

Michael Bovee says

Are you being sued? What is the name of the collection agency contacting you about the deficiency balance?

paul walker says

the name of the cpllection agency is Client Services Incorporated this is the second collection agency the first one was from new jersey i don’t know if they passed it down fron collection agency to collection agency

Michael Bovee says

Santander can send your account from one debt collection agency to the other. They may even sell the account off to a debt buyer. There are options to settle along the way, and even when sued.

If you can raise 30 percent of the balance owed you have a good shot of settling. That number tends to be much higher if the account lands with an attorney in your state.

Do you handle these for my state too? I’m

From Alabama and that’s where I did my loan but I now live in California. I did a surrender before I was late and want to some how settle with them but from all the things I read about them I’m afraid to contact them. I surrendered the car in November of 2015 I owe 10,680.00 what are my options as no one has ever even called me

There were no jobs in my home town and I just had to get back on my feet

Michael Bovee says

Fill in the talk to Michael form in the right column. When I see that I will email you to set up a phone call. You can also reach me at 800-939-8357 ext 2.

I live in California . I purchased a car with Santander consumer . unfortunately I got into a car accident which wasn’t my fault I was able to get 8,600 from the car and it was totaled . I payed that to Santander consumer

I only had 6,000 to pay off the loan

I had no insurance during the accident so gap insurance is out . or is it ? the auto shop that had my car put a lien on it and asked for me to pay off the lien even though it was my lawyers autoshop that he took it to . after he got his money from that settlement he never helped . so the autoshop was able to get the pinkslip.through court even though I haven’t officially owned it yet. now it’s been a year and it is haunting my father’s credit because he was the cosigner

what can I do ? he is trying to purchase a home and that loan is affecting him to get it

please help and thank u so much for the time to read this .

Michael Bovee says

What is the amount of money still owed to Santander?

HI Michael, I recently pulled my credit report in hopes to prequalify for a home loan and found that a car loan with Santander is showing on the Experian report. This loan was defaulted in 2003, with the last activity on my credit with them showing as 2012. My broker is telling me to contact them to offer settlement and remove from report; however, I feel like this should have disappeared by now. Should I contact them for settlement? Should this still be showing 13 yrs later? Why would they have activity showing in 2012? Is it realistic to offer under $1000 for a $5100 default? Thanks for your help!

Michael Bovee says

If you last paid Santander on this in 2003, the account should have fallen off your credit reports in 2010-ish. I would file a dispute with Experian and get this removed from your credit reports. If they do not remove it in response to your dispute, post an update and I can help you from there.

Is someone else other than Santander showing up, like a debt collector? If so, who is that?

Sofia Pride says

I received a settlement request from collector settling the account for Santander and agreed to the said amount stated. The money was deducted and they said they would be sending the information to Santander. I called Santander to confirm and they stated they do not offer settlements and I would have to pay the full amount. Is this legal?

Michael Bovee says

I encourage you to immediately write down all the transpired and with whom.

Who is the debt collection agency you worked out the settlement with?

Who at the agency did you speak with, at what number or extension (if you know) and at what time of day. Make a note of all calls and people you talked with.

What was the amount owed, what was agreed upon as settlement in full?

Who was it you spoke with at Santander? What number did you call? What was the time of day?

Once you have that together let me know with a follow up comment and we can go from there.

My wife and i have been prequalified for a mortgage after two years of credit cleaning. The only hiccup is a Santander car loan opened in 12/2008 and defaulted in 12/2011. We live in NY, is it worth addressing this trade line, i believe it will drop from my credit report 12/2015 (if it goes by when the trade line first opened – that would be 7 years)

A few more notes about the trade line – it states “closed” not repossessed.

Basically asking should i open Pandora’s box or let sleeping dogs lie and buy a house in 2016 when this falls off my report

Michael Bovee says

If you defaulted in 2011, and depending on the month, the Santander collection account could stay on your credit report until 2018, or into 2019. The limit for the derogatory credit reporting is 7 to 7 and one half years. That time starts ticking when you stopped paying, not when you opened the account.

It is probably worth dealing with this. Did you already try to get a loan approved?

Would it be wise to offer a settlement to Santander on a $9.7k deficiency with a DOFD 02/19/2015. Current status is Charged off and Date closed is 9/2014.

Thank you for any help.

Michael Bovee says

You can negotiate a lower payoff with Santander anytime now that the deficiency balance is known. I would not start negotiating unless you can access the money to pay the deal they agree to. Are you ready to fund a realistic settlement offer?

I have a car loan with Santander USA and I’m 158 days past due and the remaining balance is $2000.00 when I called to get the status on my loan I’m routed to the collection department and they offered me a settlement over the phone of $705.00 and they will close the loan and mail me the title. I haven’t received anything in the mail offering me a settlement is legit?

Michael Bovee says

These types of offers from lenders like Santander can be completely legitimate. Offering you the settlement deal over the phone is not always going to be followed up by the offer sent in the mail, but you can request them to put that in writing before you pay the agreed upon amount. I highly recommend getting settlement deals in writing first.

If you have the money and are ready to settle with Santander, call them back and say so, get them to mail or fax the agreement to you, and post any questions or concerns that pop up along the way.

paul Walker says

If santader consumer passes your debt to a collections agency Can a debt collection agency freeze your bank account

Michael Bovee says

Typically not unless they sue and get a judgment.

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Santander to pay $25.9 million to resolve subprime auto loan probes

BOSTON (Reuters) - Santander Consumer USA Holdings Inc ( SC.N ) has agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware into its financing and securitization of sub-prime auto loans.

The settlements were announced on Wednesday and resolved allegations Santander facilitated unfair, high-rate auto loans for thousands of car buyers. The loans were then packaged into securities sold to investors.

The accords mark the first settlements in connection with U.S. investigations into subprime auto loan securitization, Massachusetts Attorney General Maura Healey said. The U.S. Justice Department has also been investigating the matter.

Santander, which is the largest packager of subprime auto loan securities in the United States and an arm of Spanish bank Banco Santander SA that went public in 2014, in a statement said it was pleased to resolve the matter.

"In the last 18 months, our new management team has taken significant steps to strengthen our business practices and controls," Santander said.

It stressed that the settlements, which focused on how auto loans were originated, were not about securitizations, but said any such claims were released under the accords.

According to Healey, the investigation revealed that Santander funded auto loans without a reasonable basis to believe borrowers could afford them, predicting many would default.

The probe also revealed that Santander knew certain dealerships had high default rates due of inaccurate data on loan applications but kept buying the loans from them anyway, authorities said.

Santander even identified a group of dealers it called the "fraud dealers" whose loans it nonetheless continued to fund, Healey's office said.

She said the conduct repeated the pattern seen with banks in the run-up to the subprime mortgage meltdown that contributed to the 2008 financial crisis.

"These predatory practices are almost identical to what we saw in the mortgage industry," she said.

Healey's office said the settlement was part of an ongoing industry-wide investigation into securitization practices in the subprime auto market.

The settlement follows an earlier 2015 accord for $5.5 million between Healey's office and Santander relating to its funding of loans that included expensive insurance coverage.

Under Wednesday's settlements, Santander will pay $22 million to resolve the Massachusetts case, which includes $16 million in relief to 2,000 consumers.

The company will pay also $3.9 million to resolve the Delaware case, including $2.88 million into a trust for the benefit of Delaware consumers, Delaware Attorney General Matt Denn said.