At Santander Consumer USA, we understand the highway of life has twists and turns. We offer auto finance products for all credit types, and a highly personal customer experience. From car loans to auto refinance to cash-back auto refinance, we have a solution for you. At Santander, you’re in the driver’s seat. Choose to apply for your loan at the dealership or get pre-approved online. Customize your loan terms. Select how you receive your auto account information and how you pay your bill. It’s all part of the Santander customer experience.
Our online customer service tools will help you manage many tasks associated with servicing your account. Make a payment, get your payment history and due dates, obtain payoff information or update your account information anytime.
The online system will guide you through your initial account setup. To expedite your registration, have the name, account number, date of birth and social security number of the primary account holder available.
If you cannot find the answers you need on this web site, our customer service center or call the account information line toll-free at 1-888-222-4227.
The following post originally appeared on our  , The Open Road.
It’s a challenge, but not impossible, to buy a vehicle despite bad credit – and plenty of assistance is available to help us do it.
“Some estimates show that 25 percent of American adults are saddled with bad credit,” says the website DMV.org. “Yet, thousands of these individuals manage to get car loans every day.”
“Generally, if your credit score falls below 620, you’re considered to be a sub-prime borrower, which means you won’t qualify for the most attractive car loan offers,” says DMV.org, a privately owned organization that reports government-related information.
The first thing we need to do when struggling with credit is set realistic expectations.
“Be prepared to have to accept a high interest rate and to have to put down a large down payment,” says wikiHow in an article “How to Buy a Used Car with Bad Credit.” But even interest rates and down payment are subject to negotiation if you thoroughly research potential lenders.
“Getting a car loan with poor credit may be challenging, but it’s not impossible,” says , an online lender that specializes in bruised credit. “You have to set the right expectations. Your deal may include a less-expensive car and a slightly higher interest rate, but you can get a car loan.”
When setting expectations, don’t lock yourself into buying a new vehicle before considering a used one.
While you’re thinking practically, research your financing options, too. “It is best that you get pre-approved for an car loan before you go shopping,” says wikiHow.com.
Here are some places to look for car loans for people with bad credit:
Sub-prime lenders, such as , that specialize in financing loans for people with bruised credit. You can apply online and have an answer within minutes.
Dealerships. Find an auto dealership that specializes in used vehicles and bad credit financing.
Credit unions. If you have an account at one, you may want to inquire there first, according to wikiHow. Credit unions generally are more lenient with qualifications than other banks, especially for members. If you are not a member, join a credit union and ask about car financing for bruised credit.
Cosigners. You may be able to find a family member or friend who will cosign to help you obtain a car loan.
But the process doesn’t necessarily end there.
“One thing to keep in mind is that as your credit rating begins to improve, you may be able to refinance a high-risk car loan for something with lower interest rates,” says wiseGeek.
For more advice on how to buy a car with bad credit, see “ put new, used vehicles within reach” and “,” both on The Open Road blog at RoadLoans.com. Also, see  under Resources at RoadLoans.com.
Who doesn’t like a good car show? Especially when you don’t have to exert a lot of energy to attend. That’s where The Car Show | A monthly collection of eye-popping photos comes into the picture. We launched the monthly slideshow with press release images that you might not see otherwise. They grabbed our attention, […]
Listen. Do you hear the sound of car-buying preferences shifting? Chances are that you do – loud and clear – as technology drives the change. “In-vehicle technology ranks increasingly higher for consumers as they consider must-have and desired features in their car shopping,” said Michelle Krebs of Autotrader. An online survey of 1,012 U.S. new-vehicle […]
If your holiday wish is a good deal on a vehicle, you just might get what you want. According to U.S. News and World Report, holiday auto sales started earlier and will last longer this year, and consumers will reap the benefits. “The consumer is in a great spot to get a great deal, says […]
The list of least fuel-efficient cars is a who’s who of luxury vehicles. Not that most of us will ever have to worry about our Lamborghini Aventador Roadster getting only 12 miles per gallon combined (10 MPG road, 17 MPG highway), but we can dream, right? The two-seater exotic – a “jaw-droppingly quick,” 6.5-liter, 12-cylinder […]
Buying a used car is something millions of Americans do every year – some better than others. Those that do it right – or simply get lucky – can enjoy many years of driving pleasure in their vehicle. But doing it the wrong way can ensure a trip down the bumpy road to buyer’s remorse. […]
It’s about time. That is, it’s time to stop wondering and visit the “About” section of our website if you have questions about Santander Consumer USA (SCUSA), the Dallas, TX-based consumer lender. We’ll tell you most everything you need to know, whether you’re a borrower with a long-term relationship to SCUSA or the company has […]
It just doesn’t seem fair. Your credit score was dinged by recent, unpaid medical expenses or an error on your credit report, and now you’re having a hard time getting a loan for a car you need to get to work. It’s a scenario that is not difficult to imagine when millions of car buyers […]
Nobody’s credit is perfect. Well, almost nobody’s. If you are even close to the top FICO score of 850, you probably don’t have to worry much about whether you can get a car loan, how much you can borrow or what interest rate you’ll get. But if you are among the approximately 25 million new- […]
New car. Used car. How do you decide which to purchase when you’re ready to replace your current vehicle? Good question. And while it may seem easy to answer – obviously, a new car is better, right? – the correct response is an unequivocal, “It depends.” The Q&A are even more important when you consider […]
Here’s how to stay out of trouble when you’re ready to buy your next car, truck or SUV: • Apply our version of the 20/4/10 rule. • Know your limit for total spending. • Stick to it regardless of temptations. But, if you’re not great at math – and a lot of car shoppers will […]
Talk about a bumpy ride for consumers!
When you get through a dealership, you and the dealer enter into a contract: you buy a vehicle and agree to pay, over a period of time, the amount financed plus a finance charge. The dealer may hold onto the contract, but typically, it's sold to a bank, finance company or credit union. This “assignee” is responsible for the day-to-day management of your account, including collecting and crediting your monthly payments. But sometimes, things don't go exactly as they should.
Enter the FTC, which charged one assignee – Consumer Portfolio Services, Inc. – with doing everything but managing customer accounts properly.
In fact, CPS will pay more than .5 million that it overcharged consumers across the country, and . CPS collected money it wasn’t owed, harassed customers and third parties, falsely threatened , and told family, friends and employers about delinquent customer debts. CPS also failed to develop policies and procedures for responding to consumer disputes about information reported to credit reporting agencies and failed to reasonably investigate and respond to disputes.
In the end, CPS agreed to refund or adjust 128,000 accounts more than .5 million, and stop collections on an additional 35,000 accounts to settle the FTC’s charges that the company violated the FTC Act. CPS will pay another million in civil penalties to settle FTC charges that it violated the Fair Debt Collection Practices Act, which protects consumers from abusive or harassing treatment by debt collectors, and the Furnisher Rule of the Fair Credit Reporting Act, which outlines a company’s responsibilities when reporting consumer information to a credit reporting agencies.
Every consumer has the right to be treated fairly when it comes to . If you think a company is breaking the law, tell it to the . Your complaints help us stop rip-off artists, scammers and fraudsters. In fact, complaints people sent us about CPS helped the FTC’s investigation of the company. Your complaints matter at the FTC.
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- Minimum loan amount is ,000 (,001 in Arizona,
,000 in California, ,001 in Massachusetts).
Purchase from a Dealer
- Vehicles to be financed must be nine years old or newer with fewer than 120,000 miles. For example, in calendar year 2017, only model years 2008 and newer are eligible.
- Vehicles to be refinanced must be seven years old or newer with fewer than 105,000 miles.For example, in calendar year 2017, only model years 2010 and newer are eligible.
Purchase from an Individual
- Vehicles to be purchased from an individual must be 12 years old or newer with fewer than 100,000 miles. For example, in calendar year 2017, only model years 2005 and newer are eligible.
Get an auto financing decision in seconds by filling out our simple, secure, 100% online application.
DALLAS – Santander Consumer USA ("Santander9quot;), an affiliate of Banco Santander, has reached an agreement with Citi to purchase .2 billion of CitiFinancial Auto's auto loan portfolio. In addition, Santander and Citi have entered into an agreement under which Santander will service a portfolio of approximately .2 billion of auto loans that will be retained by Citi.
The purchase supports Santander Consumer USA's strategy to explore partnerships and transactions that complement the company's existing business model and provide incremental benefits from a service and growth perspective. Santander continues to be committed to originating and servicing indirect and direct auto loans that meet Banco Santander's strict standards related to prudent underwriting and risk mitigation. Santander will purchase the .2 billion portion of the portfolio at a price equal to 99% of the value of the gross receivables.
This sale to Santander is consistent with Citi's strategy to reduce the assets and businesses within Citi Holdings, its portfolio of non-core operating businesses and assets, in an economically rational manner while working to generate long-term profitability and growth from Citicorp, which comprises its core franchise. Citi continues to make progress on its strategy and will continue to pursue opportunities to divest Citi Holdings assets in a manner that creates the most value for shareholders. Upon completion, this transaction will reduce GAAP assets in Citi Holdings by approximately .2 billion.
Other terms of the sale were not disclosed. The sale is not expected to have a material impact on Citi's net income.
The transaction is expected to close by the end of the third quarter of 2010, and is subject to regulatory approvals and usual closing conditions.
Citi's Institutional Clients Group advised Citi on this transaction.
Santander Consumer USA Inc. is a leading company in the automotive finance sector, whose core business is indirect, direct and third-party originations and servicing of auto loans. The company has a serviced auto loan portfolio of approximately .9 billion, retail installment contracts with 1.4 million customers and relationships with more than 12,000 dealer partners nationwide. The company began originating loans in 1997 and is headquartered in Dallas. Santander Consumer USA is owned by Banco Santander, a leading international commercial and retail bank.
Santander Consumer is a unit of Banco Santander (SAN.MC, STD.N, BNC.LN), the Spain-based retail and commercial bank with a presence in 10 main markets in Europe, and the Americas. At the end of 2009, Santander was the largest bank in the euro zone by market capitalization and fourth in the world by profit, EUR 8.94 billion. Founded in 1857, Santander had EUR 1,245 billion in managed funds at the end of 2009. Santander has 92 million customers, 13,682 branches as of first quarter 2010 – more than any other international bank – and 169,000 employees.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Banco Santander S.A. and Santander Consumer USA Inc. advise that this news release may contain representations regarding forecasts and estimates. Said forecasts and estimates may include, among others, remarks on the development of future business and future returns. Although these forecasts and estimates represent our opinions regarding future business expectations, perhaps certain risks, uncertainties and other relevant factors may lead the earnings to be materially different from what is expected. Included among these factors are (1) the situation of the market, macroeconomic factors, regulatory and government guidelines, (2) variations in domestic and international stock exchanges, exchange rates and interest rates, (3) competitive pressure, (4) technology developments, (5) changes in the financial position and credit standing of our customers, debtors or counterparts. The risk factors and other fundamental factors that we have stated could have an adverse effect on our business and on the performance and earnings described and contained in our past reports, or in those that we shall present in the future, including those filed with regulatory and supervisory entities, including the Securities Exchange Commission of the United States of America.
You may make a principal reduction payment by visiting your local Santander branch or by mailing to the address listed below.
•  To make principal reduction payments at a local , you must inform the teller that you are making a principal reduction payment in order for the transaction to be processed correctly.
•  Within the detachable coupon on your monthly Mortgage statement there is a section that gives you the option to pay additional monies toward Principal Curtailment.
Principal Reduction Payments should be mailed to either of the following addresses:
Mail Code: 10-6438-SL4
Reading, PA 19601
Santander Bank N.A.
Mail Code: 10-6438-SL4
Reading, PA 19612-2646
So, long story short, they serviced me with an illegal vehicle loan. They "claim9quot; they tried to get hold of me to make payments on the car - they even went as far to say they had some letter certified and mailed. Guess what? Never happened. They forged my signature on paperwork just to come after me. Repo companies started calling constantly and harassing me, my family, friends, and neighbors. Absolutely despicable. I was beyond pissed and I knew I was in for a fight, so I retained an attorney and with my mom's advice (she knows a lot about consumer protection laws) I dug my feet in and fought back. It was very personal with them. They were trying to ruin my credit (which they did for a short period of time) and ruin my life. I wasn't laying down for these scumbags.
My case went to court (state and federal). These guys couldn't even produce any relevant paperwork to their claim that I owed them money. They tried stall tactics in court and I even received more threats from numerous fly by night collection companies. The judges saw right through all their b.s. After some back and forth, I ended up winning my case and keeping my car. I felt so good and vindicated because they're a multi-billion dollar bank with a team of lawyers and they got beat by some punk kid and his mom.
One of the stipulations in the paperwork when the case was closed was that I was to never try to get another loan serviced with Santander for as long as I live and in return they had to delete all of the negatives on my credit reports, they could not make any future marks on my credit reports and could never try contacting me ever again. This case has been settled for about 5 years now. Guess what? I just went to look over my credit reports, which I do religiously now and wouldn't you know that Santander Consumer USA has an inquiry on one of my reports! Man oh man. It's going to feel good to sue these ** and take some of their money for a change.
My advice to everyone who has dealt with these dirtbags is to not give up! Get a decent lawyer who knows their consumer protection laws, dig your heels in. Don't let them ruin your life! These billion dollar companies can seem and be very intimidating and I promise you that they are expecting you to fold and cower to their demands. They're not used to good, honest people putting up a fight and taking it to the trenches. If enough of us stand up and start putting some chinks in their armor, I promise you they will fall. Just stay the course and be patient. It's one of the best things I ever did. Good luck to you all and God Bless.
P.s. - If you're ever contacted via telephone by the "bank,9quot; a repossession company, or someone else claiming they are a collections agency make sure you get some type of recording of the conversation you have with them, save voicemails, do whatever you can to prove that you are being harassed. It becomes big in court and no judge or jury is going to put up with it. On top of that, it's illegal and if you're aggressive enough you will receive some money for your troubles. I say this because not everyone knows the law(s) and, again, these huge corporations are banking on you being ignorant. Hope this helps some of you.
Whether they want to buy a car, house or business, most consumers will need a loan at some point in their life. Consumers can also take out personal loans to cover unexpected bills or consolidate credit card debt.
When consumers are ready to borrow money, they’ll have many lenders and types of loan companies from which to choose. Consumer should evaluate several lenders and loan offers before signing any paperwork, but with so many options, choosing a loan company can be overwhelming.
is under scrutiny as Massachusetts Attorney General Martha Coakley investigates the bank’s records for evidence of fraudulent behavior.
Coakley subpoenaed Santander Bank’s U.S. auto finance company for its borrowers credit histories, the interest rates they were charged, and loan risks,
There are four Santander branches in Newton.
The Attorney General is looking for evidence that Santander’s auto lending business knowingly lent money to borrowers who could not make payments, then sold those loans to Wall Street. The loans were then packaged into securities and resold to investors, the reports.
“We are using our experience, gained in holding banks responsible for unfair and predatory mortgage loans, to ensure consumers are protected in other areas of lending,” the Attorney General’s spokesman Brad Puffer told the Globe.
In a statement about the investigation, Santander said the company is cooperating with the Attorney General’s office and will “comply with all lending and loan servicing laws as well as the rules and guidance of our supervisors and regulators.”
SAN FRANCISCO A partnership between Uber Technologies and Banco Santander SA's ( SAN.MC ) U.S. auto loan unit is over, Uber told Reuters, removing one of the country's most prominent car lenders from a program trumpeted by the app-based ride service.
Uber launched a program in November 2013 to link prospective drivers who do not have a car with manufacturers and lenders, in the hopes it would boost the number of cars on the road for the app-based service.
The deal received widespread press attention at the time, and Uber said it hoped to finance 100,000 drivers.
Uber partnered with multiple lenders including Santander Consumer USA Holdings Inc ( SC.N ) and Exeter Finance, which is owned by private equity firm Blackstone Group LP ( BX.N ).
It could not be determined why Uber's deal with Santander ended.
"We are no longer working with Santander Consumer USA but continue to facilitate a variety of other vehicle financing options and auto manufacturer discounts for driver-partners," a spokesperson at Uber told Reuters on Wednesday.
Spokespeople at Santander and Exeter declined to comment.
Uber operates in 57 countries with an estimated value of more than billion. It had a total of about 162,000 active U.S. drivers in December 2014, according to the company.
Santander Consumer, which is 59 percent owned by Banco Santander, said in November it received more than 900,000 loan applications per month from a variety of sources, including auto manufacturers, online services and over 17,000 dealers.
Uber has not disclosed how many drivers received financing from the Santander program or other lenders that struck deals with the ride-sharing company.
Uber's relationship with Santander was active as recently as February, according to a Santander web site preserved on an Internet search archive. The site said drivers could sign up for Uber and then lease a new car for as little as per day. "At end of term, you can own the car for ," it said.
As of Thursday, the site apologized to visitors and said "this program is currently unavailable," before directing customers to Santander Consumer's main web page.
Santander has been the target of criticism for its subprime auto loan business. The company disclosed a civil subpoena from the U.S. Department of Justice and other regulatory agencies for documents related to underwriting and securitization of such loans.
It is not clear whether the investigations were related to Uber's decision.
(Reporting by Dan Levine; Editing by Amy Stevens and Andrew Hay)
Santander Reviews – Is Santander Safe? (Mortgage, Bank & Online UK Banking Reviews)
Overview: Santander Bank Reviews
There is a mixed bag of Santander reviews published on the web, which makes it difficult to actually answer the question, “Is Santander safe?” To respond to this query accurately, it is important to understand three important concepts:
- Santander UK is a stand-alone subsidiary
- Clients of Santander UK are protected under the FSCS
- After the 2011 drop in Moody’s ratings, Santander reviews and ratings have improved significantly
This Santander review article provides detailed information on these concepts. It also explores the bank’s history and current standing by summarizing other Santander reviews on each end of the spectrum – from Santander mortgage reviews to Santander loan reviews.
As with most large corporations, Santander UK is a collage of mergers, combinations, and re-branding. According to its website, the corporation began in 1849 as the National Freehold Land and Building Society. Various transitions took place, resulting in the formation of Abbey National plc, which was acquired by Banco Santander in 2004.
To better understand Santander bank reviews, it is essential to know that the UK branch is separate from the Spanish banking crisis. A little background on Santander UK and its parent company, the Spanish Santander Group (Barco Santander), dissolves some of this confusion.
Santander Group currently has operations across North America, Europe, Latin America, and Asia.
Although branded and wholly owned by Barco Santander, this branch was born and raised in the UK. It operates autonomously. This means that, in the event of another financial crisis, it would be virtually impossible for the Spanish bank to suck out massive funds from its UK branch.
This is not a simple answer. It is, however, pertinent to note that, after the Spanish banking crisis, Santander UK was rated as “more stable” than its parent company.
Don't Miss: High Yield Bank Accounts
More on the Spanish Banking Crisis
A deeper understanding of the Spanish banking crisis (also known as the Great Recession in Spain) sheds light on why investors have asked, “Is Santander safe?” Reuters cleverly compared Spain’s financial dilemma to a “hangover9rdquo; resulting from a decade-long building boom – which ended in 2008 – that left lenders with approximately 300 billion euros in loans to builders.
This amount was nearly 1/3 of the country’s gross domestic product.
Coupled with two recessions and a high unemployment rate, the possibility of defaulting on business loans and mortgage payments increased.
What is Santander’s relationship to the Spanish Banking Crisis? Santander UK’s parent company, Barco Santander, was founded in Spain and was affected by the Great Recession. It is important to note, however, that the Santander Group ploughed bravely through the Spanish crisis and emerged relatively unscathed.
Emilio Botín, who was the executive chairman of Barco Santander until his death in 2014, repeatedly stressed that Santander was not a Spanish bank. Santander is a strong, diversified company with market shares of 10% or more in 8 different countries, including the UK.
Euromoney.com even labelled Santander as the “most efficient large bank in the world” after its remarkable recovery from the banking crisis.
There was a panic during the Spanish financial crisis that drove many to Google “Is Santander safe?” out of concern for the money they’d invested in the UK branch. As in the aftermath of the Great Depression of the 1930s, people are still rebuilding their trust in banks – like Santander – after the effects of the Spanish banking crisis and the Great Recession as a whole.
FSCS Protection . . . You’ll Probably Never Need Us
In the unlikely event of a bank going bust, the Financial Services Compensation Scheme (FSCS) offers the following protection for Santander UK accounts:
In Martin Lewis’s (Moneysavingexpert.com) insightful Santander review, he explains that it is possible to diversify your banking to protect access to immediate funds in case of crisis. For example, some individuals may find it practical to keep only £75,000 or less in their Santander UK account so that they can withdraw those funds immediately during the FSCS 7-day period.
Despite years of bad customer service ratings, Santander UK has worked hard to improve its services . . . and it shows.
Many Santander reviews provide evidence that the bank is aware of these problems and that it has taken visible steps to improve customer service. In a Telegraph Money survey, readers were asked if Santander had improved in the last four years. 77% of 1,700 voters said, “Yes!9rdquo;
In 2012 specifically, Santander UK’s Moody’s ratings dropped dramatically. Since then, its ratings have improved substantially, and, on 13 April 2016, Moody’s upgraded Santander UK’s long-term deposit rating from A1 to Aa3.
On the Santander online UK banking website, Santander highlights the acquisition of “4.8 million 1|2|3 World customers, adding 131,000 new customers since the beginning of 2016” and firmly states, “Customer satisfaction remained strong with continued improvement at the heart of [their] plan.”
Good work, Santander.
Our Perspective: AdvisoryHQ’s Santander Reviews
In our own Santander bank reviews at AdvisoryHQ, we’ve given Santander accolades in the following areas: