Consumer complaint received 2023-08-31
Company: SANTANDER HOLDINGS USA, INC.
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem with paying off the loan

Complaint:
XX/XX/XXXX I purchased a vehicle from a dealership after the dealership was able to secure a auto financing agreement on my behalf from Santander Consumer USA for a principal of {$48000.00} at a XXXX XXXX interest rate ( simple interest ). First payment, not due until XX/XX/XXXX. On XX/XX/XXXX I requested a payoff amount for the account via their web portal and received the payoff quote that was valid through XX/XX/XXXX. On XX/XX/XXXX I attempted to make a payment via their website as instructed on the paper statement, and mutiple emails I had received from them, only to find out their website limits you to paying {$2900.00}. Obviously it would take ALOT of payments to process my total loan amount! Not wanting to do that, and also not knowing how many payments I could make in that manner, I called in on their XXXX, that once again was on the paper statement, email, and websites as a payment option. After calling in the first representative told me that I could make XXXX payments of {$2900.00} a day until my loan was paid in full. Only having 4 days until my payoff quote was no longer valid, {$5900.00} a day, would not satisfy my loan in enough time. In the meantime my wife contacted our bank ( XXXX XXXX XXXXXXXX ) to attempt to set up a " bill pay '' to satisfy this account, and after mutiple agents attempted, it was discovered the financial institution would only accept a {$10000.00} maximum payment as a " bill pay ''. Once again, not enough time to satisfy the payoff amount in the days I had remaining on the quote. At that point I called back into Santander and immediately asked for a supervisor to ask for a extension of my payoff quote due to their system not willing to accept my payment and needing to break it apart over mutiple days. I was told, they couldn't extend my quote, but as a supervisor she would be able to accept XXXX payments of {$12000.00}. And suggested if I did that, I could call in again on Monday XX/XX/XXXX and make a third XXXX payment which would leave a balance under {$12000.00} to which I could pay off the loan. Come Monday XX/XX/XXXX, I call in to make my XXXX and XXXX payment to be told after the processing of a {$12000.00}, that they could NOT process a XXXX and final payment that day do to internal policy that a payoff can not be processed the same day a maximum payment was made. After some argument, I agreed to receive a call the next day from the " executive '' team of the institution and the person I spoke with also offered to notate the account that because I had attempted to payoff the loan the previous day, that the {$7.00} in daily interest would be credited to my account. XX/XX/XXXX I received the call as promised to be told their policy is to only accept " large payoff '' amounts via certified funds. When asked when and where this information is disclosed, I was told if I asked, I would have been told, and their policy is policy and there is nothing anyone can do about it. When I asked about the credit I was promised due to their policy of not accepting my payment to previous day to compensate me for the additional day of interest I was being forced to pay, I was told, she didn't care what I was told, I would not receive any type of interest refund because it was a simple interest loan, and that is charged daily. I was told she would review the recorded conversation and address any issues with the management team, but anything that person had told me, wasn't " her problem '' because he didn't speak on her behalf. I was repeatedly told the only way they would accept a payoff payment was via certified paper funds through standard mail, or via moneygram, XXXX XXXX, or mutiple other cash wire facilities. But they do not accept bank wire transfers. I once again asked where this was disclosed, she told me all I had to do was ask. Out of pure frustration and the fact I was at work, which in a building that I am not permitted to use my phone due to security issues and possibly " leaking '' sensitive information I hung up the phone. After work, I went on their website and proceeded to make XXXX payments of the allowed maximum and then went to my bank and made the final payment via my bill pay. As of XX/XX/XXXX my account should be satisfied and with my calculations actually be overpaid by {$55.00}. I have now made a total of XXXX payments over the course of 5 days to jump through the hoops because of their undisclosed policy that all I had to do was ask for! Of which cost me a extra {$20.00} interest charges as well over XXXX hours of phone calls. I have also spent XXXX hours scouring through their websites, their faq 's, and my printed paperwork in a attempt to find the payoff " policy '' and I have not seen a single mention of anything in regards to payoff other then a address to mail payment to, and how to obtain a payoff quote. I feel this is a extremely deceptive practice aimed at extorting every penny possible from the consumer and if they have such heavy restrictions on early payoff, it should be 100 % disclosed from the beginning!

Company response to consumer: Closed with explanation