Consumer complaint received 2019-03-01
Company: Santander Consumer USA Holdings Inc.
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
I financed a XXXX XXXX XXXX from XXXX through XXXXr XXXX XXXX in XXXX of XXXX with {$3600.00} down and a rate of 26 %. A salesman named XXXX XXXX from XXXX informed me that nothing was wrong with the vehicle when I test drove it. He was not honest with me as months later I later discovered that the vehicle instrument cluster was defective. 
The vehicle was transferred down to Miami and a salesman named XXXX XXXX collected my down payment and again assured me that the vehicle had no problems or issues. The XXXX report he provided me did not show the instrument cluster repair. I decided to purchase the car. 

In XXXX of XXXX, I was a victim of financial fraud of {$1000.00} by a lady named XXXX XXXX from PA XXXX case XXXX, XXXX PA XXXX and couldn't afford to make payment then. I informed Santander of this. I made XXXX more payment in late XXXX and in XXXX, Santander gave me a XXXX month extension due to financial hardship and a loss of a family member. In XXXX, I also cancelled the XXXX warranty of {$2800.00} and was refunded this amount by XXXX back to Santander. Since then, I have not made any payments because I discovered that the vehicle instrument cluster was replaced 5 years ago. I complained about this to both XXXX and Santander and neither business tried to resolve the issue. I was also struggling to get permanent employment and I was concerned about the high interest rate of 26 %. I asked for Santander to lower the rate and my request was denied. Without an explanation of the 26 % rate, Santander has forced me to accept that the rate is reasonable for my credit and income level. 
In addition : - Santander never justified the reason for my 26 % rate, the highest in the country - Santander never applied ANY portion of any of my payments ( {$4500.00} total ) towards interest or principal. 
- Santander varied the final payout balance numerous times from {$17000.00} to {$19000.00} to {$16000.00} to {$18000.00} in only a 7 month period. 
- Santander never showed on my account page how much interest is being accrued daily, weekly, or monthly and how much has been paid. 
- Neither Santander nor XXXX offered to replace my car with its defective instrument cluster for a different vehicle. 
- Numerous complaints filed against XXXX by me regarding the defective instrument cluster were ignored by the BBB. 
- I posted a complaint on XXXX against XXXX regarding the replaced instrument cluster and the complaint was removed by XXXX in XXXX. 

Santander promised me that they'll give me until Friday, XX/XX/XXXX to make a payment and they will not repo the vehicle. I told them that I will make payment that day because that's when I'll receive my first paycheck from my new job. Santander agreed and gave me the extension. 

On Saturday, XX/XX/XXXX, my vehicle was picked up from a parking lot while I was siting inside a XXXX. Santander completely disregarded our prior agreement and repossessed the vehicle, leaving me stranded in XXXX, Fl, more than XXXX miles from my home without a way for me to get back to work. After calling the police on XX/XX/XXXX who notified me that the vehicle was indeed a repo, I was stuck at the XXXX after hours sitting at a table outside with my wallet and other personal property inside the car. I did not know anyone in the area and I had to walk to a nearby XXXX to spend the night there. I called Santander again on Monday, XXXX XXXX requesting to return the vehicle to me due to the fact they violated our agreement and the refused, instead demanding I cough up {$2700.00}.

Company response to consumer: Closed with explanation