Consumer complaint received 2018-10-13
Company: Santander Consumer USA Holdings Inc.
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
Hello XXXX XXXX, My name is XXXX XXXX, I am writing in regards to an inquiry that mailed and emailed over 41 days ago, about my XXXX XXXX XXXX. I finally received a call on XX/XX/XXXX back on the case that I sent previously, by an XXXX XXXX from your Escalations team? Although he was very professional, he was not knowledgeable enough to address my concerns, which led to a follow-up call by a XXXX XXXX, who said he was XXXX 's manager and the highest level of Escalation that consumer can speak with. XXXX tried the best that he could with no Financial degree or not being Certified in Finance in any way to Explain the Section A of my contract and how it relates to my interest rate on my loan with your company. I am asking that someone listen to the call and please in writing explain the answers I received from your staff. I will list my questions and the Answers I was given and hopefully, without any further embarrassment or criticism, or derogatory comments from your team, we can get these questions answered and my concerns addressed. 

I am asking 1. Why is my monthly payment different from the XXXX per month on my contract? 
2. What is Daily perdium? I was told on my vehicle it accrued from the day XXXX signed this contract on XX/XX/XXXX at a rate of XXXX cents per day and had penalties and late fees since I had not made a payment until XX/XX/XXXX. ( I thought we had a 45 day grace period when we purchased a new car to make 1st payment, and the dealer told me that was my 1st due date? 
What is Daily perdium? and how doe that apply to me and my loan? 
at XXXX per day and me being obligated to pay for 365 days per year, that's {$3200.00} per year in Finance and interest charges, which they say that's what daily perdium in line item A on back of contract refers too? 
3. How do I have a daily perdium and a monthly payment of XXXX? 
4. My interest rate on my contract is 21.11 %, I inquired about the almost 272 % in interest assessed in XX/XX/XXXX from XX/XX/XXXX to XX/XX/XXXX and it's taken 43 days and no answer. Yes, 272 % if you look at transaction history and where the $ $ $ I paid was allocated in XX/XX/XXXX, I paid mostly all interest. 
5. I thought my Annual percentage rate was 21.04 % x the amount of principal due? 
6. Do I ever pay more than 21.11 % per year in interest for this loan? 
7. Since you asked me to pay {$380.00} even for my loan since my " APR '' went down to 21.04, it seems I am paying late fees for not paying a correct amount per month why? 
8. Is there a branch that I can go into to have this explained in writing? 
9. Truth in lending disclosure requires you to tell me at any time the info and numbers at any time for this loan/debt, I have asked over 25 times for this info in writing. If my loan has changed at all you are required to notify me and send me those changes in writing and a modified agreement correct? 
10. Your staff told me they do not have to disclose anything, will not send me anything, and its all in section A on back of my contract?? Please explain? 
Do you not like XXXX XXXX or is there some other reason every borrower you have can have info on their loan disclosed but not XXXX XXXX? 
11. Please listen to calls on XX/XX/XXXX and XX/XX/XXXX to XXXX XXXX and his follow up call by XXXX XXXX XXXX who both seemed more concerned about my loan being in 79 days late status than ever attempting to resolve my " ticket '' or answer any of my questions. 

For you highest of escalations to tell me that they will not and do not have to show me my rate on any day or what my payments have been applied to is racist and very discriminatory, I don't know who or what I a suppose to look or sound like to have these things disclosed, but I does not say on my contract that I need to be anything other than XXXX XXXX. If so please let me know so I can do so immediately, if not please send me answers to XXXX or my physical address XXXX XXXX XXXX XXXX  XXXX, XXXX CA XXXX. I understand the urgency in my account status so please do not take another 43 days to respond. 

Thank you,

Company response to consumer: Closed with explanation