Consumer complaint received 2017-02-22
Product: Consumer Loan — Vehicle loan
Issue: Managing the loan or lease — 
Company: Santander Consumer USA Holdings Inc. (GA)

XX/XX/XXXX I purchased a vehicle that was financed with Santander. I admit I 'd never heard of this company before, all I knew is that I needed a vehicle & they were willing to finance me. I also admit to having some difficulties with making payments, which I make no excuses for, as I realize I 'm financially obligated to this contract, regardless of what 's going on in my life. I 've also taken advantage of the deferment options Santander has available. As of today, my account is current & set up on autopay. 

My issue is in regards to the the company itself & how they apply payments & the collection of fees. There is a {$10.00} processing fee for you to make a payment. The only way to avoid paying this fee is to enroll in auto pay or mail in your payment every month. I 'm aware most companies charge a convenience fee for paying your bill, but never as much as {$10.00}. I am aware that Santander is the subject of a class action lawsuit where this as well a other issues are being challenged. I guess I 'll await the outcome of that. 

My account balance was {$13000.00} after I made my first payment in XX/XX/XXXX. Today my current balance is {$13000.00}, with a payoff quote of {$13000.00}. Coincidentally I have a retail extension loan dated XX/XX/XXXX where the outstanding balance is EXACTLY {$13000.00}. How is it I 've made payments on this account every month since then, but I still have the EXACT same loan balance. I 've calculated what I 've paid Santander since the inception of this loan ... .roughly {$12000.00} in interest payments but ONLY {$320.00} in principal payments!!!!! They want another {$13000.00} in payments on a car that 's only worth, at most, {$3800.00}. As you can see, they have gotten their monies worth out of me. Today I was told that I 'm paying $ XXXX/day in interest, as this is a simple interest loan. So that would mean that {$280.00} of the {$380.00} monthly care note that I pay, is going towards interest. No wonder I ca n't get this vehicle paid off, I 'm paying virtually NOTHING in principal payments. 

I have tried trading in the vehicle, what I would get towards a trade-in value is dismal and I would still be stuck with paying another $ XXXX in order for Santander to release the title. I ca n't refinance the loan due to the age & mileage of the vehicle. I 've actually had XXXX dealerships laugh at me & tell me " Good Luck '' when they found out who my finance company is. That was about as embarrassing as it gets. 

Once again, I realize that I 'm financially obligated for paying for this car. Honestly, I would be ok with giving the car back to Santander and calling it a wash. I would even be willing to pay the vehicle off, at a price that 's more in line with the value of the vehicle ... .taken that I 've already paid for the vehicle almost 4 times over. But what I ca n't imagine is paying another {$13000.00} on this car over the next 3 years!!!! 

I also want others to read this review & steer clear of Santander at ALL costs!!!! Unless you have absolutely no other choice, DO NOT take out a loan with this company. And if you do, please go a XXXX search & read all of the reviews so that you know what you ; re getting yourself involved in. This is subprime lending at its best. No one should be taken advantage of the way Santander takes advantage of persons with less than perfect credit. I 'm in a much better position than I was 3-1/2 years when I purchased this car. 

I will give credit where credit is due. I was contacted by XXXX with the Executive Complaint Office, and she waived some late fees that were the source of confusion when I attempted to bring my account current in XX/XX/XXXX. However ; she advised me that there is nothing else that can be done to assist me. So today I requested a copy of my loan agreement with Santander & am in the process of researching usury laws in the State of Georgia.