Consumer complaint received 2020-11-23
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Santander Consumer USA Holdings Inc. (FL)

I am writing this under the provisions of the Consumer Protection Financial Bureau. I am writing this letter to serve as a formal complaint and to request relief from my Santander Consumer account. This letter also serves as this auto lender is being challenged as to recent legal proceedings where Santander Consumer was found negligent of violating the Truth in Lending Act and the Consumer Financial Protection Act. I have been a consumer for Santander Consumer for the past four years where there have been troubling patterns in high levels of debt, deceptive practices, record delinquency and abusive implementations. Santander Consumer has been engaging in predatory practices and cutting back on safeguards that were implemented to protect consumers. 
I am being victimized, targeted and taken advantage of considering I was a subprime consumer at the time. I did not meet the credit requirements and income requirements to be able to get approved for any auto loan, however, I was approved. The incentive structure between Santander Consumer and the dealer XXXX XXXX XXXX XXXX XXXX in indirect financing resulted in financial hardship in my life, an outstanding auto loan debt and a predicament nobody should be put in. Santander Consumer intentionally approved me for this loan with high interest and deceptive add-on fees because of the arrangements that were made with XXXX XXXX XXXX. 
The following acts occurred : 1. I currently have a 19.6 % interest of the vehicle which makes it impossible to pay down the loan. Over the past four years I have paid {$22000.00}. I financed the vehicle for {$21000.00} and have a current balance of {$14000.00}.

2. It is my belief that my employment was never verified for the loan amount and that information in my application may have been falsified or negligently unevaluated, in order to qualify me for a loan I am expected to default upon. It is my belief XXXX XXXX XXXX inflated my income on the loan application which resulted being approved for a loan I can not afford. Furthermore, fees are being added to my account daily, increasing the probability that a default will occur, ruining my credit and placing an unfair financial burden on me for years to come. 
3. Santander failed to disclose that the loan obtained had an interest rate that is above the legal limit of interest where I reside.

4. I have defaulted on my loan multiple times due to the continuous amount of fees being added onto the loan. 
5. I have been harassed over debt collection and payment options. Santander Consumer would call me multiple times throughout the day demanding for a payment.

6. The loan terms have changed after the initial contract. 
I believe these acts are declared unlawful in the Truth in Lending Act and the Consumer Financial Protection Act which declares unfair methods of competition and deceptive practices in the conduct of any trade or commerce unlawful. I have suffered a loss of money and credit due to this loan. 
Based on the multistage investigation regarding Santander Consumers violation of consumer protection laws and exposing subprime borrows to situations as stated above, the letter serves as my request for relief. Despite these concerns, Santander Consumer has no taken no action and no care to fix the situation. I have informed Santander Consumer multiple times to please look into my account because of my eligibility for the settlement, however, they showed no care to assist me.