Consumer complaint received 2019-05-21
Product: Credit reporting, credit repair services, or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: Santander Consumer USA Holdings Inc. (AL)

Complaint:
In XX/XX/XXXX, I purchased a XXXX XXXX XXXX XXXX XXXX XXXX XXXX. The highest loan balance through Santander the day I signed this loan agreement was {$11000.00}. I noticed after my first payment that nothing in my payment was going towards my principle. I requested a pay-off letter just to check my balance at pay off versus my loan origination amount and my first payment. The pay off letter sent to me in XX/XX/XXXX was for {$12000.00}. This was a difference of {$590.00} increase within 6 weeks of purchase AFTER a {$400.00} payment that was not credited to the account for 2 months. I called Santander in XXXX of XXXX after seeing these figures. I was told my payment of {$400.00} would not be added until XXXX of XXXX because this " type of loan '' did not require payments for the first 90 days. I then inquired about the fees and how the loan was growing in amount owed, but no payment was required. I was told that interest would accrue daily and that I could pay the interest off up front to avoid this in the future. I left that phone call more confused than ever. Once my payment was finally credited in XXXX of XXXX I received a statement that showed late charges had been added in XXXX and XXXX of that year. AFTER I was told no payment due for the first 90 days and they were " holding '' my {$400.00} payment to be applied at the 90 day mark. 
I reached out to Santander again and was told some story about how every lender is " required to show late fees '' but " they don't really go on the back end of the loan ''. 
At this point I was ready to give the car back and get out of this scam I had been led into. It was too late to trade back with the dealership and Santander would not work with me at all. 
I was stuck in this. I paid my payments and saved up a down payment for a new car and kept my head down. 
XX/XX/XXXX. I was ready to get out of this horrible loan Santander sucked me into. I tried to trade in the car, but was told the payoff was {$11.00}, XXXX and no dealership would touch it at that negative equity. 
Called Santander to inquire about this ridiculous payoff. I had paid over {$5000.00} in payments and there was no possible way the payoff had only come down {$720.00} in 20 months. 
Santander told me via phone in XX/XX/XXXX that this was the payoff and that I had been making interest only payments each month. I literally lost my mind! I had made the payments required of me and not a single soul had ever told me that this was " interest only '' payments. I paid over {$5000.00} towards this car and got nothing in return! I gave up fighting and asked them to take the car back because I could not afford to own that loan any longer. I was losing money period. 
Santander arranged for me to turn my car in to them and told me via phone XX/XX/XXXX they would sell it and I would be notified of the date, time, place of the sale in writing and have options related to this sale mailed to me. 
XX/XX/XXXX rolls around. I receive a statement in the mail from Santander showing I owe them over {$8000.00}. I call to find out what is going on now. I am told my car was sold in XX/XX/XXXX and this statement is for the payoff. Sold? I was really confused ( again XXXX. I told them I never received the information in the mail I was supposed to and didn't know anything about a " sale ''. I was told that was my balance and it would be sold to collections if not paid in 30 days and then hung up on. 
I sent a written request ( the first of many ) to Santander stating I had never been notified of the sale as legally afforded to me as a right by the FTC, that the balance was incorrect as this XXXX vehicle was worth well over {$6500.00} and sold for only {$4300.00} and that is not commercially reasonable, I requested written documentation of the sale and condition of the vehicle at time of sale as I had taken pictures inside and out, I requested the original loan documents showing where I agreed to interest only payments, I requested an account history from time of loan until present. 

I have sent multiple written requests over the past year. I have disputed with the credit bureaus on this as well and received no response other than " creditor validated information they are reporting is correct ''. I now am showing I have a " charge off '' from Santander on my credit report of over {$8000.00} and never received any requested validation or verification related to this debt as requested for over a year via phone and mail. 

Santander has broken many laws in relation to my claim. Did not properly disclose the terms of the loan to consumer, did not apply payments to account in timely manner, charged late fees without proper disclosure to consumer, did not notify consumer of payment options and how payments were applied to loan, did not notify consumer of sale of vehicle per state and federal law, has not provided consumer with requested documentation for validation/verification of all information being reported after repeated attempts to obtain. 

XXXX, XXXX  and XXXX have not investigated this claim properly after repeated attempts to show them payments made, all claims above, and evidence submitted. Even requested method of verification and full disclosure of how this was verified with them and have not received valid response. 

This continues to ruin my chances of getting any type of financing and Santander has broken law after law in relation to the way they conduct business and especially service auto loans. Consumer disclosure and document requests are ignored and consumer rights under FCRA, FDCPA, and all other aspects of business legalities are done in shady manner.

Company response to consumer: Closed with explanation