Consumer complaint received 2024-11-22 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — High-pressure sales tactics
Company: SANTANDER HOLDINGS USA, INC.
State: MD

Complaint narrative:
I went to the dealership in a very tough situation that required the necessity for 100 % financing. The finance person XXXX XXXX stated that because I needed 100 % financing my interest rate would be high. She further stated that no bank would approve me for a car with high miles because that was my initial request. She stated that they wanted me to be in an equity position, which I understood. I asked for the bottom line price and she stated that with a XXXX credit score, the payment would be XXXX including Gap. After I protested she explained that the interest rate was higher because of the 100 % and that overall with inflation interest rates are just high and that it is what it is. I asked if she tried XXXX XXXX which is my bank, she indicated that she did but they declined. She added that Credit Unions do not do 100 % financing for car loans. I didn't think anything of it because I know that XXXX XXXX  doesn't do 100 % on mortgages so I thought it was the same for car loans. I told her I wasn't comfortable. She told me to pay the loan for 6 months on time and I could return to refinance for something new or I can keep the car. Thinking that this was my only option I agreed. I told her that I didn't need registration and tags cause I was going to transfer them. She said I couldn't leave the lot unless I had those tags with me so I had to get it ( which was a lie ). I advised her that if I found out anything different I would return the car the next day. 

The next morning I found that my bank XXXX XXXX did not receive an inquiry which was later evidenced from the inquiry list on my credit report. I then went to my other credit Union ( XXXX XXXX XXXX XXXX XXXX ) and they not only thought the interest rate of 23.66 % was extremely high they informed me that they indeed do 100 % financing. The bank agreed to finance the loan and advised me to call the dealership to see if they would cancel the loan and let them finance it since it was done after banking hours and it hadn't been 24 hours. The bank also asked for the original purchase order. I called, the salesman who said to return the car and he would get a new purchase order for my bank. I returned to the dealership at approximately XXXX, and XXXX XXXX said it was too late that the bank had already processed the loan. I asked her how as it hadn't been 24 hours yet and the papers were signed after XXXX? She said because it was signed electronically it was final ; this was XX/XX/XXXX. 

XX/XX/XXXX @ XXXX I called the bank that the dealer processed ( Santander ), and they hadn't processed nor received my paperwork for the loan as they had no record of my SS #.. 

I then filed a complaint with he Attorney General 's Office and XXXX. I told both that the only resolution for me was to either cancel the loan and take the car back or cancel the loan and let me purchase it through my bank. I called the XXXX and advised him of what occurred with XXXX XXXX. I told him that I attempted to return the car and he said that it was too late and that the loan was processed. I then asked him to provide my bank with the original purchase order. He refused. He told me that they do not give that. He stated that my paperwork would suffice. I reiterated that they needed the original and that I wanted the window sticker. In the end, I gave the bank this number to explain exactly what they needed. The Bank Manager, XXXX XXXX called to advise that the XXXX was very rude and almost combative with their request. He did not provide the paperwork until XXXX called them. 

When I spoke to the XXXX I advised them that the loan was not processed. He said no We have already received the XXXX payment. I then spoke to my salesman immediately after and he advice that no check was received, this was XX/XX/year> @ XXXX They preyed on my situation and pushed for a loan painting it as my only option because of my circumstances. They further lied to me to make sure the paperwork was processed by Santander, preventing my bank from financing the loan at a significantly lower rate. The bank pulled my credit, and the score was XXXX points higher than with the dealership, and they have approved 7 % interest. 

I also have requested confirmation of the offers and or denials from the other Leanders who were contacted on my behalf. 

My ask is simple : stop this practice, cancel my loan with Santander and the GAP as it was signed under false pretenses, and allow XXXX to finance the car @ 7 %. 

I can be reached at XXXX any time.

Company response to consumer: Closed with explanation