Consumer complaint received 2024-09-05 00:00:00
Product: Debt collection — Auto debt
Issue: Communication tactics — Frequent or repeated calls
Company: SANTANDER HOLDINGS USA, INC.
State: TX

Complaint narrative:
On XX/XX/XXXX, I purchased a vehicle with XXXX and the loan was financed with Santander. Unfortunately XXXX months after purchasing the vehicle, someone crashed into the vehicle as I was driving, causing the insurance company to total the vehicle. Fast forward to XX/XX/XXXX, while in the process of purchasing another vehicle I was told by the finance department that Santander would be the lender. Since I purchased a vehicle XXXX  years prior with Santander, I didn't think much of it until I was told that the interest rate would be 13 %. At that time, 13 % was double the norm but I was told by the salesperson that to resolve this issue, to refinance in a few months and the interest rate will soon decrease, hence decreasing the monthly note. I did not realize at this time that I had just been exposed to a very risky loan with a high chance of default. 

Throughout the loan term, I struggled to maintain the payments and felt there would be no end to the constant cycle I was in due to the high interest rate. I received threatening phone calls stating that they were on the way to serve me at my job and was even spoken to in a way that would make anyone feel threatened. To make matters worse, when I tried refinancing with another bank, I was then notified that Santander does not allow customers to refinance their loan. Instead, the only option I had was to sell the vehicle in hopes of paying it off and obtaining a new vehicle. Well, this is when I uncovered that due to the usury interest rate, I never really paid down the principal, which caused the total amount owed to hover at around {$40000.00}! Of course, I would never be able to find a person that would ever purchase a XXXX XXXX at that price point. It left me in an impossible situation and I had no choice but to voluntarily repossess the vehicle so that I could extinguish the note and allow Santander to auction the vehicle. After voluntarily repoing the vehicle, I contacted Santander regarding the deficiency balance and wanted to ultimately do what I thought was the correct thing to do until I learned of Santander 's ways and how they ultimately defrauded millions of consumers including myself. It is time that they learn that this business practice does not only target a certain segment of the population but it preys on those who are already in a vulnerable state to begin with. 

I am now writing to CFPB because I have also been a target of Santander 's schemes- from the harassing phone calls to the inaccuracies on the credit report dated back to XXXX. This company has had numerous lawsuits due to FCRA violations, paid XXXXXXXX XXXX XXXX of dollars in restitutions, have had to forgive over {$500.00} XXXX in car loan debt, and enforcement orders issued by the Federal Reserve due to their unscrupulous business practices. As a result, unfortunately as a consumer, I have no trust in Santander and have enlisted CFPB 's assistance and guidance with reviewing this matter. 

The amount of dishonesty and the length that this company will go to purposely hurt consumers by negatively affecting credit reports with erroneous credit reporting, according to the consent order issued by CFPB, is unthinkable. This has affected me in ways I never thought were possible - living situation, jobs and establishing credit. I feel that I was steered into a loan with high loan-to-value ratios, significant backend fees and high payment-to-income ratios unfortunately as an uneducated consumer at the time. For the reasons noted above, I am requesting a deletion of this account due to the inaccurate information provided to the Credit Bureaus, violating the Fair Credit Reporting Act, and the harassment that was endured during this time as well.

Company response to consumer: Closed with non-monetary relief