Consumer complaint received 2025-06-23 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Account reinstatement or redemption after repossession
Company: SANTANDER HOLDINGS USA, INC.
State: NY

Complaint narrative:
Since filing, I received a letter from Santander that only deepens my concern and confirms that multiple laws may have been violated in the handling of my auto loan. 

Santander is now claiming they voluntarily lowered my APR from 17 % to 14 % in XXXX to comply with New York State interest limits. However, this directly contradicts their repeated claims that they have no control over the APR and that I should speak with the dealership. If that were true, why would they now claim they did lower the rate? 

Even more disturbing, they provided no legitimate evidence that this alleged APR change was ever communicated to me. I never received a letter in XXXX, and the updated contract they just mailed still shows a 17 % APR not 14 %. If the rate was legally changed, why hasnt it been reflected in writing? Why was there no updated Truth in Lending disclosure?

This contradiction is not just misleading its potentially unlawful.

As my representative has helped me identify, Santanders conduct may constitute the following violations : FEDERAL VIOLATIONS : Truth in Lending Act ( TILA ), 15 U.S.C. 1601 et seq.

Failure to properly disclose APR changes. 
Providing an inaccurate or outdated TILA disclosure. 
Misrepresenting the terms of credit in writing and on calls. 
Fair Debt Collection Practices Act ( FDCPA ), 15 U.S.C. 1692d & 1692e Use of threats and intimidation, including verbal threats to sell the vehicle faster due to complaint activity.

Misleading statements about their authority over the APR and blame-shifting to the dealership.

STATE VIOLATIONS ( NEW YORK ) : N.Y. Gen. Bus. Law 349 Deceptive business practices.

N.Y. Penal Law 190.65 Scheme to defraud in the first or second degree.

N.Y. Banking Law 340 et seq. Usury and illegal finance rates above the legal limit without proper consent or notification.

N.Y. Personal Property Law 302 et seq. Failure to meet contract modification and notice standards. 

On top of that, Santander also violated basic consumer protections by : Selling me a car in a damaged condition ( requiring {$17000.00} in repairs out of my own pocket ). 
Providing no remedy or negotiation once that defect was discovered. 
Using complaint activity as a reason to threaten me with faster vehicle auction both in writing and over the phone. 

They even admitted they received the CFPB complaint but gave no proper response. Meanwhile, a separate complaint I filed on XX/XX/XXXX remains unaddressed, even though theyve had time to call me and send letters threatening to sell the vehicle regardless of my concerns. 

Santanders actions are retaliatory, deceptive, and clearly inconsistent with federal and state consumer finance laws. I am requesting a full investigation into this matter, and for the Bureau to take immediate action to prevent the unlawful auction of my vehicle and hold Santander accountable for these violations.

They are also claiming in letter that they gave me a deal to get the vehicle back and reinstate which they did but it was for me to pay them {$27000.00} in one shot

Company response to consumer: Closed with explanation