Consumer complaint received 2026-03-09 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Denied request to lower payments
Company: SANTANDER HOLDINGS USA, INC.
State: TX

Complaint narrative:
I am filing this complaint against Santander Consumer USA and XXXX XXXX XXXX regarding what I believe was an unfair and predatory auto loan. I am the primary borrower on this loan. I have very limited experience with financial contracts. I was raised in a tribal area of XXXX and moved to the United States as a teenager. Because of my upbringing, I did not receive formal education in math, finance, or lending. This document has been prepared through the help of a family friend. When I purchased this vehicle, I did not fully understand the loan terms or how much the loan would cost over time. I was pressured to sign the paperwork quickly at the dealership. My co-buyer at the time, who was my boyfriend, also pressured me to sign. He urged me not to ask questions, promising it was all normal and OK. XXXX XXXX XXXX XXXX : XXXX Mileage : XXXX Amount financed : {$23000.00} Interest rate : 20.50 % APR Monthly payment : {$570.00} Loan length : XXXX months Total of payments : {$41000.00} Current payoff balance : {$21000.00} This means I will pay more than {$41000.00} for a car that was worth about {$12000.00} {$15000.00} at the time of purchase. The dealership charged {$26000.00} for the vehicle and additional products. These products were added to the loan : XXXX XXXX ( paint protection ) : {$1200.00} Key Replacement Plan : {$710.00} XXXX Maintenance Plan : {$240.00} I do not remember clearly agreeing to these products, and I do not believe they were explained to me as optional. Because they were added to the loan, I am paying 20.5 % interest on them for XXXX years, which greatly increased the total cost. This purchase also involved a trade-in vehicle : XXXX XXXX XXXX XXXX payoff on that vehicle was {$22000.00}, but the dealership only gave {$18000.00} for the trade-in. This created {$4700.00} in negative equity, which was added to the new loan balance. I do not believe it was clearly explained to me that this would increase the new loan and put me immediately in a position where I owed far more than the car was worth. The vehicle was later repossessed after my co-buyer stopped making payments in XX/XX/XXXX. The co-buyer, XXXX XXXX XXXX, had promised that he would make the payments and pay off the loan. That promise was a major reason I agreed to sign the loan. When he stopped paying, I tried to continue paying the loan myself, but the payments were too high. The vehicle was repossessed and I had to pay {$2000.00} out of pocket to recover the vehicle, which created serious financial hardship. Several things about this loan concern me : The very high interest rate ( 20.50 % ) The price of the car being far higher than its market value Add-on products included in the loan that I did not clearly request Negative equity added into the loan balance A total repayment of over {$41000.00} for a car worth about {$12000.00} {$15000.00} Because of my limited financial knowledge and the pressure I felt during the sale, I believe the loan was unfair and took advantage of my situation. Thank you.

Company response to consumer: Closed with explanation