Consumer complaint received 2025-12-31 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: SANTANDER HOLDINGS USA, INC.
State: IN

Complaint narrative:
Filed : XX/XX/XXXX ACCOUNT INFORMATION Company Complained About : Santander Consumer USA Account Number : XXXX ( ending in XXXX ) Original Creditor : XXXX XXXX XXXX Order Number : XXXX VIN : XXXX Vehicle : XXXX XXXX Model XXXX Purchase Date : XX/XX/XXXX Consumer : XXXX XXXX XXXX Co-Signer : XXXX XXXX XXXX ( XXXX XXXX XXXX ) COMPLAINT NARRATIVE Summary of Dispute I was charged 7.79 % XXXX ( later reduced to 7.41 % ) on my XXXX XXXX loan instead of the 0 % XXXX promotional rate I qualified for. XXXX 's own promotion required " excellent credit '' and my co-signer, XXXX XXXX XXXX, has a XXXX XXXX exceeding XXXX. Despite meeting all qualification requirements, XXXX XXXX processed my loan at the wrong rate and sold it to Santander Consumer USA. Santander continues to collect payments based on this fraudulent interest rate. 
The Facts Promotional Rate Qualification : XXXX advertised 0 % XXXX financing on Model XXXX vehicles for buyers with " excellent credit '' who took delivery by XX/XX/XXXX. My co-signer XXXX XXXX XXXX has a XXXX XXXX exceeding XXXX, which qualifies as excellent by any standard. 
Co-Signer Never Evaluated : XXXX 's Risk-Based Pricing Notice dated XX/XX/XXXX references ONLY my individual XXXX XXXX ( XXXX ) and completely omits my co-signer 's excellent credit. This proves XXXX never properly evaluated my co-signer 's credit despite adding him specifically to qualify for the promotional rate. 
CRITICAL NEW EVIDENCE - Santander Admits Rate Was Wrong : On XX/XX/XXXX- just days after loan origination - Santander sent me a letter stating they found " an opportunity to reduce your XXXX '' during their " retail installment contract review. '' They reduced my rate from 7.79 % to 7.41 %. This is an admission that the original rate was incorrect, yet they still did not apply the 0 % promotional rate I qualified for. 
XXXX XXXX Confusion : XXXX XXXX 's sales representative, I brought a {$4000.00} certified check to closing as the required down payment to qualify for the promotional rate. XXXX inexplicably mailed this check back to me approximately XXXX month later, demonstrating internal confusion about the loan terms. 
Missing Referral Incentive : My original order explicitly states : " This order was placed using a referral link. Referral incentive of {$2500.00} for cash or financing. '' The final contract shows only a " Sales Incentive '' of {$2700.00} total. The {$2500.00} referral bonus appears to be missing or improperly consolidated. 
Active Collection Despite Dispute : Despite my ongoing dispute, Santander has issued a Right to Cure Default notice dated XX/XX/XXXX, threatening repossession by XX/XX/XXXX. They are collecting on a loan with fraudulent terms while refusing to address the underlying origination errors. 
Timeline of Events XX/XX/XXXX : Placed XXXX order with referral link ( {$2500.00} incentive promised ) XX/XX/XXXX : XXXX 's 0 % XXXX promotion begins XX/XX/XXXX : Risk-Based Pricing Notice issued - shows only my XXXX XXXX, omits XXXX XX/XX/XXXX : Required to select inventory model to qualify for promotion Days before delivery : Co-signer XXXX XXXX XXXX XXXX XXXX credit ) added XX/XX/XXXX : Took delivery, brought {$4000.00} certified check as instructed, signed contract showing 7.79 % XXXX XX/XX/XXXX : Santander sends letter XXXX XXXX to 7.41 % ( admission rate was wrong ) XXXX XXXX : XXXX returns my {$4000.00} XXXX payment check XX/XX/XXXX : Sent formal dispute to XXXX XXXX - no response XX/XX/XXXX : Santander issues Right to Cure Default notice Financial Damages Excess Finance Charges : {$9800.00} ( per Santander 's XX/XX/XXXX letter XXXX vs. {$0.00} at promotional rate Monthly Overpayment : ~ $ XXXX ( {$960.00} actual vs. ~ {$800.00} estimated at 0 % ) Missing Referral Incentive : {$2500.00} Total Estimated Damages : $ XXXX Resolution Requested Adjustment of loan to 0 % XXXX as originally qualified Refund of all excess interest paid to date Recalculation of payment schedule at 0 % XXXX Application of {$2500.00} referral incentive Removal of any negative credit reporting related to this dispute Immediate stay on collection/repossession during CFPB XXXX Supporting Documentation Available XXXX 0 % XXXX XXXX XXXX ( XX/XX/XXXX ) XXXX Pricing Notice dated XX/XX/XXXX ( shows only individual XXXX XXXX ) Retail Installment Sales Contract dated XX/XX/XXXX Santander XXXX Reduction Letter dated XX/XX/XXXX ( admits rate was wrong ) Right to Cure Default Notice dated XX/XX/XXXX Original XXXX Order Agreement XXXX XXXX XXXX Indiana Title Application showing both buyers and Santander as lienholder Legal Basis XXXX the FTC Holder Rule ( XXXX XXXX XXXX ), Santander as holder XXXX this consumer credit contract is " subject to XXXX claims and defenses which the debtor could assert against the seller. '' XXXX XXXX originated this loan with fraudulent terms by failing to properly evaluate my co-signer 's credit and apply the promotional rate. Santander 's own XX/XX/XXXX letter proves they identified problems with the original rate but failed to correct it to the 0 % promotional rate I qualified for. This constitutes violations of the Truth in Lending Act and deceptive trade practices.

Company response to consumer: Closed with explanation