Consumer complaint received 2025-05-07 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: LA

Complaint narrative:
I am filing a complaint against Santander Consumer USA regarding an auto loan I took out approximately four years ago. Despite making consistent payments during this period, nearly all of my payments have gone toward interest only. As of today, I still owe approximately {$22000.00} on a vehicle that originally cost {$29000.00}, but was financed for $ XXXX excessive and inflated amount. 

I have recently discovered that the structure of my loan, interest rate, and financing terms are grossly disproportionate and potentially predatory. I have paid tens of thousands of dollars and barely reduced my principal. I have actually paid XXXX over the past four years and my balance remains {$22000.00} left to be paid. I was unaware at the time of signing that I would be placed into a loan with such harmful terms. 

Furthermore, I have attempted to work in good faith with Santander by requesting a goodwill deletion for a few missed payments due to financial hardship and unemployment. Despite making significant payments since then, they flatly denied my request, stating that its not in their policydespite their history of legal settlements regarding unfair and abusive lending practices. 

I am requesting the CFPB to : Investigate the original loan terms and how the {$51000.00} balance was calculated Review the excessive interest repayment structure Advocate for the removal of negative payment history from my credit reports Require Santander to provide a full accounting of principal vs. interest paid I am struggling to recover financially from this loan and now realize the severity of the imbalance in what I was sold and what Ive paid for. This feels like a continuation of the abusive lending behaviors Santander has been cited for previously.

I signed this auto loan agreement with Santander in XX/XX/XXXX, around the same time the company was being investigated and later sued in multiple states for engaging in predatory subprime auto lending practices. 

The loan I received reflects the exact violations outlined in those cases : excessive interest rates, inflated loan-to-value ratios, and an amortization schedule designed to trap consumers into paying mostly interest with little effect on principal. Despite paying over {$26000.00} toward this loan, I still owe over {$22000.00} on a {$29000.00} vehicle. 

This is a clear indication that Santander has continued these unethical lending practices even after legal action and financial penalties. I am requesting relief due to these ongoing violations and the financial harm they have caused me. 

This is especially troubling considering Santander entered into a multistate settlement in XX/XX/XXXX over deceptive and predatory subprime auto lending practices. That agreement was meant to correct these very issues. My loan, originated over a year later, clearly demonstrates that Santander continued engaging in these same harmful practices, despite having been investigated, fined, and mandated to reform. 

This suggests that Santander did not meaningfully change its lending behavior and that consumers like myself remain vulnerable. I urge the CFPB to consider this as part of a broader pattern of non-compliance and continued consumer harm. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX, La XXXX XXXX XXXX XXXX

Company response to consumer: Closed with non-monetary relief