Consumer complaint received 2024-12-27 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: MA

Complaint narrative:
Subject : XXXX XXXX XXXX Santander Consumer USA for XXXX XXXX XXXX and Excessive Interest Rate From : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX To Whom It May Concern, I, XXXX XXXX, am writing to file a formal complaint against Santander Consumer USA for what I believe to be discriminatory lending practices and the imposition of an interest rate significantly higher than the average rate provided to other consumers with similar credit profiles. This complaint pertains to the personal loan and/or financing agreement I entered with Santander Consumer USA XXXX 
Background On or about XXXX XXXX, I entered into a financing agreement with Santander Consumer USA for XXXX loan. Under the terms of this agreement, my interest rate was set at an Annual Percentage Rate ( APR ) of 20 %, which is 20 % higher than the average rate offered to other customers in similar financial situations. Based on my understanding of current market rates and conversations with other consumers, I believe this rate is far above what should have been applied to my loan. 




Allegations XXXX. Excessive Interest Rate : After reviewing my loan terms and comparing them with industry standards and average rates offered to clients of similar credit profiles, I found that the interest rate charged to me by Santander Consumer USA is disproportionately high, approximately 20 % above the average rate given to clients in similar financial standing. 

XXXX. Discriminatory Practices : I feel that the excessively high interest rate charged to me is not based on my individual creditworthiness or loan terms, but rather due to factors unrelated to my ability to repay the loan. I suspect that I may have been subject to discriminatory lending practices, either based on my race, ethnicity, gender, or other protected class status. I request that the XXXX XXXX XXXX XXXX investigate whether the terms of this loan were influenced by discriminatory practices. 

XXXX. Violation of Fair Lending Laws : I believe the actions of Santander Consumer USA may be in violation of federal and state consumer protection laws, including the Equal Credit Opportunity Act ( ECOA ), which prohibits discrimination in any aspect of a credit transaction. It is my belief that I was unfairly targeted and charged an unjust interest rate compared to similarly situated borrowers. 

Request for Investigation and Resolution Given the significant discrepancy between the interest rate I was charged, and the rates offered to other consumers, I respectfully request that the XXXX XXXX XXXX XXXX conduct a full investigation into the practices of Santander Consumer USA. I would appreciate an inquiry into whether my case reflects a broader pattern of discriminatory lending and whether Santander Consumer USA has violated any consumer protection laws in XXXX XXXX 
Additionally, I request that the following steps be taken : A thorough investigation into the XXXX XXXX XXXX XXXX Santander Consumer USA. 
A determination of whether discriminatory lending practices were involved in my case. 
Remediation of my loan terms, including a reduction of the interest rate to reflect industry standards and my financial standing. 
Any appropriate action against Santander Consumer USA if violations of law are found. 
Supporting Documents I am prepared to provide the following documentation to support my claim : A copy of my loan agreement with Santander Consumer USA. 
A breakdown of the interest rate comparison to other similar loans in the market. 
Any correspondence or communications with Santander Consumer USA regarding the terms of the loan. 
I respectfully ask that this matter be given prompt attention and would appreciate a response at your earliest convenience. Should you require any further information or documentation from me, please do not hesitate to reach out. 
Thank you for your time and assistance. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation