Santander Consumer Purchasers Of Sovereign Bank Car Loan added lates fees on to full total required to pay on very first statement-arriving day before total due. Dallas Texas

My son obtained a car loan through Sovereign Bank, a New England bank with locations all over. Two weeks ago he received a letter in the mail stating that Soverign Bank will no longer possess the loan, but payments can still be made at our local branch.

The letter also claimed that he should be receiving a payment book in the mail to send payments directly to the loan purchaser if he should so choose. the letter ended with the reassuring claim that the terms will not be altered, but he would be given a new account number.

Unsure of what happens next he waited for the book to arrive. His payment date of the loan always falls on the 14th- a Sunday. He received a statement yesterday in the mail that he originally mistook for a collection notice, and was quite upset and confused. After looking it over carefully we realized that this was the described "payment book." The date of generation showed the 8th, but arrived the 13th.

The statement showed The numbers on top showed the actual payment amount, plus the amount for a late fee. The pay stub that he is to send to Dallas, should he choose has the total owed with the late fee included already factored in!

Can this be allowed?

After reading much about this Santander Consumer (whatever they consider themselves) I will ensure he continues to use his local bank and never use any of the three easy payment systems offered.

I also urge all Soverign Bank customers to beware.

I think this would make a great news expose' if this is standard practice, or if many other former Sovereign Bank customers experienced the same treatment.

Upset in mass
Somewhere in, Massachusetts
U.S.A.