- Report: #1055396
Report - Rebuttal - Arbitrate
Complaint Review: Santander Consumer, USA
Santander Consumer, USAPO Box 660633 Dallas, Texas USA
Santander Consumer, USA All of the sudden they claim interest is compounded daily! Rip-off! Dallas Texas
*General Comment: It's IMMORAL and PREDATORY to Compound Interest Daily
*Consumer Comment: What?
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Our auto loan originated with Citi-Financial & it actually started before the 30 days we had vehicle. We originally were fighting with Citi-Finanical. Then all of the sudden without any notice from Citi-Financial our loan got sold to Santander. According to the original terms of te loan it was suppose to be for 72 month at a high rate for one year & then the rate was suppose to go down. That didn't happen, but it was always agreed to be a flat rate.
Now all of the sudden we find out from Santander that interest/finance rate is compounded on a daily basis.
Also, we had an insurance policy & the insurance co made the payments & sent us a letter telling us they paid off the loan. Santander also neglected to inform the insurance co that they had brought out the loan & allowed additional late fees to accumulate.
We had been always like 3 months ahead with the loan & now they are asking for addtional money & additional months for payments, which is bologna!
They need to be stopped for once & for all!
This report was posted on Ripoff Report on 05/31/2013 02:42 PM and is a permanent record located here: http://www.ripoffreport.com/r/Santander-Consumer-USA/Dallas-Texas-75266/Santander-Consumer-USA-All-of-the-sudden-they-claim-interest-is-compounded-daily-Rip-o-1055396. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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