Santander Consumer USA, Inc. Predatory Lending Practices, Bait and Switch. Gave me a loan which I did not qualify for and took my money. Fort Worth TX

BOSTON (Reuters) - Santander Consumer USA Holdings Inc (SC.N) has agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware into its financing and securitization of sub-prime auto loans.

 According to Healey, the investigation revealed that Santander funded auto loans without a reasonable basis to believe borrowers could afford them, predicting many would default.

“These predatory practices are almost identical to what we saw in the mortgage industry,” she said. 

Healey’s office said the settlement was part of an ongoing industry-wide investigation into securitization practices in the subprime auto market.

The settlement follows an earlier 2015 accord for $5.5 million between Healey’s office and Santander relating to its funding of loans that included expensive insurance coverage.

Under Wednesday’s settlements, Santander will pay $22 million to resolve the Massachusetts case, which includes $16 million in relief to 2,000 consumers.

Like I said, I don't owe you losers any explanation and I will not be responding to your comments because I don't communicate with the walking dead.

 This is a PUBLIC site and if you just can't stand it when somebody points out how wrong you are, then don't post here! Since it's quite obvious you have NO INTELLIGENT REBUTTAL for anybody here,and you know that, your response is the very typical immature garbage which is a mainstay of the deadbeats of this society! I'm impressed! Without regard to what you claim, YOU failed to understand or don't have the brain power to understand what you can and cannot afford. You realize this FACT and in very typical deadbeat fashion, it's all their fault, right? Why not GROW UP???

I don't have to prove anthing to you only to the court

That is probably the only thing you got right. Any claim you make you are going to have to prove to the courts.

However, with what you posted here the only thing you may be proving to the courts is your intent to commit fraud. Because unless the amount of the loan was less than the $2000 you had in the "investment account", you knew that the loan would have exceeded your ability to repay it. Therefore you should not have made a legal agreement and entered into the loan.

Now, if the loan was less than this $2,000 then it isn't preditory in any way shape or form because you made the assertion you could make the payments.

Of course we still go back to if you really had no "income", just how did you pay for your housing, food, other basic needs, let alone getting a car, paying for the insurance as well as fuel and maintenance. Are you really going to continue to claim that a $2,000 investment account was enough to get you through from June to September and beyond?

Yes, you can continue to stick with the "I had no income" story, but at this point I don't think anyone here is buying it and we have a lot lower standard of proof than the courts.

I don't have to prove anthing to you only to the court.  Unfortunately if what you've provided is your evidence - then case dismissed.

Frst, I didn't have a income, I had small amount of money in a investment account under $2000.00. It's no way the underwriter should have approved that loan with no income to pay the total amount left for the vehicle.  It is quite legal to obtain a no-income loan for a car under certain circumstances.  Since no-income loans are legal, the fact you had no income is only relevant to whether you should or should not have taken the loan.  It would not serve as evidence of wrongdoing by the lender.

This is why there's predatory lending laws because my case is not the first or last to happen to people.  Most of those laws cover inflated fees, loan packing, asset-based lending, usurious-type loans, and a few other situations, all of which should be prosecuted.  The situation you describe would not be a predatory loan.  BTW, I have to laugh now at your thought of possibly securitizing what you now consider a predatory loan?

I wouldn't expect most of you men to understand because it's a scientific fact your brain does not mature until the age of 21 or older if any due to your behavior and killing your brain cells with alcohol and drugs.  Perhaps in your case your brain will never mature to the point whre you can qualify for a loan?  Perhaps you should have the Motor Vehicle entity in your state put on your DL that your brain isn't fully matured and is not capable of making decisions like buying a car?  It would at the very least prevent the Motor Vehicle entity from being blamed the next time you default since, of course, nothing is your fault?

Like I said the court will decide along with over 1200 complaints on Consumer alerts.  LOL.  How many are valid?  Can you use that as evidence?  No.  Not relevant to your case.

Get a life read a book, or try to write a book since you have so much to say about a situation you know nothing about all the facts of.  Some of us have written books on the subject and even teach on the subject.  But since you believe we know nothing about your situation, we invite you to post your case number here so we can follow what happens to you, and you can prove us wrong.

I don't have to prove anthing to you only to the court. Frst, I didn't have a income, I had small amount of money in a investment account under $2000.00. It's no way the underwriter should have approved that loan with no income to pay the total amount left for the vehicle. This is why there's predatory lending laws because my case is not the first or last to happen to people. I wouldn't expect most of you men to understand because it's a scientific fact your brain does not mature until the age of 21 or older if any due to your behavior and killing your brain cells with alcohol and drugs. So, it doesn't surprise me that your lonely miserable life includes you going to a job that you probably hate, therefore you spend your lesiure time looking at people's complaint and give your useless opinion. Like I said the court will decide along with over 1200 complaints on Consumer alerts. Since your life is so boring and miserable, you can go to this website and respond to all the complaints about this company. Get a life read a book, or try to write a book since you have so much to say about a situation you know nothing about all the facts of.

You don't indicate here what their quote was, BUT local moves like the one you suggest happened are billed hourly.  There is no possible way they could have bid you a price lower than you renting a truck and finding 2-3 guys to help you.  The fact you believed this guy puts most of this issue on you.  Next time, if you hear someone can do a move cheaper than you - don't believe it.

Both Jim and Coast pretty much hit the nail on the head on most of the points so I'm not going to rehash those. But I will bring up one other fallacy of your complaint.

You claim you were approved for the loan with no "income", yet you somehow managed to try your best to make the payments for a few months before you had issues come up. So one of course must ask if you have no "income" how exactly did you make the payments?

The answer while not obvious, I would be fairly confident that I'm not going too far out on the limb here. The funds you used for the payments were the funds you listed on the application as your "Household Income". That is how you got approved and now you are trying to use some word games to play the victim card.

By the way how exactly are you going to fight them in court when you can't even find the money to pay your car loan? Let me guess...you have a relative or friend who is an attorney and when you told them your story they told you that you were 100% right and they will take your case for free. Well I just hope you keep us updated on the lawsuit.

“I became a victim of the bait n switch scheme. I had $2000.00 to buy a car with no income and I was put into a 2014 car”

That’s not bait and switch. It’s called upselling, which is not unlawful.

“Your greedy sales person and finance company saw a opportunity to take my $2,00.00 knowing I had no income to pay back.”

If they knew you were unable to repay the loan then you certainly knew that as well. It would be a double standard for that to be an acceptable excuse. You know your financial situation better than anyone. What’s good for the goose is good for the gander.

“If you have nothing to do with the company why the hell are you on this website, getting in someone else business.”

Perhaps you are confused as to the concept of a public forum.

Nowhere in your complaint do you claim the lender violated the terms of the agreement; however, you admit that you violated the payment terms.

You failed to comply with the repayment obligation as outlined in the loan agreement. It’s called loan default. You defaulted on the loan and yet YOU are taking the lender to court? That’s beyond hysterical! If this does land in court you will be the defendant, not the plaintiff.

Get a life, there's more to do than looking at people's complaints. 

If you have nothing to do with the company why the hell are you on this website, getting in someone else business. This shows you have no life and are a miserable piece of a person. Who the hell have time to go and look to see what other people complain about. LMAO! What a idiot, take a course or read a book if you can read. This is none of your business loser!

You don't give a loan to someone who don't have income to pay the payments. Your greedy sales person and finance company saw a opportunity to take my $2,00.00 knowing I had no income to pay back. Now, you call me whinning but it appears you are the one who's guilty and whinning. Any professional who have responded in a professional way, only a fraudster would make such a comment. Your company has defrauded the wrong person. I will be going live on social media and will get everyone you have wronged and defrauded to file a complaint with the Federal Trade Commission and I will also have a Class action lawyers look into filing suit against your company. So, get ready because your day has come to face your fraudulent actions.

I had $2000.00 to buy a car with no income and I was put into a 2014 car which I didn't qualify for a loan.  What you don't say, and it's obvious, is that clearly, you wanted the car and you entered into the agreement knowing you couldn't make the payments.  Yet you took the loan anyway and signed your name to the document.  If you take out a loan knowing you can't make the payments, that would be considered a fraud upon the lender.  Perhaps the entire idea of buying a car was a bad one.

In September of 2017 hurricane Irma hit and my home was damaged, and my illness came out of remission. I was not able to find a job and what little I had in my investment account got used.  Yes, life happens.  These events however do not suddenly cancel your commitment to pay back the loan.  Perhaps the entire idea of buying a car was a bad one.

My car was repossessed and the repossession company did not let me get my valuables out of the trunk unless I gave over the key. I refused to give the key because he hooked up to my car in the driveway after I was standing there telling him to stop.  In order for you to have the car repossessed, you would have had to miss more than one payment, and certainly more than two.  At that point, the car was ready to be repossessed.  What you SHOULD have done is provide the key so that you could get your valuables out.  And why should he stop?  Did you make payments to keep the car?  No.  So why should the car not be repossessed?  Perhaps the entire idea of buying a car was a bad one.

This was an act of extortion and I will be taking them to court.  No, it isn't.  You have no legal recourse in this situation.  You didn't make your payments.  You forfeited possession of the car.  At that point, the key was no longer yours; it and the car belonged to the finance company.  Perhaps you should have given the driver the key.  Perhaps the entire idea of buying a car was a bad one.

I requested this company send me the original notes I signed since they took back the car along with the money I paid and they sent me a copy with no account number.  The account number is not material to anything.  If your name and signature are on the document, that's all you really need to identify the contract as yours.

I am well aware the value of the notes and that they can be securitized. LOL.  Even if you could securitize a loan like that (LOL x 2), and you can't because your lender is a sub-prime lender, it doesn't relieve you of your obligation to pay back the loan.  The only loans worth bundling these days are A grade paper from conventional lenders who make loans to people with high credit scores; the idea that someone would bundle B grade and C grade paper from a sub-prime lender into a CDO for an investor looking for secure and safe returns is ridiculous.  Do you even understand the securitization process??  I would say no.

the people are not aware that they need to file a complaint with the Federal Trade Commission for it to be investigated and there are other agencies to file a complaint with as well.  What exactly do you want the FTC or any of these other agencies to do??  So far, the only person who broke their word is you when you failed to pay back the loan.  These companies exist for low credit lenders like you and they have done nothing wrong from what you wrote.  Your only alternative to this would be a pawn shop, provided you had something to pawn.  There's nothing for the FTC to investigate.

The employees who represent this  company is breaking the law and causing harm to people.  My health has improved now and I will not let this company get away with what they've did to me as well as others.  LOL.  The only people who are harmed are people who can't get a loan through any other means, and then decide to demonstrate exactly why they are a bad risk.  They default and then complain and like you - think they broke the law.  You have no recourse.  Now that you're healthy, it's time to get a job and start working.

Throughout this entire process, I don't see anywhere in your complaint where you act like a man and admit that you couldn't make the payments.  You blame your problems on an illness, a hurricane, a tow truck driver, and the finance company.  Nowhere do I see in your narrative where you admit you signed the loan document.  Nowhere do I see in your complaint that you knew you could not make the payments, but still thought it was OK to take the loan.  Nowhere do I see that you admit not making the required payments under the lease.  It is those actions that caused your car to be repossessed.  It is those actions that caused your credit score to dive further toward zero.  You may not like this company.  You may wish your situation in life were better.  Neither of these represent a reason to call their actions illegal.

 All thru your whining is one common theme...it's NEVER your fault! YOU agreed to the car and YOU agreed to the financing. Nobody forced you into either. The ONLY complainers and whiners are YOU PEOPLE who don't make your payments on time and cause the appropriate consequences. You deadbeats then come here or to other sites to throw your immature, sorry temper tantrums because you just can't stand the consequences YOU DEADBEATS cause. THAT is a FACT which is as obvious as the rising of the sun! You sorry, whining, wailing deadbeats make decent people want to throw up! Oh yes, don't waste your time writing back that I must work for them, because I don't!!!