Santander Consumer USA - A Positive Experience

[0REDSOX7]

I wanted to post this just to let all of you out there know that there are some positive experiences with those who use Santander Consumer USA.

Quick backstory...

I had to file BK around this time last year and it was discharged on February 11th of this year.  My wife and I needed vehicles after surrendering ours.  To our dismay, when we got to the dealer and picked out our cars, one of the lenders we were "stuck" with was Santander Consumer USA.  Having read just about every review out there of this company, it seems as if 99% of them were absolutely negative and horrible and I was prepared for a car loan full of many issues.

My experience was quite the opposite.

I set my account up on autopay and never once heard anything from them.  Every month, five days before my payment was to come out, I was sent an email, and was sent an email the day the payment was made.  Never once had an issue with payments not posted on time or anything.

I only had a few interactions with them - one was to change my due date upon setting up my account.  The rep I spoke to was nice and friendly and had no issues with my request.  The other interaction was when I wanted to refinance it - I wanted to know what needed to be done.  This was scary because they have a process that must be followed or face issues potentially.

To be honest, I was most concerned about my refinance - I have read many horror stories telling of how they claim the payoff was never received, or the amount of the payoff was wrong, etc.  I lost sleep over this.  Luckily I was armed with a tracking number from my local CU.  My payoff was received on a Friday and was posted to my account the same day.  I received a letter of my payoff being received and the date my overpayment will be released.  The title was sent to my CU very quickly and all in al it was a seamless process.  My credit report was even updated on time to show "Closed/Paid As Agreed"

I know Santander can be a bit intimidating, with all the references needed and the need to constant provide insurance information to them, but, for me, I am thankful they gave me a chance.  Yes, the rate was high, 18.99%, but, I am glad they took that risk on me.

I hope this post gives some of you out there currently with them or considering using them or having to use them, that all is not bad.  Pay your bills on time and you'll never hear from them.

Thanks for listening!

[coterotie]

My experience was the exact same, although my rate was a little lower.  Their customer service chat was very useful as I was shopping for cars and continually changing what vehicle I was looking at.

Never a problem with payments etc. as I set it up on autopay.  Cap1 paid it off quickly when I did a refinance.

[0REDSOX7]

Thanks for sharing.

I just wanted people to know that if you pay the bill on time, they won't have any issues with you.

[jim44]

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@0REDSOX7 wrote:

Thanks for sharing.

I just wanted people to know that if you pay the bill on time, they won't have any issues with you.

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Good for you OR, it goes to show you that when making a major purchase such as an automobile, reading the terms and conditions of the loan is so important. This can prevent a ton of problems in the future. Get everything in writing and double check payment dates etc. Sometimes I don't trust autopay and I'll double check to make sure payments are made on time. And in the case of OREDSOX7 when payoffs are made via an overnight carrier or the USPS make sure you have tracking numbers.  Thanks for the sharing your positive experience. 

[Florida1990]

Horrible Company will never use them again.

[0REDSOX7]

Let's keep this thread about positive experiences with the company please. Understand you had a bad experience but not everyone will. Thank you.

[Shiva78]

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@0REDSOX7 wrote:
Let's keep this thread about positive experiences with the company please. Understand you had a bad experience but not everyone will. Thank you.

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If you don't mind me asking.  What were your scores like and what was the interest and terms of your loan?  Is Santander the same as Roadloans?

[0REDSOX7]

Roadloans is a subsidiary I believe of Santander - many people say they can get better terms with Roadloans.

My scores were right at 605/615 across all three bureaus. My terms were 18.99%

[dobirdsmommy]

I had them up until a week ago for 3.2 years never had to speak with them but I am glad you be out of the 19.24 APR!  They are there for you when you need them. But the minute you can get out you should! 

[djshifted]

When I got the loan from them, if I recall correctly, the 'Auto Enhanced' score the dealer showed me was 480  It was a used vehicle, a 4 year old Sentra SE-R Spec V, which I was able to get for 48 months @ 24.xx%.  I went for it because I was just starting to rebuild my credit, and my FICO scores were at, or below, the starting scores in my sig.