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Santander Settlement for Title

New Member

Santander Settlement for Title

Thought someone might be able to tell me the affect this may have on my credit if any. My loan with Santander Consumer was charged off and my car got repossessed so I was in a situation to actually take their settlement offer to get my car back and the title to it. They are forgiving the left over amount owed and will update my credit report to show that it is paid with a zero balance due. How big of a change might I see for my credit scores or in general how much does this help me credit wise?

 

The original loan was for over $17k which I took out in Feb 2013 and I still owe $15k so they settled for $8k. I felt this was a good deal so that I no longer have to deal with them and worry about a monthly payment.

 

Anyone else do this with Santander?

 

Thank you.

Message 1 of 11
10 REPLIES
Established Member

Re: Santander Settlement for Title

It would still reflect as a charge off on your account. Even with a zero balance.  You should request that they remove the charge off, update the original loan as paid on time with settlement balance of zero.  If you pay, it is still seen a negative blemish. They know this and still will get 8K out of you.

Message 2 of 11
Established Member

Re: Santander Settlement for Title

Definitely get any agreements in writing!! 

Message 3 of 11
Frequent Contributor

Re: Santander Settlement for Title

They'll settle for $8000 on a $15000 balance and still give you your car back? Something sounds fishy there.


Gardening until further notice
Message 4 of 11
New Member

Re: Santander Settlement for Title

That's what happened. I'll receive the title in a couple weeks and they're going to update my credit report by removing the charge off and show I owe zero. The offer was given to me in writing before we wired the money.
Message 5 of 11
Established Member

Re: Santander Settlement for Title

I am glad that you have something in writing. If they do not follow through, contact the Consumer Financial Protection Bureau. I am sure they have many claims against Santander.

Message 6 of 11
Frequent Contributor

Re: Santander Settlement for Title

I hope it works out.


Gardening until further notice
Message 7 of 11
New Member

Re: Santander Settlement for Title

Thank you, I'll update this post once I get everything but it's nice having my car back in the free and clear. I just hope it might make my credit report and score a little better. But even if it doesn't just getting the title is good.
Message 8 of 11
New Member

Re: Santander Settlement for Title

Hi there, I'm back to update my post. So I received my title free and clear, a letter that it was paid and the account was satisfied, and my experian credit report shows paid and no longer reflects charge off. But the other two are still showing charge off and so I can't see if my scores have been effected as I just use credit karma. Either way, I'm happy they followed through and have me such a good deal.
Message 9 of 11
Regular Contributor

Re: Santander Settlement for Title

The only thing I will say. Is we did this with Capital One before they became Santander.

 

We got hit with a tax charge for about $1200.

 

Long ago, just be on the wary.

Updated 11/12/14
EQ 717 TU 718 EX 732

updated FICO 10/28/14
EQ 710 TU709 EX683

myfico scores 10/25/14
EQ 677 TU 695 EX 683

Message 10 of 11