Santander

[Anonymous]

Hello All... I need some serious help. Back in 2005, I was discharged from filing Ch7. In 2006, I financed a VW Jetta for $21k at 18% with Triad. Then around 2008 or so Santander aquired my loan. Now fast forwarding to today, I'm still paying $485 a month on this dang car. According to Santander my maturity date is May 15, 2013; but my balance as of today stated $7,242.00. Now, I may not be the best at math but there is know way possible paying $485 a month will have me at a zero balance in4 months. My delimma is this... I have FINALLY gotten my credit scores with all three bureaus over 700, but at this point in the game I don't want to refinance, but just pay them off. I offered $4k and they rejected it. Can anyone please advise me on how to move fwd and get rid of this living nightmare?

[thankfulheart]

no lates? skipped payments? are there fees you weren't aware of?  All that aside, I'm afraid this is the consequence of signing on the bottom line.  I was in the same boat, Triad-Santander, God-awful interest rate, but I HAD to have a vehicle and it was all I could do at the time.  Did it suck? Absolutely. Did I learn from the experience? Absolutely.

In this case, you may just have to pay as much as you can as fast as you can.

[Jutz]

You need to call and specifically ask about the obvious discrepency between the pricipal remaining and the maturity date.  If they say the maturity is wrong somehow, and you still owe the 7k, I would refi and just get dirt cheap payments over ~3 years, then work on paying extra to the principal.  Luckily, you've taken the sacrifice already and plugged away at it for years, where many probably would have already given up.  Congrats on getting your scores up, it may be time to let them do some work for you now.

[Anonymous]

@ Thankfulheart... Yes, I deferred 6 months of pymts from Jan 2012 - June 2012 after loosing my job. I negotiated to pay them half my car pymt ($485) to $242.50, as i justed to my unemployment payments but during that time i still paid more than what was negotiated. However, what they are saying I owe verses the math still doesn't add up. I'm so sick of these ppl, I can scream. Honestly, I don't understand why they won't accept a payoff of 70%. I just want this nightmare behind me. I can tell you this, I have learned to NEVER allow my credit to put me in this place again. Thank you for responding to my post

[Anonymous]

@ Jutz... I've called them three times and their CSR are a joke... I read in previous forums to ask for the Office of The President, so after going back and forth with this dit wit at Santander I'm waiting for someone of management to call me back.

As for refinancing, I may have to do that and continue paying the $485, just so I can get rid of that high ass interest rate and pay this debt off. To all who read this post... If ever you have to get financed through Santander, plz PLZ keep track of all payments made, pay ahead of time, and refinance as soon as you can. That is a company that you do not want to deal with for a long period of time. Jutz, Thxs for responding back to my post.

[MovingForward_2012]

I would just refinance. Plus you don't want to offer them a settlement as that is what you are basically doing by offering $4K to clear the title...this will hurt your credit.

You have a score of 700 so you can possibly get a personal loan to pay off Santander but you will want to get a payoff amount and how long it is good for OR you can refi the remaining balance over 24 mos.

Santander must have added penalties and/or hiked your interest when you modified the payment amount during the time you were unemployed. I would ask what your current interest rate is and ask if any fees were added to the loan during the period you were on agreement to pay less.

With subprime (and some prime) lenders, if you modify anything with them or pay late, they add fees and interest...read the fine print of your contract. And Santander could have had you paying interest only and no principal during the modification period. Who knows but there is something they did and didn't tell you about it outright as to why you have so much left on the loan...watch your principal and make sure it is decreasing.

[Creditaddict]

WHAT!!!

WAIT WAIT WAIT... Even with 6 months deffered I don't see the balance working out.... Why are you OP offering settlement? and why are all of you saying to refi with no concern that we are WAY OFF!

Despite how irritating it is to deal with some of their employees (I have done it and been hung up on because the CSR refused to give me the information I asked for) it is illegal but they are behind a big rich bank against me... you need to find the (1) employee that cares about what is going on and can have the authority to fix it when it's figured out.  Do you have the paper work for when you purchased the car?

60 or 72 months?

Actual total financed all said and done?

maturity date of?

If you have the numbers completely figured out, you should be able to google a few free calculation calculators to help you and then start contacting with this info, they say no, etc. etc. send e-mails to president, to FDIC, who ever you can.... let me check my file to, I had a Roadloans loan go to Santander and report 39 lates... several days and lots of money on pulling new credit reports and a VERY NICE WOMEN who could actually see and understand the problems did it all... she is also the reason I HATE when a creditor tells you we report but it takes the agency to update, or it's not us, it's the reporting agency... NO NO NO, it's not... they can click submit and it can literally be like deposits at a bank... updated at midnight... 

[Anonymous]

@MovingForward..  I called back today to see if a different person could give me more information than the last dit wit...  This guy I spoke with this morning told me that I paid primarily interest for those six months and that he could mail me a copy of my payment history for me to review.   He also informed me that I'm being charged $3.38 in daily interest and that my finance percentage is 17.95%.  My balance prior to me making a payment on the 8th was $7,272.00 and today, it was $6,866.66.  My car payment ($485)is due on the 15th of every month, but I paid it early this month and he stated that $385 was applied to principle and $99.60 was interest. I'm still waiting for the Office of The President to call me back, so we can figure out the discrepancies, but in the mean time I'm just trying to pay as much as I can when I can and as early as possible.  Thanks for responding to my post.

[Anonymous]

@CreditAddict...  Unfortunately, I do not have the original paper work.  I was careless in that part, so I can't recall what the actual deal was when I signed with Triad.  I won't make that mistake anymore.   As far as trying to settle...  Actually, what I thought I was doing was negotiating a payoff.  My intent was not to settle but to see if I can talk them into reducing the loan amount if I could pay cash now.  Why pay more if they are willing to take less.  Thanks for responding to my post…

[jadeite788]

I let you on a little secret.  I have the same issues, except my interest rate was higher.  Santander is going through some legal issues. PM later