Ohhh Santander...

[rabbirick1232]

Long story short. Santander Repoed car in November 2015. After car sold, I was left with a $10xxx balance. I have paid nothing on it, as I have disputed the repo as illegal the entire way...to no avail. So, finally earlier this year I submitted a BBB complaint. They came back with blahblahblahitwaslegalblahblahblah. This was in February. Then, a month ago I checked my account online and they zeroed the balance and showed it paid and closed. I waited and it updated on all bureaus as paid and closed.

So....I did some digging and soon after they ousted their CEO is when this happened. I know they have several lawsuits pending. My QUESTION is: Has this happened to anyone else who has a repo with Santander?

I guess another question (less hopeful) is: Does this just mean they just finally got around to charging it off and they are fixing to sue me? Is it going to pop up as a collection?

Thanks in advance!

[Anonymous]

I havent had that experience with them but they are a nightmare to deal with. I financed a car with them back in 2010. One month I sent payment in the form of a money order in the mail but they claimed they didnt receive it although the money order had been cashed by them. They reported my account 30 days late and I fought with them for months to get it removed. They would not budge. I filed a dispute with the credit agencies and it came back as valid. It was a complete nightmare! They are horrible! I was so happy when I was able to improve my credit scores and refinance the loan through another company.

[RobertEG]

Zeroing the balance would occur if they sold the delinquent debt.  

Taking a charge-off of the bad debt would not be basis for zeroing out the debt balance.

If sold, the new owner (debt collector) will likely either contact you or first report to a CRA.

Are you now seeking to pay the debt to avoid reporing of a collection, or are you planning to continue not to pay based on your contest of the debt?

Have you considered civil action to obtain a clear legal verdict on your obligation for the contested debt?

[rabbirick1232]

Thanks RobertEG. I would consider trying to settle it with whomever they sold the debt to if they would accept a reasonable (to me) settlement. I just don't know if I should call Santander and ask who they've sold it to or wait for them to send me a notice. Catching it early is probably best.

And yes, Shonte, they are a freaking beast! Repoed me while I was sleeping the night before Thanksgiving and then sent the car over 5 hours away. Sent me one notice (that wasn't even a repo notice) beforehand and the next notice was after the car was sold.