SantanderLoanNeedOut

[Anonymous]

I have a loan with Santander that I began in 2012. The rate is hovering around 25% ( purchased the vehicle around divorce and was not educated ). Fast forward to today, my original balance was 13,423 and my current balance on the loan is 13,479, which is more than where I started. My payment now is 368.00 and the vehicle has tons of miles on it. I'm considering a voluntary reposession but of course, I don't want to make my credit worse. I did a lot to rebuild.

[anca21bi]

refi with carfinance.com, or a credit union. I was with Santander for a year and did a refi with carfinance I was at 24.99% with Santander and went down to 15.99 with carfinance. They are both not great rates but it was a start for me. 

[RobertEG]

+1

I would refinance rather than have them repo the vehicle.

Do you qualify for any credit uniions?  Possibly a HELOC?

[Anonymous]

How the heck do you pay two years on an auto loan and have NONE of the principle paid down? Were any of the payments late? This makes no sense - something just does not add up - literally.

[js0319]

I agree, something doesn't add up. I would re-fi, if possible. Maybe you can try calling Santander and see if they can lower your rate. 

[Anonymous]

If it is pre-computed, then the balance of the loan reflects all interest for the term as well.  

The balance would drop exactly the payment amount each month.

The payoff balance would be different from the account balance.

Again, it depends on how the loan was written.

[Anonymous]

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@Anonymous wrote:

If it is pre-computed, then the balance of the loan reflects all interest for the term as well.  

The balance would drop exactly the payment amount each month.

The payoff balance would be different from the account balance.

Again, it depends on how the loan was written.

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@Anonymous, *that* makes sense. At $368 per month that would mean 36 more payments which sounds just about right for a 60 month,13K loan @Anonymous%

Payoff amount probably in the 8-10k range would be my geuss.

Underwater - you need to contact Santander and get your actual 10 day payoff amount to see what your actual principle amount is. A volunary Repo would be a REALLY bad idea, but depending on the blue book value you might be able to do a re-fi or even a trade-in if you have some cash to throw in the deal.

[JPeanut503]

Don't mean to hijack your thread, but I am in the same boat with Santander. I owe $13k and my payment are $377......I wanted to refiance through a credit union and was told the vehicle had too many mile to refi

It has right over 100k on it and is a 2008. Really want to get rid of it and get something more reasonable.