topic Re: Santander Consumer USA (Auto Loan) Good experience in Auto Loans

Santander Consumer USA (Auto Loan) Good experience

soliloquy — Tue, 11 Oct 2011 22:45:47 GMT

Just thought I'd post this for anyone who had their auto loan transferred to them by HSBC, CitiFinancial, and I'm sure there are others.

I think this company can be hardcore and unforgiving (especially now) but I suppose I'm writing this just so people who deal with them will know that there is hope and there are some satisfied customers.

I have always been pleased with their customer service and although my credit situation has improved exponentially since I took out this loan, (so that I no longer need a subprime lender) (got approved for .9% financing by Honda in April) I am grateful that they gave me the chance to prove that I'm credit worthy. It is great to have a closed auto loan under my belt with no missed payments at all and they made the process of paying the loan off incredibly easy.

A few months ago I decided to pay off my car loan with them so I can just focus on Honda. I had a balance of roughly 4000.00 left with about a year to go. Like most, I was transferred to Santander Consumer USA by another loan company. After researching them and reading about all these nightmares, I was bracing for the worst when I sent in that pay off check.

To cover myself, I used Santander's chat applet to talk to a customer service rep and find out the exact procedure I should follow. I saved our conversation but I also printed out the pages from Santander's website and highlighted the "overnight address" as well as the information the site said the check must include so that they would know that I know what I'm doing.

When I sent that overnight payment, I worried about how long it would take to post or if they'd just claim they never received it or they'd alter the check (like one person posted here) so that the balance was not actually paid in full.

However, to my very pleasant surprise, I sent the check overnight and they posted it to my account the very same day they received it. Not only that but within 48 hours I received a confirmation email regarding the pay-off and information stating when I could expect my Title.

At any rate, I just wanted to let anyone concerned know that I had a pleasant experience with them. Granted I was on auto-pay for the duration of the loan so they never had the chance to harrass me but they made the process easy nonetheless. On the few occasions that I did speak with them, it was by instant message/chat applet from their website. I think that's great because you have an exact record of what was said if there is ever any confusion.

Still, in an abundance of caution, I have contacted my bank and asked them to put a block on my account for any additional ACH drafts that might "accidentally" be processed since it is so soon after the pay-off. I'll never know if they tried to draft my account again as some have complained.

Re: Santander Consumer USA (Auto Loan) Good experience

pizzadude — Thu, 13 Oct 2011 15:13:20 GMT

I have an auto loan with them which was transferred to them from another lender, and have not had any issues with them as of yet.

I autopay the loan and I have only contacted them once for an address change.

Thanks for posting your experiences with them, I think that your approach to carefully documenting the loan payoff is very helpful,

not just for Sandander, but in general when paying off an installment loan it makes sense to be very careful.

Re: Santander Consumer USA (Auto Loan) Good experience

Anonymous — Sat, 15 Oct 2011 02:58:46 GMT

I too had a great experience with them. I ended up trading my car and the balance was paid with no problems. The payments where on automatic bank withdrawals and never had any problems. Greatful that they helped me when everyone else denied me.

Re: Santander Consumer USA (Auto Loan) Good experience

guydiver — Sun, 16 Oct 2011 17:36:06 GMT

Just goes to show if you do your homework it pays off. Great post, and congrats on the great rate from Honda.

Re: Santander Consumer USA (Auto Loan) Good experience

Anonymous — Wed, 19 Oct 2011 11:54:35 GMT

I also have a loan through Santander Consumer USA. I read some nightmare stories about them when I got my loan and was really nervous about having to deal with them, that was over a year half ago and I have had no issues. They send email payment reminders which I don't need, but nice that they do that also they email when they have received my payment. I can pay online, see my account online. So far so good no complaints, professional experence.

Re: Santander Consumer USA (Auto Loan) Good experience

ColdWater3000 — Mon, 24 Oct 2011 22:52:20 GMT

Me too, I had a loan with them too. I never had any problems. When I refi with NFCU they even sent me a email stating that, they where mailing my title to NFCU and it should be mailed out within 5 business days. Congrats on your new purchase!!

Re: Santander Consumer USA (Auto Loan) Good experience

SoDenied — Tue, 01 Nov 2011 23:21:20 GMT

25% APR..

Yes they said yes, but Its killing me….

No one wants to refinance me.

Re: Santander Consumer USA (Auto Loan) Good experience

Anonymous — Mon, 14 Nov 2011 14:38:38 GMT

I currently have Santander nad I have never had any problems with them. I have never been late either. I am now considering paying the loan off in full to lower my DTI as i am getting ready to apply for a new mortgage.

Re: Santander Consumer USA (Auto Loan) Good experience

Anonymous — Wed, 08 Aug 2012 01:54:23 GMT

I was seriously starting to have a panic attack before I found this website. I just bought a car, after having credit issues due to a bad relationship. I am on my way to rebuilding my credit and I was a bit afraid with all the horror stories I found online. I was literray going to go to the dealer tomorrow morning and have a serious talk with them. I just want to thank all you that posted your positive reviews, even if it was 5 it made me feel so much better. It is nervewracking to know that anything can damage your credit, and being told you have a late payment is definantely a nightmare. I hope that I can pay my car with no problems.

Re: Santander Consumer USA (Auto Loan) Good experience

Anonymous — Mon, 21 Jan 2013 00:44:29 GMT

^ Congratulations on your new car! I also have had past credit issues in the past and the only group who would approve me for an Auto Loan is Santander Consumer, so I went with it, for my first new car purchase Good Luck, Just pay on time and you'll be fine !

Re: Santander Consumer USA (Auto Loan) Good experience

Anonymous — Mon, 21 Jan 2013 01:36:51 GMT

I just made my 9th payment to Santander. Due to bad credit, they were the only Bank that would approve me. I have had no issues and dont plan on it! When i originally set up my online account the rep told me the only way to make a payment on my loan WITHOUT A FEE of at least $11.99 was to send a check, autopay, or bill pay thru my bank. I dont like writing checks unless i know i have the funds avail so my payments would be late every month due to my pay period on my job, autopay....yea....no! LoL i was skeptical about bill pay because of the delay it poses sometimes when posting payments where you request them to go. Long story short bill pay works great athru my bank and payment post the same day i specify. I plan on refi the later part of this year or some time next year due to APR and now my credit is a lot better and getring stronger. But great experience so far!

Re: Santander Consumer USA (Auto Loan) Good experience

tcbofade — Mon, 21 Jan 2013 05:21:15 GMT

I'm sure I've posted this somewhere before, but I too, had a positive experience with Santander.

Wifey and I purchased a vehicle at a dealer ship in April of 2011. Cap One auto financed at 16 percent. In August of 2011, we refinanced with Santander at 12 percent.

In August of 2012, I refinanced with a local CU for 6.7 percent.

We had absolutely no troubles with Santander...

Re: Santander Consumer USA (Auto Loan) Good experience

dobirdsmommy — Mon, 21 Jan 2013 12:01:35 GMT

I will say, I too have been with Santander now since 10/11 and no issues with them. They approved me when no one else would and my credit at that time read like WARNING WARNING DON'T TRUST HER WITH 5CENTS! I was in the low 4's when they approved me at 19%. I did not nor have I had the opportunity to refi as I am too upside down in my loan.

I did just get approved thru Chase for my husbands car and we picked it up Saturday. Santander came back a quick approval at 20% Interest, trade in my car to get my husbands.. I clearly gave the screen the middle finger. They called me to follow up Friday; told them politely thank you but no thank you, Chase took my loan at wayy lower than 20%. It kills me the amount of interest I have given them but now 16 payments into them I am kinda stuck with them a bit longer.

Re: Santander Consumer USA (Auto Loan) Good experience

SemperGumby — Tue, 22 Jan 2013 05:22:31 GMT

I have Santander right now. Can't say I've had any issues. Most of the people have been very pleasant.

Re: Santander Consumer USA (Auto Loan) Good experience

Anonymous — Wed, 13 Feb 2013 20:17:46 GMT

Glad to see folks having a good experience. I actually work for this company in the IT Dept. Not a bad company to work for, but it could be better. I work in one of the call centers, and you should here hear some of the calls. Whooooo boy. Interesting numbers, but we originated something like $22 B in loans. We also are roadloans.com, and drivefinancial.com and we just inked a deal to do all of Chrysler Financial as well. From what I understand, we are THE company doing sub prime car loans right now.

Just weird seeng my company on this website.

Re: Santander Consumer USA (Auto Loan) Good experience

sccredit — Wed, 13 Feb 2013 23:10:13 GMT

Just pay on time and you'll be fine !