topic Re: Lord help me!! Officially opened a Santander Auto Loan in Rebuilding Your Credit

Lord help me!! Officially opened a Santander Auto Loan

Anonymous — Sat, 08 Dec 2012 19:11:46 GMT

Just bought a new used car LOL

WF DS would only approve me for 10-12k and thats with my mom as a co signer!! Prob has to do with her just opening an auto loan with them about a month ago for 30k.

Anyway went with last resort Santander bank for $16k @17% $407/mo

Today finally was able to register my online account so I was able to setup a test payment for $50 to test how long i takes them to receive/proccess my payments from my CU.

I plan on making $250 payments every 2 weeks to pay off some extra principle off sooner.

Hopefully in 6 months ill be able to refinance my mom off the auto loan

Re: Lord help me!! Officially opened a Santander Auto Loan

madmann26 — Sat, 08 Dec 2012 19:42:01 GMT

Any extra you pay, you will want to mail them a check and in the commenr line, write "principal only". Else they'll split it up between interest and the principal with the largest portion going to interest.

Re: Lord help me!! Officially opened a Santander Auto Loan

Anonymous — Sat, 08 Dec 2012 19:46:37 GMT

santander is my only life i have left. i got my car right before i lost my job. i was out of work for 2 years and now i have landed a great job with decent pay. with 4 charge offs and a santander loan 2 months late i am scrtching and crawling my way back. santander will update your payments to all 3 credit companies so i would stress do not miss a payment.

Re: Lord help me!! Officially opened a Santander Auto Loan

Anonymous — Sat, 08 Dec 2012 21:26:39 GMT

@madmann26 wrote:
Any extra you pay, you will want to mail them a check and in the commenr line, write "principal only". Else they'll split it up between interest and the principal with the largest portion going to interest.

thank you for the heads up. i will have to alter my billpay then to avoid these guys taking my principal payment and applying them to their interest. I plan on refinancing hopefully in 6-8 months with my CU

Re: Lord help me!! Officially opened a Santander Auto Loan

kjel — Sun, 09 Dec 2012 00:22:28 GMT

I have a Santander car loan as well. They've actually been pretty decent to work with over the past 2.5 years. When I was unemployed and missed a payment they easily gave me a two month deferment. As soon as you are 10 days late though they will call you repeatedly and your references too. If you think you are going to have an issue with an on time payment be proactive and call them. If you make a principal payment, send it separately and mark it "principal", verify it on your online account that it is posted correctly.

Re: Lord help me!! Officially opened a Santander Auto Loan

sphinx313 — Sun, 09 Dec 2012 02:28:55 GMT

aye yi yi yi yi, I would almost rather walk than pay 17%

While I understand some people are in positions where they just HAVE to do something NOW, I think 17% should just be illegal. Nearly $8,000 in interest over 5 years...50% of the cost of the vehicle. This can be reduced to about $5,500 if you added around $100 a month but holy cow.

I wish you good luck in being able to pay that off in advance or re-fi when you can to save some money. What kinda car did ya get?

Re: Lord help me!! Officially opened a Santander Auto Loan

Shogun — Sun, 09 Dec 2012 04:52:31 GMT

Get that CR cleaned up and refinance! Good Luck to you!

Re: Lord help me!! Officially opened a Santander Auto Loan

Anonymous — Sun, 09 Dec 2012 16:54:20 GMT

@sphinx313 wrote:
aye yi yi yi yi, I would almost rather walk than pay 17%

While I understand some people are in positions where they just HAVE to do something NOW, I think 17% should just be illegal. Nearly $8,000 in interest over 5 years...50% of the cost of the vehicle. This can be reduced to about $5,500 if you added around $100 a month but holy cow.

I wish you good luck in being able to pay that off in advance or re-fi when you can to save some money. What kinda car did ya get?

Rode out my old car as long as i could... decided against spending 4k in repairs and just selling the car and putting $5K down on an 08 BMW 528i

I actually was planning on adding $200 extra towards principal a month and paying the note 3 weeks early every month to cut down as much interest as possible!!

Hopefully in 6 months i am mid 600's and can REFI with my CU!!!

Re: Lord help me!! Officially opened a Santander Auto Loan

Anonymous — Sun, 09 Dec 2012 16:55:56 GMT

@kjel wrote:
I have a Santander car loan as well. They've actually been pretty decent to work with over the past 2.5 years. When I was unemployed and missed a payment they easily gave me a two month deferment. As soon as you are 10 days late though they will call you repeatedly and your references too. If you think you are going to have an issue with an on time payment be proactive and call them. If you make a principal payment, send it separately and mark it "principal", verify it on your online account that it is posted correctly.

Ive been reading a lot of stories around the web with people complaining that their payments arent being applied to principal as requested and that you have to be at least 3 months ahead on your payment to be allowed to pay down additional interest.. is this true?

Re: Lord help me!! Officially opened a Santander Auto Loan

sphinx313 — Mon, 10 Dec 2012 02:00:11 GMT

I would imagine some of it is. This practice is known everywhere, including Sallie Mae with student loan repayments...that's why I'm just going to pay them what they ask every month and not a cent more until I save the entire amount to do a single payoff. Look as far into it as you can so you don't throw more money away.