topic Re: Santander Settlement Offer in Rebuilding Your Credit

Santander Settlement Offer

schjones1978 — Thu, 22 Jan 2015 00:47:12 GMT

I have a charge off car loan with Santander still in my possession. I receive an email offering me 50% of the amount owed and it will be paid in full. I was thinking that I could sell it to a dealership just to get it off my hands. The thing is, the said they will only except payment from me. If it's a third party they will send the check back. Do you think a dealership would be willing to cut me the check? I had a car loan with them back in 2005. I was late twice. When I traded the car in, the updated my account to paid in full/never late. I don't know if they are still doing that.

Re: Santander Settlement Offer

Anonymous — Thu, 22 Jan 2015 16:45:06 GMT

The dealership cannot legally make a check payable to anyone other than the title holder.

Re: Santander Settlement Offer

schjones1978 — Thu, 22 Jan 2015 20:44:34 GMT

Oh well. Thank you.

Re: Santander Settlement Offer

Anonymous — Thu, 22 Jan 2015 20:49:22 GMT

I'm curious why Santander has allowed you to keep the car. How much is the charge off? Whats the value of the vehicle?

Re: Santander Settlement Offer

schjones1978 — Thu, 22 Jan 2015 20:53:00 GMT

The charge off is 26, 200. Theyes will settle for 13, 100. The value is roughly 14,900. It's out for repo but that came to pick it up. It's over a year.

Re: Santander Settlement Offer

Anonymous — Thu, 22 Jan 2015 21:07:25 GMT

Did they just contact you? I was contacted by a collection agent for Santander trying to strong arm a settlement out of us since the account is about to come off the credit report. I can't find any information about the collection company anywhere and I am trying to find gather more info.

Re: Santander Settlement Offer

schjones1978 — Thu, 22 Jan 2015 21:12:55 GMT

My account was not sent to collections. Santander still owns it. They contacted me via email with a settlement offer. I spoke with them directly.

Re: Santander Settlement Offer

Anonymous — Thu, 22 Jan 2015 21:31:53 GMT

Ok, yeah, now I see. They want the settlement AND the vehicle. If they just allowed you to sell it for the settlement amount they are eating 13K...

Re: Santander Settlement Offer

schjones1978 — Thu, 22 Jan 2015 21:39:33 GMT

No. They want the settlement or the car. If I pay 13,100 the vehicle is considered paid in full and they send the title per the Santander rep.

Re: Santander Settlement Offer

Anonymous — Thu, 22 Jan 2015 22:28:12 GMT

WoW! Thats certainly generous of them. I'd ask for that in writing...

Re: Santander Settlement Offer

schjones1978 — Thu, 22 Jan 2015 22:55:42 GMT

I have it in writing. I'm waiting on written documents on the settlement amount. She just needed to know what day the transaction is going to take place. She informed me that the title would come to me and I would have to transfer it. I'm going to CarMax on Saturday. They said they would take care of it. The email is as follows:

WE HAVE A LIMITED TIME SETTLEMENT OFFER AVAILABLE TO HELP YOU RESOLVE YOUR BUSINESS WITH US.

We are willing to accept 50% of the amount in order to settle your account in full.

This offer is only available until 60 days from the date of this letter, so contact us today!

Even if you are unable to take advantage of this offer, please contact our office to see what terms can be worked on to resolve your account.

You must act quickly!

I would like to get this done instead of having a repo on the credit. I'm thinking maybe if they sell the car that would be about the same, so the offered it to me. I'm taking it.

Re: Santander Settlement Offer

joedtx — Thu, 22 Jan 2015 23:46:20 GMT

@schjones1978 wrote:
I have it in writing. I'm waiting on written documents on the settlement amount. She just needed to know what day the transaction is going to take place. She informed me that the title would come to me and I would have to transfer it. I'm going to CarMax on Saturday. They said they would take care of it. The email is as follows:

WE HAVE A LIMITED TIME SETTLEMENT OFFER AVAILABLE TO HELP YOU RESOLVE YOUR BUSINESS WITH US.

We are willing to accept 50% of the amount in order to settle your account in full.

This offer is only available until 60 days from the date of this letter, so contact us today!
Even if you are unable to take advantage of this offer, please contact our office to see what terms can be worked on to resolve your account.

You must act quickly!

I would like to get this done instead of having a repo on the credit. I'm thinking maybe if they sell the car that would be about the same, so the offered it to me. I'm taking it.

You might run into the the same issue as previously mentioned because the title is in their name issuing the payment from a dealer, I hope i'm wrong I really want for you to get this resolved. We do have a member who is a car dealer on MyFico who would be a great resource for this scenario i'll try and PM him to see if he can offer some insight. Good Luck!

Re: Santander Settlement Offer

schjones1978 — Thu, 22 Jan 2015 23:50:59 GMT

A called back to clarify. The lady said as long I do a recorder authorization and they will accept the payment.

Re: Santander Settlement Offer

joedtx — Fri, 23 Jan 2015 00:07:54 GMT

So are they "CarMax" basically paying off / buying your car and you are purchasing it back from them? I just want to be clear 20+++ years ago when I was going to college I worked at an 'Oldsmobile' dealer and there are 'non-standard' ways of getting a deal done but i'm sure they do vary by state and lender as well as dealer participation.