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Possible Descrimination with Auto Loan

Community Leader
Super Contributor

Re: Possible Descrimination with Auto Loan


@duku2020 wrote:

I guess the sales rep is right I have to call Santander and verify identity with social security number, etc. to POSSIBLY open an account with POSSIBLE approved credit.


He's partly right. Yes, you have to call the guy and speak with him directly. Thats standard for anyone who has a FA on their reports. The lender has to talk to you personally, and go thru verification. He was not right about Santander being the one who put the FA on your reports...Smiley Wink

 

Come back and update your thread with what happens:...Good luckSmiley Happy


Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 11 of 25
Regular Contributor

Re: Possible Descrimination with Auto Loan

Sure thing. I'll be back with an update as to what happens.

Message 12 of 25
Frequent Contributor

Re: Possible Descrimination with Auto Loan

This is relatively common, not discrimination that I can see from what you've provided. Santander Consumer USA typically pulls Experian, and when they reviewed your bureau you must have a FA active. Before they can extend you ANY credit, your identity and FA must be cleared via verbal communication with the potential lender. It should be a simple, short call with a few question's to be answered in order to clear things up.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 13 of 25
Regular Contributor

Re: Possible Descrimination with Auto Loan

Ya so I wan not able to get the car I wanted because not enough on the down payment Oh well I'll try another time

Hopefully cars won't be harder to get this year (2019).

Message 14 of 25
Regular Contributor

Re: Possible Descrimination with Auto Loan

I did get approved though.

I think it's because of good faith in car loan payment history.

Idk.

Message 15 of 25
Frequent Contributor

Re: Possible Descrimination with Auto Loan

I think based on history, 2019 may not be a "good" year to get into a vehicle if your considered a sub-prime applicant. With recent delinquency's in the sub-prime market, many sub-prime lender's may start being a little more careful with their underwriting given the losses they have been incurring.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 16 of 25
Established Contributor

Re: Possible Descrimination with Auto Loan

I'm not sure about the fraud alerts, but I will say think long and hard before doing business with Santander. Lots of horror stories around here on those guys. They normally charge much higher interest rates and if something happens they are a bear to deal with. I would look for another financing option, but that is just my humble opinion.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 12/8/18:


Goal Score: 750+
Message 17 of 25
Regular Contributor

Re: Possible Descrimination with Auto Loan

Hi,

 

Thanks for your reply, appreciate it, will take it into cosideration. Smiley Wink

Message 18 of 25
Contributor

Re: Possible Descrimination with Auto Loan

OP,

 

Thank you for your service! We could never thank you enough for the sacrifices you've made! 

Honestly, in my experience, I think you dodged a bullet by not getting the Santander loan. In my direct experience with them, and from what I've read around these forums, Santander is not someone you want to get a car loan from. You're going to pay double the price for the car in interest and their customer service reminds me of those commercials from back in the day showing monkey's answering the phone. 

My recommendation: join Pen Fed credit union with a small donation and open either a credit or savings account to establish a relationship. Then, after 61-90 days, see if you can get an approval for an auto loan through them. Also, Capital One Auto Navigator would be much better than Santander. 

 

Goodluck!

Current: Gardening...


FICO 8:

As of 1/2/2019. Total CL: $14,300; Goal: $50,000
Message 19 of 25
Regular Contributor

Re: Possible Descrimination with Auto Loan

Thanks Patrick for those kind words👍Smiley Wink
Message 20 of 25