Santander Auto Loan: Is This Santander Settlement Enough 2020?

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Santander Auto loan just made a $550 million settlement. It had agreed to make changes to its underwriting practices as part of a $550 million settlement with 33 states and the District of Columbia over subprime auto loans.

The states the files the claim stated Santander had violated consumer protection laws by placing borrowers with subprime credit into auto loans it knew carried a high probability of default.

How will the Santander car loan settlement be distributed?

They agreed to pay $65 million for restitution for some customers and to waive deficiency balances on loans worth $478 million. It will also pay $7 million to the states to manage restitution claims.

How did this Santander car loan lawsuit happen?

Santander profited by approving high-cost loans to disadvantaged auto buyers who were doomed from the start,” said California Attorney General Xavier Becerra in a statement.

California also claimed Santander approved loans it expected would default at rates of greater than 70% and alleged “Santander’s aggressive pursuit of market share led it to underestimate the risk associated with loans by turning a blind eye to dealer abuse.”

How would I benefit from the Santander car loan lawsuit?

Those consumers whom defaulted but have not had their cars repossessed, Santander is required to allow them to keep them and waive loan balances up to a total of $45 million and to waive deficiency balances on other loans totaling $433 million.

How much of a Santander car loan could I qualify for?

You can borrow anywhere between $5,000 and $75,000, and you can get up to 100% of the value of the vehicle. “With that kind of financing option, you might not need a down payment,” says Jeff Becker, a financial advisor, and car enthusiast.

Do I qualify for a Santander car loan with bad credit?

If you’re looking for a bad credit car loan because you’ve missed a payment on your credit card or made another minor non-payment, Santander may still help you with a loan.

Conclusion:

Although, This settlement from Santander car loan is a big win for consumers, it will more likely not stop predatory lending from big banks.

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