Jason Delgado
Attorney General Ashley Moody, with 34 other attorneys general, locked in an agreement Tuesday with the nation’s largest subprime auto loan company to provide relief for those burdened by the company’s lending tactics.
The agreement will provide eligible Floridians with $7.7 million in consumer restitution and more than $35 million in waivers for balances owed on particular auto loans the company holds.
Nationally, there is roughly $550 million in relief for auto loan borrowers in addition to deficiency waivers.
“My office is committed to holding irresponsible lenders and servicers accountable when they take advantage of economically challenged Floridians,” Moody said. “I urge affected Floridians to pursue their claims through the process made possible by this multi-state settlement.”
The agreement follows a multi-state investigation, which Florida joined in 2015, into the Santander’s lending practices.
In the complaint, the lending company is accused of “unfairly and deceptively extending credit to consumers that Santander knew or should have known there was no reasonable probability the consumer would be able to repay.”
Santander is also accused of not disclosing to consumers that they were obtaining credit on terms “that were likely to fail.”
Moreover, the complaint further alleged that Santander looked over falsified information on loan applications including income amounts and expenses.
Under the proposed consent judgment, Santander will be required to modify their practices before extending future auto financing.
Santander will repay Moody and company $2 million for settlement administration and $5 million to the states for investigative costs.
11 comments
Cheng Smith
May 20, 2020 at 3:12 pm
Is Texas apart of this settlement
shelly roman
May 21, 2020 at 10:48 am
HOW DO I FILE A CLAIM BECAUSE I AM ONE OF THOSE CONSUMERS?
James Boyd
May 26, 2020 at 8:32 am
Wow me to anyone get any information let me know please
NJ
May 21, 2020 at 2:26 pm
Thank God relief was settled. How do we go about filing a claim since we were affected?
Nancy e troiani
May 21, 2020 at 4:03 pm
I got a loan approved with no job from Bev smith Toyota.i was willing to pay cash but the financial Dept talked me into a loan .i had money in bank then and had no job.i got a loan from Santander that was 527. A month.i paid on that car for over four years which would of been over 28thousand dollars I traded that car in in Nj .loan was in Florida when I lived there.am I entitled to any settlement .i paid my car payment on time but I did use their deferment three times
ernest thompson
May 21, 2020 at 7:39 pm
when was this approved and the qualifying dates,
Angela Johannes
May 23, 2020 at 7:44 pm
How do I file a claim. I am a consumer with Santander who has been having ridiculous charges added to my account.
Darryl
May 24, 2020 at 12:10 pm
How can I file a claim, cause I was repo after making a payment agreement
JAP
May 26, 2020 at 1:57 pm
How do we file in Florida.
Shelly
May 26, 2020 at 2:27 pm
There is a website that has been set up but not yet operating. I spoke with the state attorney’s office and Santander will reach out by letter to the affected individuals and they have a company called Rust consultant Inc that is overseeing claims. But again the website is not yet up and running so this will take time. This is a multistage claim so pretty much all the states have to be on the same page in order for this to be effective.
Latoya
May 30, 2020 at 3:01 pm
How do i file a claim hear in Florida?
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