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Santander USA

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  • Santander USA

    Has anyone had experience with them? Are they easy to work with? I will be filing in about a month and a half and just got a new car loan with them. Do they allow ride-throughs or will I definitely need to re-affirm?

    What happens if the judge denies my reaffirmation?

  • #2
    I currently have a loan with Santander USA. I'm really not a fan of this company, my loan was sold to them by CitiFinancial about a year ago.

    Their lending practices are almost predatory, extremely high rates, and they start calling before payment is even due.

    I'm in the process of filing and have a rather large auto payment for my income. I would not have qualified for the loan when I first purchased my car based on my current income. (I was laid off and then got another job but took a $40K pay cut, hence my current BK situation.)

    In the end, it's up to the judge whether or not that re-affirmation is approved. I intend on surrendering my vehicle and leaving Santander in the dust, only because the loan does not make sense for me financially and I think any judge would agree. If the judge denies the re-affirmation, the lender can reposes the car. Whether the lender actually comes and takes the car is up to them, being current on payments would probably make them less likely, hence the term ride-through. I don't think it is an official court order, just something that happens in the process. I think all debt is either discharged or re-affirmed.

    Course, based on my current situation, I would certainly not be deemed a "financial expert", your attorney should be able to help with your question.
    Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11

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    • #3
      We had a car loan through HSBC, which was sold to Santander. We converted to the Ch 7 in January, and were discharged on 3/11. We are surrendering the truck, and have not heard a WORD from them. We are still driving the truck, with the required insurance, of course. Does anyone know if there is a limitation of how long the lendor has to collect the property?
      Ch 13 0% unsecured Filed 04/10.....Converted to Ch 7 11/10 ....
      341 meeting 1/6/11.....Letter of No Distribution 1/7/11 .....Discharge....3/11/11

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      • #4
        Originally posted by JvilleGarden View Post
        We had a car loan through HSBC, which was sold to Santander. We converted to the Ch 7 in January, and were discharged on 3/11. We are surrendering the truck, and have not heard a WORD from them. We are still driving the truck, with the required insurance, of course. Does anyone know if there is a limitation of how long the lendor has to collect the property?
        I'm surrendering with Santander as well. My attorney said they are a slow-moving bunch, but I guess that depends on how badly they want the car back as well. If they are going to be able to re-sell it and take minimal loses, I suspect they'd come for it sooner. Who knows. I'm not a Santander fan. And I intend on keeping the car for as long as possible. I still never got a straight answer from them as to why I was being charged a "miscellaneous fee". LOL it won't matter for long.
        Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11

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        • #5
          We have an auto loan with Citi that was sold to Santander. I actually just posted about them today. They will allow ride-through, but they said they won't report any positive payments to the credit bureaus unless you re-affirm. You will also have to call them to make payments, you can use their online bill pay if you don't re-affirm (they'll suspend it initially, but once you re-affirm it will be reinstated).

          I haven't had any issues with them, but I never have to deal with them. They weren't my original lender, nothing changed when they purchased my loan...I pay and then provide a receipt. Easy peasy.

          I was frustrated that they didn't say anything when the re-aff paperwork they got was for our other lender/car, but what are you gonna do? I've heard negative things about them though, so I don't know that I would use them if I had a choice...I would rather take what cash I have and buy something free and clear.

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          • #6
            Originally posted by brokeinal View Post
            We have an auto loan with Citi that was sold to Santander. I actually just posted about them today. They will allow ride-through, but they said they won't report any positive payments to the credit bureaus unless you re-affirm. You will also have to call them to make payments, you can use their online bill pay if you don't re-affirm (they'll suspend it initially, but once you re-affirm it will be reinstated).

            I haven't had any issues with them, but I never have to deal with them. They weren't my original lender, nothing changed when they purchased my loan...I pay and then provide a receipt. Easy peasy.

            I was frustrated that they didn't say anything when the re-aff paperwork they got was for our other lender/car, but what are you gonna do? I've heard negative things about them though, so I don't know that I would use them if I had a choice...I would rather take what cash I have and buy something free and clear.
            Same deal here brokeinal, I was originally with Citi. I wish they would have handled my transition better. Thanks for the information! I headed in the free and clear direction as well.
            Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11

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            • #7
              Sorry your transition didn't go as well! Mine could've been a problem, but I just happened to log onto Citi's website looking for something and saw that the change had occurred. Otherwise, I didn't get anything telling me about it until wellllllll after my next payment was due.

              And frankly, I thought Citi sucked. I only used them originally b/c we had a credit card with them and they offered a fantastic rate for a used car loan, but man...did I ever regret that decision! They were a huge headache and I would get bills that belonged to other people, phone calls for other people, etc. It was a huge mess.

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              • #8
                Originally posted by brokeinal View Post
                Sorry your transition didn't go as well! Mine could've been a problem, but I just happened to log onto Citi's website looking for something and saw that the change had occurred. Otherwise, I didn't get anything telling me about it until wellllllll after my next payment was due.

                And frankly, I thought Citi sucked. I only used them originally b/c we had a credit card with them and they offered a fantastic rate for a used car loan, but man...did I ever regret that decision! They were a huge headache and I would get bills that belonged to other people, phone calls for other people, etc. It was a huge mess.
                Goodness! What a headache! And that's what happened to me with Santander, for the most part, problem after problem. I had no problems with Citi, I don't think I ever even spoke to them, except for sending them money each month. Ha! I guess that's why Citi sold their auto financing division, they couldnt handle the work load.
                Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11

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                • #9
                  Our loan is with them too....bought from Citi also roughly a year ago....they said they never recv'd any re affirm docs from our atty...funny I made a seperate post yesterday about this too. Anywho...they said they were not going to make me re affirm as there is 8 or 9 payments left, and a balance of roughly $1200, so she said just keep paying, they didnt care...so. Overall I am sitting on the fence with Santander...I'm not a big fan of theirs, but I dont hold too much against them either. They rubbed me the wrong way when citi sold the loan, and the terminology in the initial letters, just didnt like it...who cares.
                  Filed Ch 7. Jan 14th 2011. 341 Feb. 24th 2011. DISCHARGED April 26th 2011. Closed May 10th, 2011. Huge weight off our shoulders! Scores as of 5/14/11 : TU-639, EQ-642, EXP-602

                  Comment


                  • #10
                    To answer your question, I think it varies by state. I'm in CA, and my attorney said that they cannot come after the car until 30 days after the 341. Then, they can show up with a tow truck and take it anytime. I called the company (our credit union), and set up an appointment for them to pick it up on the 30th day. Easy as pie, and no problems.
                    --------------------------------------------
                    As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David Thoreau

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                    • #11
                      I have not made a payment to Santander since March of 2010. We filed BK in July and were discharged December of 2010. We did not reaffirm and were basically just going to drive it until they picked it up. In February, it developed a problem with the ignition and is not driveable and since they could pick it up any time, I did not want to pay to have it fixed.

                      So now we have a new vehicle and the broken down Santander car is taking up space in the driveway. I called them just today to find out when I could expect them to come and get it and they flat out said they were not going to pick it up because it was not worth it to them and the expense they would incur to pick it up. I was told they would not release the title unless it was paid in full and I was more than welcome to make payments or not and keep driving the car. They even told me it would be my responsibility to dispose of the car if I decide I dont want it anymore.

                      Sure wish I could get that in writing. So now I am debating whether or not I should fix it and drive it. I'm thinking yes, but there is still no guarantee they won't come and get it and that's okay too. I'm concerned about the day when I dont want it anymore and how to "dispose" of it at that time.

                      Any others have a similar situation? Is it really possible that they might never come and get it?

                      Comment


                      • #12
                        Just got off the phone with Santander to tell them of my bankruptcy filing. They said they would fax/send the re-affirmation agreement to my attorney in the next week or so. I do not intend to sign the agreement, unless it's some absurdly ridiculous offer, doubtful though since the car is a 2008 Hummer with 50K miles, I'm sure they will be able to re-sell the vehicle. My attorney probably won't sign off on it either and stated a judge probably wouldn't approve it especially if he did not sign off on it. However, they are going to take a substantial hit on their loan. Initially the call was from a collection agent, and man was she nasty, I took great joy in cutting her off. I will be glad to be rid of them. I'm already enjoying the silence from the lack of phone calls.
                        Chapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11

                        Comment


                        • #13
                          Just providing an update. We have celebrated our 2-month anniversary after discharge, and are going through our credit reports, and Santander is actually reoprting our Truck Loan as "Paid or Paying as Agreed", with a balance of $0. They MUST be really confused.....In the mean time, I'm enjoying driving the truck while we can...
                          Ch 13 0% unsecured Filed 04/10.....Converted to Ch 7 11/10 ....
                          341 meeting 1/6/11.....Letter of No Distribution 1/7/11 .....Discharge....3/11/11

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                          • #14
                            They will show up in the middle of the night to repossess it.

                            Comment


                            • #15
                              Have the car towed to an impound yard. They can get title and sell it off.

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