It has only been one on time payment and my score went up 3 points, not a lot but its a start. Then it jumped up 30 points just for having my principle balance drop by only $19 from $5800. I have a great 2007 chevy impala LS with 91,000 miles drives great. 4 year loan at 27% but $215 a month which is great. I have credit scores in the 400's and cannot thank them enough for giving me a chance to improve my credit worthiness and scores. $1600 downpayment which is very reasonable even if i had great credit. Too soon to tell but so far so good. Very Happy!
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
Most Helpful Positive Review
Most Helpful Negative Review
If you try to finance a car and they tell you Santander is funding the loan, walk away. Having no car is better than having a car financed through Santander and that is no exaggeration.
We found our second car used at a local big-box dealer. It was a 2005 Hyundai Tucson with only 60,000 miles on it, fully loaded, one owner, great price. Since it was nearly 8 years old but low miles, we bought a 2 year extended warranty on it with a total out the door for around $14,000 but financed only $12,500. In comes Santander with very loan sharkesque 27.99% interest rate despite having excellent payment history on my first car financed through Ally Financial at over half the rate of Santander (Ally wouldn't finance due to the age of the car...Mistake #1). We were desperate for a second car and it was only a 60 month loan, so we decided to go ahead with it on the premise that we'd refinance when the balance was a few grand less. That was mistake #2. I cannot blame Santander for my mistakes but here is the reason for their low rating and negative review.
Now for the red flags...
Red flag #1: Nearly 100% of your payment goes to interest your first half of the loan, again never late, always on time. Our balance went from $12,500 to $12,100 in the first 6 months. Two years into the loan, I've barely paid off the warranty I purchased
Red flag #2: There is no refinance process. If you want to renegotiate your loan, they find every reason in the book to not lower your interest rate. I've heard everything from "I owe too much on my vehicle" to "Your vehicle doesn't meet the criteria for refinance due to the age being over 7 year old." The last one is a hoot because they funded the loan on an 8 year old car in the first place.
Red flag #3: Their online payment system is useless. Around Christmas last year, their payment system was not processing payments correctly which resulted in reversed payments and even payments not posted, despite recieving confirmation numbers and the money withdrawn from our bank account. Needless to say Santander's credit department recorded late pays for 2 months on mine and countless other debtors.
Red flag #4: Customer service is non-existent. You ask to speak to a supervisor, they just throw you back in the call queue. You ask for someone in their credit dispute department and you get told they don't have a dispute department or it is constantly closed.
Needless to say, I am sending my lawyer after them for fraudulent reporting practices and looking for a dealer that will get me out of this loan. Title loan places have better interest rates than Santander does, and that is sad.