Santander reviewed by

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HOT GARBAGE!!!

I will copy my BBB current complaint.
COMPLAINT ACTIVITY REPORT Case BBB Serving Dallas and Northeast Texas

Consumer Info: Tinoco, Allan Business Info: Santander Consumer USA, Inc.




Location Involved: (Same as above)

Consumer's Original Complaint :
Has not provided reason for excess charges on auto loan they purchased from Citifinancial.
I called them because my loan matures in March 2014 and the math on my statement did not match up. When I called I explained to them that my loan matures in March but after March I will still owe 3222.95 left. The lady seemed like she had no clue how to respond. Without listening to my concern, she then decides to just email me my payment history. My loan was originally with Citifinancial and was bought by Santander. As she is speaking to me I was trying to explain to her that I am reviewing the statement she sent but all she kept saying was "review your statement and call us back" I said "Ma'am I AM reviewing my statement and I don't understand it so why am I calling back? She said again, "Review your statement and call us back" I immediately told her I wanted to speak to a manager because I got the impression that she was just trying to get my off the phone. When the manager got on the phone it just got worse. She would not allow me to talk and acted as if was on mute and did not stop talking when I was trying to ask questions. Her conversation was all financial jargon and seemed like a scheme to make me say "UGHHH ok, I understand" She said, "pull your bank statements and if you have information to prove these late payments were not legitimate we will adjust your account." So, I decided to do as she said and unfortunately my bank only goes as far as 36 months and I needed to go back 5 years. I had to pay 30 dollars to get my statements beyond 36 months to 5 years. After reviewing line by line I provided all the proof I had that proves everything they said was false. I provided them a letter, bank statements highlighting all payments and the statement they sent me to a fax number provided by the company during the phone conversation. A over a week went by and not an email or any response confirming they revived my fax or anything. Today I put all my paperwork in an envelope sending it certified mail with signed receipt mailed back to me. I never chose this company this company chose me and they are ripping people off by confusing them. Many complaints have been filed and consumers are not ratted fair and it seems that there is no resolution with this company.

Consumer's Desired Resolution:
They need to adjust my account and provide all and any explanation for the additional $3,222.95 added to my account. That amount left over is around 25% of my total loan and their business practices are cheating hard working people without any explanation why. Many complaints I have reviewed coincide with my complaint and this is NOT an isolated incident.

BBB Processing

09/28/2013 web BBB Case Received by BBB
09/30/2013 will BBB Case Reviewed by BBB
09/30/2013 Otto EMAIL Send Acknowledgement to Consumer
09/30/2013 Otto EMAIL Notify Business of Dispute
10/05/2013 BBB MORE INFO RECEIVED FROM THE CONSUMER : All information was provided by Santander Bank Statements:
Payments added up from Santander Statements:
Original loan amount----------------------------------------------------------------------$15,840.21
-----------------------------------------------------------------------------------------------------------------
Total payments based on Santander statements----------------------------------$22,547.02
Payments left based on maturity--------------------------------------------------------$1,401.63
Total--------------------------------------------------------------------------------------------$23,611.62
Explanation:
DEC (390.54) +JAN (337.03) +FEB (337.03) +MAR (337.03) = $1,401.63
Interest rate not including unexplained extra amount:
23611.62-15840.21=7771.41.7771.41/15840.21=49 percent interest rate!! (Not including an extra $3,222.95 they are saying I owe)
Interest rate including unexplained amount:
23611.62+3222.95(Unexplained)= $26,834.57-$15,840.21=$10,994.36/15840.21= 70 percent interest rate!
You have got to be kidding me! This is UNSAT and needs to be corrected ASAP. This CANNOT be legal!
10/15/2013 WEB BBB RECEIVE BUSINESS RESPONSE : ***Also sent email to BBB with response and attachments.

October 15, 2013

Dear Mr.:

We have received your complaint filed with the Better Business Bureau regarding the above referenced account number. Thank you for bringing this matter to our attention.
We understand from your correspondence that you are disputing your current account balance with Santander Consumer USA Inc. (SCUSA). Please be advised that we have investigated this matter and offer the following response.
Our records show that you entered into a Retail Installment Contract (Contract) with Duval Ford on March 13, 2008 to purchase a 2004 Ford Explorer financed in the amount of $15,840.21 at an annual percentage rate of 15.00%. The Contract disclosed a term of 72 monthly payments of $337.03, which began on April 27, 2008. The maturity date was originally set for March 27, 2014. By signing the Contract, you agreed to all terms and conditions as set forth by the Contract agreement. CitiFinancial (Citi) was the assignee and lender of the Contract.
On September 6, 2010, SCUSA began servicing the Contract. Please note a letter was sent to you regarding SCUSA becoming a servicer for Citi accounts. The service transfer did not affect the current terms of the Contract.
Please accept the following explanation as it pertains to the remaining balance on your account. As stated in the Contract, your account is calculated using the Simple Interest Method. This means the balance accrues interest on a daily basis and assumes you will make your payments on the scheduled due date. The amount of interest accrued daily can vary based on the amount of the principal balance and the number of days between payments.
If you pay late, are granted an extension/deferment, and/or change the due date, more interest will accrue, resulting in unpaid principal at the end of the loan term. This means the principal balance is reduced slower and more interest is paid over the duration of the account.
Please note payments are due on the due date set forth in the Contract and late fees may be assessed when the account becomes 10 days or more delinquent. Our records indicate you have submitted 61 regular monthly payments to this account, of these, 13 were paid 10 days or more past the scheduled due date. As a result of these late payments, the account has been assessed 13 late charges. You have also submitted two (2) payments which were returned by your banking institution due to non-sufficient funds (NSF). These late payments and NSF payments resulted in additional accrued interest between these payment dates which affected the reduction of the principal balance owed.
Our records further show that the account was granted four (4) payment deferrals. The deferral dates and reasons are specified below:
* September 22, 2008 (2) - Reason - Hurricane Gustave
* June 30, 2009 (2) - Reason- Deployment
These payments were not waived; they were added to the end of the Contract term. Please note interest does not stop accruing when there has been a deferral granted on the account and there is no grace period for accrual of interest.
In addition, on November 19, 2008 a due date change was granted to your account. Payments were changed from being due on the 27th to the 15th of each month. This due date change allowed you to skip the payment due for November 2008. This payment was not waived; it was added to the end of your contract term and became part of the principal balance. Please note, due to the due date change, additional time past between the submission of payments which resulted in the accrual of more interest. Like deferrals/extensions, interest does not stop accruing when there has been a due date change granted on the account, and there is no grace period for accrual of interest.
As stated above, the amount of interest accrued daily can vary based on the amount of the principal balance and the number of days between payments. In addition, interest starts accruing on the date the Contract is signed. The Contract was signed on March 13, 2008, your first payment was due on April 27th 2008; however, Citi received the first payment on May 10, 2008 which was a total of 58 days from the date the Contract was signed. As a result, the first payment was credited towards the interest balance.
Please note that the principal balance reported on your account is the principal balance excluding accrued interest. Further, the balance of $1,401.63 you calculated by taking your payment of $390.54 due for December 2013 and $337.03 times the remaining scheduled 3 payments for January, February and March 2014 does not equal the correct payoff. Missing from your calculated amount were the deferred payments, NSF payments, skipped payment due to due date change and late charges and interest.
SCUSA has verified that the account balance is accurate. As described above there was a remaining balance due to the account being granted 4 deferments, due date change, 2 NSF's, late payments and late charges that were assessed to the account. Please note the payment pattern determines when the account will be paid off; had we received each of the payments by the due date set forth in the Contract, the account would have been on track to be paid in full by the original maturity date as stated in the Contract.
As of the date of this letter, the account balance is $4,624.58 and is current. The last payment posted to the account was a payment on September 13, 2013 in the amount of $400.00 and was credited to the October 2013 payment and partially credited to the November 2013 payment. The remainder of November's payment is due on November 15, 2013 in the amount of $100.61.
We hope that the written explanation we have provided above regarding the account activity is helpful to you in further understanding how simple interest works and how it affects the balance on a daily basis. Please note that SCUSA has no hidden fees that have been assessed on the account. We kindly remind you that SCUSA abides by the Contract terms.
Enclosed you will find a copy of your conversion letter, Contract and payment history, which validates the debt serviced by SCUSA and the amount currently owed.
We make every attempt to work with our customers to achieve the best service possible and their concerns and experiences are of the utmost importance to us. If you have any further questions please contact our Customer Service Department at 1 (888) 222-4227.
Sincerely,
SANTANDER CONSUMER USA, INC.
Enclosures
10/15/2013 LAY EMAIL Forward Business response to Consumer
10/16/2013 WEB BBB CUSTOMER DISSAT - MEMBER COMPANY - BBB REVIEW : (The consumer indicated he/she DID NOT accept the response from the business.)
I would like to address the response from Santander Consumer USA Inc. All information herein can be substantiated with documentation. It is correct that I entered into a retail Installment (contract) with Duval Ford on March 13, 2008 in the purchase of a 2004 Ford Explorer Sport Trac. The amount of $15,840.21 is at an annual percentage rate of 15.00% with a term of 72 months of payments in the amount of $337.08. Your records of 61 monthly payments to the account starts this response as inaccurate as the record can show that on your web site 68 payments have been made. This information can be found simply by logging into my account. I would like an explanation to that as well. Here are the facts, I would like to reiterate that all information to verify my rebuttal can be provided and has been provided to your company via certified mail on September 30, 2013.
LATE PAYMENTS
My contract states that the first payment was April 27, 2008. A payment was made May 13, 2008 (16 days late) $31.80 above the regular payment amount of $337.03. The next payment was due May 27, 2008. A payment was made July 22, 2008 (25days late) $77.92 above the regular payment amount. The next payment was due June 27, 2008. A payment was made July 16, 2008 for the regular amount (19days late). All late payments hereafter were with a due date change from the 27th to the 15th of every month. A payment was made January 27, 2009 (12 days late) $77.92 above the regular payment amount. A payment was made February 18, 2009 (3 days late) -$64.56 below the regular scheduled payment. A payment was made March 18th, 2009 (3 days Late) -$15.62 below the regular scheduled amount. A payment was made April 24, 2009 (9 days late) $7.86 above the regular scheduled amount. A payment was made on July 1, 2009 (16days late) $14.95 above the regular scheduled payment amount. Additional payments on the accounts where payments were over the regular payments total $130.27 including payments that were below the regular scheduled payment bringing the total late payments to eight (8). August and September payments will be defined below under payment deferrals. December payment was waived because of due date changes.
PAYMENT DEFFERALS
Based on the response from your company I am going to assume that when you stated "granted four (4) payment deferrals" That by only listing two (2) months (September 22,2008(2) and June 30,2009(2)) The two in parenthesis i.e. (2) represents the number of months deferred bringing the total amount of months to four (4). Let's assume this scenario, your definition of payment deferral as provided by your response, "are granted an extension/deferment, and/or change the due date, more interest will accrue, resulting in unpaid principal at the end of the loan term." I will assume again, extensions granted, September 22, 2008 covered August and September 2008. Now, the two payments from the August and September 2008 total $674.06 (August Payment $337.03+ September payment $337.03) was deferred. The $674.06 total does not include any additional charges from which I have yet to receive a break down or an explanation on any interest or charges that were in addition to the $674.03 deferred.
DUE DATE CHANGES
Recap so far, eight (8) late charges and deferment for two (2) months and one (1) month waived. Based on your response "Payments were changed from being due on the 27th to the 15th of each month. This due date change allowed you to skip the payment due for November 2008. This payment was not waived; it was added to the end of your contract term and became part of the principal balance" Fact, a payment in the amount of $368.83 was made on November 10, 2008 $31.80 above the regular payment amount and the month waived was December 2008. Total so far (August 2008 payment $337.03 + September 2008 payment $337.03 deferred) +December payment waived ($337.03) + unknown fees (late charges and interest.i.e.) = $1,011.99 - $130.27 (overpayments in May 13, 2008 $31.80 + July 22, 2008 $77.92 + January 27, 2009 $77.92 - February 18, 2009 -$64.56 - March 18th, 2009 -$15.62 + April 24, 2009 $7.86 + July 1, 2009 $14.95 + November 10, 2008 $31.80= $162.07) = $849.92. This total INCLUDES underpayments for February 18, 2009 and March 18, 2009 but does NOT include hidden fees your company has still failed to provide i.e. late charges and interest rates.
DUE DATE CHANGES CONT'D
1) Eight (8) late charges
2) Two (2) month deferred
3) One (1) month waived because of due date changed from 27th to 15th of every month
"Please note, due to the due date change, additional time past between the submission of payments which resulted in the accrual of more interest"
Please explain the math involved with this using my scenario and plugging in my numbers. Words don't provide me numbers to show reasoning.
"Is the principal balance excluding accrued interest. Further, the balance of $1,401.63 you calculated by taking your payment of $390.54 due for December 2013 and $337.03 times the remaining scheduled 3 payments for January, February and March 2014 does not equal the correct payoff"
Yes, I know this, hence the reason I am requesting a breakdown from your company so you can EXPLAIN where you get this correct payoff balance
"Missing from your calculated amount were the deferred payments, NSF payments, skipped payment due to due date change and late charges and interest."
I have forwarded my bank statements to your company. Please show me where an NSF was incurred.
"Our records further show that the account was granted four (4) payment deferrals. The deferral dates and reasons are specified below"
* June 30, 2009 (2) - Reason- Deployment
This payment was NEVER deferred. I ask your company to review this for accuracy. If you would review your own company's payment statement which can be pulled up from my account it will show that a deferment was NEVER done in June 2009. At this point in time, I had set up an Automatic withdraw from my Navy Federal account and all payments since June 2009 were automatically drafted out of my account in anticipation of deployment and were and STILL being paid on the 15th of every month.
FACTS
Santander states: Four (4) deferments
Reality: Two (2) months deferred (August 2008 and September 2008)
Santander States: Thirteen (13) late payments
Reality: Eight (8) late payments
May 13, 2008 (16 days late) / June 22, 2008 / July 16, 2008 / January 27, 2009 / February 18, 2009 / March 18th, 2009 / April 24, 2009 / July 1, 2009.
It is imperative that your company provides FACTS on the additional Five (5) late payments. There is no documentation that can substantiate this. I have documentation that discredits your claim and I have and can provide this information.
TOTAL AMOUNTS NOT INCLUDING HIDDEN FEES
-$849.92 (explanation is stated above. No answer on interest rate, late fees, i.e.)
OVERPAYMENTS
Payments made from July 15th 2009 were all auto drafted from my Navy Federal account and paid on time. Below are ALL overpayments made since this date:
July 13th 2012 paid $400.00--------------- ($62.97 overpayment)
August 15th 2012 paid $400.00-----------($62.97 overpayment)
September 14th 2012 paid $400.00------ ($62.97 overpayment)
October 15th 2012 paid $500.00----------($162.97 overpayment)
December 14th 2012 paid $400.00-------($62.97 overpayment)
February 15th 2013 paid $400.00---------($62.97 overpayment)
April 15th 2013 paid $400.00--------------($62.97 overpayment)
May 15th 2013 paid $400.00---------------($62.97 overpayment)
June 14th 2013 paid $400.00---------------($62.97 overpayment)
July 15th 2013 paid $500.00----------------($162.97 overpayment)
August 15th 2013 paid $400.00------------($62.97 overpayment)
OVERPAYMENTS CONT'D
September 13th 2013 paid $400.00-------($62.97 overpayment)
October 15th 2013 paid $500.00-----------($162.97 overpayment)
TOTAL OVERPAYMENTS----------------------$1,118.61
BREAK DOWN WITHOUT UNKNOWN FEES FROM SANTANDER
Original Loan amount---------------------------$15,840.21
Payments already made to Santander-------$23,047.02 (As of OCT 2013)
Maturity payments left--------------------------$4,185.40 (As per Santander NOT including unknown interest)
TOTAL ---------------------------------------------------------------------------------$27,232.42
Total sales price based on contract---------------------------------------------$24,266.16
Charges left over from deferments and waivers---------------------------- ($849.92)
Amount over original contract excluding addition unknown fees---- $2,111.16 (OVER)
"SCUSA has verified that the account balance is accurate."
This account is NOT accurate and need to be reevaluated.
"We hope that the written explanation we have provided above regarding the account activity is helpful to you in further understanding how simple interest works and how it affects the balance on a daily basis."
Please sho
10/16/2013 BBB MORE INFO RECEIVED FROM THE CONSUMER : "We hope that the written explanation we have provided above regarding the account activity is helpful to you in further understanding how simple interest works and how it affects the balance on a daily basis."
Please show me where in this explanation you EVEN discuss anything about interest that involves something other than the WORD interest. This response comes nowhere near a breakdown of interest based on MY numbers it only speaks of the word interest and inaccuracies. Please have your company reevaluate this claim and establish a more concrete explanation. I do not accept this response.
10/17/2013 OttO EMAIL Customer Dissat Notice to Company
10/17/2013 OttO BBB BBB Review Consumers Response
10/17/2013 BBB MORE INFO RECEIVED FROM THE CONSUMER : In addition to my complaint, I would like for your company to explain why has my loan with Santander recently been removed from my credit report?
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