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Refinance out of Santander?


MattO
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The last post in this topic was posted 3436 days ago. 

 

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In june/2012 I took out a loan with Santander on a 07 Chevy trailblazer. The interest rate is rediculous (24.8% or something). My credit is essentially perfect EXCEPT for a nearly 7 year old repo/charge off, and one paid medical collection on Experian. All my other credit lines are spotless. My FAKO's are 604 (Exp) 667 (TU) and 644 (EQ). Any hopes of refi'ing out of Santanders loan shark interest rates right now? Am I better off biting my tounge and waiting for the charge off to fall off before applying?

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I can understand that but the car was only about 5 years old when the OP got it. Unless it had a ton of miles already. Maybe because its a Trailblazer no one wanted to touch it. They are notorious for having a lot of issues which would increase the chances of default. If that's even a factor with the lender.

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The interest rate is not the only problem with Santander. When you get close to the payoff suddenly a couple thousand dollars in mysterious "fees" will appear. There are several firms seeking class action suits against them for it.

 

I had the misfortune of my lender selling the loan to them about 18 months before payoff. At the end they tried to hit me with fees not in my original contract (which I still had) and I had to fight and threaten suit before they dropped them and sent the title. I swore NEVER would I finance with those unethical jackals. If you can get out do it. They do not deserve anyone's money.

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I had my loan through them. Never late. Never deferred. My payment was always posted on or before the due date. I got my payoff and noticed it was about $900 more than my balance on the loan (adding up all my remaining payments). When I asked about the difference I was told it was "interest and fees" that had accumulated from late payments. Of course I have records showing I never paid - not once - late.

 

I worked with the dealership where I traded in the car to adjust the payoff amount to what Santander shows and I am still fighting this. They won't accept my records. They won't accept their website's records and they won't tell me what months I paid late and how that could possibly add up to $900. I have been working with the Office of the President and hopefully it will be resolved soon.

 

From the research I've done, they got into trouble in Spain for very similar tactics. I'm not just going to accept this. I will fight it.

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You can try Digital Credit Union. I just refi'd two vehicles with them, one is newer and the other is a 2004. The rate on both is 5.4%. Easiest refi I've ever had. It only took a few minutes to email two signed docs and payoff check went out next day.

 

Also with DCU you drop .5% every 3 or 4 months that you make on-time payments up to 1.5% discount.

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  • 2 weeks later...

You can try Digital Credit Union. I just refi'd two vehicles with them, one is newer and the other is a 2004. The rate on both is 5.4%. Easiest refi I've ever had. It only took a few minutes to email two signed docs and payoff check went out next day.

 

Also with DCU you drop .5% every 3 or 4 months that you make on-time payments up to 1.5% discount.

Thanks for the advice! I sent in an app Sunday morning, talked to them this morning and was approved! 8.9% interest, 3 year loan. WAY better then the lousy 25% interest rate through Santander. Theyre sending out the payoff check to Santander today :yahoo: While talking to them they also told me I was approved for a 3k DCU Credit card...I figured what the hell, why not and took that too since it was on the same inquiry :dance:

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