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whitelotus78

Late payments on Santander loan and question about repo?

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We have a loan through Santander and it is currently about 65 days late due to me losing my job about 3 months ago and we honestly had not one extra cent to put towards the car loan. I did talk to Santander when it went 30 days past due and they said they would try to put in for a deferment for 2 months so we would have time to straighten things out, but they ended up not approving that for some reason. Here we are now about 65 days late. We got a paper in the mail early last week saying that if we didn't pay a certain amount by August 4 (today) we would be in default of the loan and they could require full payment, would cancel our agreement, repo our car, etc. I had no way to get a hold of any money by today. Our house payment and utilities were all due this week and every penny I made went toward that. Plus, I had to shell out $300 for medicine and another few hundred for some doctor's visits this month. We only have $40 left for th week, and that has to buy us enough food to get us through the week.

 

So, with that said, my question is does anyone know when Santander will exercise their right to repo? I have been looking around online and most of the reports I'm seeing are if you're late by 90 days or more. We're at about 65 and by mid month this month I will be all caught up. All they told me on the phone was that I needed to get the payment in ASAP and they would repo if the payment wasn't made. I'm really stressed out over it, sick to my stomach not knowing what to do. I know that I won't have the money until mid month and in the meantime, now that we've passed our August 4 deadline, I'm scared to death our one and only car is going to get taken away. Just wondering what the likelihood is that the car will get yanked from us immediately. I don't know how this company does things, other than we've had trouble with them before (not late payment related) and I don't trust them.

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They do what ever they want and will tell you lies on the phone to get whatever money they can from you then repo the car any way. They have a pretty bad rep. although my brother in law has a loan with them and hasn't had any issues but he pays on time. I would expect the car to be taken any day now. Most lenders do it around the 60 day mark some a lot earlier and some may wait 90 days but that's not common..

 

If you really will have the money in a few weeks you may want to find a place to store the car where they can't find it for the time being.

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We've never been late with them, but our original loan was with another company and Santander bought them or the loans or something like that. This is the first time we've ever been late with a payment and unfortunately it stretched to 2 months out. I know this coming Friday we can put 100 towards it, then next Friday another 100, and then the following week I get paid and can catch it up all the way. They told me they could accept nothing less than a full payment, no partial payments, and said we can't do a deferment because our loan was too close to being paid off (which makes no sense to me??). I have nowhere else to keep it besides at our house, and I'm terrified that I'll be out with the kids somewhere and we'll come out and our car will be gone. We just moved here and have no family or friends nearby so it really freaks me out.

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I would make sure your car is in the garage and don't leave it outside if you can have your spouse drop you off pick up ect. Also keep calling phone reps are a dime a dozen if i don't get someone willing to help i hang up and call back. However if you don't pay or make some kind of deal it will get repoed

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Personally I would imagine around the 90 day mark. If you like I can move this to the main credit forum for more views. Just let me know.

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I have a buddy who works for an extremely large scale Repo Company and most auto lenders will send in their Repo Notices on the 60th day and will have the Repo Company execute the order within the week or two if payment has not been received or posted. So, you are on limited time.

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They make a decision whether they would be money ahead to repo now, or hope that you catch up. So a lot depends on the value of the car vs the amount owed. I agree with the others that at this point making small payments is likely to just be throwing the money away and the car gets repo'd anyway.

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Thanks everyone for the responses. I ended up being able to get a hold of them the next day, made a partial payment and they deferred me 2 months. I hate to do that, but I guess it's what we had to do at this time. When I asked before, the person I talked to said we were too close to being at the end of the loan to defer, this person told me we could do it this time and we would be allowed to do it 2 more times before the loan ends if we ever needed to. I don't know if it made a difference but this time I talked to someone from the US and last time I don't know if they were in the US or not, but they sure as heck couldn't understand what I was saying and I could barely understand them. So I think that helped this time around. She did tell me that they would not have repo'd us unless we had hit the 90 day mark though. Sigh of relief here. At least I have my car still and in a few short months it will be paid off. :)

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Congrats on getting a rep that would work with you. When I read that you were very close to paying it off, and knowing something of Santander's reputation, I was scared for you.

 

:clapping: :clapping: :clapping:

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Someone I know who is financed through Santander has had their car repo'd by them twice (he was able to clear up the matter and get the car back before they signed the repo deal), both times were between 60-90 days late.

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They just repo'd mine last week at 3 in the morning as it sat in my garage....no luck getting it back yet...sad thing is...I was only 2 months behind...sent my payment to them 2 weeks after my last one and they applied it to the wrong acct...didnt realize it...they repo'd it...they corrected the payment after the fact but wont give car back cause I was still behind

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They just repo'd mine last week at 3 in the morning as it sat in my garage....no luck getting it back yet...sad thing is...I was only 2 months behind...sent my payment to them 2 weeks after my last one and they applied it to the wrong acct...didnt realize it...they repo'd it...they corrected the payment after the fact but wont give car back cause I was still behind

Only two months behind and that is pretty common.

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They just repo'd mine last week at 3 in the morning as it sat in my garage....no luck getting it back yet...sad thing is...I was only 2 months behind...sent my payment to them 2 weeks after my last one and they applied it to the wrong acct...didnt realize it...they repo'd it...they corrected the payment after the fact but wont give car back cause I was still behind

 

As mentioned only issues when your late!

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I'm glad you called back. Because when I dealt with Santander, if one told me they couldn't, I just called back another day. Also you have to be careful with them because they'll say oh I can get you 2 months deferred. I NEVER got 2 months deferred but they would defer one month. Then they wouldn't tell you it was only one month. I was never so glad to get someone paid off in my life. And they will take partial payments. You just got a bad rep on that one call.

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