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taguy

Santander servicing/buying Alphera contracts.

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I searched for Santander here for info and found they are not looked too favorable on here (I already do not like them).

 

I financed a car with Alphera last May (14 E-Series MB coming off lease). Alittle about my credit-got divorced in 06 with some late mortg. payments and CC pmts-waited it out buying cash cars and not using my credit. Went to buy car in 13 (all baddies were off) and had no score. Used a strong Co-signor with WF Dealer Serv to buy 10 STS with 2.9%-opened a $500 secured CC (my bank-Amegy), then a Discount Tire Card (since paid off but use if for gas from time to time), then a classic car (Medallion), then qualified for non-secured CC ($2500 w/ Amegy), then bought car through Alphera with 5.9% (no co-sign), didn't think that was bad since I only had 5 accounts (now 6-WF and Alphera are only closed ones-Santander hasn't showed yet) and average length of Credit was around 2 yrs (now 2.9)-CS was 760 to 800 with myfico (d/ship said it around 740).

 

I have been paying $150 to $200 extra every payment since June-Alphera always showed I didn't have pmt due since I was atleast a cpl ahead, plus they showed interest rate, amortization, and a other info I liked. I sure liked the fact that I was a cpl pmts ahead (was doing it cause they financed it for 72 even though I wanted 60-it would of been $80 more for 60) for a "just in case" fact. But Santander wasn't showing that and I called them and although they agreed that they had to do same terms (interest rate and length), they said they don't do it that way (no matter how much extra you pay-you always have pmt due), which sux but I'm sure there's not anything I can do about it. Plus they don't list everything everything like Alphera did (basically just pmt history). And speaking of pmt history-it states all my pmts made were made in April '18 (cause that's when they took over-even my return from cancelling the gap) and my balance "now" seems pretty close to where it was with Alphera when I checked a cpl mths ago, I do not trust them.

 

I guess my question is can they really do that with my pmts (pmt due every month even though you are ahead) and is there a amortization calculator I can plug in everything with date I made pmt (would have to use my bank records to get close as that info is gone-I couldn't log into Alphera way before Santander took over) to check their numbers (balance mainly)?

 

Thx in advance.

Edited by taguy

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Technically you contract calls for a payment every month until you retire the MVRISA. And the MVRISA gives them that right.

 

Bank Rate dot com has some excellent automotive loan calculators which should serve your purpose.

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Technically you contract calls for a payment every month until you retire the MVRISA. And the MVRISA gives them that right.

 

Bank Rate dot com has some excellent automotive loan calculators which should serve your purpose.

 

Thx for the info-I figured they were allowed to do the pmt every mth deal. I'm going to look at the BR.com for a good calculator. When I'm entering payments-would I enter my Gap ins refund on the date it was rec'd just as I would a mthly pmt, they told me it would go on the back end (don't understand) and it wouldn't count as a pmt (do understand). Thx!

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Just enter the info as requested into the excel worksheet. The Gap refund reduces the total amount owed.

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Just enter the info as requested into the excel worksheet. The Gap refund reduces the total amount owed.

One last question and I'll figure it out-and I'm prolly not going to be able to find the calculator I'm looking for-but the closest on BR I found was Auto Loan Early Payoff calc (not in excel)-which would work, or atleast be close "if" I paid the same extra each mth as it asks you what extra you paid-but applies the same every mth vs allowing you put a different amount every mth (since I paid a diff amt each mth), and doesn't allow the date paid.

 

Edit-just saw the above-THX A BUNCH!!!

Edited by taguy

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Thank you sir! Makes me feel better, your excel calc showed balance at $23,921 currently, Santander shows it at $23,950-but.....I couldn't figure out how to do the loan start date different from the pmt start date-if you put in 6/14/17 as LSD-it makes your pmts start at 6/14-even though my LSD was 6/14 and 1st pmt was due 7/21-so I just used 7/21 as my LSD-so there's a 47 days of interest not calculated, so I'm good with the difference. Also confirmed that the $690 in Gap was applied now vs at the end where I'd be paying interest on it.

 

I'll sleep better tonight :).

Edited by taguy

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