How I can get rid of Santander- Correction (pay, rate, vehicle)
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Alright, so apparently I started my first thread in the wrong section so instead of moving it, it was deleted. Needless to say I have no idea if anyone commented back.
My fiance and I have had an auto loan through Santander Consumer USA since February of 2013. When we accepted the loan from them our credit was very poor. Currently it is close to being considered "good." The interest rate we have been paying since we started our loan through Santander is 22%. We pay $348 a month and would like to know from anyone who may have experience with Santander or in this department what kind of options we may have, if any. We have no problem getting a lower interest rate for an auto loan except that we are almost 4k under. Our car is worth roughly $8,000 and we owe around $11,900.
Can anyone offer any assistance or advice on our current situation? Thanks!
Santander's website clearly states that they won't refinance one of their own loans; so, yes, unless you have a great relationship with a bank who might loan you enough to pay off the loan in full, it's likely that your only choice is to bring cash to the table to pay off the difference.
Some refinance companies will still finance your loan if you are "upside down," but that's generally reserved for really good credit scores. Regardless, it's probably worth your while to pay the negative equity and refinance. It might be a large chunk of change to come up with at once, but it'll be worth it in the long run. 22%...eek!
I just refinanced my auto loan (orig lender Cap One) through OpenRoadLending. The LTV was way higher than what they usually approve, because my car is also quite underwater, maybe about $6k or so. They somehow got it approved and my credit is still quite poor. I only applied because they sent me an offer in the mail saying they could finance up to 135% of the value....they valued my car lower than I expected, so my LTV is something like 165%. (Ouch...) But I at least got my interest rate down a bit.
It's not typical, but it is possible. I wish I could have just paid a chunk down and had a broader range of options. So if that's possible, I would try that first. Otherwise, try Open Road. I found them very pleasant to deal with.
I have a loan on a $13,000 Car. The max rate should have been 18K. Due to hard times we did have some late payment but have paid $15,500 on the auto. We will owe Santander $14,500 before we can get out of this loan. The vehicle is currently worth maybe $2,000. We are going to pay 30,000 on a car we thought would only be 18,000 max just because our credit was not perfect. We were young and should have asked more questions, 5 years later we are still paying for this mistake. Chances are we will continue to pay Santander long after the vehicle is gone. I do not understand how homeowner can get help for bad loans but nothing for auto.
Its to late for me but please make sure you know exactly that you are signing!!!!
I have a loan on a $13,000 Car. The max rate should have been 18K. Due to hard times we did have some late payment but have paid $15,500 on the auto. We will owe Santander $14,500 before we can get out of this loan. The vehicle is currently worth maybe $2,000. We are going to pay 30,000 on a car we thought would only be 18,000 max just because our credit was not perfect. We were young and should have asked more questions, 5 years later we are still paying for this mistake. Chances are we will continue to pay Santander long after the vehicle is gone. I do not understand how homeowner can get help for bad loans but nothing for auto.
Its to late for me but please make sure you know exactly that you are signing!!!!
You aren't paying so much because your credit wasn't perfect. You may have had bad credit and then we're late paying your car loan as well
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