More than $333 million in deficiency balances will be eliminated. In recent years, the company has faced several allegations of deceptive practices and misconduct, including the sale of subprime auto loans to customers who could not afford them, deceptive advertising, and illegal repossession of vehicles. WebCOALITION OF 34 STATE ATTORNEYS GENERAL REACH SETTLEMENT WITH SANTANDER CONSUMER USA. I too feel Ive been done wrong by this company I have made on Time payments for almost 3 years and have not got my payment amount lowered and my interest is at 29% and Im paying like for my car three times in a row once the loan is done. According to the plaintiff, Santanders Notice of Intent to Sell Property letter sent to Ohio consumers after their vehicle was repossessed violated these laws by including a vehicle sale date that included the phrase on or after.. By doing this, the bank must ensure that the payments made by the consumers are affordable and that they can afford their basic living expenses. I put $8,000. The settlement with Santander will make it pay restitution to customers. Please see what other class action settlements you might qualify Those who made payments toward their deficiency balance after their repossessed vehicle was sold will get a cash payment, the amount of which will be calculated by comparing how much they paid to the total of such payments Class Members made to Santander. Require Santander to consider a consumer's ability to pay the loan on its specific terms; Bar Santander from purchasing loans where consumers would likely have no money left over at the end of the month after accounting for monthly auto payments, housing costs, andother debt obligations; Require Santander to compensate consumers who default within a certain number of months following origination, where circumstances indicate the loan was unaffordable at the time of origination; Prohibit Santander from requiring dealers to sell add-on "back-end" products to consumers such as service contracts and GAP insurance which amplifythe risk of auto loans; and. The Southern California News Group is one of them. Attorney John Gayle, Jr. of The Consumer Law Group successfully represented this consumer in an auto fraud and Virginia Consumer Protection Act case. Law360 (May 19, 2020, 6:10 PM EDT) -- A Santander Group consumer finance unit reached a $550 million settlement with 34 states over allegations Can you help. Santander agrees to $550 million U.S. settlement over - Reuters Once the suit is finalized, Top Class Actions will notify the plaintiffs. An important settlement was announced in the following press release (see link below). Password (at least 8 characters required). , Case No. This is a great way to help yourself. The plaintiffs are represented by several law firms, including Berger Montague, Tycko & Zavareei LLP, and Bailey Glasser LLP. Consumers who qualify for this relief will receive notice. drug injury lawsuits and product liability lawsuits.