Santander Consumer USA Consumer Loan Complaint

Santander Consumer USA Consumer loan department,

Vehicle loan Managing the loan or lease California

On - -, Chrysler Capital, also doing business as Santander Consumer USA, a subprime lender for auto loans, financed $26000.00 for a vehicle I purchased. The contract is for 72 months with a 22 % APR and $670.00 a month loan payment. An APR of 22 % incurs a daily rate of about $15.00 which means I 'm paying $470.00 in interest and $200.00 to the principal balance every month. The more the loan balance is paid down, the amount of interest incurred and/or owed lessens. My goal is to make extra payments or - pay the required loan payment, which would quickly lessen the balance owed to the lender and the amount of interest incurred for the entire life of the loan. Also, refinancing the loan was the next step after about six months of payments. Chrysler Capital does not provide their loan customers with any receipt or confirmation of payment nor is there any notification by email of payment posting to the loan account. Chrysler Capital only provides their loan customers with monthly account and billing statements .And because of this odd, shady practice of Chrysler Capital , I frequent my online user account to see up to


suspected illegal and shady practices by current and past customers, which put me on the alert with my account with them. And the matter at hand regarding Chrysler Capital is a loan payment error on their part and not my own. Earlier this month of - 2015, I made - separate payments to Chrysler Capital for my loan in the amounts of $280.00 and $300.00 on their website powered by - - - with a $2.00 service fee per payment required. On - -,2015, when logging into the online user account, I could see that the - payments had posted and were applied appropriately to the principal balance since all of the compounded daily interest incurred had been paid with previous payments. On Saturday afternoon, - -, 2015, for some odd reason, I logged in to the online user account and saw that both of the payments had been removed as a credit to the principal balance reducing or lessening the total amount owed by $580.00 and applied as a negative, adding on to the total amount owed $580.00, increasing the balance. I contacted Chrysler Capital - different times to correct the error and spoke with an agent and was put on hold for over - minutes and the call would disconnect.