Santander Consumer USA Consumer Loan Complaint

Santander Consumer USA Consumer loan department,

Vehicle loan Managing the loan or lease Ohio

I hold a sub-prime auto loan with Santander Consumer USA ( SCUSA ) initiated in - of 2015. On my statements each month, it shows the principal outstanding but it does not indicate the interest rate being applied against the principal nor the interest rate practices of SCUSA. ( Including the daily interest rate procedure or the calculation of the interest on each month 's statement. ) This information is also not available on their website, myaccount.santanderconsumerusa.com, nor their automated phone system -. The interest charge applied against the principal and added to the loan amount each month is inconsistent with the interest rate indicated on the origination paperwork ( which was filed through a --party dealer, without representation from SCUSA ). I encourage the CFPB to adjure SCUSA to include interest rates on monthly statements or in the accounts of its borrowers online and to publish information about how it calculates interest charges. Interest rates are a vital component of determining whether I prepay the principal outstanding on the loan ( or address other loans with higher interest rates or more onerous interest charge calculations ) first. Not providing this information makes it significantly more difficult, if not impossible, for me to make a reasonable decision as a consumer of a financial product.