Santander Consumer USA Holdings Inc Consumer Loan Complaint

Santander Consumer USA Holdings Inc Consumer Loan department,

Vehicle loan Shopping for a loan or lease New York

In - 2014 I needed to replace my old vehicle. I regretfully purchased one from a dealership which led me to believe that due to my credit situation the financing deal that they got me was the best that can be done. They informed me to revisit them in 8-10 months to refinance. The cost of the vehicle was $9500.00 at an interest rate over 20 %. Nonetheless, I signed the contract and for over a year and a half, the balance barely declined. I did go back to the dealership after 10 months as well as tried to refinance on my own only to be told that I was upside down. The $9500.00 vehicle was only worth about $2000.00. No one would give me a loan. I was doomed. I feel as though 20 % was outrageous and bordering illegal. I even reached out to the bank on a few occasions requesting that they lower the rate or refinance and they informed me that was n't an option. I struggled and suffered tremendously until I got a break this year and traded in the vehicle for a lease. Of course I still had to roll in the balance owed on the vehicle but I am no longer subjected to an inflated interest rate. I 've never felt so foolish.