I have written several times in the past about junk fees added onto mortgage loans and junk fees added by escrow companies. There’s a whole chapter about that in my first book, Mortgage Ripoffs and Money Savers. But I have not written about automobile loan junk fees. Until now.
Santander, the subprime lender for auto loans, was in the news for several violations of law regarding their repossessions. A class action lawsuit and settlement agreement followed. Among other remedies, Santander agreed to remove the derogatory items of their victims’ credit reports.
Now Santander is in legal hot water for another reason: their “convenience fee.”
I would say LOL, except that it is not funny at all. Tacking on an extra fee to their customers’ bills when they paid by phone or or paid online? Come on, paying online is mainstream nowadays, and it saves the company from opening envelopes and processing checks.
Talk about an oxymoron! Charging people each and every time they paid their bill for “convenience”!?! Nothing could be more inconvenient, if you ask me.
Santander has agreed to pay $800,000 and help clean up the credit reports of their victims. But you must act fast!
The DEADLINE IS AUGUST 29,2022.
Please share this with anyone you know who may have had an auto loan with Santander, so they can get the recompense they deserve.
Here is the link to more information: top class actions