Santander S 550 Million Predatory Lending Settlement Youtu Santander consumer usa inc. has reached a $550 million deal with nearly three dozen states to settle charges of predatory auto lending to low income and subprime borrowers. the settlement. Today i'm going to talk about the $550 million settlement that santander entered into with over 30 different states to settle claims of predatory auto lendin.
Santander Settles Predatory Auto Lending Claims For 550 Million Wsj Harrisburg—attorney general shapiro and 34 attorneys general colleagues today announced a settlement with santander consumer usa inc. (santander) that includes approximately $550 million in relief for consumers with even more relief in additional deficiency waivers expected. pennsylvania consumers are eligible for at least $14.7 million in relief, including $2.1 million in restitution and at. Santander consumer reaches $550m settlement with state ags. santander consumer usa will pay $65 million to states and forgive hundreds of millions more in consumer debt as part of a settlement with a group of attorneys general over practices in its subprime auto lending business. the attorneys general, representing 33 states and the district of. According to the santander car loan website, the $65 million settlement will be used for subprime consumers who have defaulted on loans between jan. 1, 2010 and dec. 31, 2019. santander is required to allow customers to keep their car and waive any loan balance for those who have the lowest quality loans and have defaulted as of dec. 31, 2019. Santander consumer usa, the consumer lending arm of spain’s banco santander, reached a $550 million agreement to settle charges from 34 attorneys general that it made auto loans it knew low income and subprime borrowers could not pay. the lender is set to pay consumers $65 million in restitution. but the bulk of the settlement — $478.
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