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The Consumer Law Group, P.C.
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Santander Settlement Announced

Posted on May 20, 2020

  • Have you had a car financed through Santander Consumer USA?
  • Did you feel pressured to buy a vehicle service contract?
  • Was your income exaggerated, to seem more than it was, in order for you to qualify for an auto loan?
  • Do you have a negative report on your credit report, due to money owed on an auto loan to Santander?
  • Was your vehicle repossessed when you defaulted on a loan furnished by Santander?

An important settlement was announced in the following press release (see link below). This settlement provides potential relief to consumers in various states including Virginia who received auto loans from Santander Consumer USA, Inc.

The full press release can be found by clicking on this link:

https://ag.ny.gov/press-release/2020/attorney-general-james-announces-over-550-million-settlement-nations-largest

Here is an excerpt from the press release:

Attorney General James Announces Over $550 Million Settlement with Nation’s Largest Subprime Auto Financing Company, Delivering Relief to Hundreds of Thousands of Struggling Consumers

Settlement with Santander Includes More Than $27 Million in Relief for
Thousands of NY Consumers While Many Battle Financial Insecurity Due to COVID-19

NEW YORK – New York Attorney General Letitia James, along with a coalition of 33 additional attorneys general from around the nation, today announced a settlement with Santander Consumer USA Inc. that will provide approximately $550 million (possibly up to $780 million) in relief to consumers nationwide — more than $27 million (possibly up to $38 million) of which would be allocated to New Yorkers. The settlement resolves Santander’s subprime lending practices that violated consumer protection laws by exposing consumers to unnecessarily high levels of risk and knowingly placing these consumers into auto loans that had a high probability of default.

End of Excerpt

The claims process under this settlement will be made through a Claims Administrator to be appointed by the Attorney General’s office in the coming weeks. It is believed that eligible consumers will be able to make claims themselves, once that process is up and running. However if you need help in the claim application process, our firm will be glad to help. Please be aware that the settlement agreement does NOT provide legal fees for consumers that hire someone to make a claim on their behalf. But, if you feel you need help in making a claim, please contact our firm.

A​ttorney John Cole Gayle, Jr. of The Consumer Law Group, P.C. is available to serve all consumers in Virginia. If you would like to hire our firm to make a claim on your behalf, please contact our firm by calling 804-282-7900.