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Santander Consumer USAauto loan

1
J Sep 10, 2018

My husband and I purchased a car in August 2015 through Carmax with financing through Santander. Over the years we have been late on occasion, but have noticed that no matter how much or how soon we pay our monthly payment our balance is at a stand still. We financed the Dodge Avenger for $15, 586. Currently it is September 2018, and they say we will owe $13, 632. During a phone conversation today, we have discovered we are being charged daily "per diem" fees that are calculated off of the remainder of the loan amount. So, who knows how much they were when we started the loan!! After calculating all of the costs though Santander, we have found out we will pay for our car THREE TIMES! No, our credit wasn't perfect when we bought the car and understood the high interest rate. Now, though, we are realizing we will pay over $15, 000 just in daily "per diem" fees, and have already paid over $11, 000 for the car! We have 3 years and 5 months left on the life of the loan, and by the time we finish paying for the car our total will come to almost $41, 000! I am currently working on gathering all the documentation, as we were told "it will take a few days to gather an mail it all."

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