Santander Consumer USA
25% compounded interest and payoff higher than the original loan

Business & Finance

I have been paying a car note with Santander for over 4 years. I inquired as to the payoff. The current payoff was still more than the initial car loan; even more appalling was an interest rate of 25%, compounded daily. The original note was with Drive Financial and shortly thereafter transferred to Santander. I do not recall ever signing a note such as this one, with such an escalated interest rate. This is truly unreal. Is this not a usury law violation? Currently seeking legal counsel.


Company: Santander Consumer USA
Country: USA
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