AG Lynn Fitch Reaches Settlement With Santander Over Deceptive Car Lending Practices
Below is a press release from Attorney General Lynn Fitch:
Santander will pay Mississippi $ 3.7 million; misled consumers are eligible for a refund.
“I remain steadfast in my commitment to protect Mississippi consumers from unfair and deceptive business practices that seek to rip them off of their hard-earned money. This settlement will provide significant relief to aggrieved consumers and provide future protection against predatory lending practices, ”said Lynn Fitch.
Attorney General Lynn Fitch reached a deal with Santander resolving allegations that Santander violated Mississippi consumer protection law by exposing Mississippi consumers to high levels of risk, placing those consumers in auto loans with a high probability of default and engaging in aggressive collection practices. .
“I remain steadfast in my commitment to protect Mississippi consumers from unfair and deceptive business practices that seek to defraud them with their hard-earned dollars,” Attorney General Lynn Fitch said. “This settlement will bring significant relief to aggrieved consumers and provide future protection against abusive lending practices.”
Under the terms of the deal, Santander will pay Mississippi $ 3.7 million, including $ 1.8 million in direct returns to consumers. Santander also agreed to cease collection efforts for any loans extinguished under Mississippi law, relieving thousands of Mississippi consumers.
In addition, in the future, Santander must:
– Take into account a consumer’s ability to repay a loan
– Set a reasonable debt threshold to reasonably assess the consumer’s ability to pay
– Do not force dealers to sell ancillary products (for example, vehicle maintenance contracts)
– Monitor dealers for possible income inflation, power reservation or expense deflation
– Do not distort a consumer’s perspective of buying back a vehicle that has been repossessed
– Do not force consumers to make payments through methods that require the consumer to pay additional fees to third parties, such as a money order
– Do not attempt to collect loans that have been extinguished under Mississippi law and must notify all relevant credit bureaus that debts have been extinguished
Over the next several months, eligible consumers will be contacted by the Mississippi attorney general’s office to inform them that they are eligible for restitution.
If you have any questions about the return, please visit www.SantanderMississippiAGSettlement.com or call 1-877-465-4894 to speak to a representative.