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Banco Santander’s a sixth of the way to matching Wells’ auto-loan sanctions.
Wells Fargo is the undisputed world champion of screwing over customers via auto loans. Veterans, people who owed nothing on their cars, people who very much didn’t need that insurance Wells forced them to buy, more than a half-million people in total, likely to cost Wells in excess of $3 billion. It’s really quite impressive, a Cal Ripken-like decade-long streak unlikely to be seriously challenged. But don’t think Banco Santander can’t try!
Santander Consumer USA Holdings Inc said on Tuesday it had agreed to make changes to its underwriting practices as part of a $550 million settlement with 33 states and the District of Columbia over subprime auto loans…. California said Santander approved loans it expected would default at rates of greater than 70% and alleged “Santander’s aggressive pursuit of market share led it to underestimate the risk associated with loans by turning a blind eye to dealer abuse….”
In 2017, Santander agreed to pay $25.9 million to resolve investigations by the attorneys general in Massachusetts and Delaware over sub-prime auto loans.
Santander agrees to $550 million U.S. settlement over subprime auto loans [Reuters]
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