Review Time
I know some people might read this and think I made a bad decision, and that’s fair. I’m not writing this review to argue with anyone or avoid responsibility. I’m sharing my experience so that others don’t rush into the same situation I did.
I financed a 2024 Ford Mustang through Santander. My credit was not perfect, but it also wasn’t terrible. I put $5,000 down, had good income, and was approved quickly. What I didn’t fully understand at the time was that the loan came with a 22.56% APR. That number was never clearly explained while signing. The entire process focuses on excitement—driving the car, feeling accomplished—until paperwork is placed in front of you and you’re rushed to sign.
My monthly payment was over $900, and after months of paying, I realized I was mostly paying interest. My balance barely moved, and I still owed more than $35,000. It honestly felt like I was working hard every month just to stay in the same place financially. At one point, my on-time payments also stopped appearing consistently on my credit report, even though I was told everything was being reported.
I fully accept that I signed the contract, but approval does not mean the loan is fair or reasonable. Looking back, I should have walked away, bought a used car, improved my credit, and waited. That option isn’t exciting, but financially it makes much more sense.
After improving my credit, I refinanced with another bank at under 10%, and the difference was huge. The stress disappeared, and it showed me how damaging this loan really was.
I’m posting this to warn others. Please slow down, read every number, ask questions, and don’t let excitement push you into a decision that can follow you for years. If this helps even one person think twice, then it’s worth sharing.
I recently refinanced my vehicle with a lender. In my state, the original title is kept by the vehicle owner, with the lienholder listed. Once the lien is cleared, the lender is supposed to send a release. However, they received my title but refuse to send it to my local DMV without a specific form. After buying and selling many vehicles, I’ve never faced such a hassle. I believe this lender will face legal action from others in the same situation. I received an automated response suggesting I contact their title team, but after spending an hour on the phone with them, I was still without answers. It seems like a long ordeal dealing with representatives who cannot provide updates on my title.
I recently refinanced my vehicle through a lender. In my state, the original title is kept by the vehicle owner, and the lienholder is listed on it. Once the lien is satisfied, the lender should send a lien release. However, the lender received my title but will not send it to my local DMV without a specific form from them. After buying and selling numerous vehicles, I've never faced such complications. I believe this lender will eventually be involved in legal action due to their practices. I received an automated response suggesting I contact their title team, but I've already spent an hour on the phone with them without any resolution. It appears this will be a long process dealing with representatives who cannot provide any information about my title.
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Santander Consumer USA Inc. - Specializes in automotive financing for dealers and consumers. We offer a wide array of finance and auto-related products plus a robust loan servicing operation. Part of global banking leader Santander. Through its Drive®, RoadLoans® and Santander Auto Finance brands, Santander Consumer USA Inc. offers automotive financing through a network of dealer partners. Our finance programs help consumers with a wide range of credit situations purchase quality vehicles.See more
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