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Santander Inks $550M Subprime Loan Settlement In 34 States Please see our Privacy Policy. 2:18-cv-1534 in the U.S. District Court for the Southern District of Ohio, Santander Consumer USA to Pay $1.9M in Ohio Repossession Letter Settlement, April 27, 2023 | Roundup Class Action Investigations, April 27, 2023 | Personal Injury Investigations, Mercedes-Benz Recalls Almost 1.3 Million Vehicles over Emergency Call Issue, Wells Fargo Unfairly Repossesses Vehicles, Class Action Lawsuit Says, Penumbra Catheter Complications: What You Need to Know, 173 Catholic Priests Have Been Named in Western New York Child Victims Act Lawsuits, Roundup users may develop cancer, including non-Hodgkins lymphoma, Nursing home neglect and elder abuse lawsuit claim review. The settlement resolves Santanders subprime lending practices that violated consumer protection laws by exposing consumers to unnecessarily high levels of risk and knowingly placing these consumers into auto loans that had a high probability of default. Rayburn v. Santander Consumer USA Inc., Case No. This new class-action suit seeks to recover the losses that The lawsuit alleges that Santander engaged in illegal and deceptive practices, including: The lawsuit seeks damages for the plaintiffs and class members, as well as injunctive relief to prevent Santander from engaging in similar practices in the future. These retailers will take them, Kings eliminated from playoffs after Game 6 loss to Oilers, Do Not Sell/Share My Personal Information. Santander will also waive the deficiency balances for certain defaulted consumers across the country, with approximately $433 million in immediate forgiveness of loans stillowned by Santander, and additional deficiency waivers of loans that Santander no longer owns but is required to attempt to buy back. The settlement says consumers who defaulted on Santander loans from the company as of last year will be allowed to keep their car if it has not already been repossessed. The department previously settled an SCRA lawsuit against Santander in 2015 for repossessing the vehicles of 1,112 servicemembers without a court order. Please if its still time, add me to the lawsuit, All of my Nissan rouge payments were made online and over the [hone. Illinois Attorney General Kwame Raoul opened the multi-state investigation in 2015. By Matthew Santoni (May 19, 2020, 6:10 PM EDT) -- A Santander Group consumer finance unit reached a $550 million settlement with 34 states over allegations that it pushed risky subprime auto loans without adequate oversight, creating higher chances that consumers would default and have their vehicles repossessed, a coalition of state attorneys general announced Tuesday. Access to case data within articles (numbers, filings, courts, nature of suit, and more.