Topic: Anyone ever use Roadloans (Santander)?

[silverzgirl]

I am dabbling with the idea of getting a second vehicle more convenient for grocery hauling and taking dogs to the vet than the one I have now. It is paid off and I plan on keeping it.

I dropped apps at my three CUs and USAA for 15K as a max. All three CUs denied. USAA offered 15K at nearly 16 percent interest.

I used Lending Tree; Cap One approved for 18K at 7.9-9.8 depending on the year, and Roadloans approved for 49K at 5.88 (4.88 if I put 2K down.)

Roadloans is very restrictive (must buy from a select dealer-they love Chrysler-2005 or newer, under 60K miles unless you buy from CarMax who from what I see is VERY overpriced.) But they are the best rate by far.

Was wondering about others' experiences here. I know they were marketed as subprime but that definitely is not subprime rate.

[GRINGO]

Don't use santander if you can help it. I believe I had a car loan from HSBC which sold of the car loans to them.

Miss an payment with them and you'll feel like you are being attached by fleas!!!!!

[silverzgirl]

It is the best of the three offers I got though. The car is not a necessity, more a convenience. I have never missed car payments, because they can take it away if you do. I usually have my bank send them electronically, earlier than the due date...at least when I had a car payment I did.

And Cap One is twice the rate depending on the year...and won't get started on the loan sharks at USAA. 

Just getting feedback from those who may have experienced them.

[GRINGO]

Just be careful!  They kept reporting on my credit reports that I still owed when payed off. Also they refused to update these reports until I offered to sue them unless they did.

I currently have a car loan with Wells Fargo which I got with terrible credit. This was 2 years ago. I believe they approved me as I have a home mortgage with them. How convenient.  Oh- the rate is about 21%. That is what you can get with terrible credit. Now with an bankruptcy-35%!

They wouldn't approve me for a credit card though.

[silverzgirl]

All of my insurance is with USAA as well as an IRA but they gave me loan shark rates because of old chargeoffs. Go figure.

I have not tried the dealerships, who may be able to beat them but not sure they will be able to.

[kevinmanheim]

What about requesting an in person meeting with a loan officer at your CU?

With some extra money down, you may be able to get them to lower the rate.

If not, consider applying directly with the manufacturer's lending arm for a certified used vehicle.

I would avoid Roadloans unless your goal is to rack up consumer protection law violations and use them to pay off the vehicle.  Read the online reviews.

[silverzgirl]

My CUs are in other states. Tried phoning but they refused to budge. Even Cap One wouldn't come down, though I could buy a new car and only pay 7.9. That is the idea though...new car=more money.

I was leaning more to the cheaper end of the car scale, but even that is not likely when you have mileage restrictions which both do. I may see what else is out there...lots still have 2012s though they are asking the same price as the '13s.

[MrSev]

The other option is to save up about $5,000 and look for a good local deal on Craigslist for a car model with an excellent reputation for longevity.

[silverzgirl]

There is no real urgency, mine runs just fine but a two seater is not convenient when taking three dogs to the vet.

5K probably won't get more than a beater. When I think longevity I think Honda/Acura, Toyota/Lexus, Nissan/Infiniti and Subaru.  Won't find many in that price range.

I suppose I can wait if I have to. But those C/Os are not going anywhere...can't get a goodwill when you settled (they refused to budge on removing TL) or got 1099ed.

[MrSev]

Oh I don't know, there are a few good finds for 5k that aren't beaters, but you do have to look carefully and know the right model years to look for. You're right about the Japanese makers, though. I'd put Honda, Mazda, and Subaru ahead of all the others.

Surprisingly, many of the car companies' finance arms will give you decent rates as long as you aren't in the credit basement. Several years ago, I managed to get an adequate rate from one of the Big Three on a car, even with a BK still showing. The promo rate at the time was 5.9% for 60 months, but they let me have it for 7.9%. Far better than the 14-16% I was getting quoted from the banks!

Go tomorrow and see if the maker won't give you a halfway decent rate. (It's the end of the month and the end of the sales year, so they're desperate to shift cars off their lots before they have to pay taxes on the unsold ones.)

[Flyingifr]

Silverz - there are times when you have no choice but to get involved with Santander, like when Citibank sold a bunch of its loans to them. Santander is quick to repossess, slow to credit payments, incompetent at recordkeeping and downright predatory in their tactics. It's bad enough when you have to deal with them through no action of your own....

But to go out and ask for a loan from them? You would be better off with Guido on the corner. While I have never dealt with Santander I also have heard absolutely no one ever say how positive the experience was while many have said they would rather deal with the himself.

Santander is to auto loans what Greentree is to mortgages.

[arnanda]

Bankrate.com is a good resource to search what other consumers thank about banks.   I've never dealt with the one you mentioned though.

[cprems]

Stay away from Santander.

TX AG sued them for deceptive trade practices.

They are absolutely evil. They will repo a car if the payment is an hour late. They tack on illegal fees and interest.

A good friend of mine (in Ohio) had her care repo'd and sold within 72 hours.  She had to file a complaint with her AG. They didn't admit fault but they walked away from a $27K loan and removed it from her credit. She has a letter stating that this is paid in full from them.

Please don't even consider this company...

[GRINGO]

I just received an credit offer to purchase from them. They must be crazy.

[Flyingifr]

I just received an credit offer to purchase from them. They must be crazy.

Crazy like a fox but you will be certifiably crazy if you accept it.