Attorney General James Announces Over $550 Million Settlement with Nation’s Largest Subprime Auto Financing Company, Delivering Relief to Hundreds of Thousands of Struggling Consumers

Posted to Applied Web NY on Tue, 05/19/2020 - 14:51

New York Attorney General Letitia James, along with a coalition of 33 additional attorneys general from around the nation, today announced a settlement with Santander Consumer USA Inc. that will provide approximately $550 million (possibly up to $780 million) in relief to consumers nationwide — more than $27 million (possibly up to $38 million) of which would be allocated to New Yorkers. The settlement resolves Santander’s 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.

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