Santander, like most auto lenders, will initiate repossession between 60-90 days after borrowers miss payments or default.
They offer a 7-15 day grace period as part of their late payment policy before repossessions begin.
However, Santander may work with borrowers to avoid repossession if contacted quickly.
Related Article: When Does Westlake Financial Repossess Your Car?
Key Takeaways
- Santander’s late payment policy provides a 7-15 day grace period before repossessions start.
- They typically start the repossession process 60-90 days after a missed payment, including the grace period.
- Immediate repossession is possible but rare if no alternative payment arrangement is made.
Table of Contents
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Repossession Timeline and Policies
Santander allows 60-90 days from a missed payment before repossessing vehicles. However, exact timing depends on:
- State laws: Most states allow immediate repossession after default, while some require advance notice to consumers.
- Missed payments: More missed payments shortens Santander’s timeline to repossess.
- Loan terms: Your specific loan contract terms may accelerate repossession rules.
- Internal policies: Workloads and efficiency of repossession vendors affects speed.
Santander can legally repossess vehicles once borrowers miss payments under financing contracts. While they may start the repossession process after 60 days, some states require 30-day right to cure notices before repossession.
Santander doesn’t offer an official grace period if you miss a payment. But account managers can defer 1-2 payments or arrange revised payment plans if contacted quickly when difficulty paying is anticipated.
Overview of the Repossession Process
If Santander determines your vehicle should be repossessed after missed payments, here is what typically happens:
- Repossession authorized: Santander hires a repossession company to pick up the vehicle.
- Vehicle retrieval: The car can be legally taken from any public location without notice. Breach of peace laws prohibit damaging property or violence.
- Notice of sale: Within 10-15 days, Santander must notify you of auction details.
- Sold at auction: The car is sold, usually for less than loan balance. Deficiency balances may remain.
- Deficiency collection: Outstanding loan balances after sale may be pursued in court.
You can redeem the vehicle by paying the full deficiency balance up until the auction sale date. Santander may also negotiate alternative payment arrangements on deficiencies.
What to Do After Your Car is Repossessed
If Santander repossesses your vehicle, act quickly within state timelines to explore options:
- Redeem vehicle: Pay entire loan balance plus fees to reclaim car before auction.
- Reinstate loan: Make payment arrangements to have Santander call back repossession.
- Buy at auction: Attend sale and bid on vehicle if cheaper than paying deficiency.
- Negotiate settlement: Offer lump sum discount payment on deficiency balance.
- Payment plan: Propose affordable monthly payments on remaining deficiency.
Thoroughly document hardships and negotiate politely. Highlight the desire to avoid further credit damage or legal action. Potential 30-60% settlements off deficiency balances are sometimes approved.
Sources For This Article
- https://www.reddit.com/r/povertyfinance/comments/sdp432/car_repossessed_by_santander/?rdt=46903
- https://www.reddit.com/r/personalfinance/comments/115osk2/settlement_with_santander/
- https://santandermultistateagsettlement.com/Information-for-Consumers?portalid=0
- https://nypost.com/2020/05/19/santander-reaches-settlement-with-states-in-subprime-auto-loan-probe/
- https://consumerrightsorlando.com/has-santander-repossessed-your-vehicle/
