Santander Consumer USA Inc., Resolves Greedy Car Loan Claim

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For $550 million, Santander Consume USA Inc., settled with 36 states for car loans to low-income non-preferred borrowers. Some of those states claim Santander neglected to monitor dealers that fabricated borrowers’ incomes and other information when proposing loan applications for them. The agreement states that consumers are entitled to $65 million in compensation, and up to $443 million to those who were still paying on loans to Santander.

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