Santander Repossession Policy : Santander is an auto lender company that may repossess your vehicle in case you fail to pay the loan. You may want to know the repossession policy of the same, for which you can refer to the following guide. However, your repossession policy of loan might have different terms and conditions according to the contract you have signed with the company.
We contacted Santander customer service which helped us with the knowledge of repossession policies of the company. We got to know from the representatives that they could not disclose the repossession policies. They cannot tell the same without reviewing the contracts of customers or their accounts history of them. For the same, you should contact the company or else you should read out the contract to get the detailed information.
Santander Repossession Policy
When does repossession take place by Santander?
Every state has different laws regarding repossession. Most of the states have certain laws that allow lenders to legally repossess your car once you have defaulted on your loan. In general, if you fail to pay the loan installments in time or you pay a lesser amount than you owe, your contract will reflect the default amount. The exact times of repossession might be different in every case; however, Santander customers report that the repossession time for their vehicles was somewhere between 60 and 90 days once their loans got defaulted.
As per the policies of Santander, there are no grace periods provided by the company to pay the car installments. However, there is a certain tenure decided by the company in which lenders can pay the money before the repossession process begins. In case you are unable to manage monthly payments, the Santander customer service center at (888) 222-4427 allows you to consult with the account manager here that can offer you the ultimate solution.
In general, auto lenders do not prefer repossessing your vehicle because receiving the loan value is a more profitable gig to them than repossession. When you consult a Santander account manager, he can help you in postponing your payments for a couple of months, or else he can help you out with a different solution. But, if still there is an issue in finding a solution, then repossession of your vehicle is quite possible to be done.
Note: Voluntary repossession is always an option to consider and it is the best move if you are aware that you won’t be able to pay the money. With this, you can save yourself from the repossession pay that is exclusive of the loan amount.
Santander Repossession Process
The aforementioned details indicate that your auto vehicle mostly can be repossessed in 60 to 90 days once you miss a payment on a due date. The car repossession rules may vary according to the states. Generally, your creditor or the repossession company can always pay a visit to your home or workplace to take your vehicle. Though there is no rule that the creditor will have to notify the lender before picking up the vehicle, Santander does send notifications about the due amount or missed payments to keep you aware of repossession planning.
You must be aware of the Breach the Peace law that may vary according to state but states that your car should be picked peacefully merely. If the creditor gets a hint of possible violence, he should ask the local sheriff to do the car collection.
Once your car is repossessed, you are still the owner of property left inside the car may it be clothing, electronics, or other automotive equipment installed by you. If you have left it inside the car, the credit should return your belongings to you.
Conclusively, if you have missed a payment, you can be charged late fees but you can still save your vehicle from repossession. Moreover, you always have the option to contact an account manager when you know a payment is going to be missed. The creditor company will generally try to work out a solution as repossession is their last option. Therefore, if you are sensing the danger of repossession, you should always keep in mind that you still have two or months to do things right and you are not without options.