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Old 06-14-2010, 12:09 PM   #16
ohiobuckeyes
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Finally got online and had our first approval this afternoon. But GMAC beat the rate and No Fees.
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Old 06-15-2010, 09:06 AM   #17
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Finally got online and had our first approval this afternoon. But GMAC beat the rate and No Fees.
Lower rate with no fees is a good thing.

Based on what I'm hearing I don't get the impression Santander has picked up much business.
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Old 06-16-2010, 02:24 PM   #18
ohiobuckeyes
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Lower rate with no fees is a good thing.

Based on what I'm hearing I don't get the impression Santander has picked up much business.
Same impression here the guy left a voice mail on the phone after the getting it bought. "Hope we can put it together and get your first one done."

But maybe I'm reading into this message too much.
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Old 06-18-2010, 07:25 AM   #19
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Well, just did our first deal with them. To be honest didnt think anyone would bite on the deal.


Hoping funding will be painless.
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Old 06-24-2010, 06:11 PM   #20
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Default Santander to buy citifinancial's portfolio

I just heard that Santander intends to purchase Citi-financial's $3.2 Billion Auto loan portfolio, and service the remaining $7.4 Billion loan portfolio.

LINK: To Press release

http://api.ning.com/files/K-*HwYh-X*...ase_062410.pdf
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Old 06-25-2010, 08:10 AM   #21
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I just heard that Santander intends to purchase Citi-financial's $3.2 Billion Auto loan portfolio, and service the remaining $7.4 Billion loan portfolio.
I just read the Press Release - that's very interesting.

With just one deal Santander has grown their portfolio by 20% and the amount of loans they service by almost 50%.

I guess I've become suspicious by nature, but I'd love to know why Citi agreed to sell a small portion of the portfolio and then have Santander service a larger portion. Why not sell the whole portfolio?

I also thought it was interesting that Santander agreed to pay 99% of the value of the outstanding loans. Who pays 99% for automotive debt when the unemployment rate is 10%?
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Old 06-25-2010, 10:27 AM   #22
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The fax we received states they plan to integrate loan origination operations.

Citi was our top secondary for years, but not so hot for the last year & half.
Santander has been at the bottom of our lender page for about 4 years.
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Old 06-25-2010, 01:23 PM   #23
birch3x
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....and still waiting for funding for our first deal...they charge $275.00 if a contract gets rejected. We used a generic contract as required, only to find that there's a newer version of it. So, back it came.
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Old 06-25-2010, 02:28 PM   #24
ohiobuckeyes
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....and still waiting for funding for our first deal...they charge $275.00 if a contract gets rejected. We used a generic contract as required, only to find that there's a newer version of it. So, back it came.
Right after we signed up I spent $300.00 for LAW Forms and the system to program.

@birch3x What your contract a Law Form?
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Old 06-25-2010, 02:38 PM   #25
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No, it's the Wolters Kluwer Fin. Services # RSS/MVLF, also used for Americredit. the 2006 version is ok, we think
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Old 06-25-2010, 05:51 PM   #26
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....and still waiting for funding for our first deal...they charge $275.00 if a contract gets rejected. We used a generic contract as required, only to find that there's a newer version of it. So, back it came.
Did they whack you for the $275 or are they going to be nice since it's your first deal?
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Old 06-26-2010, 08:01 AM   #27
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Did they whack you for the $275 or are they going to be nice since it's your first deal?
we've made the request, and should know Monday. Also, for any dealers who have faxed the Dealer Agreement as requested by Santander, you won't get a contract cashed until it's mailed to them.
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Old 06-26-2010, 09:59 AM   #28
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we've made the request, and should know Monday. Also, for any dealers who have faxed the Dealer Agreement as requested by Santander, you won't get a contract cashed until it's mailed to them.
we had the same thing happen. It said to fax in the agreement and other forms, than i find out while a deal is in funding that they needed the original...
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Old 07-05-2010, 11:40 AM   #29
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First contract funded, the $275 fee negotiated down to $50.00, now everyone's happy.
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Old 07-06-2010, 05:49 AM   #30
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Can someone PLEASE clarify which revision of LAW form Santander is insisting on. We are currently using an older revision until forms are exhausted, and all of our current lenders have no problem with this.
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