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Santander bank. Santander bank. Photo: Photocritical/Shutterstock.com

Thirty-four states, including Connecticut, California, Florida, New Jersey, New York and Pennsylvania, have reached a $550 million settlement with automotive financing company Santander Consumer USA Inc. to reimburse consumers for alleged deceptive loan practices nationwide.

The multistate agreement with the nation’s largest subprime auto financing company calls on the Dallas, Texas-based business to follow certain provisions, including knowing a customer’s ability to repay their loans. It also prohibits the company from purchasing loans, if it knows consumers would have little or no money left after paying for housing and other expenses.

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Robert Storace

Robert Storace covers legal trends, lawsuits and analysis for the Connecticut Law Tribune. Follow him on Twitter @RobertSCTLaw or reach him at 203-437-5950.

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