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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