SACRAMENTO, Calif. (AP) — Thirty-four attorneys general announced a $550 million settlement with auto loan financing company Santander over allegations it knowingly targeted consumers who were likely to default.
The settlement announced Tuesday allows consumers who defaulted on their loans from the company as of last year to keep their car if it has not been repossessed and it makes them eligible for waivers for unpaid balances.
California Attorney General Xavier Becerra says Santander will provide consumers $99 million in debt relief. Santander said it was pleased to put the matter behind it.
