West Virginia reaps $6.4M in auto loan company settlement

Business

CHARLESTON, WV (AP) – West Virginia is getting more than $6.4 million under a multi-state settlement with Santander Consumer USA over claims that it violated consumer protection laws with predatory auto loans.

The Tuesday settlement with attorneys general in 33 states and the District of Columbia totaled $550 million, according to a news release from West Virginia Attorney General Patrick Morrisey. The auto loan financing company was accused of knowingly targeting consumers who were likely to default on its loans.

West Virginia’s chunk of the settlement includes around $6 million in canceled debt, $500,000 in restitution and $30,000 to the state.


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