Published: June 2018

Advocates tell Santander: stop racial profiling in auto lending

Advocates called on Santander Consumer USA Holdings Inc., a Dallas-based auto lender, to end its practice of allowing car dealers to add interest to a vehicle loan unrelated to the borrower’s creditworthiness.

In a letter to Chairman William Rainer and Chief Executive Officer Scott Powell at Santander Consumer’s annual shareholder meeting, coalition advocates urged the company to end dealer markups to prevent racial discrimination in lending. The industry-wide practice has drawn scrutiny from the Consumer Financial Protection Bureau. The letter urges Santander Consumer to take steps including disclosing vehicle loan data by race and creating a stakeholder advisory group.

Other Organizations

AFL-CIO | Americans for Financial Reform | California Reinvestment Coalition | Center for Responsible Lending | Communication Workers of America | Consumer Action | National Association for the Advancement of Colored People | National Association of Consumer Advocates | National Association for Community Asset Builders | National Fair Housing Alliance | Committee for Better Banks | Woodstock Institute

More Information

For more information, please visit the AFL-CIO's website.

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Advocates tell Santander: stop racial profiling in auto lending   (SCUSA.compressed.pdf)