Santander will pay $22 million for issuing high-rate subprime auto loans in Massachusetts

BOSTON -- Santander will pay a $22 million settlement to Massachusetts for issuing high-rate auto loans to consumers with poor credit.

Attorney General Maura Healey announced the agreement Wednesday.

Santander is the largest packager of subprime auto loan securities in the U.S. Subprime auto loans are those made to consumers with poor credit by private financial institutions like Santander working through car dealerships.

Healey said the loans made by Santander to more than 2,000 Massachusetts residents were "unfair and unaffordable."

Read more: http://www.masslive.com/politics/index.ssf/2017/03/santander_will_pay_22_million.html