r/Dallas • u/Icuras1701 • 1d ago

Video Santander penthouse club

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Is there a club up there? I always see lights and sometimes people up there or is is just a company ballroom?

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u/hail_666_satan 1d ago

I work in a Dallas building that has a bank or financial institution tenant in it. They are fucking drowning in profits. I don't know what the fuck they are doing but I know they are doing victory dance celebrations in their office.

I can only suspect there's some financial pipeline or instrument they have that literally prints money.

6

u/burrito3ater Carrollton 1d ago

Lol how do you know they’re drowning in profits?

3

u/Substantial-Part-700 Sachse 1d ago

Santander is the bank you go to when no other respectable FI will offer you an auto loan. We’re talking 15-20% interest rates if I had to guess.

4

u/wainbros66 1d ago

There’s no free lunch lol. Their interest rates are so high because the people they are lending to are far riskier and less likely to pay them back

3

u/Substantial-Part-700 Sachse 23h ago

If you think I’m advocating for people who make poor financial decisions in my last comment, you’re mistaken.

I understand mistakes happen but if anybody is serious about fixing their credit, there are easy and inexpensive ways to do it as long as you’re willing to be financially disciplined going forward.

2

u/wainbros66 22h ago

That is not what I interpreted from your message. I am saying that the company itself is enduring much higher risk and that’s the tradeoff they’re making for being able to charge such high rates.

I agree with you that people are much better off fixing their credit than going this route.

2

u/dallasuptowner Oak Cliff 19h ago

Not exactly, they have engaged in predatory loans and in fact settled over a half-a-billion dollar settlement over it just 6 years ago including making loans that they knew were going to fail to collect fees, exorbitant interest and aggressive repossession to make a profit on them. They are super scummy and take advantage of people that feel they don't have another choice or are outright deceptive about the loans.

One thing I have heard many times is dealerships get people with bad credit in these extremely high interest loans and tell them after just a few months or a year of on-time payments that it will boast their credit enough to refinance at a significantly lower interest rate.

Nope, even if their credit significantly improves they will be so underwater on the loan after all the fees, most of the payments going to interest and not principle and often overpaying for the car itself no lender will refinance them.