The auto financing arm of banking giant Santander has reached a $2.9 million settlement with state banking regulators for alleged violations involving the repossession of motor vehicles.

Santander Consumer USA has credited, refunded or waived $2.9 million in principal, interest and other fees and assessments, including convenience fees, to more than 3,700 Connecticut consumers, under the settlement.

Santander also has paid a $100,000 fine.

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