Hundreds of Coloradans could get some debt relief under a settlement with the nation’s largest subprime auto lender, Attorney General Phil Weiser said Friday.

Santander Consumer USA, Inc. will forgive more than $3 million in debt and other reimbursements for 340 Colorado borrowers, Weiser’s office said.

The money settles a case into whether Santander’s practices violated Colorado’s consumer protection laws. Weiser’s office said those practices exposed customers to higher-than-necessary risk that knowingly increased the probability of default.

“This settlement provides hardworking Coloradans with vital relief and establishes strong guardrails to prevent future harm to Colorado consumers,” Weiser said in a statement. “We will continue to work hard to protect consumers and encourage Coloradans to report any concerns to our department.”

Among the settlement’s terms, the lender must:

• Cancel debt on certain loans.
• Attempt to repurchase loans from third parties in order to cancel the loan.
• Provide credit repair for affected consumers.
• Use reasonable debt-to-income ratios to assess a borrower’s ability to repay the loan.
• Remove a requirement that dealers sell extra products, such as guaranteed asset protection insurance.
• Remove a requirement that forces consumers to pay third-party fees.

Coloradans should contact Santander or file a complaint by clicking here.