Santander Consumer Finance's New Type K Contract: What Changes in 2026

Key data

Anyone financing the purchase of a vehicle, appliance or other movable asset through Santander Consumer Finance today is signing under the new contractual model. The General Directorate of Legal Security and Public Faith approved these modifications through a resolution dated April 8, 2026, published in the Official Gazette on April 22, 2026.

This type of resolution is common within the framework of registry supervision of consumer financing contracts in Spain. Its objective is to ensure that the contractual models used by financial entities comply at all times with current regulations, including European consumer credit directives.

What does this regulation establish?

The resolution approves the modifications introduced in the type K standard contract model and its annexes, used by Santander Consumer Finance SA for financing movable asset buyers.

According to available official information, the modifications may include changes to the following contract elements:

• Pre-contractual information clauses: adaptation to transparency requirements mandated by consumer credit regulations.
• APR (Annual Percentage Rate): update in the calculation method or presentation of this key indicator of credit cost.
• Amortization conditions: possible changes to schedules, terms or repayment modalities of the loan.
• Adaptations to European directives: incorporation of requirements derived from current EU consumer credit regulations.

The type K standard model and its annexes are the standard contractual documents that the entity presents to consumers at the time of formalizing a movable asset financing operation. Its approval by the supervisory body guarantees its legal validity.

Economic and operational impact

For consumers, the direct impact is that contracts signed from April 8, 2026 incorporate updated conditions. This may result in:

• Greater clarity in pre-contractual information received before signing.
• Updated presentation of the APR and total credit cost.
• Amortization conditions possibly revised compared to the previous model.

For points of sale and distributors working with Santander Consumer Finance as the financing entity (dealerships, appliance stores, movable asset sales establishments), the operational impact is that they must ensure they use the new contractual models from the effective date. Using outdated models could generate contractual validity issues.

Contracts signed prior to April 8, 2026 are not affected by this modification and continue to be governed by the model in effect at the time of their execution.

Who does it affect?

• Individual consumers who finance the purchase of movable assets (vehicles, appliances, furniture, equipment) through Santander Consumer Finance SA as of April 8, 2026.
• Points of sale and distributors that offer Santander Consumer Finance financing to their customers: vehicle dealerships, appliance stores, furniture establishments and other movable asset retailers.
• Financial and legal advisors who review or advise on consumer financing contracts executed with this entity.
• Compliance departments of entities that collaborate with Santander Consumer Finance in the marketing of financed products.

Practical example

A consumer who visits a dealership in May 2026 and finances the purchase of a vehicle through Santander Consumer Finance will receive and sign the contract under the updated type K model, approved on April 8, 2026.

Before signing, the consumer will receive pre-contractual information that, under the new model, must comply with updated transparency requirements. The loan's APR and amortization schedule will be presented in accordance with the new approved clauses.

If that same consumer had signed a financing contract with Santander Consumer Finance in January 2026, their contract would be governed by the previous model and would not be affected by these modifications. The new conditions apply only to new operations.

What should companies do now?

1. Verify the contractual models in use: If you are a point of sale or distributor working with Santander Consumer Finance, confirm with the entity that the contracts you use correspond to the updated type K model as of April 8, 2026.
2. Update sales documentation: Remove any previous contract model and ensure that your sales team uses exclusively the new approved forms.
3. Inform the sales team: Staff managing financing operations should be aware that a new contractual model exists and that customers will sign under updated conditions.
4. Review pre-contractual information processes: Ensure that the process of delivering information to the consumer before signing complies with what the new type K model establishes.
5. Consult with Santander Consumer Finance: To learn the exact details of each modified clause, contact the entity directly or consult with your legal advisor specialized in consumer credit.

Official source