Thirty-four states, including California, have reached a $550 million settlement with automotive financing company Santander Consumer USA Inc. to reimburse consumers for alleged deceptive loan practices nationwide.

The multistate agreement with the nation's largest subprime auto financing company calls on the Dallas, Texas-based business to follow certain provisions, including knowing a customer's ability to repay their loans. It also prohibits the company from purchasing loans, if it knows consumers would have little or no money left after paying for housing and other expenses.

The settlement provides California with the bulk of the money, about $99 million for consumers in that state. New York will receive $27 million; New Jersey about $3.1 million; Florida about $7.7 million; Pennsylvania about $14.7 million, and $391,222 for Connecticut's consumers.

The settlement was good news for prosecutors in several states.

California Attorney General Xavier Becerra said in a statement: "Santander profited by approving high-cost loans to disadvantaged auto buyers who were doomed from the start. These predatory loan practices have hurt countless families who are being hit hard by today's economic climate. This settlement should be a warning to the industry that we are committed to protecting consumers from abusive business practices."

In California, for example, the press release from Becerra's office states that, with regard to his state, "Consumers with the lowest quality loans who had defaulted as of Dec. 31, 2019 and have not had their cars repossessed, will be allowed to keep their cars."

No one from Santander's media relations team responded to a request for comment Wednesday.

In February 2018, Connecticut and Santander reached a $2.9 million settlement over repossessed cars. In that case, the settlement money was used to credit, waive or refund the accounts of nearly 4,000 Connecticut consumers whose vehicles were repossessed. The company also agreed to pay a $100,000 fine.