Ricardo: I cannot speak for all Latin Americans, but I can say with certainty that the Cubans speak rapidly. And clip quite a few letters. When I would listen to 2 Cubans speaking to one another I felt good if I could recognize 1 word per sentence. But, when I spoke to them, beginning with my favorite line, "Estoy aprendiendo Español todavía, hablas más despacio, por favor," they would slow right down and I could communicate pretty well.
One day I was talking with a Cuban artist whose studio was across the street from my apartment. His English was about as good as my Spanish, and one time I was trying to explain something to him that was complicated enough that I lapsed into English. After a few seconds he got that deer in the headlights look that I know I exhibit, and he asked me to slow down so he could keep up with me. That gave me a perverse sense of satisfaction.
Then, on the plane from Miami to Atlanta I had the great good fortune of having as a seatmate a beautiful young Spanish woman who is studying in the USA. We had an interesting conversation about the differences between peninsular and Latin American Spanish, such as the use of the word "vale." And as much as it otherwise annoys me, when she said "thervetha" my heart pretty much melted.