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February 08, 2016 4:25 PM ET

Consumer Finance

Company Overview of Santander Consumer USA Holdings Inc.

Company Overview

Santander Consumer USA Holdings Inc., a specialized consumer finance company, provides vehicle finance and unsecured consumer lending products in the United States. The company’s vehicle finance products and services include retail installment contracts, vehicle leases, and dealer loans. It also originates vehicle loans through a Web-based direct lending program; purchases vehicle retail installment contracts from other lenders; and services automobile, and recreational and marine vehicle portfolios for other lenders. In addition, the company provides unsecured consumer loans, private label credit cards, and other consumer finance products. Santander Consumer USA Holdings Inc. was founded in...

1601 Elm Street

Suite 800

Dallas, TX 75201

United States

Founded in 1995

5,100 Employees

Phone:

214-634-1110

Key Executives for Santander Consumer USA Holdings Inc.

Chief Executive Officer and Director
Age: 44
Total Annual Compensation: $1.4M
President and Chief Operating Officer of Originations
Age: 49
Total Annual Compensation: $978.6K
Chief Operating Officer of Servicing
Age: 39
Total Annual Compensation: $529.6K
Chief Legal Officer, General Counsel and Secretary
Age: 46
Total Annual Compensation: $478.6K
Senior Adviser, Director and Chairman of Executive Committee
Age: 43
Total Annual Compensation: $4.5M
Compensation as of Fiscal Year 2014.

Santander Consumer USA Holdings Inc. Key Developments

Santander Consumer USA Holdings Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge Offs for the Quarter Ended December 31, 2015

Santander Consumer USA Holdings Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the fourth quarter, the company reported interest on finance receivables and loans of $1,319,359,000 against $1,150,242,000 a year ago. Total finance and other interest income was $1,749,889,000 against $1,455,210,000 a year ago. Net finance and other interest income was $1,255,547,000 against $1,073,267,000 a year ago. Net finance and other interest income after provision for credit losses was $455,569,000 against $513,743,000 a year ago. Net finance and other interest income after provision for credit losses and profit sharing was $444,920,000 against $505,591,000 a year ago. Income before income taxes was $108,975,000 against $408,591,000 a year ago. Net income attributable to company shareholders was $67,743,000 against $247,033,000 a year ago. Diluted net income per common share was $0.19 against $0.69 a year ago. Return on average assets was 0.8% against 3.1% a year ago. Return on average equity was 6.1% against 29.1% a year ago. Adjusted return on average assets was 0.8% against 3.1% a year ago. For the nine months, the company reported interest on finance receivables and loans of $5,205,261,000 against $4,631,847,000 a year ago. Total finance and other interest income was $6,736,824,000 against $5,569,660,000 a year ago. Net finance and other interest income was $4,921,050,000 against $4,306,221,000 a year ago. Net finance and other interest income after provision for credit losses was $2,032,216,000 against $1,689,278,000 a year ago. Net finance and other interest income after provision for credit losses and profit sharing was $1,974,732,000 against $1,614,353,000 a year ago. Income before income taxes was $1,339,351,000 against $1,209,988,000 a year ago. Net income attributable to company shareholders was $866,357,000 against $766,349,000 a year ago. Diluted net income per common share was $2.41 against $2.15 a year ago. Return on average assets was 2.5% against 2.6% a year ago. Return on average equity was 21.1% against 24.7% a year ago. Adjusted return on average assets was 2.5% against 2.8% a year ago. For the quarter, the company reported net charge offs of $658,432,000 against $492,434,000 a year ago.

Santander Consumer USA Holdings Inc. Announces Auditor Changes

On December 9, 2015, the Audit Committee of the Board of Directors of Santander Consumer USA Holdings Inc. approved the selection of PricewaterhouseCoopers LLP to serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2016. The company's current independent registered public accounting firm, Deloitte & Touche LLP was notified on December 9, 2015 that it will not be retained as the company's independent registered public accounting firm for the fiscal year ending December 31, 2016. The dismissal of Deloitte will become effective upon the issuance by Deloitte of its reports on the company's consolidated financial statements as of and for the fiscal year ending December 31, 2015, and on the effectiveness of internal control over financial reporting as of December 31, 2015.

Santander Consumer USA Holdings Inc. Announces Executive Changes

Santander Consumer USA Holdings Inc. announced that On December 9, 2015, Jos Garc a Cantera, a director, submitted his resignation from the Board, effective as of December 9, 2015. Also, on December 9, 2015, Monica L pez-Mon s, a director and member of the Risk Committee of the Board, submitted her resignation from the Board and from the Risk Committee of the Board, effective as of December 9, 2015. On December 9, 2015, the Board appointed Jos Doncel Razola as a director. Mr. Doncel Razola's term will expire at the 2016 annual meeting of stockholders, and Mr. Doncel Razola will hold office for the remainder of his term until his successor is elected and qualified. Mr. Doncel Razola has served in numerous leadership roles in the banking industry, including service on boards of directors and in senior management. He is a chairman of Banco de Albacete, S.A. and a member of the board of directors of Santander Holding Internacional, S.A., Santusa Holding, S.L., Grupo Empresarial Santander, S.L., Administraci n de Bancos Latinoamericanos Santander, S.L., Banco Santander (M xico), S.A. de C.V., Grupo Financiero Santander, S.A. de C.V., Ingenier a de Software Bancario, S.L., Geoban, S.A., Produban Servicios Inform ticos Generales, S.L., Santander Consumo, S.A. de C.V., Santander Hipotecario, S.A. de C.V., Santander Vivienda, S.A. de C.V. and Casa de Bolsa Santander, S.A. de C.V. Mr. Doncel Razola has served as a senior executive of Banco Santander, S.A. (Santander) and certain predecessor companies since 1993, most recently as Senior Executive Vice President and Director of the Accounting and Control division since October 2014, as Senior Executive Vice President and Director of the Corporate Division of Internal Audit from June 2013 to October 2014, and as Senior Executive Vice President and Director General of the Retail Banking Management Control Area from April 2013 to June 2013. He was also previously employed by Arthur Andersen Auditores, S.A., Division of Financial Institutions. On December 9, 2015, the Board appointed Brian Gunn as a director and as a member of the Risk Committee of the Board. Mr. Gunn's term will expire at the 2016 annual meeting of stockholders, and Mr. Gunn will hold office for the remainder of his term until his successor is elected and qualified. Mr. Gunn has served as the Chief Risk Officer of Santander Holdings USA Inc. (SHUSA), since June 2015, and is responsible for overseeing all of the risk management functions for Santander in the United States. Prior to joining SHUSA, Mr. Gunn was employed by Ally Financial Inc. since 2008, most recently as Chief Risk Officer from November 2011 to June 2015. Prior to joining Ally, Mr. Gunn was employed by GE Money serving in a variety of risk management positions, most recently as the Chief Risk Officer of GE Money Canada.

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