Santander Consumer USA Holdings Inc., a specialized consumer finance company, provides vehicle finance and third-party servicing in the United States. The company’s vehicle finance products and services include retail installment contracts, vehicle leases, and dealer loans. It also offers financial products and services related to motorcycles, RVs, and marine vehicles; 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. Santander Consumer USA Holdings Inc. was founded in 1995 and is headquartered in Dallas, Texas. Santa...
1601 Elm Street
Dallas, TX 75201
Founded in 1995
Santander Consumer USA Holdings Inc. Announces Restatement of Earnings Results for the Year Ended December 31, 2013, 2014 and 2015 and First Quarter Ended March 31, 2016; Reports Unaudited Preliminary Earnings Results for the Second Quarter Ended June 30, 2016
Sep 23 16
Santander Consumer USA Holdings Inc. announced restatement of earnings results for the year ended December 31, 2013, 2014 and 2015 and first quarter ended March 31, 2016. For the year 2013, the company reported revised pre-tax income of $1,149,263,000 compared to previously restated pre-tax income of $1,105,561,000. Revised net income was $721,437,000 or $2.08 per share compared to previously restated net income of $708,790,000 or $2.05 per share.
For the year 2014, the company reported revised pre-tax income of $1,134,504,000 compared to previously restated pre-tax income of $1,144,122,000. Revised net income was $733,680,000 or $2.06 per share compared to previously restated net income of $724,237,000 or $2.04 per share.
For the year 2015, the company reported revised pre-tax income of $1,291,435,000. Revised net income was $825,190,000 or $2.30 per share.
For the first quarter ended March 31, 2016, the company reported revised pre-tax income of $330,567,000 compared to previously restated pre-tax income of $316,822,000. Revised net income was $209,318,000 or $0.58 per share compared to previously revised net income of $200,693,000 or $0.56 per share.
For the second quarter of 2016, the company reported earned net income of $283 million, or 78 cents per diluted common share, delivered average managed asset growth that outpaced expense growth, and continued to demonstrate strong access to liquidity. Auto originations totaled $5.4 billion in the second quarter, down from the prior year second quarter due to lower nonprime originations as SC remained disciplined in its underwriting standards in a competitive market. The decline in nonprime originations was partially offset by an increase in Chrysler Capital prime loans and leases. Pre-tax income was $437,161,000. Net income was $283,074,000 or $0.78 per share. Net finance and other interest income of $1.2 billion.
Santander Consumer USA Holdings Inc. Announces Executive Changes
Sep 16 16
On September 14, 2016, the Board of Santander Consumer USA Holdings Inc. appointed Scott Powell as a director. Mr. Powell's term will expire at the 2017 annual meeting of stockholders, and Mr. Powell will hold office for the remainder of his term or until his successor is elected and qualified. Mr. Powell has served as the Chief Executive Officer and a director of Santander Holdings USA Inc. since March 2015, and he is a member of Santander Holdings USA Inc.'s Board Executive Committee. He has also served as Chief Executive Officer and a director of Santander Bank, N.A. since July 2015, and he is a member of Santander Bank, N.A.'s Board Executive Committee. On September 15, 2016, Jennifer Davis submitted her resignation as Deputy Chief Financial Officer of the Company, effective as of December 31, 2016 (the Termination Date). Ms. Davis served as Interim Chief Financial Officer from July to December 2015 and was a named executive officer of the Company for the fiscal year ended December 31, 2015.
Santander Consumer USA Holdings Inc. Not In Compliance With NYSE's Continued Listing Requirements
Aug 16 16
Santander Consumer USA Holdings Inc. (the "Company") will be delayed in the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 (the "Form 10-Q") beyond the August 15, 2016 extended filing date. As previously disclosed by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2016, the Company is in the pre-filing submission process with the SEC's Office of the Chief Accountant, regarding the Company's accounting treatment for consideration of net discount in estimating the allowance for credit losses. The resolution of this and other accounting matters disclosed in the Form 12b-25 is expected to impact prior period financial statements. The Company will file the Form 10-Q as soon as possible. The Company has reviewed all critical relationships and does not foresee a material interruption in or change to normal business activities related to the delayed filing. In addition, the aforementioned accounting matters relate only to non-cash items in our financial statements. If the outcome of the pre-filing submission process is consistent with the Company's proposed accounting treatment, the Company expects to file its Form 10-Q immediately. The Company informed the New York Stock Exchange ("NYSE") on August 15, 2016, that the Company was not in compliance with NYSE's continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual as a result of the Company's failure to timely file its Form 10-Q. The Company will have six months, from August 15, 2016, to file its Form 10-Q with the SEC. The Company can regain compliance with the NYSE listing standards at any time prior to such date by filing the Form 10-Q with the SEC. If the Company fails to file its Form 10-Q prior to such date, then the NYSE may grant, at its discretion, a further extension of up to six additional months, depending on the specific circumstances.