Santander Consumer USA is delaying the filing of its second quarter earning beyond the original August 15, 2016 extended filing date, the company said in a press release yesterday.
SC 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 company wrote in the release.
The resolution of the issue is also expected to impact previous filings, according to the release.
The company previously refiled earnings in April with “revised methodology for estimating credit loss allowance on individually acquired retail installment contracts,” SC said at the time. Revisions at that time were made to net income, credit loss allowances, and stock holder equity for the fourth quarter 2015 earnings, year-end 2015 earnings, year-end 2014 earnings, and year-end 2013 earnings, according to the release.
“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,” according to yesterday’s release.
Santander will file the Form 10-Q as soon as possible, the company said in the release.
For more auto finance insights like this, register for the upcoming Auto Finance Summit, Oct. 5-7 at Bellagio Las Vegas. Visit www.AutoFinanceSummit.com for more information.Like This Post