Santander to Pay Former CEO Thomas Dundon $713 Million in Exit Deal

Santander Consumer USA agreed to pay Thomas Dundon — who was the subprime lender’s former chief executive, chairman, and one of its founders — more than $700 million in an exit deal, according to a Securities and Exchange Commission filing. The deal has been more than two years in the making, as Dundon departed Santander […]
  • Natalie Mattila
  • November 20, 2017
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Santander Aims to Bolster FCA Relationship With Executive Shuffle

Santander Consumer USA announced a series of executive changes last week, leaving many asking why? One explanation may be that it’s a way to bolster its relationship with Fiat Chrysler Automobiles, Christopher Donat, managing director of equity research at Sandler O’Neill, told Auto Finance News.   “[FCA] is their single most important relationship so it […]
  • William Hoffman
  • October 12, 2017
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Santander’s Executive Churn Indicates Move Toward Corporate Consolidation

Santander Holdings USA (SHUSA) and Santander Consumer USA (SC) are “taking steps toward integrating their operations” under the Spanish parent Banco Santander, Christopher Donat, managing director of equity research at Sandler O’Neill, told Auto Finance News. This week Santander Consumer made several executive changes that suggested this shift, including the addition of Juan Carlos Alvarez […]
  • William Hoffman
  • October 9, 2017
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Santander Makes Unexpected Subprime Gains as Competitors Pullback

Following two consecutive quarters of double-digit origination declines, Santander Consumer USA came up relatively flat in total volume for the second quarter compared to the same period the year prior, the subprime lender reported during an earnings call today. Santander cited origination declines as evidence that credit criteria is tightening and that the lender is […]
  • William Hoffman
  • July 28, 2017
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Santander Consumer Eyes Prime Loan Growth With Funds From Parent

Banco Santander SA plans to tack on another 9.7% to its existing 59% stake in Santander Consumer USA — it was reported last week — and could help the subprime auto lender better compete for prime loans. Through greater cooperation and access to Banco Santander’s capital, SC can lower its cost of funds — the interest rate financial institutions […]
  • William Hoffman
  • July 18, 2017
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Spanish Parent Bank to Boost Stake in Santander USA

Santander Consumer USA passing its stress test last month may have cleared the way for parent company Banco Santander SA to increase its percentage control of the auto lender, according to a published report. The Spanish bank first proposed a deal to purchase a 9.7% stake in the U.S. subprime lender from co-founder Thomas G. […]
  • William Hoffman
  • July 11, 2017
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Santander Outlines Three-Pronged Strategy for Growth

Santander Consumer USA has a three-pronged plan for growth in 2017, said Rich Morrin, SC’s chief operating officer, during an analyst and investor day event, yesterday. “We know hope isn’t a strategy, we have specific things we’re working on in 2017, most importantly around Chrysler,” he said. “Chrysler continues to represent an opportunity for growth for us, [but] […]
  • Larissa Padden
  • February 24, 2017
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