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Santander Originations Soar 52% Despite FCA Uncertainty

Santander Consumer USA drove origination growth 52% year over year, the company reported in its third-quarter earnings released today. However, executives on the company’s earnings call failed to address Fiat Chrysler Automobiles Group’s plans to form its own captive. “We do not have further updates on those discussions,” Chief Financial Officer Juan Carlos said during the […]

Santander to Settle Long-Rumored CFPB Allegations of Loan, GAP Misrepresentation

Nearly a year after speculation of a possible consent order surfaced, Santander Consumer USA is close to settling allegations by the Consumer Financial Protection Bureau that it misled consumers about costs of certain loans and the coverage of ancillary insurance products, according to Reuters. Specifically, the subprime lender was accused in November 2017 of allowing […]

Boston Fed Releases Santander from 2015 Consent Order

The Federal Reserve Bank of Boston released Santander Holdings USA Inc. from regulatory restrictions imposed in a written agreement in July 2015, according to a press release by the Fed on Thursday. The enforcement action was filed after the Reserve Bank of Boston’s inspection of Santander identified “deficiencies” in the bank’s governance, risk management, capital planning, and […]

Santander Pays $26M For Loans Deemed ‘Unfair’

Santander Consumer USA entered into a written agreement with the Federal Reserve Bank of Boston on March 21, and agreed to pay $25.9 million to resolve an investigation in two states regarding the financing and securitization of subprime auto loans, the company revealed in a Securities and Exchange Commission filing today. Investigations were being conducted by attorneys general […]

Santander Files 2Q Results, Originations Down 29% YoY

Santander Consumer USA Inc.’s originations for the second quarter dropped 29% year over year, to $5.4 billion, from $7.6 billion during the prior year period. Chrysler Capital prime retail and lease originations were up 2%, while nonprime retail originations were down 44%, the company stated in its 10-Q, filed yesterday. Santander Consumer delayed the filing of […]