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

Santander Keeps Credit Risk Conservative in First FCA Lease ABS

Santander Consumer USA this week issued its first-ever lease securitization from the company’s Chrysler Capital division, and the credit risks look to be in line or slightly less than its peers in the captive space, according to an analysis by S&P Global.   The pool is backed by 34,000 lease contracts valued at $872 million, […]
  • William Hoffman
  • November 10, 2017

Santander Eyes Subprime Expansion Amid Lower 3Q Originations

Santander Consumer USA indicated that it’s ready to shift back to a strategy of gaining marketshare in the subprime space after tightening underwriting standards late last year, according to the company’s third-quarter earnings call on Friday. Under the leadership of former Chief Executive Jason Kulas, the company pulled back in the deep- subprime space and […]
  • William Hoffman
  • October 30, 2017

Santander’s $1.5 Billion ABS Includes New Underwriting Exceptions

Santander Consumer USA’s latest securitization of deep-subprime auto loans is the first ABS to include originations under the lender’s new underwriting exceptions policy, according to a presale report by Moody’s Investor Service. The $1.5 billion transaction — Drive Auto Receivables Trust 2017-3 — is Santander Consumer’s (SC) third securitization of deep-subprime auto loans this year. […]
  • Emma Sandler
  • October 19, 2017

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

Illegal Repos Cause Veteran Pushback on Forced Arbitration

The Union Veterans Council supported the Consumer Financial Protection Bureau’s ban of forced arbitration clauses in a letter to congress this week, claiming that the “rigged, secretive” practice kept the problem of illegal servicemember vehicle repossessions in the dark. Specifically, the group cites how veterans were denied their day in court prior to the revelation […]
  • William Hoffman
  • October 10, 2017

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

Santander Consumer Shakes Up Executive Leadership Team

Santander Consumer USA continued its executive-level shakeup today with the appointment of a new chief financial officer, a head of operations, and president of Chrysler Capital under the leadership of Chief Executive Scott Powell, who took over as company lead in late August. Juan Carlos Alvarez is succeeding Ismail (Izzy) Dawood as CFO of Santander […]
  • William Hoffman
  • October 2, 2017

Lenders Brace for Increased Fraud in Wake of Equifax Breach

During a time of increased faked-identity scams in the industry, lenders should prepare for more fraudsters following last week’s Equifax data breach, according to the fraud detection company PointPredictive. The breach exposed half the population’s Social Security numbers, addresses, and driver’s licenses. “What we’re seeing is that synthetic identity is a significant problem right now […]
  • William Hoffman
  • September 20, 2017

CitiFinancial to Pay Nearly $1 Million for Illegal Repossessions

The Justice Department said on Monday that CitiFinancial Credit Co. — a successor to CitiFinancial Auto Corp. — will pay $907,000 to resolve allegations that it violated the Servicemembers Civil Relief Act. Between 2007 and 2010, CitiFinancial repossessed 164 cars owned by SCRA-protected servicemembers without first obtaining the required court orders, according to a DOJ […]
  • Emma Sandler
  • September 19, 2017
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