Santander Revamps Collection Incentives Amid Discrimination Claims

Santander Consumer USA has decided to “reevaluate” its incentive structure for collection and customer service staff, following pressure from employee protests and a Congressional letter. Starting Jan. 1, the lender stopped using customer service recording tool CallMiner as the primary source for calculating employee performance incentives, according to an internal email provided to Auto Finance […]
  • William Hoffman
  • January 16, 2018
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Santander Exec Aims to Bolster Growth of Fiat Chrysler Automobiles

Santander Consumer USA (SC) is focused on bolstering its relationship with Fiat Chrysler Automobiles (FCA), following the addition of Rich Morrin as president of Chrysler Capital and auto relationships. The subprime lender continued its executive-level shakeup in early October 2017 with the appointment of a new chief financial officer, a head of operations, and president […]
  • Natalie Mattila
  • January 11, 2018
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6 Events That Altered Auto Finance in 2017

From changes in consumer buying habits to the resignation of the industry’s top regulator, 2017 was a year of changes in the auto finance space. The industry had what is shaping up to be another record-breaking year as total loan balances rose above $1.1 trillion in the third quarter, compared with $1 trillion during the […]
  • William Hoffman
  • December 27, 2017
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Advocates Urge CFPB to Move Forward With Santander Lawsuit

Two consumer advocacy groups have filed a Freedom of Information Act (FOIA) request with the Consumer Financial Protection Bureau intensifying inquiries into why the bureau has stalled a pending lawsuit against Santander Consumer USA. The Communications Workers of America (CWA) in partnership with the Committee for Better Banks filed the request seeking information on acting […]
  • William Hoffman
  • December 21, 2017
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Auto Securitization Report Highlights Riskier Outliers

AmeriCredit and Santander Consumer USA stand out as the two lenders securitizing auto loans with an average loan term above 70 months and below a 600 credit score, according to the latest report from DBRS. In AmeriCredit’s most recent issuance included in the report the lender had an average credit score of 580 and an […]
  • William Hoffman
  • December 15, 2017
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TCF’s Auto Sector Exit Intensifies Profitability Concerns at Regional Banks

The announcement this week that TCF Bank will shutter its indirect auto finance unit, Gateway One Lending & Finance LLC, caps a year that has been volatile for mid-sized regional banks, according to Peter Winter, analyst at Wedbush Securities. “Most banks are surprised how long the credit cycle has lasted for the [mid-tier] bank group,” […]
  • William Hoffman
  • December 6, 2017
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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
  • 1

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
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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
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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
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