Securities and Exchange Commission | Auto Finance News | Page 4 | Auto Finance News - Part 4

Santander Delays 10-Q Filing, Again

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 […]

CACC Receives Subpoena From Maryland AG

Credit Acceptance Corp. received a subpoena from the Attorney General of the State of Maryland, “relating to the company’s repossession and sale policies and procedures in the state of Maryland,” according to the company’s 10-Q filed with the Securities and Exchange Commission Monday. The subpoena was received by CACC on March 18. The Southfield, Mich.-based […]

Santander Consumer USA Revises Earnings Three Years Back, According to 10-K

Santander Consumer USA (SC) filed its annual 10-K report with the Securities and Exchange Commission on Thursday, with “revised methodology for estimating credit loss allowance on individually acquired retail installment contracts,” according to a company press release. Highlighted revisions were made to net income, credit loss allowances, and stock holder equity for the fourth quarter […]

Emerging Debate: Incentives and Discounting Too High?

Blockbuster yearend sales were “more push versus  pull,” said Mike Jackson, chairman of the nation’s largest auto retailer, AutoNation Inc. Jackson warned investors in a note last week that AutoNation expects “significant margin declines” for the fourth quarter. He said the group would take “necessary steps” in 2016 “to align our costs, inventory, and pricing strategy.” […]

CPS Enters Into Third Credit Facility

Consumer Portfolio Services (CPS) announced yesterday that it has entered into a new two-year revolving credit agreement with Credit Suisse AG and Ares Agent Services L.P., according to a press release. “We are pleased to have established this new facility and to have forged new relationships with partners such as Credit Suisse and Ares,” said […]

Ex-SCUSA CEO Dundon Sets IPO to Make New Acquisitions

Thomas Dundon, co-founder of Santander Consumer USA, who abruptly cashed in more than $900 million worth of stock in July and stepped down as chief executive, on Monday filed registration documents for a $400 million IPO to fund a new company, Dundon Capital Acquisition. The Dallas-based company plans to offer 40 million shares, valued at […]

Auto ABS Losses Inch Up, but Horizon Remains ‘Healthy,’ Fitch Says

Prime auto loan ABS losses rose to the highest level in over four years through September, but loss rates were still well below the 10-year average, according to Fitch Ratings’ In the Auto ABS Driver’s Seat 3Q report released Friday. Prime transactions in the mid-range, with significant concentrations of 600–700 FICO obligors, are the biggest driver […]
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