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August 28, 2017 - Industry News

Santander's Jason Kulas Resigns

Jason Kulas

Replacing Kulas, who was named CEO in July 2015 and president in February 2016, is Scott Powell, who will maintain his titles as CEO of Santander Holdings USA Inc. and as Santander Group's United States country head.

Tags: auto finance, compliance, Santander Consumer USA

May 10, 2017 - Industry News

Auto Finance Sources Team Up to Combat Fraud

Thirteen finance sources representing a third of U.S. auto finance originations met last week to take a bite out of the estimated $6 billion in annual fraud losses.

Tags: auto finance, bank fraud, compliance, PointPredictive, Santander Consumer USA

August 11, 2016 - Industry News

HSBC to Pay $434,500 for SCRA Violations

The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).

Tags: Department of Justice, HSBC, Repossessions, Santander Consumer USA, Settlement

March 8, 2016 - Industry News

U.S. Judge Allows Woman's Discrimination Claims Against Santander to Proceed

A U.S. district judge has allowed an African-American woman to pursue claims of discrimination against Texas-based Santander Consumer USA, but the finance source was successful in getting other claims contained in the borrower’s class action suit dismissed.

Tags: First Amended Complaint, GAP, Santander Consumer USA, U.S. District Court

February 17, 2016 - Industry News

Former Santander Execs Join Exeter Finance Corp.

On the same day Santander announced the departures of President Jason Grubb and COO of Originations Brand Martin, Exeter Finance Corp. announced the appointment of the two auto finance veterans to CEO and COO, respectively.

Tags: Executive Panel, Exeter Finance Corp., Santander Consumer USA

December 8, 2015 - Industry News

Santander Names Ismail Dawood CFO

Dawood will officially become the finance source's new CFO on Dec. 16. Santander’s interim CFO, Jennifer Davis, will serve as deputy CFO.

Tags: auto finance, Ismail Dawood, Santander Consumer USA

September 28, 2015 - Industry News

Santander Faces Class-Action Over ‘Worthless’ GAP Coverage

A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of Illinois customers who have signed similar contracts.

Tags: Disclosures, F&I products, GAP, Lawsuit, Santander Consumer USA, Truth in Lending Act

August 18, 2015 - Industry News

RouteOne, Santander to Offer eContracting to All Chrysler Dealers

RouteOne and Santander Consumer USA, along with the finance source’s Chrysler Capital program, will make full eContracting capabilities available to all of Santander’s and Chrysler Capital’s dealers by 2016’s second quarter.

Tags: Chrysler, Chrysler Dealers, econtracting, RouteOne, Santander Consumer USA

August 11, 2015 - Industry News

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, rate markup, Santander Consumer USA

March 12, 2015 - Industry News

Santander’s Capital Plans Don’t Hold Up to Fed Review

The Federal Reserve has objected to Santander Holdings USA’s capital plans due to widespread deficiencies in governance, internal controls, risk identification and management, as well as other key areas.

Tags: compliance, Federal Reserve, Santander Consumer USA

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.

Tags: Attorney General, Auto Lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime

December 19, 2014 - Industry News

Ally Subpoenaed By DOJ

On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.

Tags: Ally Financial, American Honda Finance, Auto Lending, Credit Acceptance Corp., Department of Justice, GM Financial, impact of the Great Recession, Michael A. Carpenter, Santander Consumer USA, subprime, TARP, Toyota Motor Credit Corp, U.S. Department of Treasury

October 7, 2014 - Industry News

5 Serra Nissan Employees Arrested

The indictment of the five dealership employees follows federal charges levied against two other Serra Nissan sales managers earlier this year. They are facing federal charges related to a scheme to fraudulently boost loan approvals and car sales.

Tags: bank fraud, F&I manager, fraud, Nissan Motor Acceptance Corp., Santander Consumer USA

October 2, 2014 - Industry News

Chrysler Capital, Santander Lower Cap on Dealer Participation

The moves come just weeks after the CFPB proposed to oversee larger nonbank auto finance sources for the first time at the federal level.

Tags: CFPB, Chrysler, Consumer Financial Protection Bureau, Flat Fees, National Automobile Dealers Association, Santander Consumer USA

August 7, 2014 - Industry News

Santander Consumer USA Receives DOJ Subpoena

In a regulatory filing Thursday, Santander Consumer USA disclosed that it has received a civil subpoena from the U.S. Department of Justice requesting documents related to subprime auto lending. Earlier in the week, GM Financial filed a similar report.

Tags: Department of Justice, Santander Consumer USA, subpoena, subprime

February 20, 2014 - Industry News

Santander Files Suit Against Dealer

Santander Consumer USA of Kentucky has filed a lawsuit against a dealer for failing to complete its part of a non-recourse dealer retail agreement.

Tags: Lawsuit, Santander Consumer USA

July 9, 2013 - Industry News

Santander Confirms Plans for IPO

According to a filing with SEC last week, Santander Consumer USA confirmed its intentions to raise up to $50 million in an initial public offering.

Tags: Banco Santander, IPO, Santander Consumer USA, SEC filing

May 9, 2013 - Industry News

Santander Plans IPO

Santander Consumer USA and three other equity firms are planning to list Santander in the coming months to take advantage of favorable market conditions to sell shares.

Tags: IPO, KKR & Co. LP, Santander Consumer USA

February 19, 2013 - Industry News

Chrysler Capital Goes Live on May 1

Santander will officially become Chrysler Group’s captive lender on May 1. The financial services company will establish a separate business unit dedicated to Chrysler and its dealers.

Tags: Banco Santander, Chrysler, Chrysler Group LLC, Fiat, Santander Consumer USA

January 22, 2013 - Industry News

Chrysler Considering Banco Santander as Captive, <em>The WSJ</em> Reports

According to a report from The Wall Street Journal, the Chrysler Group could pen a deal with Banco Santander in the next couple of weeks.

Tags: Banco Santander, Chrysler Group LLC, in-house financing, Santander Consumer USA, The Wall Street Journal

November 29, 2012 - Industry News

Dealertrack to Handle Santander’s Title Administration Processing

Santander Consumer USA’s title administration responsibilities will transfer to Dealertrack’s Total Title Solution next year, the two companies announced this week.

Tags: Dealertrack, Kathy Kassinos, Santander Consumer USA, Total Title Solution

November 19, 2012 - Industry News

DriveTime Terminates Santander Agreement

DriveTime terminated its definitive agreement with Santander and other third-party investors “due to certain unsatisfied conditions.”

Tags: Definitive Agreement, DriveTime, Sale, Santander Consumer USA, SEC, termination, third-party investors

September 20, 2012 - Industry News

Santander, Third-Party Investors Eyeing DriveTime

DriveTime’s vehicle financing portfolio is expected to be purchased by Santander Consumer USA, while third-party investors are looking to purchase the buy-here, pay-here group’s operations and facilities.

Tags: CreditWatch, DriveTime, Santander Consumer USA, SEC, Standard and Poor's

August 2, 2012 - Industry News

KBB Selects RoadLoans.com as Its Online Lender

KBB selected RoadLoans.com as its preferred online lending source to provide customers with vehicle financing.

Tags: KBB.com, Kelley Blue Book, RoadLoans.com, Santander Consumer USA

May 31, 2012 - Industry News

Santander Goes Full Spectrum

The below-prime finance source is going full spectrum with its announced expansion into the prime tiers.

Tags: full-spectrum finance, Santander Consumer USA

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