DALLAS, Dec. 18, 2019 /PRNewswire/ -- Santander Consumer
USA Holdings Inc. (NYSE: SC) ("SC"
or the "Company"), today announced it has completed the acquisition
of a $1.1 billion indirect auto loan
portfolio from Gateway One Lending & Finance ("Gateway One"), a
subsidiary of TCF National Bank and an indirect subsidiary of TCF
Financial Corporation.
"Santander Consumer USA has
demonstrated its ability over many years to partner with other
large, and well-regarded financial institutions to leverage our
best-in-class servicing platform," said Mahesh Aditya, SC
President and CEO. "This transaction marks another highlight for
2019, a year in which we reached a mutually beneficial agreement
with Fiat Chrysler, made important leadership appointments and
continued optimizing capital through an increased dividend and a
robust share repurchase plan."
The transaction also includes an additional conversion of
$0.5 billion of indirect auto loan
assets, which the Company will sub-service for Gateway One. For
more than a decade, SC's Serviced for Others business has offered
end-to-end servicing with high performance standards and robust
compliance. As of September 30, 2019,
SC serviced approximately $10 billion
in auto assets for six financial institutions.
Fahmi Karam, SC Chief Financial Officer, added, "We are
excited to announce this transaction with Gateway One as it aligns
with two of our key priorities, to be opportunistic on portfolio
acquisitions and to leverage our servicing platform to drive fee
income. This transaction is another example of the value we can
provide to third parties when partially or completely outsourcing
their servicing needs. We are continuously identifying and
evaluating strategic ways to deploy capital that are accretive to
our business and add shareholder value."
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Any statements about our expectations, beliefs, plans, predictions,
forecasts, objectives, assumptions, or future events or performance
are not historical facts and may be forward-looking. These
statements are often, but not always, made through the use of words
or phrases such as anticipates, believes, can, could, may,
predicts, potential, should, will, estimates, plans, projects,
continuing, ongoing, expects, intends, and similar words or
phrases. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, these statements
are not guarantees of future performance and involve risks and
uncertainties that are subject to change based on various important
factors, some of which are beyond our control. For additional
discussion of these risks, refer to the section entitled Risk
Factors and elsewhere in our Annual Report on Form 10-K and our
Quarterly Reports on Form 10-Q filed by us with the U.S. Securities
and Exchange Commission (SEC). Among the factors that could cause
the forward-looking statements in this press release and/or our
financial performance to differ materially from that suggested by
the forward-looking statements are (a) the inherent limitations in
internal control over financial reporting; (b) our ability to
remediate any material weaknesses in internal controls over
financial reporting completely and in a timely manner; (c)
continually changing federal, state, and local laws and regulations
could materially adversely affect our business; (d) adverse
economic conditions in the United States and worldwide may
negatively impact our results; (e) our business could suffer if our
access to funding is reduced; (f) significant risks we face
implementing our growth strategy, some of which are outside our
control; (g) unexpected costs and delays in connection with exiting
our personal lending business; (h) our agreement with FCA US LLC
may not result in currently anticipated levels of growth and is
subject to certain conditions that could result in termination of
the agreement; (i) our business could suffer if we are unsuccessful
in developing and maintaining relationships with automobile
dealerships; (j) our financial condition, liquidity, and results of
operations depend on the credit performance of our loans; (k) loss
of our key management or other personnel, or an inability to
attract such management and personnel; (l) certain regulations,
including but not limited to oversight by the Office of the
Comptroller of the Currency, the Consumer Financial Protection
Bureau, the European Central Bank, and the Federal Reserve, whose
oversight and regulation may limit certain of our activities,
including the timing and amount of dividends and other limitations
on our business; and (m) future changes in our relationship with
SHUSA and Banco Santander that could adversely affect our
operations. If one or more of the factors affecting our
forward-looking information and statements proves incorrect, our
actual results, performance or achievements could differ materially
from those expressed in, or implied by, forward-looking information
and statements. Therefore, we caution the reader not to place undue
reliance on any forward-looking information or statements. The
effect of these factors is difficult to predict. Factors other than
these also could adversely affect our results, and the reader
should not consider these factors to be a complete set of all
potential risks or uncertainties as new factors emerge from time to
time. Any forward-looking statements only speak as of the date of
this document, and we undertake no obligation to update any
forward-looking information or statements, whether written or oral,
to reflect any change, except as required by law. All
forward-looking statements attributable to us are expressly
qualified by these cautionary statements.
About Santander Consumer USA
Holdings Inc.
Santander Consumer USA Holdings
Inc. (NYSE: SC) ("SC") is a full-service consumer finance company
focused on vehicle finance, third-party servicing and delivering
superior service to more than 2.7 million customers across the full
credit spectrum. SC is majority-owned (as of September 30, 2019, approximately 71.6%) by
Santander US. SC, which began originating retail installment
contracts in 1997, had an average managed asset portfolio of
approximately $57 billion (as of
September 30, 2019), and is
headquartered in Dallas.
(www.santanderconsumerusa.com)
About Santander Holdings USA,
Inc.
Santander Holdings USA, Inc.
("Santander US") is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN)
("Santander"), one of the most respected banking groups in the
world with more than 144 million customers in the U.K.,
Europe, Latin America and the U.S. As the intermediate
holding company for Santander's U.S. businesses, Santander US
includes five financial companies with approximately 17,000
employees and assets of approximately $140
billion. These include Santander
Bank, N.A., one of the country's largest retail and
commercial banks by deposits; Santander Consumer USA Holdings Inc. (NYSE: SC), an auto finance
and consumer lending company; Banco Santander International of
Miami; Banco Santander Puerto Rico
and Santander Investment Securities Inc. For more information about
Santander Bank, visit
www.santanderbank.com.
Contacts:
Investor Relations
Evan Black
800.493.8219
InvestorRelations@santanderconsumerusa.com
Media Relations
Annette Rogers
469.563.4157
Media@santanderconsumerusa.com
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SOURCE Santander Consumer USA
Holdings Inc.