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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Santander Consumer USA Holdings Inc | NYSE:SC | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 41.60 | 0 | 00:00:00 |
| ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| For the transition period from to | |||||
| Delaware | 32-0414408 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
| 1601 Elm Street | Suite 800 | Dallas | Texas | 75201 | ||||||||||
| (Address of principal executive offices) | ||||||||||||||
| Title of each class | Trading Symbol (s) | Name of each exchange on which registered | Outstanding shares at April 26, 2021 | |||||||||||||||||
| Common Stock ($0.01 par value) | SC | New York Stock Exchange | 306,035,735 | |||||||||||||||||
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | ☐ | |||||||||||||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||||||||||||||
| Cautionary Note Regarding Forward-Looking Information | ||||||||
| PART I: FINANCIAL INFORMATION | ||||||||
| Item 1. | Unaudited Condensed Consolidated Financial Statements | |||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||||
| Unaudited Condensed Consolidated Statements of Income and Comprehensive Income | ||||||||
| Unaudited Condensed Consolidated Statements of Equity | ||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows (As Restated) | ||||||||
| Note 1. Description of Business, Basis of Presentation, and Accounting Policies | ||||||||
| Note 2. Finance Receivables | ||||||||
| Note 3. Credit Loss Allowance and Credit Quality | ||||||||
| Note 4. Leases | ||||||||
| Note 5. Other Assets | ||||||||
| Note 6. Variable Interest Entities | ||||||||
| Note 7. Debt | ||||||||
| Note 8. Shareholders' Equity | ||||||||
| Note 9. Derivative Financial Instruments | ||||||||
| Note 10. Fair Value of Financial Instruments | ||||||||
| Note 11. Investment Losses, Net | ||||||||
| Note 12. Income Taxes | ||||||||
| Note 13. Computation of Basic and Diluted Earnings per Common Share | ||||||||
| Note 14. Commitments and Contingencies | ||||||||
| Note 15. Related-Party Transactions | ||||||||
| Note 16. Employee Benefit Plans | ||||||||
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||||||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |||||||
| Item 4. | Controls and Procedures | |||||||
| PART II: OTHER INFORMATION | ||||||||
| Item 1. | Legal Proceedings | |||||||
| Item 1A. | Risk Factors | |||||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
| Item 3. | Defaults upon Senior Securities | |||||||
| Item 4. | Mine Safety Disclosures | |||||||
| Item 5. | Other Information | |||||||
| Item 6. | Exhibits | |||||||
| SIGNATURES | ||||||||
| ABS | Asset-backed securities | ||||
| ACL | Allowance for credit loss | ||||
| Advance Rate | The maximum percentage of collateral that a lender is willing to lend. | ||||
| Affiliates | A party that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with an entity. | ||||
| AFS | Available for sale | ||||
| ALG | Automotive Lease Guide | ||||
| Amortized costs | Includes unpaid principal balance (UPB), net of discounts and premiums | ||||
| APR | Annual Percentage Rate | ||||
| ARRC | Alternative Reference Rates Committee | ||||
| ASC | Accounting Standards Codification | ||||
| ASU | Accounting Standards Update | ||||
| Bluestem | Bluestem Brands, Inc., an online retailer for whose customers SC provides financing | ||||
| Board | SC’s Board of Directors | ||||
| CBP | Citizens Bank of Pennsylvania | ||||
| CCAR | Comprehensive Capital Analysis and Review | ||||
| CCAP | Chrysler Capital | ||||
| CDO | Chief Diversity Officer | ||||
| CECL | Current Expected Credit Loss, Amendments based on ASU 2016-13, ASU 2019-04, and ASU 2019-11 | ||||
| CEO | Chief Executive Officer | ||||
| CFPB | Consumer Financial Protection Bureau | ||||
| CFO | Chief Financial Officer | ||||
| Clean-up Call | The early redemption of a debt instrument by the issuer, generally when the underlying portfolio has amortized to 5% or 10% of its original balance | ||||
| COVID-19 | Coronavirus disease 2019 | ||||
| Credit Enhancement | A method such as overcollateralization, insurance, or a third-party guarantee, whereby a borrower reduces default risk | ||||
| DCF | Discounted Cash Flow Analysis | ||||
| Dealer Loan | A Floorplan Loan, real estate loan, working capital loan, or other credit extended to an automobile dealer | ||||
| DOJ | U.S. Department of Justice | ||||
| EIR | Effective interest rate | ||||
| ECL | Expected credit losses | ||||
| Exchange Act | Securities Exchange Act of 1934, as amended | ||||
| FICO® | A common credit score created by Fair Isaac Corporation that is used on the credit reports that lenders use to assess an applicant’s credit risk. FICO® is computed using mathematical models that take into account five factors: payment history, current level of indebtedness, types of credit used, length of credit history, and new credit | ||||
| FIRREA | Financial Institutions Reform, Recovery and Enforcement Act of 1989 | ||||
| Floorplan Loan | A revolving line of credit that finances dealer inventory until sold | ||||
| Federal Reserve Board | Board of Governors of the Federal Reserve System | ||||
| FRBB | Federal Reserve Bank of Boston | ||||
| FTC | Federal Trade Commission | ||||
| GAP | Guaranteed Auto Protection | ||||
| GAAP | U.S. Generally Accepted Accounting Principles | ||||
| HPI | Housing Price Index | ||||
| HTM | Held to maturity | ||||
| IPO | SC’s Initial Public Offering | ||||
| ISDA | International Swaps and Derivative Association | ||||
| Managed Assets | Managed assets included assets (a) owned and serviced by the Company; (b) owned by the Company and serviced by others; and (c) serviced for others | ||||
| MPLFA | Ten-year master private-label financing agreement with Stellantis N.V., signed in May 2013 | ||||
| OCC | Office of the Comptroller of the Currency | ||||
| Overcollateralization | A credit enhancement method whereby more collateral is posted than is required to obtain financing | ||||
| PD | Probability of default | ||||
| Private-label | Financing branded in the name of the product manufacturer rather than in the name of the finance provider | ||||
| RC | The Risk Committee of the Board | ||||
| Remarketing | The controlled disposal of vehicles at the end of the lease term or upon early termination or of financed vehicles obtained through repossession and their subsequent sale | ||||
| Residual Value | The future value of a leased asset at the end of its lease term | ||||
| Retail installment contracts | Includes retail installment contracts individually acquired or originated by the Company and purchased non-credit deteriorated finance receivables | ||||
| ROU | Right-of-use (related to operating leases) | ||||
| RSU | Restricted stock unit | ||||
| SAF | Santander Auto Finance | ||||
| Santander | Banco Santander, S.A. | ||||
| SBNA | Santander Bank, N.A., a wholly-owned subsidiary of SHUSA. Formerly Sovereign Bank, N.A. | ||||
| SC | Santander Consumer USA Holdings Inc., a Delaware corporation, and its consolidated subsidiaries | ||||
| SCART | Santander Consumer Auto Receivables Trust, a securitization platform | ||||
| SC Illinois | Santander Consumer USA Inc., an Illinois corporation and wholly-owned subsidiary of SC | ||||
| SCRA | Servicemembers Civil Relief Act | ||||
| SDART | Santander Drive Auto Receivables Trust, a securitization platform | ||||
| SEC | U.S. Securities and Exchange Commission | ||||
| SHUSA | Santander Holdings USA, Inc., a wholly-owned subsidiary of Santander and the majority stockholder of SC | ||||
| SPAIN | Santander Prime Auto Issuing Note Trust, a securitization platform | ||||
| SRT | Santander Retail Auto Lease Trust, a lease securitization platform | ||||
| Stellantis N.V. | FCA US LLC, its parent Stellantis N.V., and/or any affiliates | ||||
| Subvention | Reimbursement of the finance provider by a manufacturer for the difference between a market loan or lease rate and the below-market rate given to a customer | ||||
| TDR | Troubled Debt Restructuring | ||||
| Trusts | Special purpose entities utilized in SC’s financing transactions | ||||
| VIE | Variable Interest Entity | ||||
| Warehouse Line | A revolving line of credit generally used to fund finance receivable originations | ||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| ASSETS | |||||||||||
Cash and cash equivalents - $356,911 and $32,490 held at affiliates, respectively | $ | 415,969 | $ | 109,053 | |||||||
| Finance receivables held for sale, net | — | 1,567,527 | |||||||||
| Finance receivables held for investment, at amortized cost | 32,090,201 | 33,114,638 | |||||||||
| Allowance for credit loss | (6,005,115) | (6,110,633) | |||||||||
| Finance receivables held for investment, at amortized cost, net | 26,085,086 | 27,004,005 | |||||||||
Restricted cash - $27 and $27 held at affiliates, respectively | 2,623,565 | 2,221,094 | |||||||||
| Accrued interest receivable | 345,769 | 415,765 | |||||||||
| Leased vehicles, net | 16,478,224 | 16,391,107 | |||||||||
Furniture and equipment, net of accumulated depreciation of $106,292 and $104,452, respectively | 58,081 | 62,032 | |||||||||
| Goodwill | 74,056 | 74,056 | |||||||||
Intangible assets, net of amortization of $68,013 and $63,488, respectively | 73,833 | 70,128 | |||||||||
Other assets - $5,886 and $14,451 held at affiliates, respectively | 1,079,419 | 972,726 | |||||||||
| TOTAL ASSETS | $ | 47,234,002 | $ | 48,887,493 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| LIABILITIES | |||||||||||
Borrowings and other debt obligations - $10,501,060 and $10,801,318 to/from affiliates, respectively | $ | 38,541,624 | $ | 41,138,674 | |||||||
| Deferred tax liabilities, net | 1,497,829 | 1,263,796 | |||||||||
Accounts payable and accrued expenses - $83,994 and $80,428 held at affiliates, respectively | 567,474 | 531,369 | |||||||||
Other liabilities - $1,438 and $463 held at affiliates, respectively | 395,222 | 331,693 | |||||||||
| TOTAL LIABILITIES | 41,002,149 | 43,265,532 | |||||||||
Commitments and contingencies (Notes 7 and 14) | |||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||
Common stock, $0.01 par value — 1,100,000,000 shares authorized; | |||||||||||
363,459,117 and 363,159,613 shares issued and 306,033,735 and 306,091,978 shares outstanding, respectively | 3,060 | 3,061 | |||||||||
| Additional paid-in capital | 387,946 | 393,800 | |||||||||
| Accumulated other comprehensive income (loss), net of taxes | (41,818) | (50,566) | |||||||||
| Retained earnings | 5,882,665 | 5,275,666 | |||||||||
| TOTAL STOCKHOLDERS' EQUITY | 6,231,853 | 5,621,961 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | 47,234,002 | $ | 48,887,493 | |||||||
| For the Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Interest on finance receivables and loans | $ | 1,304,651 | $ | 1,273,819 | |||||||
| Leased vehicle income | 740,884 | 747,979 | |||||||||
| Other finance and interest income | 1,426 | 7,551 | |||||||||
| Total finance and other interest income | 2,046,961 | 2,029,349 | |||||||||
Interest expense — Including $85,904 and $62,770 to affiliates, respectively | 253,537 | 328,834 | |||||||||
| Leased vehicle expense | 423,795 | 552,912 | |||||||||
| Net finance and other interest income | 1,369,629 | 1,147,603 | |||||||||
| Credit loss expense | 136,209 | 907,887 | |||||||||
| Net finance and other interest income after credit loss expense | 1,233,420 | 239,716 | |||||||||
| Profit sharing | 67,326 | 14,295 | |||||||||
| Net finance and other interest income after credit loss expense and profit sharing | 1,166,094 | 225,421 | |||||||||
| Investment losses, net | (14,712) | (63,426) | |||||||||
Servicing fee income — Including $9,197 and $12,552 from affiliates, respectively | 18,694 | 19,103 | |||||||||
Fees, commissions, and other — Including $3,330 and $3,306 from affiliates, respectively | 100,528 | 95,130 | |||||||||
| Total other income | 104,510 | 50,807 | |||||||||
| Compensation and benefits | 153,895 | 133,326 | |||||||||
| Repossession expense | 45,346 | 57,662 | |||||||||
Other expenses — Including $1,814 and $1,097 to affiliates, respectively | 95,251 | 91,685 | |||||||||
| Total operating expenses | 294,492 | 282,673 | |||||||||
| Income (loss) before income taxes | 976,112 | (6,445) | |||||||||
| Income tax expense (benefit) | 234,457 | (2,458) | |||||||||
| Net income (loss) | $ | 741,655 | $ | (3,987) | |||||||
| Net income (loss) | $ | 741,655 | $ | (3,987) | |||||||
| Other comprehensive income (loss): | |||||||||||
Unrealized gains (losses) on cash flow hedges, net of tax of $2,949 and $(12,543) respectively | 9,066 | (39,019) | |||||||||
Unrealized gains (losses) on available-for-sale and held-to-maturity debt securities net of tax of $(103) and $661, respectively | (318) | 2,057 | |||||||||
| Comprehensive income (loss) | $ | 750,403 | $ | (40,949) | |||||||
| Net income per common share (basic) | $ | 2.42 | $ | (0.01) | |||||||
| Net income per common share (diluted) | $ | 2.42 | $ | (0.01) | |||||||
| Dividend declared per common share | $ | 0.44 | $ | 0.22 | |||||||
| Weighted average common shares (basic) | 306,108,987 | 334,026,052 | |||||||||
| Weighted average common shares (diluted) | 306,325,155 | 334,346,122 | |||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance — January 1, 2021 | 306,092 | $ | 3,061 | $ | 393,800 | $ | (50,566) | $ | 5,275,666 | $ | 5,621,961 | ||||||||||||||||||||||||
| Stock issued in connection with employee incentive compensation plans | 300 | 3 | (1,832) | — | — | (1,829) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 5,448 | — | — | 5,448 | |||||||||||||||||||||||||||||
| Stock repurchase/Treasury stock | (358) | (4) | (9,470) | — | — | (9,474) | |||||||||||||||||||||||||||||
Dividends-Common stock, $0.44/share | — | — | — | — | (134,656) | (134,656) | |||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | 741,655 | 741,655 | |||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of taxes | — | — | — | 8,748 | — | 8,748 | |||||||||||||||||||||||||||||
| Balance — March 31, 2021 | 306,034 | $ | 3,060 | $ | 387,946 | $ | (41,818) | $ | 5,882,665 | $ | 6,231,853 | ||||||||||||||||||||||||
| Balance — January 1, 2020 | 339,202 | $ | 3,392 | $ | 1,173,262 | $ | (26,693) | $ | 6,168,659 | $ | 7,318,620 | ||||||||||||||||||||||||
| — | — | — | — | (1,590,885) | (1,590,885) | ||||||||||||||||||||||||||||||
| Stock issued in connection with employee incentive compensation plans | 277 | 3 | (1,634) | — | — | (1,631) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | 4,038 | — | — | 4,038 | |||||||||||||||||||||||||||||
| Stock repurchase/Treasury stock | (18,361) | (184) | (468,282) | — | — | (468,466) | |||||||||||||||||||||||||||||
Dividends-Common stock, $0.22/share | — | — | — | — | (74,624) | (74,624) | |||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | (3,987) | (3,987) | |||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of taxes | — | — | — | (36,962) | — | (36,962) | |||||||||||||||||||||||||||||
| Balance — March 31, 2020 | 321,118 | $ | 3,211 | $ | 707,384 | $ | (63,655) | $ | 4,499,163 | $ | 5,146,103 | ||||||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| As Restated - Note 1 | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 741,655 | $ | (3,987) | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Derivative mark to market | (503) | 8,923 | |||||||||
| Credit loss expense | 136,209 | 907,887 | |||||||||
| Depreciation, amortization and accretion | 477,423 | 564,878 | |||||||||
| Proceeds from sales of and collections on retail installment contracts held for sale (a) | 1,333,954 | 24,263 | |||||||||
| Investment losses, net | 14,712 | 63,426 | |||||||||
| Stock-based compensation | 5,448 | 4,038 | |||||||||
| Deferred tax expense/(benefit) | 231,187 | (4,798) | |||||||||
| Net change in: | |||||||||||
| Revolving personal loans | 34,246 | 19,012 | |||||||||
| Other assets | 80,933 | (43,309) | |||||||||
| Other liabilities | 97,634 | (145,217) | |||||||||
| Net cash provided by operating activities | 3,152,898 | 1,395,116 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Originations and purchases of portfolios on finance receivables held for investment | (4,492,802) | (3,939,255) | |||||||||
| Collections on finance receivables held for investment | 3,610,444 | 3,294,442 | |||||||||
| Proceeds from sales of retail installment contracts held for sale, originated as held for investment (b) | 1,812,552 | — | |||||||||
| Leased vehicles purchased | (2,172,167) | (2,030,936) | |||||||||
| Manufacturer and Dealer incentives | 15,354 | 170,800 | |||||||||
| Proceeds from sale of leased vehicles | 1,497,995 | 941,551 | |||||||||
| Change in revolving personal loans, net | 31,121 | 28,478 | |||||||||
| Proceeds from repayments and maturities of held-to-maturity securities | 6,318 | — | |||||||||
| Purchases of furniture and equipment | (3,496) | (7,508) | |||||||||
| Sales of furniture and equipment | 1,332 | 1 | |||||||||
| Net cash provided by (used in) investing activities | 306,651 | (1,542,427) | |||||||||
| Cash flows from financing activities: | |||||||||||
Proceeds from borrowings and other debt obligations, net of debt issuance costs - $2,200,000 and $1,835,000 from affiliates, respectively | 9,081,404 | 11,374,959 | |||||||||
Payments on borrowings and other debt obligations - $(2,500,000) and $(1,835,000) to affiliates, respectively | (11,687,888) | (10,357,462) | |||||||||
| Proceeds from stock option exercises, gross | 452 | 409 | |||||||||
| Shares repurchased | (9,474) | (468,466) | |||||||||
| Dividends paid | (134,656) | (74,624) | |||||||||
| Net cash provided by (used in) financing activities | (2,750,162) | 474,816 | |||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| As Restated - Note 1 | |||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 709,387 | 327,505 | |||||||||
| Cash and cash equivalents and restricted cash— Beginning of year | 2,330,147 | 2,161,087 | |||||||||
| Cash and cash equivalents and restricted cash— End of year | $ | 3,039,534 | $ | 2,488,592 | |||||||
| Supplemental cash flow information: | |||||||||||
| Cash and cash equivalents | 415,969 | 501,588 | |||||||||
| Restricted cash | 2,623,565 | 1,987,004 | |||||||||
| Total cash, cash equivalents and restricted cash | $ | 3,039,534 | $ | 2,488,592 | |||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Retail installment contracts, net (a) | $ | 26,056,708 | $ | 26,975,368 | |||||||
| Purchased receivables - credit deteriorated | 4,655 | 6,197 | |||||||||
| Finance lease receivables (Note 4) | 23,723 | 22,440 | |||||||||
| Finance receivables held for investment, net | $ | 26,085,086 | $ | 27,004,005 | |||||||
| December 31, 2020 | |||||||||||
| Retail Installment Contracts | |||||||||||
| Non-TDR | TDR | ||||||||||
| Unpaid principal balance | $ | 28,977,299 | $ | 3,945,040 | |||||||
| ACL | (4,792,464) | (1,314,170) | |||||||||
| Discount (net of subvention and participation) | 66,373 | (8,389) | |||||||||
| Capitalized origination costs and fees | 97,638 | 4,041 | |||||||||
| Net carrying balance | $ | 24,348,846 | $ | 2,626,522 | |||||||
| ACL as a percentage of unpaid principal balance | 16.5 | % | 33.3 | % | |||||||
| ACL and discount as a percentage of unpaid principal balance | 16.3 | % | 33.5 | % | |||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Retail installment contracts acquired individually | $ | — | $ | 674,048 | |||||||
| Personal loans (a) | — | 893,479 | |||||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Sales of retail installment contracts to third parties | $ | 2,380,785 | $ | — | |||||||
| Sales of Personal Loans to third parties | $ | 1,253,746 | |||||||||
| Proceeds from sales of charged-off assets to third parties | $ | — | $ | 20,875 | |||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
| Retail Installment Contracts | |||||||||||||||||||||||
| Non-TDR | TDR | Non-TDR | TDR | ||||||||||||||||||||
| Balance — beginning of period | $ | 4,792,464 | $ | 1,314,170 | $ | 2,123,878 | $ | 914,718 | |||||||||||||||
| Day 1 - Adjustment to allowance for adoption of CECL standard | — | — | 2,030,473 | 71,833 | |||||||||||||||||||
| Credit loss expense | 40,059 | 98,722 | 757,193 | 150,850 | |||||||||||||||||||
| Charge-offs (a) | (586,793) | (202,461) | (899,550) | (289,567) | |||||||||||||||||||
| Recoveries | 416,903 | 128,277 | 470,669 | 125,402 | |||||||||||||||||||
| Balance — end of period | $ | 4,662,633 | $ | 1,338,708 | $ | 4,482,663 | $ | 973,236 | |||||||||||||||
| March 31, 2021 | |||||||||||||||||||||||
| Finance Receivables Held for Investment | |||||||||||||||||||||||
| Retail Installment Contract Loans | Purchased Receivables Portfolios - credit deteriorated | Total | Percent | ||||||||||||||||||||
| Amortized cost, 30-59 days past due | $ | 1,409,974 | $ | 599 | $ | 1,410,573 | 4.4 | % | |||||||||||||||
| Amortized cost over 59 days | 698,620 | 385 | 699,005 | 2.2 | % | ||||||||||||||||||
| Total delinquent balance at amortized cost (a) | $ | 2,108,594 | $ | 984 | $ | 2,109,578 | 6.6 | % | |||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Finance Receivables Held for Investment | |||||||||||||||||||||||
| Retail Installment Contract Loans | Purchased Receivables Portfolios - credit impaired | Total | Percent | ||||||||||||||||||||
| Amortized cost, 30-59 days past due | $ | 1,971,766 | $ | 687 | $ | 1,972,453 | 6.0 | % | |||||||||||||||
| Amortized cost over 59 days | 1,038,869 | 441 | 1,039,310 | 3.1 | % | ||||||||||||||||||
| Total delinquent balance at amortized cost (a) | $ | 3,010,635 | $ | 1,128 | $ | 3,011,763 | 9.1 | % | |||||||||||||||
| March 31, 2021 | |||||||||||||||||||||||
| Non-accrual loans | Non-accrual loans with no allowance (a) | Interest income recognized on nonaccrual loans (YTD) | Non-accrual loans as a percent of total amortized cost | ||||||||||||||||||||
| Non-TDR | $ | 544,228 | $ | 133,628 | $ | 16,959 | 1.7 | % | |||||||||||||||
| TDR | 260,408 | 41,774 | 9,212 | 0.8 | % | ||||||||||||||||||
| Total non-accrual loans | $ | 804,636 | $ | 175,402 | $ | 26,171 | 2.5 | % | |||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Non-accrual loans | Non-accrual loans with no allowance (a) | Interest income recognized on nonaccrual loans (YTD) | Non-accrual loans as a percent of total amortized cost | ||||||||||||||||||||
| Non-TDR | $ | 748,026 | $ | 145,287 | $ | 72,926 | 2.3 | % | |||||||||||||||
| TDR | 385,021 | 46,498 | 35,620 | 1.2 | % | ||||||||||||||||||
| Total nonaccrual loans | $ | 1,133,047 | $ | 191,785 | $ | 108,546 | 3.5 | % | |||||||||||||||
| Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||
No-FICO®s | 568 | 1,564 | 997 | 458 | 411 | 191 | 107 | 4,296 | 13.4% | ||||||||||||||||||||||||||||||||||||||||||||
| <540 | 523 | 1,649 | 1,226 | 806 | 391 | 221 | 211 | 5,027 | 15.7% | ||||||||||||||||||||||||||||||||||||||||||||
| 540-599 | 1,384 | 3,923 | 2,685 | 1,526 | 578 | 351 | 272 | 10,719 | 33.4% | ||||||||||||||||||||||||||||||||||||||||||||
| 600-639 | 914 | 2,424 | 1,590 | 853 | 283 | 185 | 124 | 6,373 | 19.9% | ||||||||||||||||||||||||||||||||||||||||||||
| >=640 (a) | 925 | 2,331 | 1,202 | 707 | 223 | 154 | 101 | 5,643 | 17.6% | ||||||||||||||||||||||||||||||||||||||||||||
| Total (b) | $ | 4,314 | $ | 11,891 | $ | 7,700 | $ | 4,350 | $ | 1,886 | $ | 1,102 | $ | 815 | $ | 32,058 | 100.00% | ||||||||||||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Prior | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||
No-FICO®s | 1,760 | 1,151 | 530 | 501 | 247 | 128 | 26 | 4,343 | 13.1% | ||||||||||||||||||||||||||||||||||||||||||||
| <540 | 1,789 | 1,370 | 913 | 454 | 263 | 186 | 90 | 5,065 | 15.3% | ||||||||||||||||||||||||||||||||||||||||||||
| 540-599 | 4,269 | 3,005 | 1,736 | 673 | 423 | 264 | 96 | 10,466 | 31.7% | ||||||||||||||||||||||||||||||||||||||||||||
| 600-639 | 2,759 | 1,838 | 990 | 335 | 230 | 126 | 47 | 6,325 | 19.1% | ||||||||||||||||||||||||||||||||||||||||||||
| >640 (a) | 4,040 | 1,411 | 810 | 265 | 200 | 124 | 33 | 6,883 | 20.8% | ||||||||||||||||||||||||||||||||||||||||||||
| Total (b) | $ | 14,617 | $ | 8,775 | $ | 4,979 | $ | 2,228 | $ | 1,363 | $ | 828 | $ | 292 | $ | 33,082 | 100.0% | ||||||||||||||||||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| Amortized Cost (including accrued interest) (a) | $ | 4,430,512 | $ | 4,011,780 | |||||||
| Impairment | (1,338,708) | (1,314,170) | |||||||||
| Amortized cost including accrued interest, net of impairment | $ | 3,091,804 | $ | 2,697,610 | |||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| 30-59 days past due | $ | 548,849 | $ | 637,560 | |||||||
| Delinquent balance over 59 days | 247,638 | 344,776 | |||||||||
| Total delinquent TDRs | $ | 796,487 | $ | 982,336 | |||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| Average amortized cost (including accrued interest) | $ | 4,265,282 | $ | 3,687,797 | |||||||
| Interest income recognized | 209,281 | 156,238 | |||||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| Amortized cost (including accrued interest) before TDR | $ | 902,144 | $ | 177,215 | |||||||
| Amortized cost (including accrued interest) after TDR (a) | 907,907 | 177,604 | |||||||||
| Number of contracts (not in thousands) | 44,191 | 9,826 | |||||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| Amortized cost (including accrued interest) in TDRs that subsequently defaulted (a) | $ | 110,179 | $ | 69,335 | |||||||
| Number of contracts (not in thousands) | 5,637 | 4,085 | |||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Leased vehicles | $ | 21,907,106 | $ | 22,056,063 | |||||||
| Less: accumulated depreciation | (4,633,289) | (4,796,595) | |||||||||
| Depreciated net capitalized cost | 17,273,817 | 17,259,468 | |||||||||
| Manufacturer subvention payments, net of accretion | (867,231) | (934,381) | |||||||||
| Origination fees and other costs | 71,638 | 66,020 | |||||||||
| Net book value | $ | 16,478,224 | $ | 16,391,107 | |||||||
| Remainder of 2021 | $ | 2,164,161 | |||
| 2022 | 1,678,058 | ||||
| 2023 | 878,677 | ||||
| 2024 | 72,105 | ||||
| 2025 | 234 | ||||
| Thereafter | — | ||||
| Total | $ | 4,793,235 | |||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Gross investment in finance leases | $ | 35,745 | $ | 34,461 | |||||||
| Origination fees and other | 298 | 289 | |||||||||
| Less: unearned income | (8,546) | (8,311) | |||||||||
| Net investment in finance leases before allowance | 27,497 | 26,439 | |||||||||
| Less: allowance for lease losses (a) | (3,774) | (3,999) | |||||||||
| Net investment in finance leases | $ | 23,723 | $ | 22,440 | |||||||
| Remainder of 2021 | $ | 8,338 | |||
| 2022 | 9,957 | ||||
| 2023 | 8,188 | ||||
| 2024 | 5,839 | ||||
| 2025 | 3,153 | ||||
| Thereafter | 270 | ||||
| Total | $ | 35,745 | |||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Vehicles (a) | $ | 371,110 | $ | 311,557 | |||||||
| Manufacturer subvention payments receivable (b) | 43,744 | 57,996 | |||||||||
| Upfront fee (b) | 61,862 | 69,286 | |||||||||
| Derivative assets at fair value (c) | 16,548 | 4,740 | |||||||||
| Derivative - collateral | 84,002 | 92,132 | |||||||||
| Operating leases (Right-of-use-assets) | 50,468 | 46,441 | |||||||||
| Available-for-sale debt securities | 95,689 | 95,654 | |||||||||
| Held-to-maturity debt securities (d) | 129,537 | 44,875 | |||||||||
| Equity securities not held for trading | 3,725 | 1,380 | |||||||||
| Prepaids | 54,282 | 45,667 | |||||||||
| Accounts receivable | 26,167 | 34,607 | |||||||||
| Federal and State tax receivable | 94,143 | 99,666 | |||||||||
| Other | 48,142 | 68,725 | |||||||||
| Other assets | $ | 1,079,419 | $ | 972,726 | |||||||
| March 31, 2021 | |||||
| Operating leases-right of use assets | $ | 50,468 | |||
| Other liabilities | 68,187 | ||||
| Weighted average lease term | 4.9 | ||||
| Weighted average discount rate | 3.2 | % | |||
| March 31, 2021 | |||||
| 2021 | $ | 12,547 | |||
| 2022 | 16,215 | ||||
| 2023 | 12,761 | ||||
| 2024 | 12,701 | ||||
| 2025 | 12,765 | ||||
| Thereafter | 6,926 | ||||
| Total | $ | 73,915 | |||
| Less: Interest | (5,728) | ||||
| Present value of lease liabilities | $ | 68,187 | |||
| March 31, 2021 | |||||||||||||||||||||||
| Amortized cost (before unrealized gains / losses) | Gross Unrealized gain | Gross Unrealized loss | Fair value | ||||||||||||||||||||
| Available-for-sale debt securities (US Treasury securities) | $ | 93,535 | $ | 2,154 | $ | — | $ | 95,689 | |||||||||||||||
| Held-to-maturity debt securities (Asset-Backed Notes) | $ | 129,484 | $ | 697 | $ | — | $ | 130,181 | |||||||||||||||
| March 31, 2021 | ||||||||||||||||||||
| Available-for-sale debt securities | Held-to-maturity debt securities | |||||||||||||||||||
| Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||
| Due within one year | $ | 39,210 | $ | 39,836 | $ | 3,134 | $ | 3,134 | ||||||||||||
| Due after one year but within 5 years | 54,325 | 55,853 | 53,703 | 53,967 | ||||||||||||||||
| Due after 5 year but within 10 years | — | — | 72,647 | 73,080 | ||||||||||||||||
Total | $ | 93,535 | $ | 95,689 | $ | 129,484 | $ | 130,181 | ||||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Assets | |||||||||||
| Restricted cash | $ | 2,040,255 | $ | 1,737,021 | |||||||
| Finance receivables held for sale, net | — | 581,938 | |||||||||
| Finance receivables held for investment, net | 22,335,539 | 22,572,549 | |||||||||
| Leased vehicles, net | 16,478,224 | 16,391,107 | |||||||||
| Various other assets | 842,105 | 791,306 | |||||||||
| Total assets | $ | 41,696,123 | $ | 42,073,921 | |||||||
| Liabilities | |||||||||||
| Notes payable | $ | 29,670,906 | $ | 31,700,709 | |||||||
| Various other liabilities | 55,669 | 84,922 | |||||||||
| Total liabilities | $ | 29,726,575 | $ | 31,785,631 | |||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Assets securitized | $ | 4,123,051 | $ | 6,675,730 | |||||||
| Net proceeds from new securitizations (a) | $ | 3,586,124 | $ | 3,876,529 | |||||||
| Net proceeds from retained bonds | 63,781 | 54,467 | |||||||||
| Cash received for servicing fees (b) | 228,188 | 246,743 | |||||||||
| Net distributions from Trusts (b) | 1,140,377 | 866,936 | |||||||||
| Total cash received from Trusts | $ | 5,018,470 | $ | 5,044,675 | |||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Related party SPAIN serviced securitizations | $ | 1,021,099 | $ | 1,214,644 | |||||||
| Third party SCART serviced securitizations | 2,623,575 | 929,429 | |||||||||
| Third party CCAP serviced securitizations | 63,188 | 82,713 | |||||||||
| Total serviced for others portfolio | $ | 3,707,862 | $ | 2,226,786 | |||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Receivables securitized (a) | $ | 1,891,278 | $ | — | |||||||
| Net proceeds from new securitizations | 1,779,532 | — | |||||||||
| Cash received for servicing fees | 6,726 | 6,179 | |||||||||
| Total cash received from securitization trusts | $ | 1,786,258 | $ | 6,179 | |||||||
Total borrowings and other debt obligations as of March 31, 2021 and December 31, 2020 consists of: | |||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
Notes Payable — Facilities with Third Parties | $ | 2,348,545 | $ | 4,159,955 | |||||||
| Notes Payable — Secured Structured Financings | 25,692,019 | 26,177,401 | |||||||||
| Notes Payable — Facilities with Santander and Related Subsidiaries (a) | 10,501,060 | 10,801,318 | |||||||||
| $ | 38,541,624 | $ | 41,138,674 | ||||||||
| March 31, 2021 | |||||||||||||||||||||||||||||||||||
| Maturity Date(s) | Utilized Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | ||||||||||||||||||||||||||||||
| Facilities with third parties: | |||||||||||||||||||||||||||||||||||
| Warehouse line | August 2022 | $ | 167,000 | $ | 500,000 | 1.95% | $ | 592,553 | $ | — | |||||||||||||||||||||||||
| Warehouse line | March 2022 | 1,072,345 | 1,250,000 | 0.63% | 1,719,708 | 1 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | — | 1,500,000 | 2.59% | 159,339 | — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | — | 3,500,000 | 3.22% | 1,378,224 | — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | — | 500,000 | 3.96% | 118,970 | 570 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | 658,500 | 2,100,000 | 3.32% | 968,850 | 103 | |||||||||||||||||||||||||||||
| Warehouse line | January 2023 | 450,700 | 1,000,000 | 1.16% | 1,142,351 | — | |||||||||||||||||||||||||||||
| Warehouse line | November 2022 | — | 500,000 | 0.92% | 392,637 | — | |||||||||||||||||||||||||||||
| Warehouse line | July 2022 | — | 900,000 | —% | — | 1,684 | |||||||||||||||||||||||||||||
| Total facilities with third parties | 2,348,545 | 11,750,000 | 6,472,632 | 2,358 | |||||||||||||||||||||||||||||||
| Facilities with Santander and related subsidiaries: | |||||||||||||||||||||||||||||||||||
| Promissory Note | December 2021 | 250,000 | 250,000 | 3.70% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | 250,000 | 250,000 | 3.95% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | December 2023 | 250,000 | 250,000 | 5.25% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | 250,000 | 250,000 | 5.00% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | May 2021 | 250,000 | 250,000 | 2.25% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | May 2023 | 350,000 | 350,000 | 3.80% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | November 2022 | 400,000 | 400,000 | 3.00% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | April 2023 | 450,000 | 450,000 | 6.13% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | 500,000 | 500,000 | 3.30% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | July 2024 | 500,000 | 500,000 | 3.90% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | March 2022 | 650,000 | 650,000 | 4.20% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | August 2021 | 650,000 | 650,000 | 3.44% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | September 2023 | 750,000 | 750,000 | 3.27% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | May 2025 | 1,000,000 | 1,000,000 | 3.99% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | 2,000,000 | 2,000,000 | 1.34% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | September 2022 | 2,000,000 | 2,000,000 | 1.04% | — | — | |||||||||||||||||||||||||||||
| Line of credit | July 2021 | — | 500,000 | 2.14% | — | — | |||||||||||||||||||||||||||||
| Line of credit | March 2023 | — | 2,500,000 | 3.31% | — | — | |||||||||||||||||||||||||||||
| Total facilities with Santander and related subsidiaries | 10,500,000 | 13,500,000 | — | — | |||||||||||||||||||||||||||||||
| Total revolving credit facilities | $ | 12,848,545 | $ | 25,250,000 | $ | 6,472,632 | $ | 2,358 | |||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Maturity Date(s) | Utilized Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | ||||||||||||||||||||||||||||||
| Facilities with third parties: | |||||||||||||||||||||||||||||||||||
| Warehouse line | August 2022 | $ | — | $ | 500,000 | 1.50% | $ | 159,348 | $ | — | |||||||||||||||||||||||||
| Warehouse line | March 2022 | 942,845 | 1,250,000 | 1.34% | 1,621,206 | 1 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | 1,000,600 | 1,500,000 | 1.85% | 639,875 | — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | 441,143 | 3,500,000 | 3.45% | 2,057,758 | — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | 168,300 | 500,000 | 3.07% | 243,649 | 1,201 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | 845,800 | 2,100,000 | 3.29% | 1,156,885 | — | |||||||||||||||||||||||||||||
| Warehouse line | January 2022 | 415,700 | 1,000,000 | 1.81% | 595,518 | — | |||||||||||||||||||||||||||||
| Warehouse line | November 2022 | 177,600 | 500,000 | 1.18% | 371,959 | — | |||||||||||||||||||||||||||||
| Warehouse line | July 2022 | — | 900,000 | 1.46% | — | 1,684 | |||||||||||||||||||||||||||||
| Repurchase facility | January 2021 | 167,967 | 167,967 | 1.64% | 217,200 | — | |||||||||||||||||||||||||||||
| Total facilities with third parties | 4,159,955 | 11,917,967 | 7,063,398 | 2,886 | |||||||||||||||||||||||||||||||
| Facilities with Santander and related subsidiaries: | |||||||||||||||||||||||||||||||||||
| Promissory Note | December 2021 | 250,000 | 250,000 | 3.70% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | 250,000 | 250,000 | 3.95% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | December 2023 | 250,000 | 250,000 | 5.25% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | 250,000 | 250,000 | 5.00% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | May 2021 | 250,000 | 250,000 | 2.25% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | March 2021 | 300,000 | 300,000 | 3.95% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | May 2023 | 350,000 | 350,000 | 3.80% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | November 2022 | 400,000 | 400,000 | 3.00% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | April 2023 | 450,000 | 450,000 | 6.13% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | 500,000 | 500,000 | 3.30% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | July 2024 | 500,000 | 500,000 | 3.90% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | March 2022 | 650,000 | 650,000 | 4.20% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | August 2021 | 650,000 | 650,000 | 3.44% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | September 2023 | 750,000 | 750,000 | 3.27% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | May 2025 | 1,000,000 | 1,000,000 | 3.99% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | 2,000,000 | 2,000,000 | 1.40% | — | — | |||||||||||||||||||||||||||||
| Promissory Note | September 2022 | 2,000,000 | 2,000,000 | 1.04% | — | — | |||||||||||||||||||||||||||||
| Line of credit | July 2021 | — | 500,000 | 2.19% | — | — | |||||||||||||||||||||||||||||
| Line of credit | March 2022 | — | 2,500,000 | 3.34% | — | — | |||||||||||||||||||||||||||||
| Total facilities with Santander and related subsidiaries | 10,800,000 | 13,800,000 | — | — | |||||||||||||||||||||||||||||||
| Total revolving credit facilities | 14,959,955 | 25,717,967 | 7,063,398 | 2,886 | |||||||||||||||||||||||||||||||
| March 31, 2021 | |||||||||||||||||||||||||||||||||||
| Estimated Maturity Date(s) at Issuance | Balance | Initial Note Amounts Issued (d) | Initial Weighted Average Interest Rate | Collateral (b) | Restricted Cash | ||||||||||||||||||||||||||||||
| 2016 Securitizations | March 2024 | $ | 91,428 | $ | 1,250,000 | 2.34% | $ | 160,734 | $ | 46,666 | |||||||||||||||||||||||||
| 2017 Securitizations | July 2022 - September 2024 | 864,178 | 8,262,940 | 1.35% - 2.52% | 1,399,990 | 232,606 | |||||||||||||||||||||||||||||
| 2018 Securitizations | February 2024 - April 2026 | 2,250,155 | 11,000,280 | 2.41% - 3.42% | 3,435,529 | 372,049 | |||||||||||||||||||||||||||||
| 2019 Securitizations | May 2024 - February 2027 | 5,959,087 | 11,924,720 | 2.08% - 3.34% | 7,691,626 | 576,514 | |||||||||||||||||||||||||||||
| 2020 Securitizations | November 2024 - May 2028 | 7,431,733 | 10,028,425 | 0.60% - 2.73% | 9,345,987 | 633,342 | |||||||||||||||||||||||||||||
| 2021 Securitizations | November 2026 - March 2027 | 3,429,197 | 3,497,230 | 0.50% - 0.51% | 3,905,821 | 154,211 | |||||||||||||||||||||||||||||
| Public Securitizations (a) | 20,025,778 | 45,963,595 | 25,939,687 | 2,015,388 | |||||||||||||||||||||||||||||||
| 2013 Private issuances | July 2024 - September 2024 | 521,397 | 1,537,025 | 1.28% | 1,521,220 | 751 | |||||||||||||||||||||||||||||
| 2018 Private issuances | June 2022 - April 2024 | 1,837,240 | 4,186,002 | 2.42% - 3.53% | 2,774,962 | 6,561 | |||||||||||||||||||||||||||||
| 2019 Private issuance | September 2022 - November 2026 | 2,335,820 | 3,524,536 | 2.45% - 3.90% | 3,287,079 | 10,294 | |||||||||||||||||||||||||||||
| 2020 Private issuance | April 2024 - December 2027 | 971,784 | 1,500,000 | 1.29% - 2.68% | 1,351,381 | 4,902 | |||||||||||||||||||||||||||||
| Privately issued amortizing notes (c) | 5,666,241 | 10,747,563 | 8,934,642 | 22,508 | |||||||||||||||||||||||||||||||
| Total secured structured financings | $ | 25,692,019 | $ | 56,711,158 | $ | 34,874,329 | $ | 2,037,896 | |||||||||||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Estimated Maturity Date(s) at Issuance | Balance | Initial Note Amounts Issued | Initial Weighted Average Interest Rate | Collateral | Restricted Cash | ||||||||||||||||||||||||||||||
| 2016 Securitizations | August 2022 - March 2024 | $ | 259,078 | $ | 2,519,810 | 1.63% - 2.34% | $ | 354,985 | $ | 85,041 | |||||||||||||||||||||||||
| 2017 Securitizations | July 2022 - September 2024 | 1,049,867 | 8,262,940 | 1.35% - 2.52% | 1,661,845 | 211,606 | |||||||||||||||||||||||||||||
| 2018 Securitizations | May 2022 - April 2026 | 2,723,099 | 12,039,840 | 2.41% - 3.42% | 4,130,936 | 376,246 | |||||||||||||||||||||||||||||
| 2019 Securitizations | May 2024 - February 2027 | 6,653,226 | 11,924,720 | 2.08% - 3.34% | 8,582,241 | 488,546 | |||||||||||||||||||||||||||||
| 2020 Securitizations | November 2024 - May 2028 | 8,256,890 | 10,028,425 | 0.60% - 2.73% | 10,292,570 | 548,912 | |||||||||||||||||||||||||||||
| Public Securitizations | 18,942,160 | 44,775,735 | 25,022,577 | 1,710,351 | |||||||||||||||||||||||||||||||
| 2013 Private issuances | July 2024 - September 2024 | 777,210 | 1,537,025 | 1.28% | 1,843,443 | 751 | |||||||||||||||||||||||||||||
| 2018 Private issuances | June 2022 - April 2024 | 2,768,145 | 4,186,002 | 2.42%- 3.53% | 4,223,567 | 7,675 | |||||||||||||||||||||||||||||
| 2019 Private issuance | September 2022 - November 2026 | 2,584,974 | 3,524,536 | 2.45% - 3.90% | 3,632,833 | 10,457 | |||||||||||||||||||||||||||||
| 2020 Private issuance | April 2024 - December 2027 | 1,104,912 | 1,500,000 | 1.29% - 2.68% | 1,532,280 | 4,902 | |||||||||||||||||||||||||||||
| Privately issued amortizing notes | 7,235,241 | 10,747,563 | 11,232,123 | 23,785 | |||||||||||||||||||||||||||||||
| Total secured structured financings | $ | 26,177,401 | $ | 55,523,298 | $ | 36,254,700 | $ | 1,734,136 | |||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||
| March 31, 2021 | March 31, 2020 | |||||||||||||
| Tender offer (a): | ||||||||||||||
| Number of shares purchased | — | 17,514,707 | ||||||||||||
| Average price per share | $ | — | $ | 26.00 | ||||||||||
| Cost of shares purchased (b) | $ | — | $ | 455,382 | ||||||||||
| Other share repurchases: | ||||||||||||||
| Number of shares purchased | 357,747 | 846,461 | ||||||||||||
| Average price per share | $ | 26.46 | $ | 13.82 | ||||||||||
| Cost of shares purchased (b) | $ | 9,468 | $ | 11,700 | ||||||||||
| Total number of shares purchased | 357,747 | 18,361,168 | ||||||||||||
| Average price per share | $ | 26.46 | $ | 25.44 | ||||||||||
| Total cost of shares purchased (b) | $ | 9,468 | $ | 467,082 | ||||||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Beginning balance, unrealized gains (losses) | $ | (50,566) | $ | (26,693) | |||||||
| Other comprehensive income (loss) before reclassifications (gross) | 2,970 | (37,585) | |||||||||
| Amounts (gross) reclassified out of accumulated other comprehensive income (loss) | 5,778 | 623 | |||||||||
| Ending balance, unrealized gains (losses) | $ | (41,818) | $ | (63,655) | |||||||
| Three Months Ended | Income statement line item | ||||||||||||||||
| Reclassification | March 31, 2021 | March 31, 2020 | |||||||||||||||
| Cash flow hedges | $ | 7,657 | $ | 824 | Interest expense | ||||||||||||
| Tax benefit | (1,879) | (201) | |||||||||||||||
| Net of tax | $ | 5,778 | $ | 623 | |||||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
| Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||||||||||||||
| Interest rate swap agreements designated as cash flow hedges | $ | 2,150,000 | $ | 765 | $ | (59,147) | $ | 2,450,000 | $ | 123 | $ | (70,589) | |||||||||||||||||||||||
| Interest rate swap agreements not designated as hedges | 250,000 | — | (11,119) | 250,000 | — | (12,934) | |||||||||||||||||||||||||||||
| Interest rate cap agreements | 9,338,393 | 15,783 | — | 10,199,134 | 4,617 | — | |||||||||||||||||||||||||||||
| Options for interest rate cap agreements | 9,338,393 | — | (15,783) | 10,199,134 | — | (4,617) | |||||||||||||||||||||||||||||
| Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||
| Assets Presented in the Consolidated Balance Sheet | Collateral Received (a) | Net Amount | |||||||||||||||
| March 31, 2021 | |||||||||||||||||
| Interest rate swaps - third party (b) | $ | 765 | $ | (765) | $ | — | |||||||||||
| Interest rate caps - Santander and affiliates | $ | 1,438 | $ | (1,390) | $ | 48 | |||||||||||
| Interest rate caps - third party | 14,345 | (14,345) | — | ||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | 16,548 | (16,500) | 48 | ||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | — | — | — | ||||||||||||||
| Total derivative assets | $ | 16,548 | $ | (16,500) | $ | 48 | |||||||||||
| Total financial assets | $ | 16,548 | $ | (16,500) | $ | 48 | |||||||||||
| December 31, 2020 | |||||||||||||||||
| Interest rate swaps - third party (b) | $ | 123 | $ | (123) | $ | — | |||||||||||
| Interest rate caps - Santander and affiliates | 463 | (463) | — | ||||||||||||||
| Interest rate caps - third party | 4,154 | (4,154) | — | ||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | 4,740 | (4,740) | — | ||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | — | — | — | ||||||||||||||
| Total derivative assets | $ | 4,740 | $ | (4,740) | $ | — | |||||||||||
| Total financial assets | $ | 4,740 | $ | (4,740) | $ | — | |||||||||||
| Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||
| Liabilities Presented in the Consolidated Balance Sheet | Collateral Pledged (a) | Net Amount | |||||||||||||||
| March 31, 2021 | |||||||||||||||||
| Interest rate swaps - third party (b) | $ | 70,266 | $ | (70,266) | $ | — | |||||||||||
| Interest rate caps - Santander and affiliates | 1,438 | (1,250) | 188 | ||||||||||||||
| Interest rate caps - third party | 14,345 | (6,323) | 8,022 | ||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | 86,049 | (77,839) | 8,210 | ||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | — | — | — | ||||||||||||||
| Total derivative liabilities | $ | 86,049 | $ | (77,839) | $ | 8,210 | |||||||||||
| Total financial liabilities | $ | 86,049 | $ | (77,839) | $ | 8,210 | |||||||||||
| December 31, 2020 | |||||||||||||||||
| Interest rate swaps - third party | $ | 83,523 | $ | (83,523) | $ | — | |||||||||||
| Interest rate caps - Santander and affiliates | 463 | (463) | — | ||||||||||||||
| Interest rate caps - third party | 4,154 | (4,154) | — | ||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | 88,140 | (88,140) | — | ||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | — | — | — | ||||||||||||||
| Total derivative liabilities | $ | 88,140 | $ | (88,140) | $ | — | |||||||||||
| Total financial liabilities | $ | 88,140 | $ | (88,140) | $ | — | |||||||||||
| Three Months Ended March 31, 2021 | |||||||||||||||||
| Recognized in Earnings | Gross Gains (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) | Gross amount Reclassified From Accumulated Other Comprehensive Income to Interest Expense | |||||||||||||||
| Interest rate swap agreements designated as cash flow hedges | $ | — | $ | 4,358 | $ | (7,657) | |||||||||||
| Derivative instruments not designated as hedges | |||||||||||||||||
| Losses (Gains) recognized in interest expenses | $ | (244) | |||||||||||||||
| Three Months Ended March 31, 2020 | |||||||||||||||||
| Recognized in Earnings | Gross Gains (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) | Gross amount Reclassified From Accumulated Other Comprehensive Income to Interest Expense | |||||||||||||||
| Interest rate swap agreements designated as cash flow hedges | $ | — | $ | (52,386) | $ | (824) | |||||||||||
| Derivative instruments not designated as hedges | |||||||||||||||||
| Losses (Gains) recognized in interest expenses | $ | 9,171 | |||||||||||||||
| Level 1 | Level 2 | Level 3 | Balance at March 31, 2021 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
| Other assets: | |||||||||||||||||||||||||||||||||||||||||||||||
| Trading interest rate caps (a) | $ | — | $ | 15,783 | $ | — | $ | 15,783 | $ | — | $ | 4,617 | $ | — | $ | 4,617 | |||||||||||||||||||||||||||||||
| Cash flow hedging interest rate swaps (a) | — | 765 | — | $ | 765 | — | 123 | — | $ | 123 | |||||||||||||||||||||||||||||||||||||
| Available-for-sale-debt securities (b) | — | 95,689 | — | $ | 95,689 | — | 95,654 | — | $ | 95,654 | |||||||||||||||||||||||||||||||||||||
| Retail installment contracts (c)(d) | — | — | 3,965 | $ | 3,965 | — | — | 5,614 | $ | 5,614 | |||||||||||||||||||||||||||||||||||||
| Other liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
| Trading options for interest rate caps (a) | — | 15,783 | — | $ | 15,783 | — | 4,617 | — | $ | 4,617 | |||||||||||||||||||||||||||||||||||||
| Cash flow hedging interest rate swaps (a) | — | 59,147 | — | $ | 59,147 | — | 70,589 | — | $ | 70,589 | |||||||||||||||||||||||||||||||||||||
| Trading interest rate swaps (a) | — | 11,119 | — | $ | 11,119 | — | 12,934 | — | $ | 12,934 | |||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Balance — beginning of year | $ | 5,614 | $ | 4,719 | |||||||
| Additions / issuances | — | 2,512 | |||||||||
| Transfer from level 2 (a) | — | 17,634 | |||||||||
| Net collection activities | (1,649) | (9,680) | |||||||||
| Gains recognized in earnings | — | 122 | |||||||||
| Balance — end of year | $ | 3,965 | $ | 15,307 | |||||||
| Three Months Ended March 31, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||
| Total | Lower of cost or fair value expense | Total | Lower of cost or fair value expense | ||||||||||||||||||||
| Other assets — vehicles (a) | $ | 371,110 | $ | — | $ | 311,557 | $ | — | |||||||||||||||
| Personal loans held for sale (b) | — | — | 893,479 | 355,136 | |||||||||||||||||||
| Retail installment contracts held for sale | — | — | 674,048 | $ | 7,385 | ||||||||||||||||||
| Auto loans impaired due to bankruptcy (c) | 175,401 | — | 191,785 | — | |||||||||||||||||||
| Financial Instruments | Fair Value at March 31, 2021 | Valuation Technique | Unobservable Inputs | Range (weighted average) (a) | ||||||||||||||||||||||
| Financial Assets: | ||||||||||||||||||||||||||
| Retail installment contracts held for investment | $ | 3,965 | Discounted Cash Flow | Discount Rate | 7%-13% (8%) | |||||||||||||||||||||
| Default Rate | 4%-20% (6%) | |||||||||||||||||||||||||
| Prepayment Rate | 4%-15% (15%) | |||||||||||||||||||||||||
| Loss Severity Rate | 50%-60% (55%) | |||||||||||||||||||||||||
| Financial Instruments | Fair Value at December 31, 2020 | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||||||||||
| Financial Assets: | ||||||||||||||||||||||||||
| Retail installment contracts held for investment | $ | 5,614 | Discounted Cash Flow | Discount Rate | 7%-11% | |||||||||||||||||||||
| Default Rate | 4%-20% | |||||||||||||||||||||||||
| Prepayment Rate | 15%-25% | |||||||||||||||||||||||||
| Loss Severity Rate | 50%-60% | |||||||||||||||||||||||||
| Personal loans held for sale | $ | 893,479 | Lower of Market or Income Approach | Market Approach | ||||||||||||||||||||||
| Market Participant View | 60%-70% | |||||||||||||||||||||||||
| Income Approach | ||||||||||||||||||||||||||
| Discount Rate | 20%-30% | |||||||||||||||||||||||||
| Default Rate | 35%-45% | |||||||||||||||||||||||||
| Net Principal & Interest Payment Rate | 65%-75% | |||||||||||||||||||||||||
| Loss Severity Rate | 90%-95% | |||||||||||||||||||||||||
| Retail installment contracts held for sale | $ | 674,048 | Discounted Cash Flow | Discount Rate | 1.5% - 2.5% | |||||||||||||||||||||
| Default Rate | 2% - 4% | |||||||||||||||||||||||||
| Prepayment Rate | 10% - 20% | |||||||||||||||||||||||||
| Loss Severity Rate | 50% - 60% | |||||||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | Carrying Value | Estimated Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents (a) | $ | 415,969 | $ | 415,969 | $ | 415,969 | $ | — | $ | — | $ | 109,053 | $ | 109,053 | $ | 109,053 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
| Finance receivables held for investment, net (b) | 25,905,719 | 28,546,529 | — | — | 28,546,529 | 26,806,606 | 29,464,066 | — | — | 29,464,066 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted cash (a) | 2,623,565 | 2,623,565 | 2,623,565 | — | — | 2,221,094 | 2,221,094 | 2,221,094 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in debt securities held to maturity (c) | 129,484 | 130,181 | — | 130,181 | — | 44,841 | 45,606 | — | 45,606 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 29,074,737 | $ | 31,716,244 | $ | 3,039,534 | $ | 130,181 | $ | 28,546,529 | $ | 29,181,594 | $ | 31,839,819 | $ | 2,330,147 | $ | 45,606 | $ | 29,464,066 | |||||||||||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Payable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Facilities with third parties (d) | $ | 2,348,545 | $ | 2,348,545 | $ | — | $ | — | $ | 2,348,545 | $ | 4,159,955 | $ | 4,159,955 | $ | — | $ | — | $ | 4,159,955 | |||||||||||||||||||||||||||||||||||||||
| Secured structured financings (e) | 25,692,019 | 26,122,220 | — | 20,154,566 | 5,967,654 | 26,177,401 | 26,673,970 | — | 18,291,898 | 8,382,072 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Facilities with Santander and related subsidiaries (f) | 10,501,060 | 10,707,931 | — | — | 10,707,931 | 10,801,318 | 11,333,823 | — | — | 11,333,823 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 38,541,624 | $ | 39,178,696 | $ | — | $ | 20,154,566 | $ | 19,024,130 | $ | 41,138,674 | $ | 42,167,748 | $ | — | $ | 18,291,898 | $ | 23,875,850 | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Gain (loss) on sale of loans and leases | $ | 16,357 | $ | — | |||||||
| Lower of cost or market adjustments | (31,848) | (62,958) | |||||||||
| Other gains, (losses and impairments), net | 779 | (468) | |||||||||
| $ | (14,712) | $ | (63,426) | ||||||||
| Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Earnings per common share | |||||||||||
| Net income (loss) | $ | 741,655 | $ | (3,987) | |||||||
| Weighted average number of common shares outstanding before restricted participating shares (in thousands) | 306,109 | 334,026 | |||||||||
| Weighted average number of common shares outstanding (in thousands) | 306,109 | 334,026 | |||||||||
| Earnings per common share | $ | 2.42 | $ | (0.01) | |||||||
| Earnings per common share - assuming dilution | |||||||||||
| Net income (loss) | $ | 741,655 | $ | (3,987) | |||||||
| Weighted average number of common shares outstanding (in thousands) | 306,109 | 334,026 | |||||||||
| Effect of employee stock-based awards (in thousands) | 216 | 320 | |||||||||
| Weighted average number of common shares outstanding - assuming dilution (in thousands) | 306,325 | 334,346 | |||||||||
| Earnings per common share - assuming dilution | $ | 2.42 | $ | (0.01) | |||||||
| Agreement or Legal Matter | Commitment or Contingency | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||
| MPLFA | Revenue-sharing and gain/(loss), net-sharing payments | $ | 65,446 | $ | 43,778 | |||||||||||||||||||||
| Agreement with Bank of America | Servicer performance fee | 182 | 1,200 | |||||||||||||||||||||||
| Agreement with CBP | Loss-sharing payments | 26 | 181 | |||||||||||||||||||||||
| Other Contingencies | Consumer arrangements | 17,186 | 22,155 | |||||||||||||||||||||||
| Legal and regulatory proceedings | Aggregate legal and regulatory liabilities | 28,812 | 31,936 | |||||||||||||||||||||||
| Total commitments and contingencies | $ | 111,652 | $ | 99,250 | ||||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Total serviced portfolio | $ | 171,450 | $ | 190,504 | |||||||
| Cash collections due to owner | 24,281 | 19,650 | |||||||||
| Servicing fees receivable | 2,788 | 1,769 | |||||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Origination and renewal fee income from SBNA | $ | — | $ | 1,509 | |||||||
| Servicing fees expenses charged by SBNA | 90 | 74 | |||||||||
| Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Options outstanding at January 1, 2021 | 169,369 | $ | 13.01 | 1.9 | $ | 1,543 | |||||||||||||||||
| Granted | — | — | — | — | |||||||||||||||||||
| Exercised | (47,359) | 9.22 | — | 775 | |||||||||||||||||||
| Expired | — | — | — | — | |||||||||||||||||||
| Forfeited | — | — | — | — | |||||||||||||||||||
| Other (a) | — | — | — | — | |||||||||||||||||||
| Options outstanding at March 31, 2021 | 122,010 | 14.49 | 2.1 | 1,534 | |||||||||||||||||||
| Options exercisable at March 31, 2021 | 122,010 | $ | 14.49 | 2.1 | $ | 1,534 | |||||||||||||||||
| Options expected to vest at March 31, 2021 | — | $ | — | 0 | $ | — | |||||||||||||||||
| Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Outstanding as of January 1, 2021 | 367,012 | $ | 19.78 | 0.8 | $ | 8,082 | |||||||||||||||||
| Granted | 324,295 | 25.38 | — | — | |||||||||||||||||||
| Vested | (340,511) | 22.27 | — | 8,638 | |||||||||||||||||||
| Forfeited/canceled | (7,362) | 14.32 | — | — | |||||||||||||||||||
| Non-vested at March 31, 2021 | 343,434 | $ | 22.66 | 1.5 | $ | 9,293 | |||||||||||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| Retained Originations | |||||||||||
| Retail installment contracts | $ | 4,383,146 | $ | 3,846,226 | |||||||
| Average APR | 15.0 | % | 15.3 | % | |||||||
| Average FICO® (a) | 606 | 607 | |||||||||
| Discount/(premium) | (1.6) | % | (0.8) | % | |||||||
| Personal loans (b) | $ | — | $ | 270,835 | |||||||
| Average APR | — | % | 29.8 | % | |||||||
| Leased vehicles | $ | 2,154,506 | $ | 2,020,721 | |||||||
| Finance lease | $ | 2,796 | $ | 3,002 | |||||||
| Total originations retained | $ | 6,540,448 | $ | 6,140,784 | |||||||
| Sold Originations | |||||||||||
| Retail installment contracts | $ | 95,738 | $ | — | |||||||
| Average APR | 9.5 | % | — | % | |||||||
| Average FICO® (c) | 688 | — | |||||||||
| Personal Loans (d) | $ | 292,709 | $ | — | |||||||
| Average APR | 29.7 | % | — | % | |||||||
| Total Originations Sold | $ | 388,447 | $ | — | |||||||
| Total originations (excluding SBNA Originations Program) | $ | 6,928,895 | $ | 6,140,784 | |||||||
| Three Months Ended | |||||||||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||
| Retail installment contracts | |||||||||||||||||
| Car | $ | 1,475,739 | 32.9 | % | $ | 1,229,615 | 32.0 | % | |||||||||
| Truck and utility | 2,847,447 | 63.6 | % | 2,425,512 | 63.0 | % | |||||||||||
| Van and other (a) | 155,698 | 3.5 | % | 191,099 | 5.0 | % | |||||||||||
| $ | 4,478,884 | 100.0 | % | $ | 3,846,226 | 100.0 | % | ||||||||||
| Leased vehicles | |||||||||||||||||
| Car | $ | 35,391 | 1.6 | % | $ | 70,152 | 3.5 | % | |||||||||
| Truck and utility | 2,069,909 | 96.1 | % | 1,899,568 | 94.0 | % | |||||||||||
| Van and other (a) | 49,206 | 2.3 | % | 51,001 | 2.5 | % | |||||||||||
| $ | 2,154,506 | 100.0 | % | $ | 2,020,721 | 100.0 | % | ||||||||||
| Total originations by vehicle type | |||||||||||||||||
| Car | $ | 1,511,130 | 22.8 | % | $ | 1,299,767 | 22.2 | % | |||||||||
| Truck and utility | 4,917,356 | 74.1 | % | 4,325,080 | 73.7 | % | |||||||||||
| Van and other (a) | 204,904 | 3.1 | % | 242,100 | 4.1 | % | |||||||||||
| $ | 6,633,390 | 100.0 | % | $ | 5,866,947 | 100.0 | % | ||||||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| Retail installment contracts | $ | 2,380,785 | $ | — | |||||||
| Average APR | 4.0 | % | — | % | |||||||
| Average FICO® | 740 | — | |||||||||
| Personal Loans | $ | 1,253,476 | $ | — | |||||||
| Average APR | 29.7 | % | — | ||||||||
| Total Asset Sales | $ | 3,634,261 | — | ||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| Retail installment contracts | $ | 31,813,760 | $ | 32,937,036 | |||||||
| Average APR | 15.9 | % | 15.2 | % | |||||||
| Discount/(premium) | (0.48) | % | (0.15) | % | |||||||
| Leased vehicles | $ | 17,273,817 | $ | 17,259,468 | |||||||
| Finance leases | $ | 27,199 | $ | 26,150 | |||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Income from retail installment contracts | $ | 1,215,905 | $ | 1,179,436 | $ | 36,469 | 3 | % | |||||||||||||||
| Income from purchased receivables portfolios - credit deteriorated | 486 | 788 | (302) | (38) | % | ||||||||||||||||||
| Income from receivables from dealers | — | 54 | (54) | (100) | % | ||||||||||||||||||
| Income from personal loans | 88,260 | 93,541 | (5,281) | (6) | % | ||||||||||||||||||
| Total interest on finance receivables and loans | $ | 1,304,651 | $ | 1,273,819 | $ | 30,832 | 2 | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Leased vehicle income | $ | 740,884 | $ | 747,979 | $ | (7,095) | (1) | % | |||||||||||||||
| Leased vehicle expense | 423,795 | 552,912 | (129,117) | (23) | % | ||||||||||||||||||
| Leased vehicle income, net | $ | 317,089 | $ | 195,067 | $ | 122,022 | 63 | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Interest expense on notes payable | $ | 246,426 | $ | 318,714 | $ | (72,288) | (23) | % | |||||||||||||||
| Interest expense on derivatives | 7,111 | 10,120 | (3,009) | (30) | % | ||||||||||||||||||
| Total interest expense | $ | 253,537 | $ | 328,834 | $ | (75,297) | (23) | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Credit loss expense | $ | 136,209 | $ | 907,888 | $ | (771,679) | (85) | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Profit sharing | $ | 67,326 | $ | 14,295 | $ | 53,031 | 371 | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Investment losses, net | $ | (14,712) | $ | (63,426) | $ | 48,714 | (77) | % | |||||||||||||||
| Servicing fee income | 18,694 | 19,103 | (409) | (2) | % | ||||||||||||||||||
| Fees, commissions, and other | 100,528 | 95,130 | 5,398 | 6 | % | ||||||||||||||||||
| Total other income | $ | 104,510 | $ | 50,807 | $ | 53,703 | 106 | % | |||||||||||||||
| Average serviced for others portfolio | $ | 12,584,573 | $ | 10,227,948 | $ | 2,356,625 | 23 | % | |||||||||||||||
| March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| SBNA and Santander retail installment contracts | $ | 10,586,778 | $ | 8,760,998 | |||||||
| SBNA leases | — | 131 | |||||||||
| Total serviced for related parties | $ | 10,586,778 | $ | 8,761,129 | |||||||
| CCAP securitizations | 63,188 | 152,950 | |||||||||
| SCART securitizations | 2,623,575 | — | |||||||||
| Other third parties | 942,918 | 1,417,358 | |||||||||
| Total serviced for third parties | $ | 3,629,681 | $ | 1,570,308 | |||||||
| Total serviced for others portfolio | $ | 14,216,459 | $ | 10,331,437 | |||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Compensation expense | $ | 153,895 | $ | 133,326 | $ | 20,569 | 15 | % | |||||||||||||||
| Repossession expense | 45,346 | 57,662 | (12,316) | (21) | % | ||||||||||||||||||
| Other operating costs | 95,251 | 91,685 | 3,566 | 4 | % | ||||||||||||||||||
| Total operating expenses | $ | 294,492 | $ | 282,673 | $ | 11,819 | 4 | % | |||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Income tax expense | $ | 234,457 | $ | (2,458) | $ | 236,915 | (9,639)% | ||||||||||||||||
| Income before income taxes | 976,112 | (6,445) | 982,557 | (15,245)% | |||||||||||||||||||
| Effective tax rate | 24.0 | % | 38.1 | % | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||
| March 31, | Increase (Decrease) | ||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | ||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Change in unrealized gains (losses) on cash flow hedges and available-for-sale securities, net of tax | $ | 8,748 | $ | (36,962) | $ | 45,710 | (124) | % | |||||||||||||||
| March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Lines | 1 | 2 | 3 | 4+ | Total | |||||||||||||||||||||||||||||||||||||||||||||
| FICO | Months History | $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
| No-FICO (a) | <36 | $3.1 | 97 | % | $0.1 | 3 | % | $0.0 | — | % | $0.0 | — | % | $3.2 | 10 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.3 | 38 | % | 0.2 | 25 | % | 0.1 | 13 | % | 0.2 | 25 | % | 0.8 | 2 | % | |||||||||||||||||||||||||||||||||||
| <540 | <36 | 0.1 | 33 | % | 0.1 | 33 | % | 0.0 | — | % | 0.1 | 33 | % | 0.3 | 1 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.2 | 4 | % | 0.2 | 4 | % | 4.3 | 90 | % | 4.8 | 15 | % | |||||||||||||||||||||||||||||||||||
| 540-599 | <36 | 0.3 | 33 | % | 0.2 | 22 | % | 0.1 | 11 | % | 0.3 | 33 | % | 0.9 | 4 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.2 | 2 | % | 0.3 | 3 | % | 0.3 | 3 | % | 9.2 | 93 | % | 9.9 | 30 | % | |||||||||||||||||||||||||||||||||||
| 600-639 | <36 | 0.4 | 44 | % | 0.2 | 22 | % | 0.1 | 11 | % | 0.2 | 22 | % | 0.9 | 3 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.1 | 2 | % | 0.1 | 2 | % | 5.1 | 94 | % | 5.4 | 17 | % | |||||||||||||||||||||||||||||||||||
| >=640 (b) | <36 | 0.9 | 64 | % | 0.2 | 14 | % | 0.1 | 7 | % | 0.2 | 14 | % | 1.4 | 4 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.1 | 2 | % | 0.1 | 2 | % | 4.2 | 93 | % | 4.5 | 14 | % | |||||||||||||||||||||||||||||||||||
| Total (c) | $5.6 | 17 | % | $1.7 | 5 | % | $1.1 | 3 | % | $23.8 | 74 | % | $32.1 | 100 | % | |||||||||||||||||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Lines | 1 | 2 | 3 | 4+ | Total | |||||||||||||||||||||||||||||||||||||||||||||
| FICO | Months History | $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
| No-FICO (a) | <36 | $3.0 | 97 | % | $ | 0.1 | 3 | % | $ | 0.0 | — | % | $ | 0.0 | — | % | $ | 3.1 | 9 | % | ||||||||||||||||||||||||||||||
| 36+ | 0.3 | 38 | % | 0.2 | 25 | % | 0.1 | 13 | % | 0.2 | 25 | % | 0.8 | 2 | % | |||||||||||||||||||||||||||||||||||
| <540 | <36 | 0.0 | — | % | — | — | % | 0.1 | 50 | % | 0.1 | 50 | % | 0.2 | 1 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.2 | 4 | % | 0.2 | 4 | % | 4.3 | 90 | % | 4.8 | 15 | % | |||||||||||||||||||||||||||||||||||
| 540-599 | <36 | 0.3 | 38 | % | 0.2 | 25 | % | 0.1 | 13 | % | 0.2 | 25 | % | 0.8 | 3 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.2 | 2 | % | 0.2 | 2 | % | 0.3 | 3 | % | 9.0 | 93 | % | 9.7 | 28 | % | |||||||||||||||||||||||||||||||||||
| 600-639 | <36 | 0.4 | 44 | % | 0.2 | 22 | % | 0.1 | 11 | % | 0.2 | 22 | % | 0.9 | 3 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.1 | 2 | % | 0.1 | 2 | % | 5.0 | 94 | % | 5.3 | 16 | % | |||||||||||||||||||||||||||||||||||
| >640 (b) | <36 | 1.0 | 59 | % | 0.3 | 18 | % | 0.2 | 12 | % | 0.2 | 12 | % | 1.7 | 5 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.1 | 2 | % | 0.1 | 2 | % | 5.5 | 95 | % | 5.8 | 18 | % | |||||||||||||||||||||||||||||||||||
| Total (c) | $ | 5.5 | 17 | % | $ | 1.6 | 5 | % | $ | 1.3 | 4 | % | $ | 24.7 | 75 | % | $ | 33.1 | 100 | % | ||||||||||||||||||||||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Never deferred | $ | 20,997,437 | 65.5 | % | $ | 20,824,336 | 63.0 | % | |||||||||||||||
| Deferred once | 4,504,374 | 14.0 | % | 5,245,471 | 15.8 | % | |||||||||||||||||
| Deferred twice | 2,698,556 | 8.4 | % | 3,083,542 | 9.3 | % | |||||||||||||||||
| Deferred 3 - 4 times | 2,693,759 | 8.4 | % | 2,842,870 | 8.6 | % | |||||||||||||||||
| Deferred greater than 4 times | 1,177,502 | 3.7 | % | 1,104,369 | 3.3 | % | |||||||||||||||||
| Total (a) | $ | 32,071,628 | $ | 33,100,588 | |||||||||||||||||||
| March 31, 2021 | December 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| (Dollar amounts in thousands) | |||||||||||
| Temporary reduction of monthly payment (a) | $ | 443,709 | $ | 579,187 | |||||||
| Bankruptcy-related accounts | 19,543 | 23,865 | |||||||||
| Extension of maturity date | 84,515 | 69,613 | |||||||||
| Interest rate reduction | 77,773 | 76,786 | |||||||||
| Max buy rate and fair lending (b) | 7,718,368 | 7,459,761 | |||||||||
| Other (c) | 436,745 | 391,424 | |||||||||
| Total modified loans | $ | 8,780,653 | $ | 8,600,636 | |||||||
| Three Months Ended | |||||||||||
| March 31, 2021 | March 31, 2020 | ||||||||||
| Balance — beginning of period | $ | 4,011,780 | $ | 3,828,892 | |||||||
| New TDRs | 1,022,154 | 185,767 | |||||||||
| Charge-offs | (202,461) | (289,567) | |||||||||
| Paydowns (a) | (351,405) | (288,339) | |||||||||
| Others | (49,556) | — | |||||||||
| Balance — end of period (b) | $ | 4,430,512 | $ | 3,436,753 | |||||||
| As of March 31, 2021 (amounts in thousands) | |||||||||||||||||||||||||||||
| Counterparty | Utilized Balance | Committed Amount | Average Outstanding Balance | Maximum Outstanding Balance | |||||||||||||||||||||||||
| Promissory Note | SHUSA | $ | 250,000 | $ | 250,000 | $ | 250,000 | $ | 250,000 | ||||||||||||||||||||
| Promissory Note | SHUSA | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 350,000 | 350,000 | 350,000 | 350,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 400,000 | 400,000 | 400,000 | 400,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 450,000 | 450,000 | 450,000 | 450,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 500,000 | 500,000 | 500,000 | 500,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 650,000 | 650,000 | 650,000 | 650,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 650,000 | 650,000 | 650,000 | 650,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 750,000 | 750,000 | 750,000 | 750,000 | ||||||||||||||||||||||||
| Promissory Note | SHUSA | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||||||||||
| Promissory Note | Santander | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||
| Promissory Note | Santander | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||
| Line of Credit | SHUSA | — | 500,000 | 96,444 | 450,000 | ||||||||||||||||||||||||
| Line of Credit | SHUSA | — | 2,500,000 | — | — | ||||||||||||||||||||||||
| $ | 10,500,000 | $ | 13,500,000 | ||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| As Restated - Note 1 | |||||||||||
| Net cash provided by operating activities | $ | 3,152,898 | $ | 1,395,116 | |||||||
| Net cash provided by (used in) investing activities | 306,651 | (1,542,427) | |||||||||
| Net cash provided by (used in) financing activities | (2,750,162) | 474,816 | |||||||||
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | ||||
| Item 1. | Legal Proceedings | ||||
| Item 1A. | Risk Factors | ||||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||||
| Period | Total Number of Shares Purchased | Average Price paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||
| $ | 547,825 | ||||||||||||||||||||||
| January 1 - January 31 | — | $ | — | — | 547,825 | ||||||||||||||||||
| February 1 - February 28 | — | — | — | 547,825 | |||||||||||||||||||
| March 1 - March 31 | 357,747 | $ | 26.46 | 357,747 | 538,359 | ||||||||||||||||||
| Total | 357,747 | $ | 26.46 | 357,747 | |||||||||||||||||||
| Item 3. | Defaults upon Senior Securities | ||||
| Item 4. | Mine Safety Disclosures | ||||
| Item 5. | Other Information | ||||
| Item 6. | Exhibits | ||||
| Exhibit Number | Description | |||||||
| 31.1* | ||||||||
| 31.2* | ||||||||
| 32.1* | ||||||||
| 32.2* | ||||||||
| 101.INS* | Inline XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document | |||||||
| 101.SCH* | Inline XBRL Taxonomy Extension Schema | |||||||
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
| 101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
| 104* | Cover page formatted as Inline XBRL and contained in Exhibit 101 | |||||||
| * | Filed herewith. | ||||
Santander Consumer USA Holdings Inc. (Registrant) | ||||||||
| By: | /s/ Mahesh Aditya | |||||||
| Name: Mahesh Aditya | ||||||||
| Title: President and Chief Executive Officer | ||||||||
| Signature | Title | Date | ||||||||||||
| /s/Mahesh Aditya | President and Chief Executive Officer | March 3, 2022 | ||||||||||||
| Mahesh Aditya | (Principal Executive Officer) | |||||||||||||
| /s/ Fahmi Karam | Chief Financial Officer | March 3, 2022 | ||||||||||||
| Fahmi Karam | (Principal Financial and Accounting Officer) | |||||||||||||
1 Year Santander Consumer USA Chart |
1 Month Santander Consumer USA Chart |
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