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As Of Filer Filing For·On·As Docs:Size 3/04/22 Santander Consumer USA Holdi… Inc 10-Q/A 9/30/21 134:18M |
Document/Exhibit Description Pages Size
1: 10-Q/A Amendment to Quarterly Report HTML 1.96M
2: EX-10.1 Material Contract HTML 80K
3: EX-31.1 Certification -- §302 - SOA'02 HTML 42K
4: EX-31.2 Certification -- §302 - SOA'02 HTML 42K
5: EX-32.1 Certification -- §906 - SOA'02 HTML 39K
6: EX-32.2 Certification -- §906 - SOA'02 HTML 39K
12: R1 Cover Page HTML 96K
13: R2 Condensed Consolidated Balance Sheets HTML 124K
14: R3 Condensed Consolidated Balance Sheets HTML 66K
(Parenthetical)
15: R4 Condensed Consolidated Statements of Income and HTML 134K
Comprehensive Income
16: R5 Condensed Consolidated Statements of Income and HTML 50K
Comprehensive Income (Parenthetical)
17: R6 Condensed Consolidated Statements of Equity HTML 107K
18: R7 Condensed Consolidated Statements of Equity HTML 40K
(Parenthetical)
19: R8 Condensed Consolidated Statements of Cash Flows HTML 145K
20: R9 Condensed Consolidated Statements of Cash Flows HTML 53K
(Parenthetical)
21: R10 Description of Business, Basis of Presentation, HTML 66K
and Accounting Policies
22: R11 Finance Receivables HTML 88K
23: R12 Allowance for Credit Loss and Credit Quality HTML 238K
24: R13 Leases (SC as Lessor) HTML 100K
25: R14 Other Assets HTML 100K
26: R15 Variable Interest Entities HTML 99K
27: R16 Debt HTML 281K
28: R17 Shareholders' Equity HTML 102K
29: R18 Derivative Financial Instruments HTML 153K
30: R19 Fair Value of Financial Instruments HTML 203K
31: R20 Investment Gains (Losses), Net HTML 54K
32: R21 Income Taxes HTML 45K
33: R22 Computation of Basic and Diluted Earnings per HTML 65K
Common Share
34: R23 Commitments and Contingencies HTML 72K
35: R24 Related-Party Transactions HTML 76K
36: R25 Employee Benefit Plans HTML 76K
37: R26 Description of Business, Basis of Presentation, HTML 50K
and Accounting Policies (Policies)
38: R27 Organization, Consolidation and Presentation of HTML 53K
Financial Statements (Tables)
39: R28 Finance Receivables (Tables) HTML 88K
40: R29 Allowance for Credit Loss and Credit Quality HTML 235K
(Tables)
41: R30 Leases (SC as Lessor) (Tables) HTML 73K
42: R31 Other Assets (Tables) HTML 98K
43: R32 Variable Interest Entities (Tables) HTML 100K
44: R33 Debt (Tables) HTML 278K
45: R34 Shareholders' Equity (Tables) HTML 97K
46: R35 Derivative Financial Instruments (Tables) HTML 184K
47: R36 Fair Value of Financial Instruments (Tables) HTML 210K
48: R37 Investment Gains (Losses), Net (Tables) HTML 52K
49: R38 Computation of Basic and Diluted Earnings per HTML 63K
Common Share (Tables)
50: R39 Commitments and Contingencies (Tables) HTML 53K
51: R40 Related-Party Transactions (Tables) HTML 56K
52: R41 Employee Benefit Plans (Tables) HTML 73K
53: R42 Description of Business, Basis of Presentation, HTML 60K
and Accounting Policies - Additional Information
(Details)
54: R43 Description of Business, Basis of Presentation, HTML 64K
and Accounting Policies - Schedule of Error
Corrections (Details)
55: R44 Finance Receivables - Held for Investment HTML 54K
(Details)
56: R45 Finance Receivables - Composition of Held for HTML 62K
Investment Portfolio (Details)
57: R46 Finance Receivables - Additional Information HTML 80K
(Details)
58: R47 Finance Receivables - Schedule of Carrying Values HTML 44K
of Finance Receivables Held for Sale (Details)
59: R48 Finance Receivables - Schedule of Sales of Retail HTML 46K
Installment Contracts and Charged-off Assets
(Details)
60: R49 Allowance for Credit Loss and Credit Quality - HTML 61K
Activity in Loan Loss Allowance (Details)
61: R50 Allowance for Credit Loss and Credit Quality - HTML 49K
RICs and Delinquencies, Narrative (Details)
62: R51 Allowance for Credit Loss and Credit Quality - HTML 65K
Summary of Delinquencies (Details)
63: R52 Allowance for Credit Loss and Credit Quality - HTML 54K
Retail Installment Contracts Held for Investment
on Nonaccrual Status (Details)
64: R53 Allowance for Credit Loss and Credit Quality - HTML 95K
Credit Risk Profile (Details)
65: R54 Allowance for Credit Loss and Credit Quality - HTML 46K
Troubled Debt Restructurings, Narrative (Details)
66: R55 Allowance for Credit Loss and Credit Quality - HTML 49K
Summary of TDRs (Details)
67: R56 Allowance for Credit Loss and Credit Quality - HTML 48K
Delinquent TDRs (Details)
68: R57 Allowance for Credit Loss and Credit Quality - HTML 47K
Average Recorded Investment and Income Recognized
on TDR Loans (Details)
69: R58 Allowance for Credit Loss and Credit Quality - HTML 46K
Financial Effects of TDRs (Details)
70: R59 Allowance for Credit Loss and Credit Quality - HTML 44K
Defaults in Loan Modifications Accounted for as
TDRs (Details)
71: R60 Leases (SC as Lessor) - Summary of Leased Vehicles HTML 52K
(Details)
72: R61 Leases (SC as Lessor) - Future Minimum Rental HTML 52K
Payments Due to Lessor under Operating Leases
(Details)
73: R62 Leases (SC as Lessor) - Summary of Finance Lease HTML 50K
Receivables (Details)
74: R63 Leases (SC as Lessor) - Future Minimum Rental HTML 53K
Receivable under Finance Leases (Details)
75: R64 Other Assets - Summary (Details) HTML 75K
76: R65 Other Assets - Operating Leases, Additional HTML 56K
Information (Details)
77: R66 Other Assets - Supplemental Information Related to HTML 46K
Operating Leases (Details)
78: R67 Other Assets - Maturity of Operating Lease HTML 57K
Liabilities (Details)
79: R68 Other Assets - Amortized Cost, Gross Unrealized HTML 59K
Gains and Losses and Fair Values of AFS and HTM
Debt Securities (Details)
80: R69 Other Assets - Contractual Maturities of AFS and HTML 88K
HTM Debt Securities (Details)
81: R70 Variable Interest Entities - On-balance Sheet HTML 79K
Variable Interest Entities (Details)
82: R71 Variable Interest Entities - Additional HTML 52K
Information (Details)
83: R72 Variable Interest Entities - Summary of Cash Flows HTML 55K
Received from Securitization Trusts (Details)
84: R73 Variable Interest Entities - Off-balance Sheet HTML 47K
Variable Interest Entities Portfolio (Details)
85: R74 Debt - Total Borrowings and Other Debt Obligations HTML 57K
(Details)
86: R75 Debt - Schedule of Credit Facilities (Details) HTML 179K
87: R76 Debt - Facilities with Santander and Related HTML 46K
Subsidiaries, Narrative (Details)
88: R77 Debt - Summary of Secured Structured Financings HTML 112K
(Details)
89: R78 Debt - Secured Structured Financings, Narrative HTML 46K
(Details)
90: R79 Shareholders' Equity - Additional Information HTML 54K
(Details)
91: R80 Shareholders' Equity - Tender Offer and Other HTML 52K
Share Repurchase Programs (Details)
92: R81 Shareholders' Equity - Summary of Changes in HTML 51K
Accumulated Other Comprehensive Loss (Details)
93: R82 Shareholders' Equity - Reclassification of Amounts HTML 63K
Out of Accumulated Other Comprehensive Income
(Loss) (Details)
94: R83 Shareholders' Equity - Dividends (Details) HTML 39K
95: R84 Derivative Financial Instruments - Summary of HTML 59K
Underlying Notional Amounts and Aggregate Fair
Values (Details)
96: R85 Derivative Financial Instruments - Offsetting of HTML 106K
Derivative Assets and Liabilities (Details)
97: R86 Derivative Financial Instruments - Additional HTML 62K
Information (Details)
98: R87 Derivative Financial Instruments - Gross Gains HTML 53K
(Losses) Reclassified from Accumulated Other
Comprehensive Income (Details)
99: R88 Fair Value of Financial Instruments - Assets and HTML 82K
Liabilities Measured at Fair Value on a Recurring
Basis (Details)
100: R89 Fair Value of Financial Instruments - Change in HTML 52K
Level 3 Balances (Details)
101: R90 Fair Value of Financial Instruments - Assets and HTML 54K
Liabilities Measured at Fair Value on Nonrecurring
Basis (Details)
102: R91 Fair Value of Financial Instruments - Quantitative HTML 113K
Information for Assets and Liabilities (Details)
103: R92 Fair Value of Financial Instruments - Summary of HTML 82K
Fair Value Estimates, Methods and Assumptions
(Details)
104: R93 Investment Gains (Losses), Net - Schedule of HTML 46K
Investment Gains (Losses), Net (Details)
105: R94 Investment Gains (Losses), Net - Additional HTML 41K
Information (Details)
106: R95 Income Taxes - Narrative (Details) HTML 49K
107: R96 Computation of Basic and Diluted Earnings per HTML 42K
Common Share - Additional Information (Details)
108: R97 Computation of Basic and Diluted Earnings per HTML 74K
Common Share - Summary of Computation of Basic and
Diluted Earnings per Common Share (Details)
109: R98 Commitments and Contingencies - Liabilities for HTML 56K
Commitments and Contingencies (Details)
110: R99 Commitments and Contingencies - MPFLA (Details) HTML 47K
111: R100 Commitments and Contingencies - Agreement with HTML 46K
Bank of America (Details)
112: R101 Commitments and Contingencies - Agreement with CBP HTML 44K
(Details)
113: R102 Commitments and Contingencies - Other HTML 41K
Contingencies (Details)
114: R103 Commitments and Contingencies - Legal and HTML 48K
Regulatory Proceedings (Details)
115: R104 Commitments and Contingencies - Agreements HTML 55K
(Details)
116: R105 Related-Party Transactions - Credit Facilities HTML 46K
(Details)
117: R106 Related-Party Transactions - Derivatives (Details) HTML 45K
118: R107 Related-Party Transactions - Retail Installment HTML 43K
Contracts and RV Marine (Details)
119: R108 Related-Party Transactions - Schedule of Serviced HTML 45K
Auto Loan and Retail Installment Contract
Portfolio (Details)
120: R109 Related-Party Transactions - Dealer Lending HTML 60K
(Details)
121: R110 Related-Party Transactions - Schedule of HTML 49K
Transactions with SBNA (Details)
122: R111 Related-Party Transactions - Origination Support HTML 61K
Services (Details)
123: R112 Related-Party Transactions - Schedule of Consumer HTML 45K
Vehicle Lease Portfolio Serviced for SBNA
(Details)
124: R113 Related-Party Transactions - Securitizations HTML 59K
(Details)
125: R114 Related-Party Transactions - Employee Compensation HTML 50K
(Details)
126: R115 Related-Party Transactions - Other Related Party HTML 89K
Transactions (Details)
127: R116 Employee Benefit Plans - Additional Information HTML 67K
(Details)
128: R117 Employee Benefit Plans - Summary of Stock Options HTML 100K
and Related Activity (Details)
129: R118 Employee Benefit Plans - Schedule of Restricted HTML 75K
Stock and Performance Stock Units (Details)
132: XML IDEA XML File -- Filing Summary XML 259K
130: XML XBRL Instance -- sc-20210930_htm XML 5.52M
131: EXCEL IDEA Workbook of Financial Reports XLSX 184K
8: EX-101.CAL XBRL Calculations -- sc-20210930_cal XML 326K
9: EX-101.DEF XBRL Definitions -- sc-20210930_def XML 1.41M
10: EX-101.LAB XBRL Labels -- sc-20210930_lab XML 2.78M
11: EX-101.PRE XBRL Presentations -- sc-20210930_pre XML 1.93M
7: EX-101.SCH XBRL Schema -- sc-20210930 XSD 340K
133: JSON XBRL Instance as JSON Data -- MetaLinks 634± 989K
134: ZIP XBRL Zipped Folder -- 0001580608-22-000014-xbrl Zip 573K
| sc-20210930 |
| i ☒ | Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| i ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| For the transition period from to | |||||
| i Delaware | i 32-0414408 | |||||||
| (State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
| i 1601 Elm Street | i Suite 800 | i Dallas | i Texas | i 75201 | ||||||||||
| (Address of principal executive offices) | ||||||||||||||
| Title of each class | Trading Symbol (s) | Name of each exchange on which registered | Outstanding shares at October 25, 2021 | |||||||||||||||||
| i Common Stock ($0.01 par value) | i SC | i New York Stock Exchange | i 306,111,379 | |||||||||||||||||
| i Large accelerated filer | ☒ | Accelerated filer | ☐ | Emerging growth company | i ☐ | |||||||||||||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||||||||||||||||||||
| 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 Gains (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 | ||||
| CARES Act | The Coronavirus Aid, Relief, and Economic Security Act | ||||
| 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, 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 | ||||
| PDLA | Platform Development and License Agreement | ||||
| 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 | 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 | ||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| ASSETS | |||||||||||
Cash and cash equivalents - $ i 2,016,932 and $ i 32,490
held at affiliates, respectively | $ | i 2,106,405 | $ | i 109,053 | |||||||
| Finance receivables held for sale, net | i 359,561 | i 1,567,527 | |||||||||
| Finance receivables held for investment, at amortized cost | i 33,183,439 | i 33,114,638 | |||||||||
| Allowance for credit loss | ( i 5,699,698) | ( i 6,110,633) | |||||||||
| Finance receivables held for investment, at amortized cost, net | i 27,483,741 | i 27,004,005 | |||||||||
Restricted
cash - $ i 6,808 and $ i 27 held at affiliates, respectively | i 2,248,667 | i 2,221,094 | |||||||||
| Accrued interest receivable | i 323,469 | i 415,765 | |||||||||
| Leased vehicles, net | i 15,529,610 | i 16,391,107 | |||||||||
Furniture
and equipment, net of accumulated depreciation of $ i 116,431 and $ i 104,452,
respectively | i 62,168 | i 62,032 | |||||||||
| Goodwill | i 74,056 | i 74,056 | |||||||||
Intangible
assets, net of amortization of $ i 70,984 and $ i 63,488, respectively | i 75,176 | i 70,128 | |||||||||
Other
assets - $ i 6,956 and $ i 14,451 held at affiliates, respectively | i 811,597 | i 972,726 | |||||||||
| TOTAL ASSETS | $ | i 49,074,450 | $ | i 48,887,493 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| LIABILITIES | |||||||||||
Borrowings and other debt obligations - $ i 9,600,000 and $ i 10,801,318
to/from affiliates, respectively | $ | i 38,431,858 | $ | i 41,138,674 | |||||||
| Deferred tax liabilities, net | i 1,855,859 | i 1,263,796 | |||||||||
Accounts
payable and accrued expenses - $ i 74,945 and $ i 80,428 held at affiliates, respectively | i 554,581 | i 531,369 | |||||||||
Other
liabilities - $ i 2,368 and $ i 463 held at affiliates, respectively | i 299,422 | i 331,693 | |||||||||
| TOTAL LIABILITIES | i 41,141,720 | i 43,265,532 | |||||||||
Commitments
and contingencies (Notes 7 and 14) | i | i | |||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||
Common
stock, $ i i 0.01 / par value — i i 1,100,000,000 /
shares authorized; | |||||||||||
i 363,536,761 and i 363,159,613
shares issued and i 306,111,379 and i 306,091,978 shares outstanding, respectively | i 3,061 | i 3,061 | |||||||||
| Additional paid-in capital | i 391,343 | i 393,800 | |||||||||
| Accumulated other comprehensive income (loss), net of taxes | ( i 31,194) | ( i 50,566) | |||||||||
| Retained earnings | i 7,569,520 | i 5,275,666 | |||||||||
| TOTAL STOCKHOLDERS' EQUITY | i 7,932,730 | i 5,621,961 | |||||||||
| TOTAL LIABILITIES AND EQUITY | $ | i 49,074,450 | $ | i 48,887,493 | |||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
| Interest on finance receivables and loans | $ | i 1,215,121 | $ | i 1,300,694 | $ | i 3,749,264 | $ | i 3,811,113 | ||||||||||||||||||||||||
| Leased vehicle income | i 670,334 | i 725,156 | i 2,115,134 | i 2,210,684 | ||||||||||||||||||||||||||||
| Other finance and interest income | i 1,631 | i 2,146 | i 6,125 | i 12,354 | ||||||||||||||||||||||||||||
| Total finance and other interest income | i 1,887,086 | i 2,027,996 | i 5,870,523 | i 6,034,151 | ||||||||||||||||||||||||||||
Interest
expense — Including $ i 77,407, $ i 87,851 , $ i 247,327
and $ i 221,676 to affiliates, respectively | i 218,747 | i 292,118 | i 709,479 | i 929,934 | ||||||||||||||||||||||||||||
| Leased vehicle expense | i 325,259 | i 467,172 | i 1,043,774 | i 1,630,945 | ||||||||||||||||||||||||||||
| Net finance and other interest income | i 1,343,080 | i 1,268,706 | i 4,117,270 | i 3,473,272 | ||||||||||||||||||||||||||||
| Credit loss expense (benefit) | i 42,058 | i 340,548 | ( i 85,484) | i 2,110,331 | ||||||||||||||||||||||||||||
| Net finance and other interest income after credit loss expense | i 1,301,022 | i 928,158 | i 4,202,754 | i 1,362,941 | ||||||||||||||||||||||||||||
| Profit sharing | i 41,009 | i 30,414 | i 158,888 | i 56,239 | ||||||||||||||||||||||||||||
| Net finance and other interest income after credit loss expense and profit sharing | i 1,260,013 | i 897,744 | i 4,043,866 | i 1,306,702 | ||||||||||||||||||||||||||||
| Investment gains (losses), net | i 5,241 | ( i 68,989) | ( i 7,057) | ( i 279,997) | ||||||||||||||||||||||||||||
Servicing
fee income — Including $ i 9,916, $ i 10,050, $ i 29,217
and $ i 33,923 from affiliates, respectively | i 19,975 | i 18,574 | i 61,481 | i 56,797 | ||||||||||||||||||||||||||||
Fees,
commissions, and other — Including $ i 2,965, $ i 1,254, $ i 10,429
and $ i 11,127 from affiliates, respectively | i 48,867 | i 78,924 | i 200,242 | i 256,123 | ||||||||||||||||||||||||||||
| Total other income | i 74,083 | i 28,509 | i 254,666 | i 32,923 | ||||||||||||||||||||||||||||
| Compensation and benefits | i 149,669 | i 127,991 | i 460,014 | i 388,960 | ||||||||||||||||||||||||||||
| Repossession expense | i 33,349 | i 35,910 | i 117,540 | i 115,861 | ||||||||||||||||||||||||||||
Other
expenses — Including $ i 2,144, $ i 1,456, $ i 5,679
and $ i 3,762 to affiliates, respectively | i 179,147 | i 99,761 | i 382,313 | i 308,193 | ||||||||||||||||||||||||||||
| Total operating expenses | i 362,165 | i 263,662 | i 959,867 | i 813,014 | ||||||||||||||||||||||||||||
| Income before income taxes | i 971,931 | i 662,591 | i 3,338,665 | i 526,611 | ||||||||||||||||||||||||||||
| Income tax expense | i 208,607 | i 172,476 | i 775,484 | i 137,161 | ||||||||||||||||||||||||||||
| Net income | $ | i 763,324 | $ | i 490,115 | $ | i 2,563,181 | $ | i 389,450 | ||||||||||||||||||||||||
| Net income | $ | i 763,324 | $ | i 490,115 | $ | i 2,563,181 | $ | i 389,450 | ||||||||||||||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges, net of tax of $ i 2,006,
$ i 2,083, $ i 6,568
and $( i 10,419) respectively | i 5,962 | i 7,112 | i 20,372 | ( i 31,726) | ||||||||||||||||||||||||||||
Unrealized
gains (losses) on available-for-sale and held-to-maturity debt securities net of tax of $( i 100), $( i 88),
$( i 324) and $ i 500,
respectively | ( i 301) | ( i 289) | ( i 1,000) | i 1,537 | ||||||||||||||||||||||||||||
| Comprehensive income | $ | i 768,985 | $ | i 496,938 | $ | i 2,582,553 | $ | i 359,261 | ||||||||||||||||||||||||
| Net income per common share (basic) | $ | i 2.49 | $ | i 1.58 | $ | i 8.37 | $ | i 1.21 | ||||||||||||||||||||||||
| Net income per common share (diluted) | $ | i 2.49 | $ | i 1.58 | $ | i 8.37 | $ | i 1.21 | ||||||||||||||||||||||||
| Dividend declared per common share | $ | i 0.22 | $ | i 0.22 | $ | i 0.88 | $ | i 0.66 | ||||||||||||||||||||||||
| Weighted average common shares (basic) | i 306,093,379 | i 310,150,293 | i 306,086,399 | i 321,275,907 | ||||||||||||||||||||||||||||
| Weighted average common shares (diluted) | i 306,378,733 | i 310,307,265 | i 306,354,463 | i 321,492,331 | ||||||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance — July 1, 2021 | i 306,081 | $ | i 3,060 | $ | i 389,890 | $ | ( i 36,855) | $ | i 6,873,535 | $ | i 7,229,630 | ||||||||||||||||||||||||
| Stock issued in connection with employee incentive compensation plans | i 30 | i 1 | i 219 | — | — | i 220 | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | i 1,234 | — | — | i 1,234 | |||||||||||||||||||||||||||||
Dividends-Common
stock, $ i 0.22/share | — | — | — | — | ( i 67,339) | ( i 67,339) | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | i 763,324 | i 763,324 | |||||||||||||||||||||||||||||
| Other comprehensive income, net of taxes | — | — | — | i 5,661 | — | i 5,661 | |||||||||||||||||||||||||||||
| Balance — September 30, 2021 | i 306,111 | $ | i 3,061 | $ | i 391,343 | $ | ( i 31,194) | $ | i 7,569,520 | $ | i 7,932,730 | ||||||||||||||||||||||||
| Balance — July 1, 2020 | i 316,235 | $ | i 3,162 | $ | i 624,554 | $ | ( i 63,705) | $ | i 4,331,454 | $ | i 4,895,465 | ||||||||||||||||||||||||
| Stock issued in connection with employee incentive compensation plans | i 34 | — | i 237 | — | — | i 237 | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | i 1,010 | — | — | i 1,010 | |||||||||||||||||||||||||||||
| Stock repurchase/Treasury stock | ( i 10,198) | ( i 101) | ( i 223,415) | — | — | ( i 223,516) | |||||||||||||||||||||||||||||
Dividends-Common
stock, $ i 0.22/share | — | — | — | — | ( i 67,364) | ( i 67,364) | |||||||||||||||||||||||||||||
| Tax sharing with affiliate | — | — | ( i 7,958) | — | — | ( i 7,958) | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | i 490,115 | i 490,115 | |||||||||||||||||||||||||||||
| Other comprehensive income, net of taxes | — | — | — | i 6,823 | — | i 6,823 | |||||||||||||||||||||||||||||
| Balance — September 30, 2020 | i 306,071 | $ | i 3,061 | $ | i 394,428 | $ | ( i 56,882) | $ | i 4,754,205 | $ | i 5,094,812 | ||||||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance — January 1, 2021 | i 306,092 | $ | i 3,061 | $ | i 393,800 | $ | ( i 50,566) | $ | i 5,275,666 | $ | i 5,621,961 | ||||||||||||||||||||||||
| Stock issued in connection with employee incentive compensation plans | i 377 | i 4 | ( i 1,975) | — | — | ( i 1,971) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | i 8,989 | — | — | i 8,989 | |||||||||||||||||||||||||||||
| Stock repurchase/Treasury stock | ( i 358) | ( i 4) | ( i 9,471) | — | — | ( i 9,475) | |||||||||||||||||||||||||||||
Dividends-Common
stock, $ i 0.88/share | — | — | — | — | ( i 269,327) | ( i 269,327) | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | i 2,563,181 | i 2,563,181 | |||||||||||||||||||||||||||||
| Other comprehensive income, net of taxes | — | — | — | i 19,372 | — | i 19,372 | |||||||||||||||||||||||||||||
| Balance — September 30, 2021 | i 306,111 | $ | i 3,061 | $ | i 391,343 | $ | ( i 31,194) | $ | i 7,569,520 | $ | i 7,932,730 | ||||||||||||||||||||||||
| Balance — January 1, 2020 | i 339,202 | i 3,392 | i 1,173,262 | ( i 26,693) | i 6,168,659 | i 7,318,620 | |||||||||||||||||||||||||||||
| Cumulative-effect adjustment upon adoption of ASU 2016-13 | — | — | — | — | ( i 1,590,885) | ( i 1,590,885) | |||||||||||||||||||||||||||||
| Tax impact of adoption of ASU 2019-12 | — | — | — | — | ( i 382) | ( i 382) | |||||||||||||||||||||||||||||
| Stock issued in connection with employee incentive compensation plans | i 340 | i 3 | ( i 1,509) | — | — | ( i 1,506) | |||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | i 6,161 | — | — | i 6,161 | |||||||||||||||||||||||||||||
| Stock repurchase/Treasury stock | ( i 33,471) | ( i 334) | ( i 775,636) | — | — | ( i 775,970) | |||||||||||||||||||||||||||||
Dividends-Common
stock, $ i 0.66/share | — | — | — | — | ( i 212,637) | ( i 212,637) | |||||||||||||||||||||||||||||
| Tax sharing with affiliate | — | — | ( i 7,850) | — | — | ( i 7,850) | |||||||||||||||||||||||||||||
| Net income | — | — | — | — | i 389,450 | i 389,450 | |||||||||||||||||||||||||||||
| Other comprehensive income (loss), net of taxes | — | — | — | ( i 30,189) | — | ( i 30,189) | |||||||||||||||||||||||||||||
| Balance — September 30, 2020 | i 306,071 | $ | i 3,061 | $ | i 394,428 | $ | ( i 56,882) | $ | i 4,754,205 | $ | i 5,094,812 | ||||||||||||||||||||||||
| For the Nine Months Ended September 30, | |||||||||||||||||
| 2021 | 2020 | ||||||||||||||||
| As Restated - Note 1 | |||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | i 2,563,181 | $ | i 389,450 | |||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||
| Derivative mark to market | ( i 1,205) | i 10,022 | |||||||||||||||
| Credit loss (benefit)/expense | ( i 85,484) | i 2,110,331 | |||||||||||||||
| Depreciation, amortization and accretion | i 1,262,383 | i 1,711,125 | |||||||||||||||
| Originations and purchases of receivables held for sale | i — | ( i 1,637,194) | |||||||||||||||
| Proceeds from sales of and collections on retail installment contracts held for sale (a) | i 1,343,840 | i 545,293 | |||||||||||||||
| Investment losses, net | i 7,057 | i 279,997 | |||||||||||||||
| Stock-based compensation | i 8,989 | i 6,161 | |||||||||||||||
| Deferred tax expense | i 585,820 | i 142,554 | |||||||||||||||
| Net change in: | |||||||||||||||||
| Revolving personal loans | i 34,247 | ( i 59,096) | |||||||||||||||
| Other assets | i 135,023 | ( i 203,634) | |||||||||||||||
| Other liabilities | i 45,380 | ( i 43,067) | |||||||||||||||
| Net cash provided by operating activities | i 5,899,231 | i 3,251,942 | |||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Originations and purchases of portfolios on finance receivables held for investment | ( i 14,989,362) | ( i 12,782,253) | |||||||||||||||
| Collections on finance receivables held for investment | i 12,091,047 | i 9,223,448 | |||||||||||||||
| Proceeds from sales of retail installment contracts held for sale, originated as held for investment (b) | i 2,356,205 | i 803,614 | |||||||||||||||
| Leased vehicles purchased | ( i 5,896,254) | ( i 4,891,504) | |||||||||||||||
| Proceeds from sale of leased vehicles | i 5,444,161 | i 3,094,294 | |||||||||||||||
| Manufacturer and Dealer incentives | i 73,920 | i 339,717 | |||||||||||||||
| Change in revolving personal loans, net | i 31,121 | i 75,318 | |||||||||||||||
| Proceeds from repayments and maturities of available-for-sale securities | i 5,000 | i — | |||||||||||||||
| Purchases of held-to-maturity investment securities | i — | ( i 54,584) | |||||||||||||||
| Proceeds from repayments and maturities of held-to-maturity securities | i 33,987 | i 4,203 | |||||||||||||||
| Purchases of furniture and equipment | ( i 20,557) | ( i 18,117) | |||||||||||||||
| Sales of furniture and equipment | i 13,580 | i 3 | |||||||||||||||
| Net cash used in investing activities | ( i 857,152) | ( i 4,205,861) | |||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
Proceeds from borrowings and other debt obligations, net of debt issuance costs - $ i 4,731,607 and $ i 11,545,000
from affiliates, respectively | i 28,769,569 | i 37,972,329 | |||||||||||||||
Payments
on borrowings and other debt obligations - $( i 5,931,607) and $( i 5,995,000) to affiliates, respectively | ( i 31,508,722) | ( i 35,818,793) | |||||||||||||||
| Proceeds from stock option exercises, gross | i 801 | i 673 | |||||||||||||||
| Shares repurchased | ( i 9,475) | ( i 775,970) | |||||||||||||||
| Dividends paid | ( i 269,327) | ( i 212,637) | |||||||||||||||
| Net cash provided by (used in) financing activities | ( i 3,017,154) | i 1,165,602 | |||||||||||||||
| For the Nine Months Ended September 30, | |||||||||||||||||
| 2021 | 2020 | ||||||||||||||||
| As Restated - Note 1 | |||||||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | i 2,024,925 | i 211,683 | |||||||||||||||
| Cash and cash equivalents and restricted cash— Beginning of year | i 2,330,147 | i 2,161,087 | |||||||||||||||
| Cash and cash equivalents and restricted cash— End of year | $ | i 4,355,072 | $ | i 2,372,770 | |||||||||||||
| Supplemental cash flow information: | |||||||||||||||||
| Cash and cash equivalents | i 2,106,405 | i 105,616 | |||||||||||||||
| Restricted cash | i 2,248,667 | i 2,267,154 | |||||||||||||||
| Total cash, cash equivalents and restricted cash | $ | i 4,355,072 | $ | i 2,372,770 | |||||||||||||
| Nine months ended September 30, 2021 | ||||||||||||||||||||
| (in thousands) | As Reported(1) | Corrections | As Restated | |||||||||||||||||
| Originations and purchases of receivables held for sale | ( i 1,171,287) | i 1,171,287 | i — | |||||||||||||||||
| Proceeds from sales of and collections on retail installment contracts held for sale | i 1,747,471 | ( i 403,631) | i 1,343,840 | |||||||||||||||||
| Net cash provided by operating activities | i 5,131,575 | i 767,656 | i 5,899,231 | |||||||||||||||||
| — | ||||||||||||||||||||
| Originations and purchases of portfolios on finance receivables held for investment | ( i 13,816,075) | ( i 1,173,287) | ( i 14,989,362) | |||||||||||||||||
| Collections on finance receivables held for investment | i 11,685,416 | i 405,631 | i 12,091,047 | |||||||||||||||||
| Net cash used in investing activities | ( i 89,496) | ( i 767,656) | ( i 857,152) | |||||||||||||||||
(1)
- Originally reported amounts included in the Quarterly Report on Form 10-Q for the nine-month period ended September 30, 2021 filed on October 27, 2021. | ||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Retail installment contracts, net (a) | $ | i 27,461,064 | $ | i 26,975,368 | |||||||
| Purchased receivables - credit deteriorated | i 1,440 | i 6,197 | |||||||||
| Finance lease receivables (Note 4) | i 21,237 | i 22,440 | |||||||||
| Finance receivables held for investment, net | $ | i 27,483,741 | $ | i 27,004,005 | |||||||
| September 30, 2021 | |||||||||||||||||||||||
| Retail Installment Contracts | |||||||||||||||||||||||
| Non-TDR | TDR | ||||||||||||||||||||||
| Unpaid principal balance | $ | i 28,779,433 | $ | i 3,952,344 | |||||||||||||||||||
| ACL | ( i 4,398,303) | ( i 1,297,841) | |||||||||||||||||||||
| Discount/(premium) (net of subvention and participation) | i 326,675 | ( i 3,601) | |||||||||||||||||||||
| Capitalized origination costs and fees | i 98,549 | i 3,808 | |||||||||||||||||||||
| Net carrying balance | $ | i 24,806,354 | $ | i 2,654,710 | |||||||||||||||||||
| ACL as a percentage of unpaid principal balance | i 15.3 | % | i 32.8 | % | |||||||||||||||||||
| ACL and discount as a percentage of unpaid principal balance | i 14.1 | % | i 32.9 | % | |||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Retail Installment Contracts | |||||||||||||||||||||||
| Non-TDR | TDR | ||||||||||||||||||||||
| Unpaid principal balance | $ | i 28,977,299 | $ | i 3,945,040 | |||||||||||||||||||
| ACL | ( i 4,792,464) | ( i 1,314,170) | |||||||||||||||||||||
| Discount (net of subvention and participation) | i 66,373 | ( i 8,389) | |||||||||||||||||||||
| Capitalized origination costs and fees | i 97,638 | i 4,041 | |||||||||||||||||||||
| Net carrying balance | $ | i 24,348,846 | $ | i 2,626,522 | |||||||||||||||||||
| ACL as a percentage of unpaid principal balance | i 16.5 | % | i 33.3 | % | |||||||||||||||||||
| ACL and discount as a percentage of unpaid principal balance | i 16.3 | % | i 33.5 | % | |||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Retail installment contracts acquired individually | $ | i 359,561 | $ | i 674,048 | |||||||
| Personal loans (a) | i — | i 893,479 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Sales of retail installment contracts to third parties | $ | i 277,898 | $ | i 636,301 | $ | i 2,968,467 | $ | i 1,148,587 | |||||||||||||||||||||
| Sales of Personal Loans to third parties | i — | i — | i 1,253,746 | i — | |||||||||||||||||||||||||
| Proceeds from sales of charged-off assets to third parties | i — | i 9,144 | i 13,901 | i 30,019 | |||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| Retail Installment Contracts | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-TDR | TDR | Non-TDR | TDR | ||||||||||||||||||||||||||||||||||||||||||||
| Balance — beginning of period | $ | i 4,299,670 | $ | i 1,514,994 | $ | i 4,818,187 | $ | i 1,037,628 | |||||||||||||||||||||||||||||||||||||||
| Credit loss expense (benefit) | i 188,195 | ( i 144,772) | i 24,841 | i 314,075 | |||||||||||||||||||||||||||||||||||||||||||
| Charge-offs | ( i 427,659) | ( i 206,111) | ( i 334,938) | ( i 200,352) | |||||||||||||||||||||||||||||||||||||||||||
| Recoveries | i 338,097 | i 133,730 | i 392,042 | i 97,171 | |||||||||||||||||||||||||||||||||||||||||||
| Balance — end of period | $ | i 4,398,303 | $ | i 1,297,841 | $ | i 4,900,132 | $ | i 1,248,522 | |||||||||||||||||||||||||||||||||||||||
| Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| Retail Installment Contracts | |||||||||||||||||||||||||||||||||||||||||||||||
| Non-TDR | TDR | Non-TDR | TDR | ||||||||||||||||||||||||||||||||||||||||||||
| Balance — beginning of period | $ | i 4,792,464 | $ | i 1,314,170 | $ | i 2,123,878 | $ | i 914,718 | |||||||||||||||||||||||||||||||||||||||
| Day 1 - Adjustment to allowance for adoption of CECL standard | i — | i — | i 2,030,473 | i 71,833 | |||||||||||||||||||||||||||||||||||||||||||
| Credit loss expense (benefit) | ( i 252,963) | i 169,268 | i 1,526,545 | i 581,344 | |||||||||||||||||||||||||||||||||||||||||||
| Charge-offs (a) | ( i 1,356,482) | ( i 599,083) | ( i 1,955,706) | ( i 617,536) | |||||||||||||||||||||||||||||||||||||||||||
| Recoveries | i 1,215,284 | i 413,486 | i 1,174,942 | i 298,163 | |||||||||||||||||||||||||||||||||||||||||||
| Balance — end of period | $ | i 4,398,303 | $ | i 1,297,841 | $ | i 4,900,132 | $ | i 1,248,522 | |||||||||||||||||||||||||||||||||||||||
| September 30, 2021 | |||||||||||||||||||||||
| Finance Receivables Held for Investment | |||||||||||||||||||||||
| Retail Installment Contract Loans | Purchased Receivables Portfolios - credit deteriorated | Total | Percent | ||||||||||||||||||||
| Amortized cost, 30-59 days past due | $ | i 2,253,907 | $ | i 401 | $ | i 2,254,308 | i 6.8 | % | |||||||||||||||
| Amortized cost over 59 days | i 1,106,673 | i 400 | i 1,107,073 | i 3.3 | % | ||||||||||||||||||
| Total delinquent balance at amortized cost (a) | $ | i 3,360,580 | $ | i 801 | $ | i 3,361,381 | i 10.1 | % | |||||||||||||||
| 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 | $ | i 1,971,766 | $ | i 687 | $ | i 1,972,453 | i 6.0 | % | |||||||||||||||
| Amortized cost over 59 days | i 1,038,869 | i 441 | i 1,039,310 | i 3.1 | % | ||||||||||||||||||
| Total delinquent balance at amortized cost (a) | $ | i 3,010,635 | $ | i 1,128 | $ | i 3,011,763 | i 9.1 | % | |||||||||||||||
| September 30, 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 | $ | i 818,292 | $ | i 157,314 | $ | i 46,445 | i 2.5 | % | |||||||||||||||
| TDR | i 391,834 | i 47,281 | i 26,576 | i 1.2 | % | ||||||||||||||||||
| Total non-accrual loans | $ | i 1,210,126 | $ | i 204,595 | $ | i 73,021 | i 3.7 | % | |||||||||||||||
| 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 | $ | i 748,026 | $ | i 145,287 | $ | i 72,926 | i 2.3 | % | |||||||||||||||
| TDR | i 385,021 | i 46,498 | i 35,620 | i 1.2 | % | ||||||||||||||||||
| Total nonaccrual loans | $ | i 1,133,047 | $ | i 191,785 | $ | i 108,546 | i 3.5 | % | |||||||||||||||
| Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||
No-FICO®s | i 1,603 | i 1,173 | i 738 | i 337 | i 266 | i 112 | i 50 | i 4,279 | i 12.9% | ||||||||||||||||||||||||||||||||||||||||||||
| <540 | i 1,573 | i 1,306 | i 948 | i 608 | i 283 | i 151 | i 125 | i 4,994 | i 15.1% | ||||||||||||||||||||||||||||||||||||||||||||
| 540-599 | i 4,364 | i 3,038 | i 2,030 | i 1,134 | i 413 | i 234 | i 156 | i 11,369 | i 34.3% | ||||||||||||||||||||||||||||||||||||||||||||
| 600-639 | i 2,828 | i 1,831 | i 1,182 | i 625 | i 201 | i 123 | i 65 | i 6,855 | i 20.7% | ||||||||||||||||||||||||||||||||||||||||||||
| >=640 (a) | i 2,345 | i 1,655 | i 853 | i 506 | i 151 | i 105 | i 45 | i 5,660 | i 17.0% | ||||||||||||||||||||||||||||||||||||||||||||
| Total (b) | $ | i 12,713 | $ | i 9,003 | $ | i 5,751 | $ | i 3,210 | $ | i 1,314 | $ | i 725 | $ | i 441 | $ | i 33,157 | i 100.00% | ||||||||||||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Prior | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||
No-FICO®s | i 1,760 | i 1,151 | i 530 | i 501 | i 247 | i 128 | i 26 | i 4,343 | i 13.1% | ||||||||||||||||||||||||||||||||||||||||||||
| <540 | i 1,789 | i 1,370 | i 913 | i 454 | i 263 | i 186 | i 90 | i 5,065 | i 15.3% | ||||||||||||||||||||||||||||||||||||||||||||
| 540-599 | i 4,269 | i 3,005 | i 1,736 | i 673 | i 423 | i 264 | i 96 | i 10,466 | i 31.7% | ||||||||||||||||||||||||||||||||||||||||||||
| 600-639 | i 2,759 | i 1,838 | i 990 | i 335 | i 230 | i 126 | i 47 | i 6,325 | i 19.1% | ||||||||||||||||||||||||||||||||||||||||||||
| >640 (a) | i 4,040 | i 1,411 | i 810 | i 265 | i 200 | i 124 | i 33 | i 6,883 | i 20.8% | ||||||||||||||||||||||||||||||||||||||||||||
| Total (b) | $ | i 14,617 | $ | i 8,775 | $ | i 4,979 | $ | i 2,228 | $ | i 1,363 | $ | i 828 | $ | i 292 | $ | i 33,082 | i 100.0% | ||||||||||||||||||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| Amortized Cost (including accrued interest) (a) | $ | i 3,980,920 | $ | i 4,011,780 | |||||||
| Impairment | ( i 1,297,841) | ( i 1,314,170) | |||||||||
| Amortized cost including accrued interest, net of impairment | $ | i 2,683,079 | $ | i 2,697,610 | |||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| 30-59 days past due | $ | i 744,637 | $ | i 637,560 | |||||||
| Delinquent balance over 59 days | i 381,840 | i 344,776 | |||||||||
| Total delinquent TDRs | $ | i 1,126,477 | $ | i 982,336 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Retail Installment Contracts | Retail Installment Contracts | ||||||||||||||||||||||||||||
| Average amortized cost (including accrued interest) | $ | i 4,142,089 | $ | i 3,960,119 | $ | i 4,203,685 | $ | i 3,802,823 | |||||||||||||||||||||
| Interest income recognized | i 212,073 | i 165,637 | i 635,188 | i 457,642 | |||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Retail Installment Contracts | Retail Installment Contracts | ||||||||||||||||||||||||||||
| Amortized cost (including accrued interest) before TDR | $ | i 219,898 | $ | i 317,455 | $ | i 1,326,077 | $ | i 1,399,813 | |||||||||||||||||||||
| Amortized cost (including accrued interest) after TDR (a) | i 220,679 | i 319,027 | i 1,333,257 | i 1,417,480 | |||||||||||||||||||||||||
| Number of contracts (not in thousands) | i 12,063 | i 14,620 | i 67,354 | i 69,786 | |||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Retail Installment Contracts | Retail Installment Contracts | ||||||||||||||||||||||||||||
| Amortized cost (including accrued interest) in TDRs that subsequently defaulted (a)` | $ | i 91,260 | $ | i 83,002 | $ | i 283,914 | $ | i 183,871 | |||||||||||||||||||||
| Number of contracts (not in thousands) | i 4,724 | i 4,379 | i 14,496 | i 10,467 | |||||||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Leased vehicles | $ | i 20,032,832 | $ | i 22,056,063 | |||||||
| Less: accumulated depreciation | ( i 3,920,416) | ( i 4,796,595) | |||||||||
| Depreciated net capitalized cost | i 16,112,416 | i 17,259,468 | |||||||||
| Manufacturer subvention payments, net of accretion | ( i 700,783) | ( i 934,381) | |||||||||
| Origination fees and other costs | i 117,977 | i 66,020 | |||||||||
| Net book value | $ | i 15,529,610 | $ | i 16,391,107 | |||||||
| Remainder of 2021 | $ | i 910,739 | |||
| 2022 | i 2,101,818 | ||||
| 2023 | i 1,363,807 | ||||
| 2024 | i 286,598 | ||||
| 2025 | i 25,093 | ||||
| Thereafter | i 1,295 | ||||
| Total | $ | i 4,689,350 | |||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Gross investment in finance leases | $ | i 33,498 | $ | i 34,461 | |||||||
| Origination fees and other | i 283 | i 289 | |||||||||
| Less: unearned income | ( i 8,990) | ( i 8,311) | |||||||||
| Net investment in finance leases before allowance | i 24,791 | i 26,439 | |||||||||
| Less: allowance for lease losses | ( i 3,554) | ( i 3,999) | |||||||||
| Net investment in finance leases | $ | i 21,237 | $ | i 22,440 | |||||||
| Remainder of 2021 | $ | i 2,688 | |||
| 2022 | i 10,275 | ||||
| 2023 | i 8,547 | ||||
| 2024 | i 6,509 | ||||
| 2025 | i 4,054 | ||||
| Thereafter | i 1,425 | ||||
| Total | $ | i 33,498 | |||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Vehicles (a) | $ | i 269,627 | $ | i 311,557 | |||||||
| Manufacturer subvention payments receivable (b) | i 29,361 | i 57,996 | |||||||||
| Upfront fee (b) | i 47,015 | i 69,286 | |||||||||
| Derivative assets at fair value (c) | i 13,314 | i 4,740 | |||||||||
| Derivative - collateral | i 23,037 | i 92,132 | |||||||||
| Operating leases (Right-of-use-assets) | i 61,590 | i 46,441 | |||||||||
| Available-for-sale debt securities | i 90,688 | i 95,654 | |||||||||
| Held-to-maturity debt securities (d) | i 101,874 | i 44,875 | |||||||||
| Equity securities not held for trading | i 2,671 | i 1,380 | |||||||||
| Prepaids | i 35,152 | i 45,667 | |||||||||
| Accounts receivable | i 28,737 | i 34,607 | |||||||||
| Federal and State tax receivable | i 76,113 | i 99,666 | |||||||||
| Other | i 32,418 | i 68,725 | |||||||||
| Other assets | $ | i 811,597 | $ | i 972,726 | |||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Operating leases-right of use assets | $ | i 61,590 | $ | i 46,441 | |||||||
| Other liabilities | i 77,854 | i 64,927 | |||||||||
| Weighted average lease term | i 6.2 | i 5.5 | |||||||||
| Weighted average discount rate | i 2.7 | % | i 3.4 | % | |||||||
| September 30, 2021 | |||||
| 2021 | $ | i 4,078 | |||
| 2022 | i 17,409 | ||||
| 2023 | i 14,343 | ||||
| 2024 | i 14,313 | ||||
| 2025 | i 14,397 | ||||
| Thereafter | i 18,029 | ||||
| Total | $ | i 82,569 | |||
| Less: Interest | ( i 4,715) | ||||
| Present value of lease liabilities | $ | i 77,854 | |||
| September 30, 2021 | ||||||||||||||||||||||||||
| Amortized cost (before unrealized gains / losses) | Gross Unrealized gain | Gross Unrealized loss | Fair value | |||||||||||||||||||||||
| Available-for-sale debt securities (US Treasury securities) | $ | i 89,437 | $ | i 1,251 | $ | i — | $ | i 90,688 | ||||||||||||||||||
| Held-to-maturity debt securities (Asset-Backed Notes) | $ | i 101,815 | $ | i 634 | $ | i — | $ | i 102,449 | ||||||||||||||||||
| September 30, 2021 | |||||||||||||||||||||||
| Available-for-sale debt securities | Held-to-maturity debt securities | ||||||||||||||||||||||
| Amortized cost | Fair value | Amortized cost | Fair value | ||||||||||||||||||||
| Due within one year | $ | i 66,924 | $ | i 67,650 | $ | i — | $ | i — | |||||||||||||||
| Due after one year but within 5 years | i 22,513 | i 23,038 | i 48,200 | i 48,491 | |||||||||||||||||||
| Due after 5 year but within 10 years | i — | i — | i 53,615 | i 53,958 | |||||||||||||||||||
Total | $ | i 89,437 | $ | i 90,688 | $ | i 101,815 | $ | i 102,449 | |||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Assets | |||||||||||
| Restricted cash | $ | i 1,682,654 | $ | i 1,737,021 | |||||||
| Finance receivables held for sale, net | i 113,313 | i 581,938 | |||||||||
| Finance receivables held for investment, net | i 21,785,308 | i 22,572,549 | |||||||||
| Leased vehicles, net | i 15,529,610 | i 16,391,107 | |||||||||
| Various other assets | i 706,130 | i 791,306 | |||||||||
| Total assets | $ | i 39,817,015 | $ | i 42,073,921 | |||||||
| Liabilities | |||||||||||
| Notes payable | $ | i 30,632,558 | $ | i 31,700,709 | |||||||
| Various other liabilities | i 107,743 | i 84,922 | |||||||||
| Total liabilities | $ | i 30,740,301 | $ | i 31,785,631 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Assets securitized | $ | i 7,095,782 | $ | i 5,282,901 | $ | i 18,457,441 | $ | i 15,845,707 | |||||||||||||||||||||
| Net proceeds from new securitizations (a) | $ | i 6,591,786 | $ | i 4,662,211 | $ | i 16,168,394 | $ | i 11,470,857 | |||||||||||||||||||||
| Net proceeds from retained bonds | i — | i 1,293 | i 195,967 | i 57,286 | |||||||||||||||||||||||||
| Cash received for servicing fees (b) | i 228,194 | i 242,245 | i 686,789 | i 735,533 | |||||||||||||||||||||||||
| Net distributions from Trusts (b) | i 1,391,970 | i 1,173,276 | i 4,435,605 | i 2,730,657 | |||||||||||||||||||||||||
| Total cash received from Trusts | $ | i 8,211,950 | $ | i 6,079,025 | $ | i 21,486,755 | $ | i 14,994,333 | |||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Related party SPAIN serviced securitizations | $ | i 687,158 | $ | i 1,214,644 | |||||||
| Third party SCART serviced securitizations | i 2,067,156 | i 929,429 | |||||||||
| Third party CCAP serviced securitizations | i — | i 82,713 | |||||||||
| Total serviced for others portfolio | $ | i 2,754,314 | $ | i 2,226,786 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Receivables securitized (a) | $ | i — | $ | i 636,301 | $ | i 1,891,278 | $ | i 1,148,587 | |||||||||||||||||||||
| Net proceeds from new securitizations | i — | i 592,455 | i 1,779,532 | i 1,052,541 | |||||||||||||||||||||||||
| Cash received for servicing fees | i 8,041 | i 6,598 | i 24,061 | i 17,856 | |||||||||||||||||||||||||
| Total cash received from securitization trusts | i 8,041 | i 599,053 | $ | i 1,803,593 | $ | i 1,070,397 | |||||||||||||||||||||||
Total
borrowings and other debt obligations as of September 30, 2021 and December 31, 2020 consists of: | |||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
Notes Payable — Facilities with Third Parties | $ | i — | $ | i 4,159,955 | |||||||
| Notes Payable — Secured Structured Financings | i 28,831,858 | i 26,177,401 | |||||||||
| Notes Payable — Facilities with Santander and Related Subsidiaries (a) | i 9,600,000 | i 10,801,318 | |||||||||
| $ | i 38,431,858 | $ | i 41,138,674 | ||||||||
| September 30, 2021 | |||||||||||||||||||||||||||||||||||
| Maturity Date(s) | Utilized Balance | Committed Amount | Effective Rate | Assets Pledged | Restricted Cash Pledged | ||||||||||||||||||||||||||||||
| Facilities with third parties: | |||||||||||||||||||||||||||||||||||
| Warehouse line | June 2023 | $ | i — | $ | i 500,000 | i —% | $ | i 367,404 | $ | i — | |||||||||||||||||||||||||
| Warehouse line | March 2023 | i — | i 1,250,000 | i —% | i 246,480 | i 1 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i — | i 1,500,000 | i —% | i 121,046 | i — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i — | i 3,500,000 | i —% | i 133,429 | i — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i — | i 500,000 | i —% | i 13,409 | i 500 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i — | i 2,100,000 | i —% | i 175,624 | i 64 | |||||||||||||||||||||||||||||
| Warehouse line | January 2023 | i — | i 1,000,000 | i —% | i 477,840 | i — | |||||||||||||||||||||||||||||
| Warehouse line | November 2022 | i — | i 500,000 | i —% | i 279,703 | i — | |||||||||||||||||||||||||||||
| Warehouse line | July 2022 | i — | i 900,000 | i —% | i — | i — | |||||||||||||||||||||||||||||
| Total facilities with third parties | i — | i 11,750,000 | i 1,814,935 | i 565 | |||||||||||||||||||||||||||||||
| Facilities with Santander and related subsidiaries: | |||||||||||||||||||||||||||||||||||
| Promissory Note | December 2021 | i 250,000 | i 250,000 | i 3.58% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | i 250,000 | i 250,000 | i 3.82% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | December 2023 | i 250,000 | i 250,000 | i 5.07% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | i 250,000 | i 250,000 | i 4.83% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | May 2023 | i 350,000 | i 350,000 | i 3.67% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | November 2022 | i 400,000 | i 400,000 | i 2.90% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | April 2023 | i 450,000 | i 450,000 | i 5.92% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | i 500,000 | i 500,000 | i 3.19% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | July 2024 | i 500,000 | i 500,000 | i 3.77% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | March 2022 | i 650,000 | i 650,000 | i 4.06% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | September 2023 | i 750,000 | i 750,000 | i 3.17% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | May 2025 | i 1,000,000 | i 1,000,000 | i 3.86% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | i 2,000,000 | i 2,000,000 | i 2.03% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | September 2022 | i 2,000,000 | i 2,000,000 | i 1.01% | i — | i — | |||||||||||||||||||||||||||||
| Line of credit | July 2024 | i — | i 500,000 | i 2.08% | i — | i — | |||||||||||||||||||||||||||||
| Line of credit | March 2023 | i — | i 2,500,000 | i 3.28% | i — | i — | |||||||||||||||||||||||||||||
| Total facilities with Santander and related subsidiaries | i 9,600,000 | i 12,600,000 | i — | i — | |||||||||||||||||||||||||||||||
| Total revolving credit facilities | $ | i 9,600,000 | $ | i 24,350,000 | $ | i 1,814,935 | $ | i 565 | |||||||||||||||||||||||||||
| 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 | $ | i — | $ | i 500,000 | i 1.50% | $ | i 159,348 | $ | i — | |||||||||||||||||||||||||
| Warehouse line | March 2022 | i 942,845 | i 1,250,000 | i 1.34% | i 1,621,206 | i 1 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i 1,000,600 | i 1,500,000 | i 1.85% | i 639,875 | i — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i 441,143 | i 3,500,000 | i 3.45% | i 2,057,758 | i — | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i 168,300 | i 500,000 | i 3.07% | i 243,649 | i 1,201 | |||||||||||||||||||||||||||||
| Warehouse line | October 2022 | i 845,800 | i 2,100,000 | i 3.29% | i 1,156,885 | i — | |||||||||||||||||||||||||||||
| Warehouse line | January 2022 | i 415,700 | i 1,000,000 | i 1.81% | i 595,518 | i — | |||||||||||||||||||||||||||||
| Warehouse line | November 2022 | i 177,600 | i 500,000 | i 1.18% | i 371,959 | i — | |||||||||||||||||||||||||||||
| Warehouse line | July 2022 | i — | i 900,000 | i 1.46% | i — | i 1,684 | |||||||||||||||||||||||||||||
| Repurchase facility | January 2021 | i 167,967 | i 167,967 | i 1.64% | i 217,200 | i — | |||||||||||||||||||||||||||||
| Total facilities with third parties | i 4,159,955 | i 11,917,967 | i 7,063,398 | i 2,886 | |||||||||||||||||||||||||||||||
| Facilities with Santander and related subsidiaries: | |||||||||||||||||||||||||||||||||||
| Promissory Note | December 2021 | i 250,000 | i 250,000 | i 3.70% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | i 250,000 | i 250,000 | i 3.95% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | December 2023 | i 250,000 | i 250,000 | i 5.25% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | December 2022 | i 250,000 | i 250,000 | i 5.00% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | May 2021 | i 250,000 | i 250,000 | i 2.25% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | March 2021 | i 300,000 | i 300,000 | i 3.95% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | May 2023 | i 350,000 | i 350,000 | i 3.80% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | November 2022 | i 400,000 | i 400,000 | i 3.00% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | April 2023 | i 450,000 | i 450,000 | i 6.13% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | i 500,000 | i 500,000 | i 3.30% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | July 2024 | i 500,000 | i 500,000 | i 3.90% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | March 2022 | i 650,000 | i 650,000 | i 4.20% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | August 2021 | i 650,000 | i 650,000 | i 3.44% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | September 2023 | i 750,000 | i 750,000 | i 3.27% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | May 2025 | i 1,000,000 | i 1,000,000 | i 3.99% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | June 2022 | i 2,000,000 | i 2,000,000 | i 1.40% | i — | i — | |||||||||||||||||||||||||||||
| Promissory Note | September 2022 | i 2,000,000 | i 2,000,000 | i 1.04% | i — | i — | |||||||||||||||||||||||||||||
| Line of credit | July 2021 | i — | i 500,000 | i 2.08% | i — | i — | |||||||||||||||||||||||||||||
| Line of credit | March 2022 | i — | i 2,500,000 | i 3.28% | i — | i — | |||||||||||||||||||||||||||||
| Total facilities with Santander and related subsidiaries | i 10,800,000 | i 13,800,000 | i — | i — | |||||||||||||||||||||||||||||||
| Total revolving credit facilities | i 14,959,955 | i 25,717,967 | i 7,063,398 | i 2,886 | |||||||||||||||||||||||||||||||
| September 30, 2021 | |||||||||||||||||||||||||||||||||||
| Estimated Maturity Date(s) at Issuance | Balance | Initial Note Amounts Issued (d) | Initial Weighted Average Interest Rate | Collateral (b) | Restricted Cash | ||||||||||||||||||||||||||||||
| 2017 Securitizations | July 2022 - September 2024 | i 118,293 | i 3,889,470 | i 1.35%
- i 2.52% | i 564,070 | i 90,895 | |||||||||||||||||||||||||||||
| 2018 Securitizations | February 2024 - April 2026 | i 1,606,743 | i 11,000,280 | i 2.41%
- i 3.42% | i 2,510,723 | i 264,577 | |||||||||||||||||||||||||||||
| 2019 Securitizations | May 2024 - February 2027 | i 4,249,645 | i 11,924,720 | i 2.08%
- i 3.34% | i 5,788,406 | i 466,789 | |||||||||||||||||||||||||||||
| 2020 Securitizations | November 2024 - May 2028 | i 5,629,703 | i 10,028,425 | i 0.60%
- i 2.73% | i 7,256,352 | i 364,410 | |||||||||||||||||||||||||||||
| 2021 Securitizations | November 2025 - March 2029 | i 13,052,747 | i 14,986,600 | i 0.48%
- i 0.65% | i 15,283,626 | i 479,199 | |||||||||||||||||||||||||||||
| Public Securitizations (a) | i 24,657,131 | i 51,829,495 | i 31,403,177 | i 1,665,870 | |||||||||||||||||||||||||||||||
| 2013 Private issuances | July 2024 - September 2024 | i 230,404 | i 1,537,025 | i 1.28% | i 1,015,024 | i 751 | |||||||||||||||||||||||||||||
| 2018 Private issuances | June 2022 - April 2024 | i 1,452,711 | i 2,200,002 | i 2.42%
- i 3.17% | i 2,111,645 | i — | |||||||||||||||||||||||||||||
| 2019 Private issuance | September 2022 - November 2026 | i 1,517,437 | i 3,524,536 | i 2.45%
- i 3.90% | i 2,300,073 | i 10,566 | |||||||||||||||||||||||||||||
| 2020 Private issuance | April 2024 - December 2027 | i 974,175 | i 1,500,000 | i 1.29%
- i 2.68% | i 1,330,694 | i 4,902 | |||||||||||||||||||||||||||||
| Privately issued amortizing notes (c) | i 4,174,727 | i 8,761,563 | i 6,757,436 | i 16,219 | |||||||||||||||||||||||||||||||
| Total secured structured financings | $ | i 28,831,858 | $ | i 60,591,058 | $ | i 38,160,613 | $ | i 1,682,089 | |||||||||||||||||||||||||||
| 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 | $ | i 259,078 | $ | i 2,519,810 | i 1.63%
- i 2.34% | $ | i 354,985 | $ | i 85,041 | |||||||||||||||||||||||||
| 2017 Securitizations | July 2022 - September 2024 | i 1,049,867 | i 8,262,940 | i 1.35%
- i 2.52% | i 1,661,845 | i 211,606 | |||||||||||||||||||||||||||||
| 2018 Securitizations | May 2022 - April 2026 | i 2,723,099 | i 12,039,840 | i 2.41%
- i 3.42% | i 4,130,936 | i 376,246 | |||||||||||||||||||||||||||||
| 2019 Securitizations | May 2024 - February 2027 | i 6,653,226 | i 11,924,720 | i 2.08%
- i 3.34% | i 8,582,241 | i 488,546 | |||||||||||||||||||||||||||||
| 2020 Securitizations | November 2024 - May 2028 | i 8,256,890 | i 10,028,425 | i 0.60%
- i 2.73% | i 10,292,570 | i 548,912 | |||||||||||||||||||||||||||||
| Public Securitizations | i 18,942,160 | i 44,775,735 | i 25,022,577 | i 1,710,351 | |||||||||||||||||||||||||||||||
| 2013 Private issuances | July 2024 - September 2024 | i 777,210 | i 1,537,025 | i 1.28% | i 1,843,443 | i 751 | |||||||||||||||||||||||||||||
| 2018 Private issuances | June 2022 - April 2024 | i 2,768,145 | i 4,186,002 | i 2.42%-
i 3.53% | i 4,223,567 | i 7,675 | |||||||||||||||||||||||||||||
| 2019 Private issuance | September 2022 - November 2026 | i 2,584,974 | i 3,524,536 | i 2.45%
- i 3.90% | i 3,632,833 | i 10,457 | |||||||||||||||||||||||||||||
| 2020 Private issuance | April 2024 - December 2027 | i 1,104,912 | i 1,500,000 | i 1.29%
- i 2.68% | i 1,532,280 | i 4,902 | |||||||||||||||||||||||||||||
| Privately issued amortizing notes | i 7,235,241 | i 10,747,563 | i 11,232,123 | i 23,785 | |||||||||||||||||||||||||||||||
| Total secured structured financings | $ | i 26,177,401 | $ | i 55,523,298 | $ | i 36,254,700 | $ | i 1,734,136 | |||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
| Tender offer (a): | |||||||||||||||||||||||
| Number of shares purchased | i — | i — | i — | i 17,514,707 | |||||||||||||||||||
| Average price per share | $ | i — | $ | i — | $ | i — | $ | i 26.00 | |||||||||||||||
| Cost of shares purchased (b) | $ | i — | $ | i — | $ | i — | $ | i 455,382 | |||||||||||||||
| Other share repurchases: | |||||||||||||||||||||||
| Number of shares purchased | i — | i 10,198,800 | i 357,747 | i 15,956,561 | |||||||||||||||||||
| Average price per share | $ | i — | $ | i 21.91 | $ | i 26.46 | $ | i 20.00 | |||||||||||||||
| Cost of shares purchased (b) | $ | i — | $ | i 223,485 | $ | i 9,468 | $ | i 319,075 | |||||||||||||||
| Total number of shares purchased | i — | i 10,198,800 | i 357,747 | i 33,471,268 | |||||||||||||||||||
| Average price per share | $ | i — | $ | i 21.91 | $ | i 26.46 | $ | i 23.14 | |||||||||||||||
| Total cost of shares purchased (b) | $ | i — | $ | i 223,485 | $ | i 9,468 | $ | i 774,457 | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Beginning balance, unrealized gains (losses) | $ | ( i 36,855) | $ | ( i 63,705) | $ | ( i 50,566) | $ | ( i 26,693) | |||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications (gross) | i 414 | i 94 | i 2,603 | ( i 43,212) | |||||||||||||||||||||||||
| Amounts (gross) reclassified out of accumulated other comprehensive income (loss) | i 5,247 | i 6,729 | i 16,769 | i 13,023 | |||||||||||||||||||||||||
| Ending balance, unrealized gains (losses) | $ | ( i 31,194) | $ | ( i 56,882) | $ | ( i 31,194) | $ | ( i 56,882) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | Income statement line item | |||||||||||||||||||||||||||||||||
| Reclassification | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||
| Cash flow hedges | $ | i 6,946 | $ | i 8,939 | $ | i 22,254 | $ | i 17,260 | Interest expense | ||||||||||||||||||||||||||
| Tax benefit | ( i 1,699) | ( i 2,210) | ( i 5,485) | ( i 4,237) | |||||||||||||||||||||||||||||||
| Net of tax | $ | i 5,247 | $ | i 6,729 | $ | i 16,769 | $ | i 13,023 | |||||||||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||||||||||||||||||||||||||
| Interest rate swap agreements designated as cash flow hedges | $ | i — | $ | i — | $ | i — | $ | i 2,450,000 | $ | i 123 | $ | ( i 70,589) | |||||||||||||||||||||||||||||||||||
| Interest rate swap agreements not designated as hedges | i 250,000 | i — | ( i 8,085) | i 250,000 | i — | ( i 12,934) | |||||||||||||||||||||||||||||||||||||||||
| Interest rate cap agreements | i 7,649,971 | i 13,314 | i — | i 10,199,134 | i 4,617 | i — | |||||||||||||||||||||||||||||||||||||||||
| Options for interest rate cap agreements | i 7,649,971 | i — | ( i 13,314) | i 10,199,134 | i — | ( i 4,617) | |||||||||||||||||||||||||||||||||||||||||
| Gross
Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||
| Assets Presented in the Consolidated Balance Sheet | Collateral Received (a) | Net Amount | |||||||||||||||||||||
| September 30, 2021 | |||||||||||||||||||||||
| Interest rate caps - Santander and affiliates | $ | i 2,334 | $ | ( i 2,334) | $ | i — | |||||||||||||||||
| Interest rate caps - third party | i 10,980 | ( i 10,980) | i — | ||||||||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | i 13,314 | ( i 13,314) | i — | ||||||||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | i — | i — | i — | ||||||||||||||||||||
| Total derivative assets | $ | i 13,314 | $ | ( i 13,314) | $ | i — | |||||||||||||||||
| Total financial assets | $ | i 13,314 | $ | ( i 13,314) | $ | i — | |||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Interest rate swaps - third party (b) | $ | i 123 | $ | ( i 123) | $ | i — | |||||||||||||||||
| Interest rate caps - Santander and affiliates | i 463 | ( i 463) | i — | ||||||||||||||||||||
| Interest rate caps - third party | i 4,154 | ( i 4,154) | i — | ||||||||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | i 4,740 | ( i 4,740) | i — | ||||||||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | i — | i — | i — | ||||||||||||||||||||
| Total derivative assets | $ | i 4,740 | $ | ( i 4,740) | $ | i — | |||||||||||||||||
| Total financial assets | $ | i 4,740 | $ | ( i 4,740) | $ | i — | |||||||||||||||||
| Gross
Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||||
| Liabilities Presented in the Consolidated Balance Sheet | Collateral Pledged (a) | Net Amount | ||||||||||||||||||||||||
| September 30, 2021 | ||||||||||||||||||||||||||
| Interest rate swaps - third party (b) | $ | i 8,085 | $ | ( i 8,085) | $ | i — | ||||||||||||||||||||
| Interest rate caps - Santander and affiliates | i 2,334 | ( i 2,334) | i — | |||||||||||||||||||||||
| Interest rate caps - third party | i 10,980 | ( i 4,885) | i 6,095 | |||||||||||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | i 21,399 | ( i 15,304) | i 6,095 | |||||||||||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | i — | i — | i — | |||||||||||||||||||||||
| Total derivative liabilities | $ | i 21,399 | $ | ( i 15,304) | $ | i 6,095 | ||||||||||||||||||||
| Total financial liabilities | $ | i 21,399 | $ | ( i 15,304) | $ | i 6,095 | ||||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| Interest rate swaps - third party | $ | i 83,523 | $ | ( i 83,523) | $ | i — | ||||||||||||||||||||
| Interest rate caps - Santander and affiliates | i 463 | ( i 463) | i — | |||||||||||||||||||||||
| Interest rate caps - third party | i 4,154 | ( i 4,154) | i — | |||||||||||||||||||||||
| Total derivatives subject to a master netting arrangement or similar arrangement | i 88,140 | ( i 88,140) | i — | |||||||||||||||||||||||
| Total derivatives not subject to a master netting arrangement or similar arrangement | i — | i — | i — | |||||||||||||||||||||||
| Total derivative liabilities | $ | i 88,140 | $ | ( i 88,140) | $ | i — | ||||||||||||||||||||
| Total financial liabilities | $ | i 88,140 | $ | ( i 88,140) | $ | i — | ||||||||||||||||||||
| Three Months Ended September 30, 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 | $ | i — | $ | i 1,023 | $ | ( i 6,946) | |||||||||||
| Derivative instruments not designated as hedges: | |||||||||||||||||
| Losses (Gains) recognized in interest expenses | $ | i 143 | |||||||||||||||
| Three Months Ended September 30, 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 | $ | i — | $ | i 256 | $ | ( i 8,939) | |||||||||||
| Derivative instruments not designated as hedges: | |||||||||||||||||
| Losses (Gains) recognized in interest expenses | $ | i 567 | |||||||||||||||
| Nine Months Ended September 30, 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 | $ | i — | $ | i 4,687 | $ | ( i 22,254) | |||||||||||
| Derivative instruments not designated as hedges: | |||||||||||||||||
| Losses (Gains) recognized in interest expenses | $ | i 113 | |||||||||||||||
| Nine Months Ended September 30, 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 | $ | i — | $ | ( i 59,405) | $ | ( i 17,260) | |||||||||||
| Derivative instruments not designated as hedges: | |||||||||||||||||
| Losses (Gains) recognized in interest expenses | $ | i 10,774 | |||||||||||||||
| Level 1 | Level 2 | Level 3 | Balance at September 30, 2021 | Level 1 | Level 2 | Level 3 | Balance at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
| Other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading interest rate caps (a) | $ | i — | $ | i 13,314 | $ | i — | $ | i 13,314 | $ | i — | $ | i 4,617 | $ | i — | $ | i 4,617 | ||||||||||||||||||||||||||||||||||
| Cash flow hedging interest rate swaps (a) | i — | i — | i — | $ | i — | i — | i 123 | i — | $ | i 123 | ||||||||||||||||||||||||||||||||||||||||
| Available-for-sale-debt securities (b) | i — | i 90,688 | i — | $ | i 90,688 | i — | i 95,654 | i — | $ | i 95,654 | ||||||||||||||||||||||||||||||||||||||||
| Retail installment contracts (c)(d) | i — | i 3,774 | i 2,396 | $ | i 6,170 | i — | i — | i 5,614 | $ | i 5,614 | ||||||||||||||||||||||||||||||||||||||||
| Other liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading options for interest rate caps (a) | i — | i 13,314 | i — | $ | i 13,314 | i — | i 4,617 | i — | $ | i 4,617 | ||||||||||||||||||||||||||||||||||||||||
| Cash flow hedging interest rate swaps (a) | i — | i — | i — | $ | i — | i — | i 70,589 | i — | $ | i 70,589 | ||||||||||||||||||||||||||||||||||||||||
| Trading interest rate swaps (a) | i — | i 8,085 | i — | $ | i 8,085 | i — | i 12,934 | i — | $ | i 12,934 | ||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
| Balance — beginning of year | $ | i 2,841 | $ | i 10,585 | $ | i 5,614 | $ | i 4,719 | ||||||||||||||||||||||||
| Additions / issuances | i 1,171 | i — | i 1,171 | i 2,512 | ||||||||||||||||||||||||||||
| Transfer from level 2 (a) | i — | i — | i — | i 17,634 | ||||||||||||||||||||||||||||
| Net collection activities | ( i 1,616) | ( i 2,410) | ( i 4,389) | ( i 16,854) | ||||||||||||||||||||||||||||
| Gains recognized in earnings | i — | i 73 | i — | i 237 | ||||||||||||||||||||||||||||
| Balance — end of year | $ | i 2,396 | $ | i 8,248 | $ | i 2,396 | $ | i 8,248 | ||||||||||||||||||||||||
| Nine Months Ended September 30, 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) | $ | i 269,627 | $ | i — | $ | i 311,557 | $ | i — | |||||||||||||||
| Personal loans held for sale (b) | i — | i — | i 893,479 | i 355,136 | |||||||||||||||||||
| Retail installment contracts held for sale (c) | i 359,561 | i — | i 674,048 | $ | i 7,385 | ||||||||||||||||||
| Auto loans impaired due to bankruptcy (d) | i 204,594 | i — | i 191,785 | i — | |||||||||||||||||||
| Financial Instruments | Fair Value at September 30, 2021 | Valuation Technique | Unobservable Inputs | Range (weighted average) (a) | ||||||||||||||||||||||
| Financial Assets: | ||||||||||||||||||||||||||
| Retail installment contracts held for investment | $ | i 2,396 | Discounted Cash Flow | Discount Rate | i 7%- i 13%
( i 9%) | |||||||||||||||||||||
| Default Rate | i 4%- i 10%
( i 7%) | |||||||||||||||||||||||||
| Prepayment Rate | i 4%- i 15%
( i 15%) | |||||||||||||||||||||||||
| Loss Severity Rate | i 50%- i 60%
( i 56%) | |||||||||||||||||||||||||
| Retail installment contracts held for sale | $ | i 359,561 | Discounted Cash Flow | Discount Rate | i 1%
- i 2% ( i 2%) | |||||||||||||||||||||
| Default Rate | i 4%
- i 10% ( i 7%) | |||||||||||||||||||||||||
| Prepayment Rate | i 15%
- i 20% ( i 17%) | |||||||||||||||||||||||||
| Loss Severity Rate | i 50%
- i 55% ( i 52%) | |||||||||||||||||||||||||
| Financial Instruments | Fair Value at December 31, 2020 | Valuation Technique | Unobservable Inputs | Range | ||||||||||||||||||||||
| Financial Assets: | ||||||||||||||||||||||||||
| Retail installment contracts held for investment | $ | i 5,614 | Discounted Cash Flow | Discount Rate | i 7%- i 11% | |||||||||||||||||||||
| Default Rate | i 4%- i 20% | |||||||||||||||||||||||||
| Prepayment Rate | i 15%- i 25% | |||||||||||||||||||||||||
| Loss Severity Rate | i 50%- i 60% | |||||||||||||||||||||||||
| Personal loans held for sale | $ | i 893,479 | Lower of Market or Income Approach | Market Approach | ||||||||||||||||||||||
| Market Participant View | i 60%- i 70% | |||||||||||||||||||||||||
| Income Approach | ||||||||||||||||||||||||||
| Discount Rate | i 20%- i 30% | |||||||||||||||||||||||||
| Default Rate | i 35%- i 45% | |||||||||||||||||||||||||
| Net Principal & Interest Payment Rate | i 65%- i 75% | |||||||||||||||||||||||||
| Loss Severity Rate | i 90%- i 95% | |||||||||||||||||||||||||
| Retail installment contracts held for sale | $ | i 674,048 | Discounted Cash Flow | Discount Rate | i 1.5%
- i 2.5% | |||||||||||||||||||||
| Default Rate | i 2% - i 4% | |||||||||||||||||||||||||
| Prepayment Rate | i 10% - i 20% | |||||||||||||||||||||||||
| Loss Severity Rate | i 50%
- i 60% | |||||||||||||||||||||||||
| September 30, 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) | $ | i 2,106,405 | $ | i 2,106,405 | $ | i 2,106,405 | $ | i — | $ | i — | $ | i 109,053 | $ | i 109,053 | $ | i 109,053 | $ | i — | $ | i — | ||||||||||||||||||||||||||||||||||||||||||
| Finance receivables held for investment, net (b) | i 27,272,976 | i 29,878,212 | i — | i 47,691 | i 29,830,521 | i 26,806,606 | i 29,464,066 | i — | i — | i 29,464,066 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted cash (a) | i 2,248,667 | i 2,248,667 | i 2,248,667 | i — | i — | i 2,221,094 | i 2,221,094 | i 2,221,094 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in debt securities held to maturity (c) | i 101,815 | i 102,449 | i — | i 102,449 | i — | i 44,841 | i 45,606 | i — | i 45,606 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | i 31,729,863 | $ | i 34,335,733 | $ | i 4,355,072 | $ | i 150,140 | $ | i 29,830,521 | $ | i 29,181,594 | $ | i 31,839,819 | $ | i 2,330,147 | $ | i 45,606 | $ | i 29,464,066 | ||||||||||||||||||||||||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Payable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Facilities with third parties (d) | $ | i — | $ | i — | $ | i — | $ | i — | $ | i — | $ | i 4,159,955 | $ | i 4,159,955 | $ | i — | $ | i — | $ | i 4,159,955 | ||||||||||||||||||||||||||||||||||||||||||
| Secured structured financings (e) | i 28,831,858 | i 29,089,183 | i — | i 24,644,581 | i 4,444,602 | i 26,177,401 | i 26,673,970 | i — | i 18,291,898 | i 8,382,072 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Facilities with Santander and related subsidiaries (f) | i 9,600,000 | i 9,798,720 | i — | i — | i 9,798,720 | i 10,801,318 | i 11,333,823 | i — | i — | i 11,333,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | i 38,431,858 | $ | i 38,887,903 | $ | i — | $ | i 24,644,581 | $ | i 14,243,322 | $ | i 41,138,674 | $ | i 42,167,748 | $ | i — | $ | i 18,291,898 | $ | i 23,875,850 | ||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Gain (loss) on sale of loans and leases | $ | i 2,003 | $ | ( i 13,669) | $ | i 19,412 | $ | ( i 40,553) | |||||||||||||||||||||
| Lower of cost or market adjustments | i — | ( i 56,598) | ( i 31,848) | ( i 241,198) | |||||||||||||||||||||||||
| Other gains, net | i 3,238 | i 1,278 | i 5,379 | i 1,754 | |||||||||||||||||||||||||
| $ | i 5,241 | $ | ( i 68,989) | $ | ( i 7,057) | $ | ( i 279,997) | ||||||||||||||||||||||
| Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
| Earnings per common share | |||||||||||||||||||||||||||||
| Net income (loss) | $ | i 763,324 | $ | i 490,115 | $ | i 2,563,181 | $ | i 389,450 | |||||||||||||||||||||
| Weighted average number of common shares outstanding (in thousands) | i 306,093 | i 310,150 | i 306,086 | i 321,276 | |||||||||||||||||||||||||
| Earnings per common share | $ | i 2.49 | $ | i 1.58 | $ | i 8.37 | $ | i 1.21 | |||||||||||||||||||||
| Earnings per common share - assuming dilution | |||||||||||||||||||||||||||||
| Net income (loss) | $ | i 763,324 | $ | i 490,115 | $ | i 2,563,181 | $ | i 389,450 | |||||||||||||||||||||
| Weighted average number of common shares outstanding (in thousands) | i 306,093 | i 310,150 | i 306,086 | i 321,276 | |||||||||||||||||||||||||
| Effect of employee stock-based awards (in thousands) | i 286 | i 157 | i 268 | i 216 | |||||||||||||||||||||||||
| Weighted average number of common shares outstanding - assuming dilution (in thousands) | i 306,379 | i 310,307 | i 306,354 | i 321,492 | |||||||||||||||||||||||||
| Earnings per common share - assuming dilution | $ | i 2.49 | $ | i 1.58 | $ | i 8.37 | $ | i 1.21 | |||||||||||||||||||||
| Agreement or Legal Matter | Commitment or Contingency | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
| MPLFA | Revenue-sharing and gain/(loss), net-sharing payments | $ | i 70,675 | $ | i 43,778 | |||||||||||||||||||||
| Agreement with Bank of America | Servicer performance fee | i 462 | i 1,200 | |||||||||||||||||||||||
| Agreement with CBP | Loss-sharing payments | i 286 | i 181 | |||||||||||||||||||||||
| Other Contingencies | Consumer arrangements | i 29,070 | i 22,155 | |||||||||||||||||||||||
| Legal and regulatory proceedings | Aggregate legal and regulatory liabilities | i 6,348 | i 31,936 | |||||||||||||||||||||||
| Total commitments and contingencies | $ | i 106,841 | $ | i 99,250 | ||||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Total serviced portfolio | $ | i 135,532 | $ | i 190,504 | |||||||
| Cash collections due to owner | i 24,395 | i 19,650 | |||||||||
| Servicing fees receivable | i 4,194 | i 1,769 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
| Origination and renewal fee income from SBNA | $ | i — | $ | i 451 | $ | i — | $ | i 2,473 | |||||||||||||||||||||
| Servicing fees expenses charged by SBNA | i 33 | ( i 9) | i 193 | i 63 | |||||||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Total serviced portfolio | $ | i 243,531 | $ | i — | |||||||
| Origination and servicing fees receivable | i 342 | i — | |||||||||
| Revenue share reimbursement receivable | i 48 | i — | |||||||||
| Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Options outstanding at January 1, 2021 | i 169,369 | $ | i 13.01 | i 1.9 | $ | i 1,543 | |||||||||||||||||
| Granted | i — | i — | — | — | |||||||||||||||||||
| Exercised | ( i 77,885) | i 10.08 | — | i 1,650 | |||||||||||||||||||
| Expired | i — | i — | — | — | |||||||||||||||||||
| Forfeited | i — | i — | — | — | |||||||||||||||||||
| Other (a) | i — | i — | — | — | |||||||||||||||||||
| Options outstanding at September 30, 2021 | i 91,484 | i 15.51 | i 1.8 | i 2,396 | |||||||||||||||||||
| Options exercisable at September 30, 2021 | i 91,484 | $ | i 15.51 | i 1.8 | $ | i 2,396 | |||||||||||||||||
| Options expected to vest at September 30, 2021 | i — | $ | i — | i 0 | $ | i — | |||||||||||||||||
| Shares | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Outstanding as of January 1, 2021 | i 367,012 | $ | i 19.78 | i 0.8 | $ | i 8,082 | |||||||||||||||||
| Granted | i 438,435 | i 27.71 | — | — | |||||||||||||||||||
| Vested | ( i 401,549) | i 23.04 | — | i 10,847 | |||||||||||||||||||
| Forfeited/canceled | ( i 7,549) | i 14.67 | — | — | |||||||||||||||||||
| Non-vested at September 30, 2021 | i 396,349 | $ | i 25.10 | i 1.1 | $ | i 16,528 | |||||||||||||||||
ITEM
2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
| Retained Originations | |||||||||||||||||||||||||||||||||||||||||
| Retail installment contracts | $ | 4,432,175 | $ | 5,344,755 | $ | 14,298,345 | $ | 13,608,298 | |||||||||||||||||||||||||||||||||
| Average APR | 14.8 | % | 13.7 % | 15.0 | % | 13.8 % | |||||||||||||||||||||||||||||||||||
| Average FICO® (a) | 606 | 637 | 603 | 631 | |||||||||||||||||||||||||||||||||||||
| Premium | (2.4) | % | (1.3) | % | (2.1) | % | (1.0) | % | |||||||||||||||||||||||||||||||||
| Personal loans (b) | $ | — | $ | 305,039 | $ | — | $ | 923,112 | |||||||||||||||||||||||||||||||||
| Average APR | — | % | 29.4 % | — | % | 29.4 % | |||||||||||||||||||||||||||||||||||
| Leased vehicles | $ | 1,577,539 | $ | 1,856,166 | $ | 5,799,786 | $ | 4,863,504 | |||||||||||||||||||||||||||||||||
| Finance lease | $ | 2,816 | $ | 4,087 | $ | 8,147 | $ | 9,016 | |||||||||||||||||||||||||||||||||
| Total originations retained | $ | 6,012,530 | $ | 7,510,047 | $ | 20,106,278 | $ | 19,403,930 | |||||||||||||||||||||||||||||||||
| Sold Originations | |||||||||||||||||||||||||||||||||||||||||
| Retail installment contracts | $ | 39,325 | $ | 80,144 | $ | 523,862 | $ | 761,323 | |||||||||||||||||||||||||||||||||
| Average APR | 4.9 | % | 5.2 % | 5.3 | % | 4.8 % | |||||||||||||||||||||||||||||||||||
| Average FICO® (c) | 730 | 738 | 720 | 734 | |||||||||||||||||||||||||||||||||||||
| Personal Loans (d) | $ | — | $ | — | $ | 292,709 | $ | — | |||||||||||||||||||||||||||||||||
| Average APR | — | % | — | % | 29.7 | % | $ | — | |||||||||||||||||||||||||||||||||
| Total Originations Sold | $ | 39,325 | $ | 80,144 | $ | 816,571 | $ | 761,323 | |||||||||||||||||||||||||||||||||
| Total originations (excluding SBNA Originations Program) | $ | 6,051,855 | $ | 7,590,191 | $ | 20,922,849 | $ | 20,165,253 | |||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
| Retail installment contracts | ||||||||||||||||||||||||||||||||||||||||||||
| Car | $ | 1,537,270 | 34.4 | % | $ | 1,516,163 | 27.9 | % | $ | 4,998,645 | 33.7 | % | $ | 3,926,126 | 27.3 | % | ||||||||||||||||||||||||||||
| Truck and utility | 2,788,208 | 62.3 | % | 3,686,966 | 68.0 | % | 9,341,361 | 63.0 | % | 9,872,900 | 68.7 | % | ||||||||||||||||||||||||||||||||
| Van and other (a) | 146,022 | 3.3 | % | 221,770 | 4.1 | % | 482,201 | 3.3 | % | 570,595 | 4.0 | % | ||||||||||||||||||||||||||||||||
| $ | 4,471,500 | 100.0 | % | $ | 5,424,899 | 100.0 | % | $ | 14,822,207 | 100.0 | % | $ | 14,369,621 | 100.0 | % | |||||||||||||||||||||||||||||
| Leased vehicles | ||||||||||||||||||||||||||||||||||||||||||||
| Car | $ | 36,489 | 2.3 | % | $ | 53,985 | 2.9 | % | $ | 109,199 | 1.9 | % | $ | 167,432 | 3.4 | % | ||||||||||||||||||||||||||||
| Truck and utility | 1,517,749 | 96.2 | % | 1,769,518 | 95.3 | % | 5,593,418 | 96.4 | % | 4,593,150 | 94.5 | % | ||||||||||||||||||||||||||||||||
| Van and other (a) | 23,301 | 1.5 | % | 32,663 | 1.8 | % | 97,169 | 1.7 | % | 102,922 | 2.1 | % | ||||||||||||||||||||||||||||||||
| $ | 1,577,539 | 100.0 | % | $ | 1,856,166 | 100.0 | % | $ | 5,799,786 | 100.0 | % | $ | 4,863,504 | 100.0 | % | |||||||||||||||||||||||||||||
| Total originations by vehicle type | ||||||||||||||||||||||||||||||||||||||||||||
| Car | $ | 1,573,759 | 26.0 | % | $ | 1,570,148 | 21.6 | % | $ | 5,107,844 | 24.8 | % | $ | 4,093,558 | 21.3 | % | ||||||||||||||||||||||||||||
| Truck and utility | 4,305,957 | 71.2 | % | 5,456,484 | 74.9 | % | 14,934,779 | 72.4 | % | 14,466,050 | 75.2 | % | ||||||||||||||||||||||||||||||||
| Van and other (a) | 169,323 | 2.8 | % | 254,433 | 3.5 | % | 579,370 | 2.8 | % | 673,517 | 3.5 | % | ||||||||||||||||||||||||||||||||
| $ | 6,049,039 | 100.0 | % | $ | 7,281,065 | 100.0 | % | $ | 20,621,993 | 100.0 | % | $ | 19,233,125 | 100.0 | % | |||||||||||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||
| Retail installment contracts | |||||||||||||||||
| Car | $ | 11,613,325 | 35.5 | % | $ | 11,727,343 | 35.6 | % | |||||||||
| Truck and utility | 19,741,505 | 60.3 | % | 19,939,215 | 60.5 | % | |||||||||||
| Van and other (a) | 1,387,714 | 4.2 | % | 1,270,478 | 3.9 | % | |||||||||||
| $ | 32,742,544 | 100.0 | % | $ | 32,937,036 | 100.0 | % | ||||||||||
| Leased vehicles | |||||||||||||||||
| Car | $ | 450,467 | 2.8 | % | $ | 766,451 | 4.4 | % | |||||||||
| Truck and utility | 15,339,907 | 95.2 | % | 16,052,162 | 93.0 | % | |||||||||||
| Van and other (a) | 322,042 | 2.0 | % | 440,855 | 2.6 | % | |||||||||||
| $ | 16,112,416 | 100.0 | % | $ | 17,259,468 | 100.0 | % | ||||||||||
| Total by vehicle type | |||||||||||||||||
| Car | $ | 12,063,792 | 24.7 | % | $ | 12,493,794 | 24.9 | % | |||||||||
| Truck and utility | 35,081,412 | 71.8 | % | 35,991,377 | 71.7 | % | |||||||||||
| Van and other (a) | 1,709,756 | 3.5 | % | 1,711,333 | 3.4 | % | |||||||||||
| $ | 48,854,960 | 100.0 | % | $ | 50,196,504 | 100.0 | % | ||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||
| Retail installment contracts | $ | 277,898 | $ | 636,301 | $ | 2,968,467 | $ | 1,148,587 | |||||||||||||||||||||
| Average APR | 3.4 | % | 4.9 % | 4.2 | % | 5.6 % | |||||||||||||||||||||||
| Average FICO® | 737 | 735 | 737 | 715 | |||||||||||||||||||||||||
| Personal Loans | $ | — | $ | — | $ | 1,253,476 | — | ||||||||||||||||||||||
| Average APR | — | % | — | 29.7 | % | — | |||||||||||||||||||||||
| Total Asset Sales | $ | 277,898 | 636,301 | $ | 4,221,943 | 1,148,587 | |||||||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| Retail installment contracts | $ | 32,742,544 | $ | 32,937,036 | |||||||
| Average APR | 15.2 | % | 15.2 | % | |||||||
| Premium | (0.96) | % | (0.15) | % | |||||||
| Leased vehicles | $ | 16,112,416 | $ | 17,259,468 | |||||||
| Finance leases | $ | 24,508 | $ | 26,150 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Income from retail installment contracts | $ | 1,214,783 | $ | 1,220,703 | $ | (5,920) | — | % | $ | 3,659,757 | $ | 3,552,193 | $ | 107,564 | 3 | % | |||||||||||||||||||||||||||||||
| Income from purchased receivables portfolios - credit deteriorated | 338 | 649 | (311) | (48) | % | 1,247 | 2,164 | (917) | (42) | % | |||||||||||||||||||||||||||||||||||||
| Income from receivables from dealers | — | (17) | 17 | (100) | % | — | 48 | (48) | (100) | % | |||||||||||||||||||||||||||||||||||||
| Income from personal loans | — | 79,359 | (79,359) | (100) | % | 88,260 | 256,708 | (168,448) | (66) | % | |||||||||||||||||||||||||||||||||||||
| Total interest on finance receivables and loans | $ | 1,215,121 | $ | 1,300,694 | $ | (85,573) | (7) | % | $ | 3,749,264 | $ | 3,811,113 | $ | (61,849) | (1.6) | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Leased vehicle income | $ | 670,334 | $ | 725,156 | $ | (54,822) | (8) | % | $ | 2,115,134 | $ | 2,210,684 | $ | (95,550) | (4) | % | |||||||||||||||||||||||||||||||
| Leased vehicle expense | 325,259 | 467,172 | (141,913) | (30) | % | 1,043,774 | 1,630,945 | (587,171) | (36) | % | |||||||||||||||||||||||||||||||||||||
| Leased vehicle income, net | $ | 345,075 | $ | 257,984 | $ | 87,091 | 34 | % | $ | 1,071,360 | $ | 579,739 | $ | 491,621 | 85 | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense on notes payable | $ | 210,072 | $ | 283,202 | $ | (73,130) | (26) | % | $ | 686,923 | $ | 902,081 | $ | (215,158) | (24) | % | |||||||||||||||||||||||||||||||
| Interest expense on derivatives | 8,675 | 8,916 | (241) | (3) | % | 22,556 | 27,853 | (5,297) | (19) | % | |||||||||||||||||||||||||||||||||||||
| Total interest expense | $ | 218,747 | $ | 292,118 | $ | (73,371) | (25) | % | $ | 709,479 | $ | 929,934 | $ | (220,455) | (24) | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Credit loss expense | $ | 42,058 | $ | 340,548 | $ | (298,490) | (88) | % | $ | (85,484) | $ | 2,110,331 | $ | (2,195,815) | (104) | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Profit sharing | $ | 41,009 | $ | 30,414 | $ | 10,595 | 35 | % | $ | 158,888 | $ | 56,239 | $ | 102,649 | 183 | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Investment gains (losses), net | $ | 5,241 | $ | (68,989) | $ | 74,230 | (108) | % | $ | (7,057) | $ | (279,997) | $ | 272,940 | (97) | % | |||||||||||||||||||||||||||||||
| Servicing fee income | 19,975 | 18,574 | 1,401 | 8 | % | 61,481 | 56,797 | 4,684 | 8 | % | |||||||||||||||||||||||||||||||||||||
| Fees, commissions, and other | 48,867 | 78,924 | (30,057) | (38) | % | 200,242 | 256,123 | (55,881) | (22) | % | |||||||||||||||||||||||||||||||||||||
| Total other income | $ | 74,083 | $ | 28,509 | $ | 45,574 | 160 | % | $ | 254,666 | $ | 32,923 | $ | 221,743 | 674 | % | |||||||||||||||||||||||||||||||
| Average serviced for others portfolio | $ | 14,956,054 | $ | 11,365,610 | $ | 3,590,444 | 32 | % | $ | 14,029,336 | $ | 10,862,178 | $ | 3,167,158 | 29 | % | |||||||||||||||||||||||||||||||
| September 30, | |||||||||||
| 2021 | 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| SBNA and Santander retail installment contracts | $ | 11,742,348 | $ | 9,528,349 | |||||||
| SBNA leases | 243,531 | 65 | |||||||||
| Total serviced for related parties | $ | 11,985,879 | $ | 9,528,414 | |||||||
| CCAP securitizations | — | 103,579 | |||||||||
| SCART securitizations | 2,067,156 | 1,032,639 | |||||||||
| Other third parties | 1,097,933 | 846,178 | |||||||||
| Total serviced for third parties | $ | 3,165,089 | $ | 1,982,396 | |||||||
| Total serviced for others portfolio | $ | 15,150,968 | $ | 11,510,810 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Compensation expense | $ | 149,669 | $ | 127,991 | $ | 21,678 | 17 | % | $ | 460,014 | $ | 388,960 | $ | 71,054 | 18 | % | |||||||||||||||||||||||||||||||
| Repossession expense | 33,349 | 35,910 | (2,561) | (7) | % | 117,540 | 115,861 | 1,679 | 1 | % | |||||||||||||||||||||||||||||||||||||
| Other operating costs | 179,147 | 99,761 | 79,386 | 80 | % | 382,313 | 308,193 | 74,120 | 24 | % | |||||||||||||||||||||||||||||||||||||
| Total operating expenses | $ | 362,165 | $ | 263,662 | $ | 98,503 | 37 | % | $ | 959,867 | $ | 813,014 | $ | 146,853 | 18 | % | |||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 2021 | 2020 | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
| Income tax expense | $ | 208,607 | $ | 172,476 | $ | 36,131 | 21% | $ | 775,484 | $ | 137,161 | $ | 638,323 | 465 | % | ||||||||||||||||||||||||||||||||
| Income before income taxes | 971,931 | 662,591 | 309,340 | 47% | 3,338,665 | 526,611 | 2,812,054 | 534 | % | ||||||||||||||||||||||||||||||||||||||
| Effective tax rate | 21.5 | % | 26.0 | % | 23.2 | % | 26.0 | % | |||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, | Increase (Decrease) | September 30, | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2020 | Amount | Percent | 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 | $ | 5,661 | $ | 6,823 | $ | (1,162) | (17) | % | $ | 19,372 | $ | (30,189) | $ | 49,561 | (164) | % | |||||||||||||||||||||||||||||||
| September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Lines | 1 | 2 | 3 | 4+ | Total | |||||||||||||||||||||||||||||||||||||||||||||
| FICO | Months History | $ | % | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
| No-FICO (a) | <36 | $3.2 | 97 | % | $0.1 | 3 | % | $0.0 | — | % | $0.0 | — | % | $3.3 | 9 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.3 | 38 | % | 0.2 | 25 | % | 0.1 | 13 | % | 0.2 | 25 | % | 0.8 | 2 | % | |||||||||||||||||||||||||||||||||||
| <540 | <36 | 0.1 | 50 | % | 0.0 | — | % | 0.0 | — | % | 0.1 | 50 | % | 0.2 | 1 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.2 | 4 | % | 0.2 | 4 | % | 4.2 | 89 | % | 4.7 | 14 | % | |||||||||||||||||||||||||||||||||||
| 540-599 | <36 | 0.3 | 33 | % | 0.2 | 22 | % | 0.1 | 11 | % | 0.3 | 33 | % | 0.9 | 3 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 1 | % | 0.3 | 3 | % | 0.3 | 3 | % | 9.8 | 93 | % | 10.5 | 32 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | 0.2 | 3 | % | 5.6 | 93 | % | 6.0 | 18 | % | |||||||||||||||||||||||||||||||||||
| >=640 (b) | <36 | 0.8 | 53 | % | 0.3 | 20 | % | 0.2 | 13 | % | 0.2 | 13 | % | 1.5 | 5 | % | ||||||||||||||||||||||||||||||||||
| 36+ | 0.1 | 2 | % | 0.1 | 2 | % | 0.1 | 2 | % | 4.1 | 93 | % | 4.4 | 13 | % | |||||||||||||||||||||||||||||||||||
| Total (c) | $5.5 | 17 | % | $1.7 | 5 | % | $1.3 | 4 | % | $24.7 | 74 | % | $33.2 | 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 | % | ||||||||||||||||||||||||||||||
| Nine Months Ended | |||||||||||
| September 30, 2021 | September 30, 2020 | ||||||||||
| (Dollar amounts in thousands) | |||||||||||
| Principal outstanding at period end | $ | 32,742,544 | $ | 33,485,342 | |||||||
| Average principal outstanding during the period | $ | 32,576,199 | $ | 31,462,524 | |||||||
| Number of receivables outstanding at period end | 1,865,446 | 1,971,917 | |||||||||
| Average number of receivables outstanding during the period | 1,900,412 | 1,888,260 | |||||||||
| Number of repossessions (a) | 122,769 | 131,522 | |||||||||
| Number of repossessions as a percent of average number of receivables outstanding | 8.6 | % | 9.3 % | ||||||||
| Net losses | $ | 326,795 | $ | 1,100,138 | |||||||
| Net losses as a percent of average principal amount outstanding (b) | 1.3 | % | 4.7 % | ||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||
| Never deferred | $ | 24,353,207 | 73.4 | % | $ | 20,824,336 | 63.0 | % | |||||||||||||||
| Deferred once | 3,543,563 | 10.7 | % | 5,245,471 | 15.8 | % | |||||||||||||||||
| Deferred twice | 2,022,010 | 6.1 | % | 3,083,542 | 9.3 | % | |||||||||||||||||
| Deferred 3 - 4 times | 2,174,422 | 6.6 | % | 2,842,870 | 8.6 | % | |||||||||||||||||
| Deferred greater than 4 times | 1,074,914 | 3.2 | % | 1,104,369 | 3.3 | % | |||||||||||||||||
| Total (a) | $ | 33,168,116 | $ | 33,100,588 | |||||||||||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| Retail Installment Contracts | |||||||||||
| (Dollar amounts in thousands) | |||||||||||
| Temporary reduction of monthly payment (a) | $ | 267,880 | $ | 579,187 | |||||||
| Bankruptcy-related accounts | 16,805 | 23,865 | |||||||||
| Extension of maturity date | 91,555 | 69,613 | |||||||||
| Interest rate reduction | 73,456 | 76,786 | |||||||||
| Max buy rate and fair lending (b) | 8,533,585 | 7,459,761 | |||||||||
| Other (c) | 518,022 | 391,424 | |||||||||
| Total modified loans | $ | 9,501,303 | $ | 8,600,636 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
| Balance — beginning of period | $ | 4,210,211 | $ | 3,981,618 | $ | 4,011,780 | $ | 3,828,892 | |||||||||||||||
| New TDRs | 391,370 | 336,249 | 1,824,843 | 1,418,493 | |||||||||||||||||||
| Charge-offs | (206,111) | (200,352) | (599,083) | (617,536) | |||||||||||||||||||
| Paydowns (a) | (424,607) | (278,242) | (1,192,995) | (817,069) | |||||||||||||||||||
| Others | 10,057 | 4,197 | (63,625) | 30,690 | |||||||||||||||||||
| Balance — end of period (b) | $ | 3,980,920 | $ | 3,843,470 | $ | 3,980,920 | $ | 3,843,470 | |||||||||||||||
| As of September 30, 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 | 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 | 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 | 82,271 | 480,000 | ||||||||||||||||||||||||
| Line of Credit | SHUSA | — | 2,500,000 | — | — | ||||||||||||||||||||||||
| $ | 9,600,000 | $ | 12,600,000 | ||||||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||||||||||||
| (Dollar amounts in thousands) | |||||||||||||||||||||||||||||
| As Restated - Note 1 | |||||||||||||||||||||||||||||
| Net cash provided by operating activities | $ | 5,899,231 | $ | 3,251,942 | |||||||||||||||||||||||||
| Net cash provided by (used in) investing activities | (857,152) | (4,205,861) | |||||||||||||||||||||||||||
| Net cash provided by (used in) financing activities | (3,017,154) | 1,165,602 | |||||||||||||||||||||||||||
| Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||
| Operating lease obligations | $ | 4,078 | $ | 31,752 | $ | 28,710 | $ | 18,029 | $ | 82,569 | |||||||||||||||||||
| Notes payable - credit facilities and related party | 5,400,000 | 3,200,000 | 1,000,000 | — | 9,600,000 | ||||||||||||||||||||||||
| Notes payable - secured structured financings (a) | 978,330 | 11,918,520 | 11,008,316 | 5,014,104 | 28,919,270 | ||||||||||||||||||||||||
| Contractual interest on debt | 589,396 | 545,982 | 140,437 | 45,506 | 1,321,321 | ||||||||||||||||||||||||
| Total | $ | 6,971,804 | $ | 15,696,254 | $ | 12,177,463 | $ | 5,077,639 | $ | 39,923,160 | |||||||||||||||||||
| 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 | ||||
| Item 3. | Defaults upon Senior Securities | ||||
| Item 4. | Mine Safety Disclosures | ||||
| Item 5. | Other Information | ||||
| Item 6. | Exhibits | ||||
| Exhibit Number | Description | |||||||
| 2.1** | ||||||||
| 10.1* | ||||||||
| 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. | ||||
** | Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. SC hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC; provided, however, that SC may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedules so furnished. | ||||
| # | Indicates management contract or compensatory plan or arrangement | ||||
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) | |||||||||||||
| This ‘10-Q/A’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 6/30/23 | ||||
| 7/1/22 | ||||
| Filed as of: | 3/4/22 | 10-Q/A | ||
| Filed on: | 3/3/22 | 10-Q/A | ||
| 12/31/21 | ||||
| 10/27/21 | 10-Q, 8-K, IRANNOTICE | |||
| 10/25/21 | ||||
| For Period end: | 9/30/21 | 10-Q | ||
| 8/24/21 | 8-K, SC TO-C, SC14D9C | |||
| 7/2/21 | 8-K, SC 13D/A | |||
| 7/1/21 | 8-K | |||
| 3/31/21 | 10-Q, 10-Q/A, 4 | |||
| 3/5/21 | ||||
| 1/1/21 | 3 | |||
| 12/31/20 | 10-K | |||
| 9/30/20 | 10-Q | |||
| 8/10/20 | 8-K, SC 13D/A | |||
| 7/31/20 | 10-Q, 4, 8-K, IRANNOTICE | |||
| 7/1/20 | ||||
| 3/31/20 | 10-Q, 3 | |||
| 1/1/20 | 3 | |||
| 12/31/19 | 10-K | |||
| 1/1/18 | ||||
| 6/16/16 | 8-K, DEF 14A | |||
| 4/27/07 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/26/21 Santander Consumer USA Holdi… Inc 8-K:1,9 8/23/21 11:644K Donnelley … Solutions/FA |