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Press Release Details

Santander Consumer USA Holdings Inc. Reports Third Quarter 2016 Results

November 09, 2016

DALLAS, Nov. 9, 2016 /PRNewswire/ -- Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC") today announced net income for third quarter 2016 of $214 million, or $0.59 per diluted common share.

Third Quarter 2016 Key Highlights (variances compared to third quarter 2015):

  • One-time tax benefit of $11 million, or $0.03 per diluted common share
  • Total auto originations of $5.2 billion
    • Chrysler Capital lease originations of $1.3 billion, down 17%
    • Chrysler Capital retail originations of $1.9 billion, down 39%
    • Core retail auto originations of $2.0 billion, down 29%
  • Net finance and other interest income of $1.2 billion, down 3%
  • Return on average assets of 2.2%
  • Return on average equity 17.1%
  • Expense ratio of 2.2%, up 10 bps
  • Average managed assets of $52.7 billion, up 3%
  • Common equity tier 1 (CET1) ratio of 13.1%, up 160 bps

"We are pleased to report solid core financial performance in the third quarter in light of the competitive marketplace. Fewer originations are in part due to our disciplined underwriting standards as we are committed to driving originations at the right price and structure, and in part due to increased competition in the prime space," said Jason Kulas, President and Chief Executive Officer. "We are finalizing a strategic agreement with Banco Santander to originate and flow prime and near-prime retail loan assets. This strategy should strengthen our overall relationship with Fiat Chrysler (FCA) and our Chrysler Capital volume, as well as our serviced for others strategy."

Mr. Kulas continued, "Our commitment to building a culture of compliance and putting customers at the center of everything we do is the foundation of our continued success. We remain confident in our ability to execute our business plan and deliver value for all our stakeholders and customers through market cycles."

Finance receivables, loans and leases, net1, increased 6.1 percent, to $34.7 billion at September 30, 2016, from $32.7 billion at December 31, 2015, driven by an increase in lease assets. Net finance and other interest income decreased 3 percent to $1.18 billion in the third quarter 2016 from $1.22 billion in the third quarter 2015, primarily driven by a shift in credit mix as a result of disciplined underwriting standards, and higher cost of funds, driven by an increase in spreads and benchmark rates.

SC's average annual percentage rate (APR) as of the end of the third quarter 2016 for retail installment contracts (RICs) held for investment was 16.4 percent, down from 16.9 percent as of the end of the third quarter 2015. These APRs are consistent with credit trends in our held for investment portfolio. As of the end of the third quarter 2016, RICs with FICO® scores less than 540 decreased to 22.2 percent, from 23.8 percent as of the end of the third quarter 2015. In addition, RICs with FICO® scores greater than 640 increased to 13.8 percent, from 12.6 percent.

Net leased vehicle income increased 47 percent to $135.8 million in the third quarter 2016 from $92.7 million in the third quarter 2015 as a result of the continued growth of our leasing portfolio.

The allowance ratio2 increased to 12.4 percent as of September 30, 2016, from 11.9 percent as of December 31, 2015, primarily driven by the increased balance of loans classified as troubled debt restructurings (TDRs). A TDR is an accounting classification for assets that meet certain loan modification or extension criteria. Loan modifications and extensions are utilized to offer assistance to some customers experiencing temporary hardship. Under GAAP, the allowance for assets classified as TDRs takes into consideration expected lifetime losses. The allowance ratio as of September 30, 2016 is down from the June 30, 2016 ratio of 12.6%.

SC's RIC net charge-off and delinquency ratio3 increased to 8.7 percent and 4.6 percent, respectively, for the third quarter 2016 from 8.2 percent and 3.8 percent, respectively, for the third quarter 2015. The increases in the net charge-off and delinquency ratios, and in TDR balances, are driven by the aging of the more nonprime 2015 vintage, and slower portfolio growth since the prior year third quarter.

"More recently our asset mix has shifted toward higher credit quality originations, which has impacted APR, and should market conditions persist, positively impact charge-offs and delinquency in the future," said Izzy Dawood, Chief Financial Officer.

Provision for credit losses decreased to $610 million in the third quarter 2016, from $724 million in the third quarter 2015, driven primarily by the classification of the personal loan portfolio as held for sale in the prior year quarter. Excluding personal lending, provision decreased $8 million versus the prior year quarter.

In the third quarter 2016, SC recorded net investment losses of $106 million, compared to investment gains of $23 million in the third quarter 2015. The current period losses were primarily driven by $98 million of lower of cost or market adjustments related to the held for sale personal lending portfolio, including $114 million in customer default activity and a $19 million decrease in market discount. As mentioned in the prior paragraph, in the third quarter 2016, personal lending activity was included in net investment gains (losses) rather than provision for credit losses due to the classification of the personal lending assets as held for sale. Excluding the impact of personal lending, investment losses totaled $10 million.

During the quarter, SC incurred $284 million of operating expenses, up 9 percent from $261 million in the third quarter 2015 driven by higher repossession activity and increased headcount. SC's expense ratio for the quarter increased slightly to 2.2 percent, up from 2.1 percent during the same period last year.

In line with SC's strategy to leverage its scalable servicing platform and increase servicing fee income, SC executed asset sales of $794 million during the third quarter through existing loan sale programs, under which it retains servicing. The serviced for others portfolio of $12.2 billion as of September 30, 2016, is down 18 percent from September 30, 2015. Servicing fee income increased 1 percent to $36.4 million in the third quarter 2016, from $35.9 million in the third quarter 2015, driven by the sale of seasoned nonprime RICs and associated assets, which carry a higher servicing fee, during the prior year quarter.

1 Includes Finance receivables held for investment, Finance receivables held for sale and Leased vehicles
2 Excludes end of period balances on purchased receivables portfolio of $253 million and finance receivables held for sale of $2.6 billion
3 Net charge-off ratio stated on a recorded investment basis which is unpaid principal balance adjusted for unaccreted net discounts, subvention and origination costs

Conference Call Information

SC management will host a conference call and webcast to discuss the third quarter results and other general matters at 9 a.m. Eastern Time on Wednesday, November 9, 2016. The conference call will be accessible by dialing 877-604-9668 (U.S. domestic), or 719-325-4870 (international), conference ID 2258671. Please dial in 10 minutes prior to the start of the call. The conference call will also be accessible via live audio webcast through the Investor Relations section of the corporate website at http://investors.santanderconsumerusa.com. Choose "Events" and select the information pertaining to the Q3 2016 Earnings Call. Additionally there will be several slides accompanying the webcast. Please allow at least 15 minutes prior to the call to register, download and install any necessary software.

For those unable to listen to the live broadcast, a replay will be available on the company's website or by dialing 844-512-2921 (U.S. domestic), or 412-317-6671 (international), conference ID 2258671, approximately two hours after the event. The dial-in replay will be available for two weeks after the conference call, and the webcast replay will be available through November 23, 2016. An investor presentation will also be available by visiting the Investor Relations page of SC's website at http://investors.santanderconsumerusa.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions, or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as anticipates, believes, can, could, may, predicts, potential, should, will, estimates, plans, projects, continuing, ongoing, expects, intends, and similar words or phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and involve risks and uncertainties that are subject to change based on various important factors, some of which are beyond our control. For additional discussion of these risks, refer to the section entitled Risk Factors and elsewhere in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed by us with the U.S. Securities and Exchange Commission (SEC). Among the factors that could cause the forward-looking statements in this press release and/or our financial performance to differ materially from that suggested by the forward-looking statements are (a) the inherent limitations in internal controls over financial reporting; (b) our ability to remediate any material weaknesses in internal controls over financial reporting completely and in a timely manner; (c) continually changing federal, state, and local laws and regulations could materially adversely affect our business; (d) adverse economic conditions in the United States and worldwide may negatively impact our results; (e) our business could suffer if our access to funding is reduced; (f) significant risks we face implementing our growth strategy, some of which are outside our control; (g) unexpected costs and delays in connection with exiting our personal lending business; (h) our agreement with Fiat Chrysler Automobiles US LLC may not result in currently anticipated levels of growth and is subject to certain performance conditions that could result in termination of the agreement; (i) our business could suffer if we are unsuccessful in developing and maintaining relationships with automobile dealerships; (j) our financial condition, liquidity, and results of operations depend on the credit performance of our loans; (k) loss of our key management or other personnel, or an inability to attract such management and personnel; (l) certain regulations, including but not limited to oversight by the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, the European Central Bank, and the Federal Reserve, whose oversight and regulation may limit certain of our activities, including the timing and amount of dividends and other limitations on our business; and (m) future changes in our relationship with Banco Santander that could adversely affect our operations. If one or more of the factors affecting our forward-looking information and statements proves incorrect, our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Therefore, we caution not to place undue reliance on any forward-looking information or statements. The effect of these factors is difficult to predict. Factors other than these also could adversely affect our results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties. New factors emerge from time to time, and management cannot assess the impact of any such factor on our business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements only speak as of the date of this document, and we undertake no obligation to update any forward-looking information or statements, whether written or oral, to reflect any change, except as required by law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

About Santander Consumer USA Holdings Inc.

Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC") is a full-service, technology-driven consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 2.7 million customers across the full credit spectrum. The company, which began originating retail installment contracts in 1997, has a managed assets portfolio of more than $52 billion (as of September 30, 2016), and is headquartered in Dallas. (www.santanderconsumerusa.com)

Santander Consumer USA Holdings Inc.
Financial Supplement
Third Quarter 2016

Table 1: Condensed Consolidated Balance Sheets



September 30,

 2016


December 31,

2015

Assets

(Unaudited, Dollars in thousands, except per share amounts)

Cash and cash equivalents

$

75,873



$

18,893


Finance receivables held for sale, net

2,572,429



2,859,575


Finance receivables held for investment, net

23,686,391



23,367,788


Restricted cash

2,696,500



2,236,329


Accrued interest receivable

369,543



395,387


Leased vehicles, net

8,467,129



6,497,310


Furniture and equipment, net

62,378



58,007


Federal, state and other income taxes receivable

101,284



267,636


Related party taxes receivable

85



71


Goodwill

74,056



74,056


Intangible assets

33,028



33,016


Due from affiliates

46,333



58,599


Other assets

586,607



582,291


Total assets

$

38,771,636



$

36,448,958


Liabilities and Equity




Liabilities:




Notes payable — credit facilities

$

8,299,229



$

6,902,779


Notes payable — secured structured financings

21,150,666



20,872,900


Notes payable —  related party

2,350,000



2,600,000


Accrued interest payable

28,796



22,544


Accounts payable and accrued expenses

354,864



413,269


Federal, state and other income taxes payable

14,038



2,462


Deferred tax liabilities, net

1,227,179



881,225


Due to affiliates

54,848



58,148


Other liabilities

174,359



263,082


Total liabilities

33,653,979



32,016,409






Equity:




Common stock, $0.01 par value

3,584



3,579


Additional paid-in capital

1,652,786



1,644,151


Accumulated other comprehensive income (loss), net

(26,598)



2,125


Retained earnings

3,487,885



2,782,694


Total stockholders' equity

5,117,657



4,432,549


Total liabilities and equity

$

38,771,636



$

36,448,958


 

Table 2: Condensed Consolidated Statements of Income



Three Months Ended

 September 30,


Nine Months Ended

 September 30,


2016


2015


2016


2015


(Unaudited, Dollars in thousands, except per share amounts)

Interest on finance receivables and loans

$

1,246,386



$

1,285,085



$

3,804,322



$

3,761,757


Leased vehicle income

388,501



267,211



1,086,651



742,684


Other finance and interest income

3,638



9,334



11,440



23,413


Total finance and other interest income

1,638,525



1,561,630



4,902,413



4,527,854


Interest expense

207,175



171,420



590,504



470,898


Leased vehicle expense

252,730



174,545



717,230



518,165


Net finance and other interest income

1,178,620



1,215,665



3,594,679



3,538,791


Provision for credit losses

610,398



723,922



1,782,489



1,935,148


Net finance and other interest income after provision for credit losses

568,222



491,743



1,812,190



1,603,643


Profit sharing

6,400



11,818



35,640



46,835


Net finance and other interest income after provision for credit losses and profit sharing

561,822



479,925



1,776,550



1,556,808


Investment gains (losses), net

(106,050)



22,684



(276,415)



133,998


Servicing fee income

36,447



35,910



123,929



88,756


Fees, commissions, and other

96,285



95,742



294,028



296,476


Total other income

26,682



154,336



141,542



519,230


Compensation expense

128,056



114,070



371,242



325,583


Repossession expense

75,920



60,770



217,816



175,066


Other operating costs

80,508



86,447



258,509



263,978


Total operating expenses

284,484



261,287



847,567



764,627


Income before income taxes

304,020



372,974



1,070,525



1,311,411


Income tax expense

90,473



136,539



365,334



467,816


Net income

$

213,547



$

236,435



$

705,191



$

843,595










Net income per common share (basic)

$

0.60



$

0.66



$

1.97



$

2.38


Net income per common share (diluted)

$

0.59



$

0.66



$

1.96



$

2.38


Weighted average common shares (basic)

358,343,781



357,846,564



358,179,618



354,150,973


Weighted average common shares (diluted)

360,087,749



359,108,197



359,635,034



354,735,772


 

Table 3: Other Financial Information




Three Months Ended

 September 30,


Nine Months Ended

 September 30,



2016


2015


2016


2015

Ratios

(Unaudited, Dollars in thousands)


Yield on individually acquired retail installment contracts

15.9

%


16.7

%


16.2

%


16.8

%


Yield on purchased receivables portfolios

26.7

%


14.3

%


26.0

%


14.3

%


Yield on receivables from dealers

6.7

%


5.2

%


5.2

%


5.0

%


Yield on personal loans (1)

23.4

%


20.0

%


21.8

%


20.5

%


Yield on earning assets (2)

13.8

%


15.0

%


14.2

%


15.0

%


Cost of debt (3)

2.6

%


2.3

%


2.5

%


2.1

%


Net interest margin (4)

11.8

%


13.1

%


12.2

%


13.2

%


Expense ratio (5)

2.2

%


2.1

%


2.1

%


2.1

%


Return on average assets (6)

2.2

%


2.6

%


2.5

%


3.2

%


Return on average equity (7)

17.1

%


22.2

%


19.8

%


28.2

%


Net charge-off ratio on individually acquired retail installment contracts (8)

8.7

%


8.2

%


7.4

%


5.9

%


Net charge-off ratio on purchased receivables portfolios (8)

0.4

%


1.3

%


(0.4)%



(1.3)%



Net charge-off ratio on receivables from dealers (8)





0.2

%




Net charge-off ratio on personal loans (8)***



85.9

%




40.8

%


Net charge-off ratio (8)

8.3

%


13.8

%


6.9

%


8.4

%


Delinquency ratio on individually acquired retail installment contracts held for investment, end of period (9)

4.6

%


3.8

%


4.6

%


3.8

%


Delinquency ratio on personal loans, end of period (9)

13.4

%


7.3

%


13.4

%


7.3

%


Delinquency ratio on loans held for investment, end of period (9)

4.6

%


3.8

%


4.6

%


3.8

%


Allowance ratio (10)

12.4

%


11.1

%


12.4

%


11.1

%


Common Equity Tier 1 capital ratio (11)

13.1

%


11.5

%


13.1

%


11.5

%










Other Financial Information









Charge-offs, net of recoveries, on individually acquired retail installment contracts

$

630,847



$

564,820



$

1,583,406



$

1,184,245



Charge-offs, net of recoveries, on purchased receivables portfolios

254



1,563



(807)



(6,103)



Charge-offs, net of recoveries, on receivables from dealers





135





Charge-offs, net of recoveries, on personal loans***



490,548





673,294



Charge-offs, net of recoveries, on capital leases

2,095



3,027



7,165



11,048



Total charge-offs, net of recoveries

$

633,196



$

1,059,958



$

1,589,899



$

1,862,484



End of period Delinquent principal over 60 days, individually acquired retail installment contracts held for investment

$

1,260,255



$

1,012,042



$

1,260,255



$

1,012,042



End of period Delinquent principal over 60 days, personal loans

$

179,443



$

165,759



$

179,443



$

165,759



End of period Delinquent principal over 60 days, loans held for investment

$

1,267,950



$

1,034,471



$

1,267,950



$

1,034,471



End of period assets covered by allowance for credit losses

$

27,490,290



$

26,907,346



$

27,490,290



$

26,907,346



End of period Gross finance receivables and loans held for investment

$

27,706,307



$

27,319,991



$

27,706,307



$

27,319,991



End of period Gross finance receivables, loans, and leases held for investment

$

37,295,993



$

34,188,834



$

37,295,993



$

34,188,834



Average Gross individually acquired retail installment contracts

$

28,970,039



$

27,687,564



$

28,710,402



$

26,596,429



Average Gross purchased receivables portfolios

266,749



467,643



301,026



618,362



Average Gross receivables from dealers

70,392



81,490



72,735



93,817



Average Gross personal loans

1,343,099



2,284,951



1,572,297



2,201,551



Average Gross capital leases

39,974



120,334



49,625



122,366



Average Gross finance receivables, loans and capital leases

$

30,690,253



$

30,641,982



$

30,706,085



$

29,632,525



Average Gross finance receivables, loans, and leases

$

40,037,873



$

37,040,857



$

39,299,213



$

35,701,048



Average Managed assets

$

52,675,379



$

50,961,182



$

52,983,740



$

47,812,496



Average Total assets

$

38,473,832



$

36,035,588



$

37,844,330



$

34,753,501



Average Debt

$

31,671,237



$

30,416,494



$

31,343,204



$

29,575,308



Average Total equity

$

4,994,511



$

4,268,855



$

4,736,826



$

3,991,071




(1)

Includes Finance and other interest income; excludes fees

(2)

"Yield on earning assets" is defined as the ratio of annualized Total finance and other interest income, net of Leased vehicle expense, to Average gross finance receivables, loans and leases

(3)

"Cost of debt" is defined as the ratio of annualized Interest expense to Average debt

(4)

"Net interest margin" is defined as the ratio of annualized Net finance and other interest income to Average gross finance receivables, loans and leases

(5)

"Expense ratio" is defined as the ratio of annualized Operating expenses to Average managed assets

(6)

"Return on average assets" is defined as the ratio of annualized Net income to Average total assets

(7)

"Return on average equity" is defined as the ratio of annualized Net income to Average total equity

(8)

"Net charge-off ratio" is defined as the ratio of annualized Charge-offs, on a recorded investment basis, net of recoveries, to average unpaid principal balance of the respective portfolio

(9)

"Delinquency ratio" is defined as the ratio of End of period Delinquent principal over 60 days to End of period gross balance of the respective portfolio, excludes capital leases

(10)

"Allowance ratio" is defined as the ratio of Allowance for credit losses, which excludes impairment on purchased receivables portfolios, to End of period assets covered by allowance for credit losses

(11)

"Common Equity Tier 1 Capital ratio" is a non-GAAP ratio defined as the ratio of Total common equity tier 1 capital to Total risk-weighted assets


***Total charge-offs, net of recoveries, on personal loans for the three and nine months ended September 30, 2015 includes non-recurring impairment charge of $377,598. Adjusted ratio totals 19.8% and 17.9%, respectively.

 

Table 4: Credit Quality


Amounts related to our individually acquired retail installment contracts as of and for the three and nine months ended September 30, 2016 and 2015, are as follows:


(Unaudited, Dollars in thousands)



Three Months Ended September 30,


Nine Months Ended September 30,


2016


2015


2016


2015

Credit loss allowance — beginning of period

$

3,422,736



$

2,927,624



$

3,197,414



$

2,586,685


Provision for credit losses

609,396



619,895



1,787,277



1,607,376


Charge-offs

(1,246,760)



(1,062,598)



(3,429,905)



(2,753,753)


Recoveries

615,913



497,778



1,846,499



1,569,508


Transfers to held-for-sale







(27,117)


Credit loss allowance — end of period

$

3,401,285



$

2,982,699



$

3,401,285



$

2,982,699










Net charge-offs

$

630,847



$

564,820



$

1,583,406



$

1,184,245


Average unpaid principal balance (UPB)

28,970,039



27,687,564



28,710,402



26,596,429


Charge-off ratio1

8.7

%


8.2

%


7.4

%


5.9

%














September 30, 20162


December 31, 20152

Principal 31-60 days past due

$

2,536,940




9.3

%


$

2,454,986




9.1

%

Delinquent principal over 60 days

1,260,255




4.6

%


1,191,567




4.4

%

Total delinquent contracts

$

3,797,195




13.9

%


$

3,646,553




13.6

%






















September 30,

 2016


December 31,

 2015

TDR - Unpaid principal balance









$

5,332,767



$

4,579,931


TDR - Impairment










1,588,028



1,363,023


TDR allowance ratio










29.8

%


29.8

%













Non-TDR - Unpaid principal balance









$

22,038,228



$

22,284,015


Non-TDR - Allowance










1,813,257



1,834,391


Non-TDR allowance ratio










8.2

%


8.2

%













Total - Unpaid principal balance









$

27,370,995



$

26,863,946


Total - Allowance










3,401,285



3,197,414


Total allowance ratio










12.4

%


11.9

%



1

"Net charge-off ratio" is defined as the ratio of annualized Charge-offs, on a recorded investment basis, net of recoveries, to average unpaid principal balance of the respective portfolio

2

Percent of unpaid principal balance.

 

Table 5: Originations



Three Months Ended


Nine Months Ended


Three Months Ended


September 30, 2016


September 30, 2015


September 30, 2016


September 30, 2015


June 30, 2016

Retained Originations

(Unaudited, Dollar amounts in thousands)

Retail installment contracts

$

3,281,112



$

4,650,381



$

10,545,592



$

13,602,409



$

3,176,087


Average APR

14.7

%


16.1

%


15.1

%


17.2

%


14.0

%

Average FICO® (a)

612



596



606



584



624


Discount

0.1

%


1.1

%


0.4

%


2.1

%


0.2

%











Personal loans

$



$

158,328



$

9,281



$

582,735



$

9,272


Average APR



21.0

%


25.0

%


19.4

%


25.0

%

Discount




















Leased vehicles

$

1,300,375



$

1,568,104



$

4,612,284



$

4,122,527



$

1,694,829












Capital lease receivables

$

2,319



$

1,103



$

5,977



$

64,906



$

1,805


Total originations retained

$

4,583,806



$

6,377,916



$

15,173,134



$

18,372,577



$

4,881,993












Sold Originations (b)










Retail installment contracts

$

580,242



$

1,243,456



$

2,201,659



$

3,580,539



$

547,007


Average APR

3.2

%


2.4

%


3.0

%


4.1

%


3.6

%

Average FICO® (c)

760



753



759



745



754


Total originations sold

$

580,242



$

1,243,456



$

2,201,659



$

3,580,539



$

547,007












Total SC originations

$

5,164,048



$

7,621,372



$

17,374,793



$

21,953,116



$

5,429,000












Facilitated Originations










Leased vehicles

$



$



$



$

632,471



$












Total originations

$

5,164,048



$

7,621,372



$

17,374,793



$

22,585,587



$

5,429,000




(a) 

Unpaid principal balance excluded from the weighted average FICO score is $492 million, $938 million, $1.8 billion, $2.7 billion and $509 million for the three months ended September 30, 2016 and 2015, the nine months ended September 30, 2016 and 2015, and the three months ended June 30, 2016, respectively, as the borrowers on these loans did not have FICO scores at origination.

(b) 

Only includes assets both originated and sold in the period. Total asset sales for the period are shown in Table 6.

(c) 

Unpaid principal balance excluded from the weighted average FICO score is $59 million, $160 million, $263 million, $391 million and $64 million for the three months ended September 30, 2016 and 2015, the nine months ended September 30, 2016 and 2015, and the three months ended June 30, 2016, respectively, as the borrowers on these loans did not have FICO scores at origination.

 

Table 6: Asset Sales


Asset sales may include assets originated in prior periods.



Three Months Ended


Nine Months Ended


Three Months Ended


September 30, 2016


September 30, 2015


September 30, 2016


September 30, 2015


June 30, 2016


(Unaudited, Dollar amounts in thousands)

Retail installment contracts

$

793,804



$

3,057,654



$

2,312,983



$

5,993,407



$

659,224


Average APR

3.0

%


10.7

%


2.9

%


8.0

%


3.5

%

Average FICO®

762



661



762



694



758












Personal loans

$



$



$

869,349



$



$


Average APR





17.9

%















Leased vehicles

$



$



$



$

1,316,958



$


Total asset sales

$

793,804



$

3,057,654



$

3,182,332



$

7,310,365



$

659,224


 

Table 7: Ending Portfolio


Ending outstanding balance, average APR and remaining unaccreted discount of our held for investment portfolio as of September 30, 2016, and December 31, 2015, are as follows:



September 30, 2016


December 31, 2015


(Unaudited, Dollar amounts in thousands)

Retail installment contracts

$

27,624,259



$

27,223,768


Average APR

16.4

%


16.8

%

Discount

2.3

%


2.7

%





Personal loans

$

11,682



$

941


Average APR

24.1

%


20.9

%





Receivables from dealers

$

70,366



$

76,941


Average APR

4.7

%


4.6

%





Leased vehicles

$

9,552,439



$

7,326,296






Capital leases

$

37,247



$

66,929


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/santander-consumer-usa-holdings-inc-reports-third-quarter-2016-results-300359672.html

SOURCE Santander Consumer USA Holdings Inc.

Investor Relations, Evan Black, 800.493.8219, InvestorRelations@santanderconsumerusa.com, OR Media Relations, Laurie Kight, 214.801.6455, SCMedia@santanderconsumerusa.com