Santander Consumer USA Holdings Inc. Announces $1.9 Billion in Asset Sales
DALLAS, July 1, 2015 /PRNewswire/ -- Santander Consumer USA Holdings Inc. (NYSE: SC) ("SCUSA" or the "Company"), a full-service, technology-driven consumer finance company focused on vehicle finance and personal lending products, today announced that in the month of June, the company was able to complete a series of transactions across its asset classes. Specifically, the Company executed a $7561 million lease sale, a $9252 million sale of seasoned nonprime retail installment contracts and associated assets, currently held in performing securitization trusts, as well as a $253 million sale of prime auto retail installment contracts through a new relationship. In each transaction, the Company is retaining profitable ongoing servicing income.
"This series of transactions further demonstrates SCUSA's ability to place assets across a broad continuum of investor types and represents another step in the evolution of our consumer finance marketplace. We were able to place assets with a U.S. subsidiary of an international bank, a global asset manager and the subsidiary of a large U.S. insurer," commented Jason Kulas, the Company's President and Chief Financial Officer. He added, "These transactions represent valuable opportunities for the Company to expand its marketplace capabilities, consistent with our ongoing strategy of optimizing the mix of retained assets versus assets sold and serviced for others. The upfront and ongoing economics are within our broader expectations for the year."
1 Depreciated net capitalized cost.
2 Includes associated trust cash reserve account balances of $91.4 million.
Investor related inquiries:
Evan Black & Kristina Carbonneau
Media related inquiries:
Inquiries related to SCUSA's marketplace opportunities:
About Santander Consumer USA Holdings Inc.
Santander Consumer USA Holdings Inc. (NYSE: SC) is a full-service, technology-driven consumer finance company focused on vehicle finance and personal lending products. The company, which began originating retail installment contracts in 1997, has a serviced portfolio of more than $46 billion (as of March 31, 2015), has more than two million customers across all credit grades, and is headquartered in Dallas. (www.santanderconsumerusa.com)
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/santander-consumer-usa-holdings-inc-announces-19-billion-in-asset-sales-300107331.html
SOURCE Santander Consumer USA Holdings Inc.