How much do you really know about Santander Consumer USA?

So you think you know Santander Consumer USA.

That might be true.

But if you pigeonhole the company as a subprime lender, which many dealerships still do, you will want to reconsider, because it may be costing you deals.

“We still have dealers putting us in the subprime-only box when submitting applications,” said one of 350-plus dealer relationship managers (DRM) at Santander Consumer USA (SC).

And that looks like a mistake.

 

 

Santander now finances deals across the credit spectrum, from prime to subprime, with competitive buying rates available on current rate sheets.

That means the lender gives you more options to put deals together.

SC may not be the only lender to which you submit deals, but it should be one of them:

Our pricing strategy has been calibrated to a dealer-favorable call, and we have instituted lower price and discount fees, refreshed our approach to credit underwriting, increased flexibility on financing terms and offer competitive dealer participation.

Dealers should consult their credit analyst and DRM with any questions related to underwriting policies.

But doing business with a lender is not totally about dealer participation percentages and split.

“SC has represented financial strength and stability, having provided sound programs and unsurpassed support to our dealer associates for more than a decade,” said one sales executive. “That means you can count on SC to be working hard for your success wherever the economy goes.”

And that’s reassuring considering the sales challenges the automotive industry faces in 2019.

Santander Consumer USA is majority owned and supported by Santander Holdings USA, a group of diversified financial businesses with more than 16,800 employees, five million customers and $130 billion in assets. Santander Holdings is a wholly owned subsidiary of Banco Santander S.A., an international banking and finance institution with headquarters in Santander, Spain.

Santander Consumer, comprising about 5,000 Associates with headquarters in Dallas, TX, services $50 billion in assets and about 2.7 million customers, along with a national auto dealership base.

Here’s what dealers are saying about Santander Consumer USA:

“In today’s automotive industry, relationships are more meaningful than ever,” said Carey Gavito, finance manager at Landers Chrysler Dodge Jeep Ram Fiat in Benton, AR. “Santander Consumer USA does an outstanding job of maintaining and developing its relationships with dealers. Constant contact and willingness to help are some key factors that keep our dealership in business with Santander.”

Dan Campano, general manager of Seacoast Mazda, Portsmouth, NH, holds a similar view: “Santander has always been one of our go-to lenders … They give us quick, competitive approvals and make it simple to rehash via the Dealer Extranet. They fund deals quick and our rep is always available.”

“Long gone are the days when we looked at Santander only for the subprime customers,” said Carlos Pedre of AutoNation Chevrolet Doral in Florida. “Definitely a much larger credit spectrum lender now.”

These dealers – and a lot of others around the country – know that Santander Consumer USA is a consistent lender they can count month in and month out, and that Santander gives them a chance to make a deal with almost any customer that walks through the door.

So you think you know Santander Consumer USA?

Now you do.

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