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Santander Consumer USA delays earning report, credit losses questionable

Staff Writer |
Santander Consumer USA is delaying the filing of its quarterly report for the period ended June 30, 2016 because the company’s financial statements have not yet been completed.

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Santander Consumer USA is in discussions with its current and former independent registered public accounting firms regarding certain accounting matters, primarily related to the company’s discount accretion and credit loss allowance methodologies, and the related control considerations.

The company is in the pre-filing submission process with the SEC, Office of the Chief Accountant, regarding the company’s accounting treatment for consideration of net discount in estimating the allowance for credit losses.

The resolution of these matters is expected to impact prior period financial statements.

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