8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2021

SANTANDER CONSUMER USA HOLDINGS INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36270	32-0414408
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1601 Elm St.	Suite #800
Dallas,	Texas	75201
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (214) 634-1110

N/A

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	SC	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 27, 2021, Santander Consumer USA Holdings Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2021. Copies of the Company’s press release and an investor presentation for the quarter ended September 30, 2021 are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

Note: Information in this report (including Exhibits 99.1 and 99.2) furnished pursuant to Item 2.02 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.    Description

Exhibit 99.1    Press Release of Santander Consumer USA Holdings Inc., dated October 27, 2021

Exhibit 99.2    Presentation Materials of Santander Consumer USA Holdings Inc., dated October 27, 2021

Exhibit 104    Cover page formatted as Inline XBRL and contained in Exhibit 101

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 27, 2021 SANTANDER CONSUMER USA HOLDINGS INC.

By: /s/ Christopher Pfirrman             Name:    Christopher Pfirrman Title:    Chief Legal Officer

EX-99.1

Exhibit 99.1

Santander Consumer USA Holdings Inc. Reports

Third Quarter 2021 Results

Net Income of $763 Million and $7.8 Billion in Originations in the Third Quarter 2021

Dallas, TX - October 27, 2021 - PRESS RELEASE

Santander Consumer USA Holdings Inc. (NYSE: SC) (“SC” or the “Company”) today announced net income for the third quarter ended September 30, 2021 ("Q3 2021") of $763 Million, or $2.49 per diluted common share.

The Company’s parent, Santander Holdings USA, Inc. (“SHUSA”), has requested regulatory approval to authorize the SC Board of Directors to consider declaring a dividend in the fourth quarter. To date, approval has not been received.

Third Quarter of 2021 Highlights (variances compared to third quarter of 2020 ("Q3 2020"), unless otherwise noted)

• Net Income of $763 million in Q3 2021, or $2.49 of diluted EPS

• Total auto originations of $7.8 billion, down 7%

◦Core retail auto loan originations of $3.1 billion, up 17%

◦Chrysler Capital loan originations of $2.8 billion, down 27%

◦Chrysler Capital lease originations of $1.8 billion, down 2%

◦Chrysler average quarterly penetration rate of 27%, down from 33%

◦Santander Bank, N.A. program originations of $1.8 billion1

• Donated $50 million to the SC Foundation

• Announced launch of new dealer and consumer digital experience through partnership with AutoFi

• Net finance and other interest income2 of $1.3 billion, up 5.8%

• 30-59 delinquency ratio3 of 6.8%, up 180 basis points

• 59-plus delinquency ratio3 of 3.3%, up 90 basis points

• Retail Installment Contract (“RIC”) gross charge-off ratio of 7.7%, up 90 basis points

• Recovery rate of 74.4%, down from 91.4%

• RIC net charge-off ratio4 of 2.0%, up 140 basis points

• Allowance ratio of 17.4%, down from 17.8% as of June 30, 2021

• Troubled Debt Restructuring (“TDR”) balance of $4.0 billion, down from $4.2 billion as of June 30, 2021

• Executed ~$300 million in off-balance sheet prime loan sales

• Return on average assets ("ROA") of 6.3%

• Expense ratio of 2.2%, up 50 basis points

• Common equity tier 1 (“CET1”) ratio of 19.5%

1Includes SBNA retail originations of $1.5 billion and lease originations of $249 million for the current period

2Includes Finance receivables held for investment, Finance receivables held for sale and Leased vehicles.

3Delinquency Ratio is defined as the ratio of end of period delinquent principal, categorized as either 30-59 or over 59 days, to end of period gross balance of the respective portfolio, excludes finance leases.

4Net Charge-Off Ratio stated on a recorded investment basis, which is unpaid principal balance adjusted for unaccreted net discounts, subvention and origination costs.

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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, strategies, 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, seeks, believes, can, could, may, predicts, potential, should, would, will, estimates, plans, projects, continuing, ongoing, expects, intends, and similar words or phrases. Examples of forward-looking statements include, but are not limited to, all statements we make relating to revenue, earnings, margins, growth rates, and other financial results for future periods. 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 or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our "SEC filings"). 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 include the following: (a) the adverse impact of COVID-19 or any future outbreak of any contagious diseases on our business, financial condition, liquidity and results of operations; (b) continually changing federal, state, and local laws and regulations could materially adversely affect our business; (c) adverse economic conditions in the United States and worldwide could materially impact consumer spending behavior, unemployment and demand for our products, which could negatively impact our results; (d) the effects of inflation; (e) a reduction in our access to funding; (f) significant risks we face implementing our growth strategy, some of which are outside our control; (g) our agreement with FCA US LLC may not result in currently anticipated levels of growth and is subject to certain conditions that could result in termination of the agreement; (h) our business could suffer if we are unsuccessful in developing and maintaining relationships with automobile dealerships; (i) our financial condition, liquidity, and results of operations depend on the credit performance of our loans; (j) loss of our key management or other personnel, or an inability to attract such management and personnel; (k) certain regulators, including but not limited to 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; (l) there can be no assurance that the proposed acquisition of all of our outstanding common stock by Santander Holdings USA, Inc. (“SHUSA”) will be approved and ultimately consummated, and the terms of any such transaction may differ materially from those originally proposed by SHUSA; (m) other future changes in our relationship with SHUSA and Banco Santander, S.A. that could adversely affect our operations; (n) our expectations regarding future litigation both known and unknown; (o) our inability to accurately forecast the amount and timing of future collections could have a material adverse effect on our results of operations; (p) our reputation is a key asset to our business, and our business may be affected by how we are perceived in the marketplace; and (q) our debt could negatively impact our business, prevent us from satisfying our debt obligations and adversely affect our financial condition. 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 the reader 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 as new factors emerge from time to time. 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.

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About Santander Consumer USA Holdings Inc.

Santander Consumer USA Holdings Inc. (NYSE: SC) (“SC”) is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 3.1 million customers across the full credit spectrum. SC, which began originating retail installment contracts in 1997, had an average managed asset portfolio of approximately $65 billion (for the third quarter ended September 30, 2021), and is headquartered in Dallas, Texas. (www.santanderconsumerusa.com)

CONTACTS:

Investor Relations

Evan Black

800.493.8219

InvestorRelations@santanderconsumerusa.com

Media Relations

Laurie Kight

214.801.6455

Media@santanderconsumerusa.com

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Santander Consumer USA Holdings Inc.

Financial Supplement

Third Quarter 2021

Table of Contents
Table 1: Condensed Consolidated Balance Sheets	5
Table 2: Condensed Consolidated Statements of Income	6
Table 3: Other Financial Information	7
Table 4: Credit Quality	8
Table 5: Originations	10
Table 6: Asset sales	11
Table 7: Ending Portfolio	12
Table 8: Reconciliation of Non-GAAP Measures	13

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Table 1: Condensed Consolidated Balance Sheets

	September 30, 2021		December 31, 2020
Assets	(Unaudited, Dollars in thousands)
Cash and cash equivalents	$	2,106,405	$	109,053
Finance receivables held for sale, net	359,561		1,567,527
Finance receivables held for investment, at amortized cost	33,183,439		33,114,638
Allowance for credit loss	(5,699,698)		(6,110,633)
Finance receivables held for investment, at amortized cost, net	27,483,741		27,004,005
Restricted cash	2,248,667		2,221,094
Accrued interest receivable	323,469		415,765
Leased vehicles, net	15,529,610		16,391,107
Furniture and equipment, net	62,168		62,032
Goodwill	74,056		74,056
Intangible assets	75,176		70,128
Other assets	811,597		972,726
Total assets	$	49,074,450	$	48,887,493
Liabilities and Equity
Liabilities:
Borrowings and other debt obligations	$	38,431,858	$	41,138,674
Deferred tax liabilities, net	1,855,859		1,263,796
Accounts payable and accrued expenses	554,581		531,369
Other liabilities	299,422		331,693
Total liabilities	$	41,141,720	$	43,265,532
Equity:
Common stock, $0.01 par value	3,061		3,061
Additional paid-in capital	391,343		393,800
Accumulated other comprehensive income, net	(31,194)		(50,566)
Retained earnings	7,569,520		5,275,666
Total stockholders’ equity	$	7,932,730	$	5,621,961
Total liabilities and equity	$	49,074,450	$	48,887,493

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Table 2: Condensed Consolidated Statements of Income

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Unaudited, Dollars in thousands, except per share amounts)
Interest on finance receivables and loans	$	1,215,121	$	1,300,694	$	3,749,264	$	3,811,113
Leased vehicle income	670,334		725,156		2,115,134		2,210,684
Other finance and interest income	1,631		2,146		6,125		12,354
Total finance and other interest income	1,887,086		2,027,996		5,870,523		6,034,151
Interest expense	218,747		292,118		709,479		929,934
Leased vehicle expense	325,259		467,172		1,043,774		1,630,945
Net finance and other interest income	1,343,080		1,268,706		4,117,270		3,473,272
Credit loss expense (benefit)	42,058		340,548		(85,484)		2,110,331
Net finance and other interest income after credit loss expense	1,301,022		928,158		4,202,754		1,362,941
Profit sharing	41,009		30,414		158,888		56,239
Net finance and other interest income after credit loss expense and profit sharing	1,260,013		897,744		4,043,866		1,306,702
Investment gains (losses), net	5,241		(68,989)		(7,057)		(279,997)
Servicing fee income	19,975		18,574		61,481		56,797
Fees, commissions, and other	48,867		78,924		200,242		256,123
Total other income	74,083		28,509		254,666		32,923
Compensation and benefits	149,669		127,991		460,014		388,960
Repossession expense	33,349		35,910		117,540		115,861
Other expenses	179,147		99,761		382,313		308,193
Total operating expenses	362,165		263,662		959,867		813,014
Income (loss) before income taxes	971,931		662,591		3,338,665		526,611
Income tax expense	208,607		172,476		775,484		137,161
Net income (loss)	$	763,324	$	490,115	$	2,563,181	$	389,450
Net income per common share (basic)	$	2.49	$	1.58	$	8.37	$	1.21
Net income per common share (diluted)	$	2.49	$	1.58	$	8.37	$	1.21
Weighted average common shares (basic)	306,093,379		310,150,293		306,086,399		321,275,907
Weighted average common shares (diluted)	306,378,733		310,307,265		306,354,463		321,492,331
Number of shares outstanding	306,111,379		306,070,972		306,111,379		306,070,972

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Table 3: Other Financial Information

	Three Months Ended September 30,						Nine Months Ended September 30,
Ratios (Unaudited, Dollars in thousands)	2021			2020			2021			2020
Yield on retail installment contracts	14.6		%	14.9		%	14.8		%	15.0		%
Yield on leased vehicles	8.4		%	6.0		%	8.4		%	4.4		%
Yield on personal loans, held for sale (1)	—		%	25.6		%	29.0		%	25.9		%
Yield on earning assets (2)	12.6		%	12.2		%	12.8		%	11.6		%
Cost of debt (3)	2.3		%	2.8		%	2.4		%	3.1		%
Net interest margin (4)	10.8		%	9.9		%	10.9		%	9.2		%
Expense ratio (5)	2.2		%	1.7		%	2.0		%	1.8		%
Return on average assets (6)	6.3		%	4.1		%	7.1		%	1.1		%
Return on average equity (7)	40.3		%	38.9		%	50.8		%	9.6		%
Net charge-off ratio on individually acquired retail installment contracts (8)	2.0		%	0.6		%	1.3		%	4.7		%
Net charge-off ratio (8)	2.0		%	0.6		%	1.3		%	4.7		%
Delinquency ratio on individually acquired retail installment contracts held for investment, end of period (9)	3.4		%	2.4		%	3.4		%	2.4		%
Allowance ratio (10)	17.4		%	18.4		%	17.4		%	18.4		%
Common stock dividend payout ratio (11)	8.8		%	13.9		%	10.5		%	54.4		%
Common Equity Tier 1 capital ratio (12)	19.5		%	13.7		%	19.5		%	13.7		%
Charge-offs, net of recoveries, on individually acquired retail installment contracts	$	161,943		$	46,078		$	326,795		$	1,100,138
End of period delinquent amortized cost over 59 days, retail installment contracts held for investment	1,106,673			817,577			1,106,673			817,577
End of period personal loans delinquent principal over 59 days, held for sale	—			93,296			—			93,296
End of period delinquent amortized cost over 59 days, loans held for investment	1,107,073			817,911			1,107,073			817,911
End of period assets covered by allowance for credit losses	32,767,052			33,515,634			32,767,052			33,515,634
End of period gross retail installment contracts held for investment	32,742,544			33,485,342			32,742,544			33,485,342
End of period gross personal loans held for sale	—			1,211,575			—			1,211,575
End of period gross finance receivables and loans held for investment	32,742,544			33,489,017			32,742,544			33,489,017
End of period gross finance receivables, loans, and leases	48,879,467			50,617,356			48,879,467			50,617,356
Average gross retail installment contracts held for investment	32,762,939			31,462,524			32,576,199			30,946,321
Average gross retail installment contracts held for investment and held for sale	33,186,854			32,847,716			32,906,959			31,632,276
Average gross finance receivables, loans and finance leases	33,222,223			34,135,256			33,351,219			33,008,338
Average gross operating leases	16,465,976			17,146,166			16,935,680			17,447,194
Average gross finance receivables, loans, and leases	49,688,199			51,281,422			50,286,899			50,455,532
Average managed assets	64,640,255			62,662,686			64,316,796			61,325,546
Average total assets	48,594,272			47,979,008			48,291,222			47,581,031
Average debt	38,296,862			41,064,441			39,029,273			40,262,948
Average total equity	7,578,893			5,044,976			6,731,687			5,429,924

(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 amortized cost basis, net of recoveries, to average unpaid principal balance of the respective held-for-investment portfolio.

(9)“Delinquency ratio” is defined as the ratio of End of period Delinquent principal over 59 days to End of period gross balance of the respective portfolio, excludes finance 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 stock dividend payout ratio” is defined as the ratio of Dividends declared per share of common stock to Earnings per share attributable to the Company's shareholders.

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(12)“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 (for a reconciliation from GAAP to this non-GAAP measure, see “Reconciliation of Non-GAAP Measures” in Table 8 of this release). CET1 Ratio is provided as a preliminary calculation.

Table 4: Credit Quality

The activity in the credit loss allowance for retail installment contracts for the three and nine month ended September 30, 2021 and 2020 was as follows (Unaudited, Dollar amounts in thousands):

	Three Months Ended September 30, 2021				Three Months Ended September 30, 2020
	Retail Installment Contracts				Retail Installment Contracts
Allowance for Credit Loss	Non-TDR		TDR		Non-TDR		TDR
Balance — beginning of period	$	4,299,670	$	1,514,994	$	4,818,187	$	1,037,628
Credit loss expense (benefit)	188,195		(144,772)		24,841		314,075
Charge-offs (a)	(427,659)		(206,111)		(334,938)		(200,352)
Recoveries	338,097		133,730		392,042		97,171
Balance — end of period	$	4,398,303	$	1,297,841	$	4,900,132	$	1,248,522

	Nine Months Ended September 30, 2021				Nine Months Ended September 30, 2020
	Retail Installment Contracts				Retail Installment Contracts
Allowance for Credit Loss	Non-TDR		TDR		Non-TDR		TDR
Balance — beginning of period	$	4,792,464	$	1,314,170	$	2,123,878	$	914,718
Day 1 - Adjustment to allowance for adoption of CECL standard	—		—		2,030,473		71,833
Credit loss expense (benefit)	(252,963)		169,268		1,526,545		581,344
Charge-offs (a)	(1,356,482)		(599,083)		(1,955,706)		(617,536)
Recoveries	1,215,284		413,486		1,174,942		298,163
Balance — end of period	$	4,398,303	$	1,297,841	$	4,900,132	$	1,248,522

(a) Charge-offs for retail installment contracts includes partial write-down of loans to the collateral value less estimated costs to sell, for which a bankruptcy notice was received. There is no additional ACL on these loans.

A summary of delinquencies of our retail installment contracts as of September 30, 2021 and December 31, 2020 is as follows (Unaudited, Dollar amounts in thousands):

Delinquent Balance	September 30, 2021
	Amount		Percent
Amortized cost, 30-59 days past due	$	2,253,907	6.8	%
Delinquent amortized cost over 59 days	1,106,673		3.3	%
Total delinquent balance at amortized cost	$	3,360,580	10.1	%
Delinquent Balance	December 31, 2020
	Amount		Percent
Principal 30-59 days past due	$	1,971,766	6.0	%
Delinquent principal over 59 days	1,038,869		3.1	%
Total delinquent principal (a)	$	3,010,635	9.1	%

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The retail installment contracts held for investment that were placed on nonaccrual status, as of September 30, 2021 and December 31, 2020 (Unaudited, Dollar amounts in thousands):

Nonaccrual Balance	September 30, 2021
	Amount		Percent
Non-TDR	$	818,292	2.5	%
TDR	391,834		1.2	%
Total non-accrual loans (a)	$	1,210,126	3.7	%

(a) The table includes balances based on amortized cost.

Nonaccrual Balance	December 31, 2020
	Amount		Percent
Non-TDR	$	748,026	2.3	%
TDR	385,021		1.2	%
Total nonaccrual principal (a)	$	1,133,047	3.5	%

The table below presents the Company’s allowance ratio for TDR and non-TDR individually acquired retail installment contracts as of September 30, 2021 and December 31, 2020 (Unaudited, Dollar amounts in thousands):

Allowance Ratios	September 30, 2021			December 31, 2020
TDR - Unpaid principal balance	$	3,952,344		$	3,945,040
TDR - Impairment	1,297,841			1,314,170
TDR - Allowance ratio	32.8		%	33.3		%
Non-TDR - Unpaid principal balance	$	28,779,433		$	28,977,299
Non-TDR - Allowance	4,398,303			4,792,464
Non-TDR Allowance ratio	15.3		%	16.5		%
Total - Unpaid principal balance	$	32,731,777		$	32,922,339
Total - Allowance	5,696,144			6,106,634
Total - Allowance ratio	17.4		%	18.5		%

The Company’s ACL decreased $0.1 billion and $0.4 billion for the three and nine months ended September 30, 2021. The decrease was primarily due to an improved macroeconomic outlook as well as credit quality and performance.

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Table 5: Originations

The Company's originations of loans and leases, including revolving loans, average APR, and dealer discount (net of dealer participation) were as follows:

	Three Months Ended						Nine Months Ended						Three Months Ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020			June 30, 2021
Retained Originations	(Unaudited, Dollar amounts in thousands)
Retail installment contracts	$	4,432,175		$	5,344,755		$	14,298,345		$	13,608,298		$	5,871,823
Average APR	14.8		%	13.7 %			15.0		%	13.8 %			14.4 %
Average FICO® (a)	606			637			603			631			608
Premium	(2.4)		%	(1.3)		%	(2.1)		%	(1.0)		%	(2.3)		%
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			$	2,067,741
Finance lease	2,816			4,087			8,147			$	9,016		$	2,534
Total originations retained	$	6,012,530		$	7,510,047		$	20,106,278		$	19,403,930		$	7,942,098
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		$	7,942,098

(a)Unpaid principal balance excluded from the weighted average FICO score is $386 million, $571 million, $1.4 billion, $1.5 billion and $559 million for the three months ended September 30, 2021 and 2020, nine months ended September 30, 2021 and 2020, and for the three months ended June 30, 2021, respectively, as the borrowers on these loans did not have FICO scores at origination. Of these amounts, $129 million, $145 million, $469 million, $386 million and $187 million, respectively, were commercial loans.

(b)Included in the total origination volume is $72 million and $151 million for the three and nine months ended September 30, 2020, respectively, related to newly opened accounts.

(c)Only includes assets both originated and sold in the period. Total asset sales for the period are shown in table 6. Unpaid principal balance excluded from the weighted average FICO score is $3 million, $28 million, $11 million, $80 million and $0 million for the three and nine months ended September 30, 2021 and 2020, and for the three months ended June 30, 2021, respectively, as the borrowers on these loans did not have FICO scores at origination. Of these amounts, the commercial loans were zero.

(d)Included in the total origination volume is $25 million for the three months ended March 31, 2021 related to newly opened accounts.

SBNA Originations Program

Beginning in 2018, the Company agreed to provide SBNA with origination support services in connection with the processing, underwriting and purchase of retail loans, primarily from Chrysler dealers. In addition, the Company agreed to perform the servicing for any loans originated on SBNA’s behalf. The Company facilitated the purchase of $1.5 billion and $6.1 billion of retail installment contacts during the three and nine months ended September 30, 2021, respectively.

10

Table 6: Asset Sales

	Three Months Ended						Nine Months Ended						Three Months Ended
	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020			June 30, 2021
Assets Sold	(Unaudited, Dollar amounts in thousands)
Retail installment contracts	$	277,898		$	636,301		$	2,968,467		$	1,148,587		$	309,784
Average APR	3.4		%	4.9 %			4.2		%	5.6 %			5.9 %
Average FICO®	$	737		735			737			715			716
Personal loans	$	—		—			1,253,476			—			$	—
Average APR	—		%	—		%	29.7		%	—		%	—		%
Discount	—			—			—			—			—
Total asset sales	$	277,898		$	636,301		$	4,221,943		$	1,148,587		$	309,784

11

Table 7: Ending Portfolio

Ending outstanding balance, average APR and remaining unaccreted net discount of our held for investment portfolio as of September 30, 2021 and December 31, 2020, are as follows:

	September 30, 2021			December 31, 2020
	(Unaudited, 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

12

Table 8: Reconciliation of Non-GAAP Measures

	September 30, 2021			September 30, 2020
	(Unaudited, Dollar amounts in thousands)
Total equity	$	7,932,730		$	5,094,812
Add: Adjustment due to CECL capital relief (c)	1,729,366			1,842,536
Deduct: Goodwill, intangibles, and other assets, net of deferred tax liabilities	156,942			159,907
Deduct: Accumulated other comprehensive income (loss), net	(31,194)			(56,882)
Tier 1 common capital	$	9,536,348		$	6,834,323
Risk weighted assets (a)(c)	48,830,527			49,882,540
Common Equity Tier 1 capital ratio (b)(c)	19.5		%	13.7		%

(a)Under the banking agencies' risk-based capital guidelines, assets and credit equivalent amounts of derivatives and off-balance sheet exposures are assigned to broad risk categories. The aggregate dollar amount in each risk category is multiplied by the associated risk weight of the category. The resulting weighted values are added together with the measure for market risk, resulting in the Company's total Risk weighted assets.

(b)CET1 is calculated under Basel III regulations required as of January 1, 2015. The fully phased-in capital ratios are non-GAAP financial measures.

(c)As described in our 2020 annual report on Form 10-K, on January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (“CECL”), which upon adoption resulted in a reduction to our opening retained earnings balance, net of income tax, and increase to the allowance for credit losses of approximately $2 billion. As also described in our 2019 10-K, the U.S. banking agencies in December 2018 had approved a final rule to address the impact of CECL on regulatory capital by allowing banking organizations, including the Company, the option to phase in the day-one impact of CECL until the first quarter of 2023. In March 2020, the U.S. banking agencies issued an interim final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. The Company elected this alternative option instead of the one described in the December 2018 rule.

13

EX-99.2

Third Quarter 2021 October 27, 2021 Exhibit 99.2

IMPORTANT INFORMATION 2 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, strategies, 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, seeks, believes, can, could, may, predicts, potential, should, would, will, estimates, plans, projects, continuing, ongoing, expects, intends, and similar words or phrases. Examples of forward-looking statements include, but are not limited to, all statements we make relating to revenue, earnings, margins, growth rates, and other financial results for future periods. 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 or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our "SEC filings"). 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 include the following: (a) the adverse impact of COVID-19 or any future outbreak of any contagious diseases on our business, financial condition, liquidity and results of operations; (b) continually changing federal, state, and local laws and regulations could materially adversely affect our business; (c) adverse economic conditions in the United States and worldwide could materially impact consumer spending behavior, unemployment and demand for our products, which could negatively impact our results; (d) the effects of inflation; (e) a reduction in our access to funding; (f) significant risks we face implementing our growth strategy, some of which are outside our control; (g) our agreement with FCA US LLC may not result in currently anticipated levels of growth and is subject to certain conditions that could result in termination of the agreement; (h) our business could suffer if we are unsuccessful in developing and maintaining relationships with automobile dealerships; (i) our financial condition, liquidity, and results of operations depend on the credit performance of our loans; (j) loss of our key management or other personnel, or an inability to attract such management and personnel; (k) certain regulators, including but not limited to 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; (l) there can be no assurance that the proposed acquisition of all of our outstanding common stock by Santander Holdings USA, Inc. (“SHUSA”) will be approved and ultimately consummated, and the terms of any such transaction may differ materially from those originally proposed by SHUSA; (m) other future changes in our relationship with SHUSA and Banco Santander, S.A. that could adversely affect our operations; (n) our expectations regarding future litigation both known and unknown; (o) our inability to accurately forecast the amount and timing of future collections could have a material adverse effect on our results of operations; (p) our reputation is a key asset to our business, and our business may be affected by how we are perceived in the marketplace; and (q) our debt could negatively impact our business, prevent us from satisfying our debt obligations and adversely affect our financial condition. 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 the reader 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 as new factors emerge from time to time. 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.

Q3 results reflect continued strong portfolio performance and used vehicle prices with signs of credit normalization 3 Q3 2021 Earnings Highlights Results Capital & Liquidity Credit Performance ► Net Income of $763 million in Q3 2021, or $2.49 of diluted EPS ► Net interest margin of 10.8%, up 90 bps YoY ► Total auto originations of $7.8 billion in Q3 2021, down 7% YoY ► Through Santander Bank, originated $1.8 billion in auto loans in Q3 2021 1 ► Donated $50 million to the SC Foundation ► Announced the launch of a new dealer and consumer digital experience through partnership with AutoFi ► CET1 ratio of 19.5% ► Executed ~$278 million in off-balance sheet prime loan sales ► ~$14.8 billion in unutilized committed liquidity ► 30 to 59 delinquency ratio of 6.8%, up 180 basis points YoY ► 59-plus delinquency ratio of 3.3%, up 90 basis points YoY ► Gross charge-off ratio of 7.7%, up 90 basis points YoY ► Recovery rate of 74.4%, down from 91.4% YoY ► Net charge-off ratio of 2.0%, up 140 basis points YoY ► CECL Allowance ratio of 17.4%, down from 17.8% QoQ 1 Includes SBNA retail originations of $1.5 billion and lease originations of $249 million for the current period

-0.3% -3.3% 3.1% 1.2% 2.4% 1.5% 2.9% 2.1% 2.9% 3.2% 3.4% 2.1% 33.4% 0.5% 59.8 53.1 48.5 45.4 70.3 79.7 86.0 103.0 104.1 119.8 138.4 125.1 101.8 109.3 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 4 Economic Indicators Consumer Confidence1 U.S. Unemployment Statistics2 U.S. GDP QoQ Change3 Consumer confidence index decreased to 109.3, as the spread of the Delta variant and inflation concerns continued to dampen optimism Unemployment rate of 4.8% in September lowest since the beginning of the pandemic but remains above pre-pandemic levels US GDP growth decreased to 0.5% in Q3 2021 vs. Q2 2021, due to the impact of the Delta variant, supply shortages and inflation 1 The Conference Board’s consumer confidence index, monthly data as of September 30, 2021 2 U.S. Bureau of Labor Statistics, monthly data as of September 30, 2021 3 U.S. Bureau of Economic (BEA) Analysis, quarterly data as of June 30, 2021 * U.S. GDP Q3 2021: Federal Reserve Bank of Atlanta, GDPNow advance estimate as of October 19, 2021 * 6.1% 9.8% 9.5% 9.0% 7.8% 7.2% 5.9% 5.0% 5.0% 4.2% 3.7% 3.5% 7.9% 4.8%

139.9 141.1 141.9 149.3 161.2 161.1 179.2 200.4 204.8 39.8 40.0 32.0 36.0 38.0 38.0 40.5 39.0 35.7 121.8 117.9 121.6 126.8 139.5 135.1 151.4 184.2 196.7 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 17.1 16.6 11.4 13.0 17.0 16.3 17.7 15.4 12.2 1 U.S. Bureau of Economic Analysis, Light Weight Vehicle Sales: Autos and Light Trucks, monthly data as of September 30, 2021 2 Cox Automotive, 13-Month Rolling Used-Vehicle SAAR, monthly data as of September 30, 2021 3 Manheim, Inc.; Indexed to a basis of 100 at 1995 levels; JD Power Used-Vehicle Price Index (not seasonally adjusted), both monthly, quarter end 5 Auto Industry Overview Used Vehicle Price Indices3 Used Vehicle SAAR2 Used vehicle prices dipped early in the quarter before increasing in September Used auto sales of 36M, down 8% QoQ driven by continued pressure on used vehicle supply and lower consumer demand due to record vehicle prices JDP Manheim New Vehicle SAAR1 Auto sales of 12.2M, down 21% QoQ driven by continued inventory shortage

6 Quarterly Originations 1 Approximate FICOs 2 Includes nominal capital lease originations 3 Includes SBNA retail originations of $1.5 billion and lease originations of $249 million for the current period 4 SBNA originations remain off of SC’s balance sheet in the Service For Others portfolio Three Months Ended Originations ($ in Millions) Q3 2021 Q2 2021 Q3 2020 QoQ YoY Total Core Retail Auto 3,146$ 3,812$ 2,690$ (17%) 17% Chrysler Capital Loans (<640)1 1,162 1,597 1,353 (27%) (14%) Chrysler Capital Loans (≥640)1 1,687 3,021 2,482 (44%) (32%) Total Chrysler Capital Retail 2,849 4,618 3,835 (38%) (27%) Total Leases2 1,829 2,070 1,860 (12%) (2%) Total Auto Originations3 7,824$ 10,500$ 8,385$ (25%) (7%) SBNA Originations4 1,772$ 2,558$ 1,100$ (31%) 61% % Variance

1 Approximate FICOs $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec '20 v '21 YoY -6% -6% 41% 106% 27% 11% -15% -5% -21% '19 v '21 YoY -12% -18% 24% 23% -3% 5% -24% -24% -19% $0 $100 $200 $300 $400 $500 $600 $700 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec '20 v '21 YoY -8% -12% 47% 258%127% 29% 2% -1% -6% '19 v '21 YoY 5% 2% 20% -3% -17% -33% -24% -21% -7% $0 $200 $400 $600 $800 $1,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec '20 v '21 YoY 5% 3% 52% 174% 58% 44% 16% 25% 11% '19 v '21 YoY 1% -11% 26% 54% 44% 77% 25% 18% 25% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec '20 v '21 YoY 9% 68% 126% 2% -17% -32% -45% -39% -12% '19 v '21 YoY 33% 104%228%128% 48% -1% -32% -35% 8% Core Retail Auto ($ in Millions) Chrysler Lease ($ in Millions) Chrysler Capital Loans, <6401 ($ in Millions) Chrysler Capital Loans, ≥6401 ($ in Millions) 2019 2020 2021 7 Monthly Originations

32.5% 28.0% 36.2% 33.8% 26.5% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 507 499 470 485 411 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 8 Stellantis Relationship Stellantis Sales1 (units in ‘000s) Chrysler Capital Penetration Rate SC continues to partner with Stellantis to drive sales • Support both retail and lease incentives • Penetration rate of 26.5%, down 600 bps YoY due to fewer CCAP exclusive incentivized offers 1 Stellantis filings; sales as reported on 10/01/2021

83% 86% 74% 77% 79% 17% 14% 26% 23% 21% $11,511 $11,563 $14,216 $15,094 $15,151 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q21 Related Party 3rd Party 9 Serviced for Others (SFO) Platform Serviced for others balance growth driven by prime originations and asset sales ~$1.8B in SBNA originations1 ~$278M in off-balance sheet prime loan sales also increased SFO balances Serviced for Others Balances, End of Period ($ in Millions) 1 Includes SBNA retail originations of $1.5 billion and lease originations of $249 million for the current period

11.0 11.8 0.8 $11.8 $11.8 2Q 2021 3Q 2021 Revolving Used Unused 2.6 1.8 0.3 0.3 $2.9 $2.1 2Q 2021 3Q 2021 Auto Loans SBNA Originations $5.2 $4.2 2Q 2021 3Q 2021 Amortizing $22.0 $24.7 2Q 2021 3Q 2021 ► $6.2B of new issuance in Q3: 1 SDART, 1 DRIVE, 1 SRT Total unutilized capacity of approximately $14.8 billion at the end of Q3 2021 Diversified Funding and Liquidity Asset-Backed Securities1 ($ in Billions) Financings ($ in Billions) Santander2 ($ in Billions) SBNA Originations and Asset Sales ($ in Billions) ► 100% unused capacity on warehouse lines from 12 lenders ► $3.0B in unutilized revolving and contingent liquidity ► Executed ~$278M in off-balance sheet prime loan sales ► $1.8B of originations flowed to SBNA 1 2 1 Total outstanding as of September 30, 2021 2 Total commitment as of September 30, 2021 3 Includes SBNA retail originations of $1.5 billion and lease originations of $249 million for the current period 10 3

Three Months Ended (Unaudited, Dollars in Thousands, except per share) September 30, 2021 June 30, 2021 September 30, 2020 Interest on finance receivables and loans $1,215,121 $1,229,492 $1,300,694 Net leased vehicle income 345,075 409,196 257,984 Other finance and interest income 1,631 3,068 2,146 Interest expense 218,747 237,195 292,118 Net finance and other interest income $1,343,080 $1,404,561 $1,268,706 Credit Loss Expense (Benefit) 42,058 (263,751) 340,548 Profit sharing 41,009 50,553 30,414 Total other income 74,083 76,073 28,509 Total operating expenses 362,165 303,210 263,662 Income before tax $971,931 $1,390,622 $662,591 Income tax expense 208,607 332,420 172,476 Net income $763,324 $1,058,202 $490,115 Diluted EPS ($) $2.49 $3.45 $1.58 Average total assets $48,594,272 $47,741,178 $47,979,008 Average managed assets $64,640,255 $64,483,261 $62,662,686 11 Q3 2021 Financial Results

50.1% 45.7% 91.4% 64.2% 69.1% 114.9% 74.4% 7.7% 6.0% 0.6% 3.5% 3.0% -1.0% 2.0% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 15.5% 11.1% 6.8% 9.9% 9.7% 6.6% 7.7% 4.6% 2.4% 2.4% 3.1% 2.2% 2.4% 3.3% SC Recovery Rates1 (% of Gross Loss) Net Charge-off Rates2 12 Quarterly Delinquency & Loss Delinquency Ratios: 30-59 Days Delinquent, RICs, HFI Delinquency Ratios: >59 Days Delinquent, RICs, HFI Gross Charge-off Rates Late stage delinquencies increased 90 bps YoY Gross charge-off rate increased 90 bps YoY 1 Recovery Rate – Per the financial statements includes insurance proceeds, bankruptcy/deficiency sales, and timing impacts 2 Net Charge-off rates on retail installment contracts, held for investment SC’s Q3 recovery rate of 74% remains elevated due to low gross losses and continued strength in wholesale auction prices Net charge-off rate increased 140 bps YoY Early stage delinquencies increased 180 bps YoY Delinquencies and charge-offs remain low and are beginning to normalize 8.3% 4.3% 5.0% 6.0% 4.4% 5.5% 6.8%

13 Loss and Recovery Ratios (Annualized) Gross Charge-off Ratio (%) Recovery Rates (% of Gross Loss) Net Charge-off Ratio (%) 2019 2020 2021 0.0 5.0 10.0 15.0 20.0 25.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 (%) 22.3 19.1 17.0 16.1 16.1 15.8 17.9 18.4 18.5 18.3 17.1 16.1 2020 (%) 17.2 15.6 13.7 12.9 12.6 8.1 6.7 5.5 7.9 9.5 9.5 10.7 2021 (%) 10.3 9.4 9.4 7.4 6.3 6.0 7.3 7.8 8.1 0.0 25.0 50.0 75.0 100.0 125.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 (%) 49.0 54.6 66.1 62.5 62.4 56.0 55.2 59.2 53.2 52.9 57.5 46.2 2020 (%) 46.0 53.0 52.1 32.1 49.1 62.1 81.7 126.1 76.4 78.2 60.5 54.8 2021 (%) 58.9 63.1 86.8 110.8 127.0 107.1 78.0 77.2 68.6 (3.0) 0.0 3.0 6.0 9.0 12.0 15.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 (%) 11.3 8.7 5.8 6.1 6.1 7.0 8.0 7.5 8.6 8.6 7.3 8.7 2020 (%) 9.3 7.3 6.6 8.7 6.4 3.1 1.2 -1.4 1.9 2.1 3.7 4.8 2021 (%) 4.2 3.5 1.2 -0.8 -1.7 -0.4 1.6 1.8 2.6

14 Loss Detail Net Charge-off Walk, ($ in Millions) Net charge offs of $162M, up $116M YoY $53M increase due to lower recovery rate $8M increase due to higher gross charge- off rate $55M increase due to other adjustments ($340) ($167) 3Q 2020 $53 $46 Recoveries $55 $8 Gross Loss Performance Other 3Q 2021 $162

$5,815 $5,696 $85 ($173) ($31) 2Q 2021 Economic Factors Credit Quality & Portfolio Mix Balance 3Q 2021 15 Allowance Walk Q2 2021 to Q3 2021 Allowance for Credit Loss Walk (RICs, HFI 1 $ in Millions) Allowance for credit loss decreased by $119M QoQ $85M increase due to moderating macroeconomic factors $173M decrease due to improvements in credit quality & portfolio mix $31M decrease due to lower asset balances Credit loss expense of $42M in 3Q 2021 $299M decrease YoY driven by a reserve release in Q3 2021 compared to a reserve build in Q3 2020 Credit Loss Expense ($ in Millions) 1 Allowance for credit loss related to retail installment contracts, held for investment 48 296 243 (77) 161 293 (42) (107) (187) (119) $341 $254 $136 ($264) $42 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Net Charge-offs Build Release

16 Allowance Ratios Dollars in Millions (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sep 30, June 30, Sep 30, January 1, 2021 2021 2020 2020 TDR Unpaid principal balance $3,952 $4,162 $3,802 $3,859 TDR Impairment $1,298 $1,515 $1,249 $950 TDR Allowance ratio 32.8% 36.4% 32.9% 24.6% Non-TDR Unpaid principal balance $28,779 $28,577 $29,667 $26,896 Non-TDR Allowance $4,398 $4,300 $4,900 $4,150 Non-TDR Allowance ratio 15.3% 15.0% 16.5% 15.4% Total Unpaid principal balance $32,732 $32,739 $33,469 $30,755 Total Allowance $5,696 $5,815 $6,149 $5,100 Total Allowance ratio 17.4% 17.8% 18.4% 16.6% Allowance Ratios ~ ~ ~ ~ ~ ~ Total allowance ratio decreased 40 bps QoQ to 17.4% TDR balance decreased to $4 billion and the allowance ratio decreased 360 bps QoQ, driven by improved credit mix and lower level of loans with extensions Non-TDR allowance ratio increased 30 bps QoQ due to higher delinquency rates

$264 $318 $294 $303 $362 1.7% 2.0% 1.8% 1.9% 2.2% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% $- $50 $100 $150 $200 $250 $300 $350 $400 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Operating Expense Expense Ratio 17 Expense Management Operating Expenses ($ in Millions) Operating expenses and expense ratio increases primarily driven by a $50 million donation to the SC Foundation in Q3 2021

3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Tier 1 common capital $6,834 $7,341 $7,916 $8,861 $9,536 Risk weighted assets $49,883 $50,424 $47,996 $49,015 $48,831 CET1 13.7% 14.6% 16.5% 18.1% 19.5% 13.7% 14.6% 16.5% 18.1% 19.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 18 CET1 Ratio Strong quarterly results led to an increase in CET1 ratio of 140 bps 1 CET1 is calculated under Basel III regulations required as of January 1, 2015. Please see the appendix for further details related to CECL phase-in impact. 2 Under the banking agencies' risk-based capital guidelines, assets and credit equivalent amounts of derivatives and off-balance sheet exposures are assigned to .broad risk .categories. The aggregate dollar amount in each risk category is multiplied by the associated risk weight of the category. The resulting weighted values are added together with the measure for market risk, resulting in the Company's and the Bank's total Risk weighted assets Common Equity Tier 1 Capital Ratio 1 2

APPENDIX

58% 55% 55% 52% 41% 42% 45% 45% 48% 59% $6,525 $5,486 $6,456 $8,430 $5,995 3Q20 3Q20 1Q21 2Q21 3Q21 New Used 9% 10% 9% 9% 8% 8% 8% 8% 8% 8% 21% 22% 22% 22% 24% 14% 15% 15% 15% 17% 48% 45% 47% 46% 42% $6,525 $5,486 $6,456 $8,430 $5,995 3Q20 4Q20 1Q21 2Q21 3Q21 No FICOs <540 540-599 600-639 >=6402 20 Diversified Underwriting Across Full Credit Spectrum Originations by Credit (RICs)1 New/Used Originations 1 RIC; Retail Installment Contract 2 No FICO score obtained; Includes commercial loans. $25,781 $26,584 $26,725 $28,861 $29,724 Average Loan Balance in Dollars

2 .5 % 1 0 .1 % 1 5 .3 % 3 0 .8 % 1 8 .3 % 2 3 .0 % 2 .6 % 9 .8 % 1 5 .3 % 3 1 .7 % 1 9 .0 % 2 1 .6 % 2 .8 % 9 .8 % 1 5 .6 % 3 3 .4 % 2 0 .1 % 1 8 .3 % 2 .9 % 9 .7 % 1 5 .4 % 3 4 .1 % 2 0 .5 % 1 7 .4 % 3 .0 % 9 .6 % 1 5 .0 % 3 4 .3 % 2 0 .8 % 1 7 .3 % Commercial No FICOs <540 540-599 600-639 >=640 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 21 Held for Investment Credit Trends Retail Installment Contracts1 1 Held for investment; excludes assets held for sale

* The losses for the three months ended September 30, 2020 were primarily driven by $57 million of lower of cost or market adjustments ..related to the held for sale personal ..lending portfolio, comprised of $81 million in customer default activity, and a $24 million favorable ..market discount. 22 Excluding Personal Lending Detail Total Personal Lending Excluding Personal Lending Total Personal Lending Excluding Personal Lending Total Personal Lending Excluding Personal Lending Interest on finance receivables and loans $ 1,215,121 $ - $ 1,215,121 $ 1,229,492 $ - $ 1,229,492 $ 1,300,694 $ 79,359 $ 1,221,335 Net leased vehicle income 345,074 - 345,074 409,196 - 409,196 257,984 - 257,984 Other finance and interest income 1,631 - 1,631 3,068 - 3,068 2,146 - 2,146 Interest expense 218,746 - 218,746 237,195 - 237,195 292,118 10,286 281,832 Net finance and other interest income $ 1,343,080 $ - $ 1,343,080 $ 1,404,561 $ - $ 1,404,561 $ 1,268,706 $ 69,073 $ 1,199,633 Provision for credit losses $ 42,058 $ (21) $ 42,079 $ (263,751) $ (23) $ (263,728) $ 340,548 $ (23) $ 340,571 Profit sharing 41,009 - 41,009 50,553 - 50,553 30,414 3,607 26,807 Investment gains (losses), net 1 $ 5,241 $ - $ 5,241 $ 2,414 $ (1,262) $ 3,676 $ (68,989) (56,598)$ $ (12,391) Servicing fee income 19,975 - 19,975 22,812 - 22,812 18,574 - 18,574 Fees, commissions and other 48,867 - 48,867 50,847 - 50,847 78,924 40,140 38,784 Total other income $ 74,083 $ - $ 74,083 $ 76,073 $ (1,262) $ 77,335 $ 28,509 $ (16,458) $ 44,967 Average gross individually acquired retail installment contracts, held for investment and held for sale $ 33,186,854 $ - $ 32,462,553 $ - $ 32,847,716 - Average gross personal loans - - - - - $1,413,021 Average gross operating leases $ 16,465,976 $ - $ 17,118,763 $ - $ 17,146,166 $ - September 30, 2020 Three Months Ended, (Unaudited, Dollars in Thousands) September 30, 2021 June 30, 2021

23 Reconciliation of Non-GAAP Measures a Under the banking agencies' risk-based capital guidelines, assets and credit equivalent amounts of derivatives and off-balance sheet exposures are assigned to broad risk categories. The aggregate dollar amount in each risk category is multiplied by the associated risk weight of the category. The resulting weighted values are added together with the measure for market risk, resulting in the Company's total Risk weighted assets. b CET1 is calculated under Basel III regulations required as of January 1, 2015. The fully phased-in capital ratios are non-GAAP financial measures. c As described in our 2020 annual report on Form 10-K, on January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (“CECL”), which upon adoption resulted in a reduction to our opening retained earnings balance, net of income tax, and increase to the allowance for credit losses of approximately $2 billion. As also described in our 2019 10-K, the U.S. banking agencies in December 2018 had approved a final rule to address the impact of CECL on regulatory capital by allowing banking organizations, including the Company, the option to phase in the day-one impact of CECL until the first quarter of 2023. In March 2020, the U.S. banking agencies issued an interim final rule that provides banking organizations with an alternative option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. The Company elected this alternative option instead of the one described in the December 2018 rule. Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Total equity $7,932,730 $7,229,630 $6,231,853 $5,621,961 $5,094,812 Deduct: Goodwill and intangibles 149,232 153,239 147,889 144,184 136,397 Tangible common equity $7,783,498 $7,076,391 $6,083,964 $5,477,777 $4,958,415 Total assets $49,074,450 $48,245,934 $47,234,002 $48,887,493 $48,448,921 Deduct: Goodwill and intangibles 149,232 153,239 147,889 144,184 136,397 Tangible assets $48,925,218 $48,092,695 $47,086,113 $48,743,309 $48,312,524 Equity to assets ratio 16.2% 15.0% 13.2% 11.5% 10.5% Tangible common equity to tangible assets 15.9% 14.7% 12.9% 11.2% 10.3% Total equity $7,932,730 $7,229,630 $6,231,853 $5,621,961 $5,094,812 Add: Adjustment due to CECL capital relief (c) 1,729,366 1,759,037 1,805,720 1,832,099 1,842,536 Deduct: Goodwill and other intangible assets, net of DTL 156,942 164,585 163,359 163,659 159,907 Deduct: Accumulated other comprehensive income, net (31,194) (36,855) (41,818) (50,566) (56,882) Tier 1 common capital $9,536,348 $8,860,937 $7,916,032 $7,340,967 $6,834,323 Risk weighted assets (a)(c) $48,830,527 $49,014,663 $47,995,845 $50,424,476 $49,882,540 Common Equity Tier 1 capital ratio (b)(c) 19.5% 18.1% 16.5% 14.6% 13.7% Three Months Ended (Unaudited, Dollars in Thousands)

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Cover Page	Oct. 27, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 27, 2021
Entity Registrant Name	SANTANDER CONSUMER USA HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36270
Entity Tax Identification Number	32-0414408
Entity Address, Address Line One	1601 Elm St.
Entity Address, Address Line Two	Suite #800
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	634-1110
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SC
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001580608