Santander Consumer USA (SC) Offers Update on Delay of 10-Q Filing

August 23, 2016 4:31 PM EDT

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Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC" or the "Company"), is delaying the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 (the "Form 10-Q") beyond the August 15, 2016 extended filing date.

As previously disclosed by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2016, the Company is in the pre-filing submission process with the SEC's 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 this and other accounting matters disclosed in the Form 12b-25 is expected to impact prior period financial statements. The Company will file the Form 10-Q as soon as possible.

The Company has reviewed all critical relationships and does not foresee a material interruption in or change to normal business activities related to the delayed filing. In addition, the aforementioned accounting matters relate only to non-cash items in our financial statements. If the outcome of the pre-filing submission process is consistent with the Company's proposed accounting treatment, the Company expects to file its Form 10-Q immediately.

The Company informed the New York Stock Exchange ("NYSE") on August 15, 2016, that the Company was not in compliance with NYSE's continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual as a result of the Company's failure to timely file its Form 10-Q. In accordance with NYSE listing standards, the Company will have six months, from August 15, 2016, to file its Form 10-Q with the SEC. The Company can regain compliance with the NYSE listing standards at any time prior to such date by filing the Form 10-Q with the SEC. If the Company fails to file its Form 10-Q prior to such date, then the NYSE may grant, at its discretion, a further extension of up to six additional months, depending on the specific circumstances.

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