Santander Consumer USA (SC) to Delay Q2 Form 10-Q Filing
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Santander Consumer USA (NYSE: SC) is delaying the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2016 (the “Form 10-Q”) at this time because the Company’s financial statements for such period have not yet been completed. The Company 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. In connection with these matters, the Company also 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. The Company will file the Form 10-Q as soon as practicable.
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