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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission File Number: 001-36270
SANTANDER CONSUMER USA HOLDINGS INC.
(Exact Name of Registrant as Specified in Its Charter) 
Delaware 32-0414408
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
1601 Elm StreetSuite 800DallasTexas75201
(Address of principal executive offices)
Registrant’s telephone number, including area code (214634-1110
Not Applicable
(Former name, former address, and formal fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol (s)Name of each exchange on which registered
Outstanding shares at October 25, 2021
Common Stock ($0.01 par value)SCNew York Stock Exchange306,111,379

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
 No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerEmerging growth company
Non-accelerated filerSmaller reporting 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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes  
No  



1




INDEX

Cautionary Note Regarding Forward-Looking Information
PART I: FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income
Unaudited Condensed Consolidated Statements of Equity
Unaudited Condensed Consolidated Statements of Cash Flows
Note 1. Description of Business, Basis of Presentation, and Accounting Policies
Note 2. Finance Receivables
Note 3. Credit Loss Allowance and Credit Quality
Note 4. Leases
Note 5. Other Assets
Note 6. Variable Interest Entities
Note 7. Debt
Note 8. Shareholders' Equity
Note 9. Derivative Financial Instruments
Note 10. Fair Value of Financial Instruments
Note 11. Investment Gains (Losses), Net
Note 12. Income Taxes
Note 13. Computation of Basic and Diluted Earnings per Common Share
Note 14. Commitments and Contingencies
Note 15. Related-Party Transactions
Note 16. Employee Benefit Plans
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II: OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6. Exhibits
SIGNATURES
    
2




Unless otherwise specified or the context otherwise requires, the use herein of the terms “we,” “our,” “us,” “SC,” and the “Company” refer to Santander Consumer USA Holdings Inc. and its consolidated subsidiaries.
Cautionary Note Regarding Forward-Looking Information
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements about the Company’s expectations, 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,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends,” and similar words or phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and involve risks and uncertainties which are subject to change based on various important factors, some of which are beyond the Company’s control. Among the factors that could cause the Company’s actual performance to differ materially from those suggested by the forward-looking statements are:

There can be no assurance that the proposed acquisition of all of our outstanding common stock by SHUSA will be approved and ultimately consummated, and the terms of any such transaction may differ materially from those originally proposed by SHUSA;
our agreement with Stellantis may not result in currently anticipated levels of growth;
the adverse impact of COVID-19 on our business, financial condition, liquidity and results of operations;
continually changing federal, state, and local laws and regulations could materially adversely affect our business, including changes to tax laws and regulations and the outcome of ongoing tax audits by federal, state and local income tax authorities that may require the Company to pay additional taxes or recover fewer overpayments compared to what has been accrued or paid as of period-end;
adverse economic conditions in the United States and worldwide may negatively impact our results;
our business could suffer if our access to funding is reduced;
significant risks we face implementing our growth strategy including our ability to grow revenue, manage expenses, attract and retain highly-skilled people and raise capital necessary to achieve our business goals;
our business could suffer if we are unsuccessful in developing and maintaining relationships with automobile dealerships;
our financial condition, liquidity, and results of operations depend on the credit performance of our loans;
loss of our key management or other personnel, or an inability to attract such management and personnel;
the effects of regulation, actions and/or policies of the Federal Reserve Bank of Boston (FRBB), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), and the European Central Bank (ECB), whose oversight and regulation may limit certain of our activities, including share repurchase programs, the timing and amount of dividends and other limitations on our business;
acts of God, including pandemics and other significant public health emergencies, and other natural or man-made disasters, and the Company’s ability to deal with disruptions caused by such acts, emergencies and disasters;
inflation, interest rate, market and monetary fluctuations, including effects from the pending discontinuation of LIBOR as an interest rate benchmark, may, among other things, reduce net interest margins and impact funding sources, revenue and expenses, and the value of assets and obligations;
adverse publicity, and negative public opinion, whether specific to the Company or regarding other industry participants or industry-wide factors, or other reputational harm;
the ability of the Company and its third-party vendors to convert, maintain and upgrade, as necessary, the Company’s data processing and other IT infrastructure on a timely and acceptable basis, within projected cost estimates and without significant disruption to the Company’s business;
the Company’s ability to control operational risks, data security breach risks and outsourcing risks, and the possibility of errors in quantitative models and software the Company uses in its business, including as a result of cyberattacks, technological failure, human error, fraud or malice by internal or external parties, and the possibility that the Company’s controls will prove insufficient, fail or be circumvented;
future changes in our relationship with SHUSA and Banco Santander that could adversely affect our operations; and
the other factors that are described in Part I, Item IA – Risk Factors of the Annual Report of the Company on Form 10-K for the year ended December 31, 2020 (the 2020 Annual Report on Form 10-K).

If one or more of the factors affecting the Company’s forward-looking information and statements renders forward-looking information or statements incorrect, the Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements. Therefore, the Company cautions 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 the Company’s 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. Management cannot assess the impact of any such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause
3




results to differ materially from those contained in any forward-looking statement. Forward-looking statements reflect the current beliefs and expectations of the Company's management and only speak as of the date of this document, and the Company undertakes 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 the Company are expressly qualified by these cautionary statements.



4




Glossary

The following is a list of abbreviations, acronyms, and commonly used terms used in this Quarterly Report on Form 10-Q.
ABSAsset-backed securities
ACL Allowance for credit loss
Advance RateThe maximum percentage of collateral that a lender is willing to lend.
AffiliatesA party that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with an entity.
AFS Available for sale
ALGAutomotive Lease Guide
Amortized costs Includes unpaid principal balance (UPB), net of discounts and premiums
APRAnnual Percentage Rate
ARRCAlternative Reference Rates Committee
ASCAccounting Standards Codification
ASUAccounting Standards Update
BluestemBluestem Brands, Inc., an online retailer for whose customers SC provides financing
BoardSC’s Board of Directors
CARES Act The Coronavirus Aid, Relief, and Economic Security Act
CBPCitizens Bank of Pennsylvania
CCARComprehensive Capital Analysis and Review
CCAPChrysler Capital
CDOChief Diversity Officer
CECLCurrent Expected Credit Loss, Amendments based on ASU 2016-13, ASU 2019-04, and ASU 2019-11
CEOChief Executive Officer
CFPBConsumer Financial Protection Bureau
CFOChief Financial Officer
Clean-up CallThe early redemption of a debt instrument by the issuer, generally when the underlying portfolio has amortized to 5% or 10% of its original balance
COVID-19Coronavirus disease 2019
Credit EnhancementA method such as overcollateralization, insurance, or a third-party guarantee, whereby a borrower reduces default risk
DCFDiscounted Cash Flow Analysis
Dealer LoanA Floorplan Loan, real estate loan, working capital loan, or other credit extended to an automobile dealer
DOJU.S. Department of Justice
EIREffective interest rate
ECLExpected credit losses
Exchange ActSecurities Exchange Act of 1934, as amended
FICO®A common credit score created by Fair Isaac Corporation that is used on the credit reports that lenders use to assess an applicant’s credit risk. FICO® is computed using mathematical models that take into account five factors: payment history, current level of indebtedness, types of credit used, length of credit history, and new credit
FIRREAFinancial Institutions Reform, Recovery and Enforcement Act of 1989
Floorplan LoanA revolving line of credit that finances dealer inventory until sold
Federal Reserve BoardBoard of Governors of the Federal Reserve System
FRBBFederal Reserve Bank of Boston
FTCFederal Trade Commission
GAPGuaranteed Auto Protection
GAAPU.S. Generally Accepted Accounting Principles
HPIHousing Price Index
HTMHeld to maturity
IPOSC’s Initial Public Offering
ISDAInternational Swaps and Derivative Association
Managed AssetsManaged assets included assets (a) owned and serviced by the Company; (b) owned by the Company and serviced by others; and (c) serviced for others
MPLFATen-year master private-label financing agreement with Stellantis, signed in May 2013
OCCOffice of the Comptroller of the Currency
OvercollateralizationA credit enhancement method whereby more collateral is posted than is required to obtain financing
5




PDProbability of default
PDLAPlatform Development and License Agreement
Private-labelFinancing branded in the name of the product manufacturer rather than in the name of the finance provider
RCThe Risk Committee of the Board
RemarketingThe controlled disposal of vehicles at the end of the lease term or upon early termination or of financed vehicles obtained through repossession and their subsequent sale
Residual ValueThe future value of a leased asset at the end of its lease term
Retail installment contractsIncludes retail installment contracts individually acquired or originated by the Company and purchased non-credit deteriorated finance receivables
ROURight-of-use (related to operating leases)
RSURestricted stock unit
SAFSantander Auto Finance
SantanderBanco Santander, S.A.
SBNASantander Bank, N.A., a wholly-owned subsidiary of SHUSA. Formerly Sovereign Bank, N.A.
SCSantander Consumer USA Holdings Inc., a Delaware corporation, and its consolidated subsidiaries
SCARTSantander Consumer Auto Receivables Trust, a securitization platform
SC IllinoisSantander Consumer USA Inc., an Illinois corporation and wholly-owned subsidiary of SC
SCRAServicemembers Civil Relief Act
SDARTSantander Drive Auto Receivables Trust, a securitization platform
SECU.S. Securities and Exchange Commission
SHUSASantander Holdings USA, Inc., a wholly-owned subsidiary of Santander and the majority stockholder of SC
SPAINSantander Prime Auto Issuing Note Trust, a securitization platform
SRTSantander Retail Auto Lease Trust, a lease securitization platform
Stellantis
FCA US LLC, its parent Stellantis N.V., and/or any affiliates
SubventionReimbursement of the finance provider by a manufacturer for the difference between a market loan or lease rate and the below-market rate given to a customer
TDRTroubled Debt Restructuring
TrustsSpecial purpose entities utilized in SC’s financing transactions
VIEVariable Interest Entity
Warehouse LineA revolving line of credit generally used to fund finance receivable originations


6





Part I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (Dollars in thousands, except share amounts)
September 30, 2021December 31, 2020
ASSETS
Cash and cash equivalents - $2,016,932 and $32,490 held at affiliates, respectively
$2,106,405 $109,053 
Finance receivables held for sale, net359,561 1,567,527 
Finance receivables held for investment, at amortized cost33,183,439 33,114,638 
Allowance for credit loss (5,699,698)(6,110,633)
Finance receivables held for investment, at amortized cost, net27,483,741 27,004,005 
Restricted cash - $6,808 and $27 held at affiliates, respectively
2,248,667 2,221,094 
Accrued interest receivable323,469 415,765 
Leased vehicles, net15,529,610 16,391,107 
Furniture and equipment, net of accumulated depreciation of $116,431 and $104,452, respectively
62,168 62,032 
Goodwill74,056 74,056 
Intangible assets, net of amortization of $70,984 and $63,488, respectively
75,176 70,128 
Other assets - $6,956 and $14,451 held at affiliates, respectively
811,597 972,726 
TOTAL ASSETS$49,074,450 $48,887,493 
LIABILITIES AND EQUITY
LIABILITIES
Borrowings and other debt obligations - $9,600,000 and $10,801,318 to/from affiliates, respectively
$38,431,858 $41,138,674 
Deferred tax liabilities, net1,855,859 1,263,796 
Accounts payable and accrued expenses - $74,945 and $80,428 held at affiliates, respectively
554,581 531,369 
Other liabilities - $2,368 and $463 held at affiliates, respectively
299,422 331,693 
TOTAL LIABILITIES41,141,720 43,265,532 
Commitments and contingencies (Notes 7 and 14)
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value — 1,100,000,000 shares authorized;
363,536,761 and 363,159,613 shares issued and 306,111,379 and 306,091,978 shares outstanding, respectively
3,061 3,061 
Additional paid-in capital391,343 393,800 
Accumulated other comprehensive income (loss), net of taxes(31,194)(50,566)
Retained earnings7,569,520 5,275,666 
TOTAL STOCKHOLDERS' EQUITY7,932,730 5,621,961 
TOTAL LIABILITIES AND EQUITY$49,074,450 $48,887,493 

See notes to unaudited condensed consolidated financial statements.
7




SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited) (Dollars in thousands, except per share amounts)
 For the Three Months EndedFor the Nine Months Ended
September 30,September 30,
 2021202020212020
Interest on finance receivables and loans$1,215,121 $1,300,694 $3,749,264 $3,811,113 
Leased vehicle income670,334 725,156 2,115,134 2,210,684 
Other finance and interest income1,631 2,146 6,125 12,354 
Total finance and other interest income1,887,086 2,027,996 5,870,523 6,034,151 
Interest expense — Including $77,407, $87,851 , $247,327 and $221,676 to affiliates, respectively
218,747 292,118 709,479 929,934 
Leased vehicle expense325,259 467,172 1,043,774 1,630,945 
Net finance and other interest income1,343,080 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 expense1,301,022 928,158 4,202,754 1,362,941 
Profit sharing41,009 30,414 158,888 56,239 
Net finance and other interest income after credit loss expense and profit sharing1,260,013 897,744 4,043,866 1,306,702 
Investment gains (losses), net5,241 (68,989)(7,057)(279,997)
Servicing fee income — Including $9,916, $10,050, $29,217 and $33,923 from affiliates, respectively
19,975 18,574 61,481 56,797 
Fees, commissions, and other — Including $2,965, $1,254, $10,429 and $11,127 from affiliates, respectively
48,867 78,924 200,242 256,123 
Total other income74,083 28,509 254,666 32,923 
Compensation and benefits149,669 127,991 460,014 388,960 
Repossession expense33,349 35,910 117,540 115,861 
Other expenses — Including $2,144, $1,456, $5,679 and $3,762 to affiliates, respectively
179,147 99,761 382,313 308,193 
Total operating expenses362,165 263,662 959,867 813,014 
Income before income taxes971,931 662,591 3,338,665 526,611 
Income tax expense208,607 172,476 775,484 137,161 
Net income $763,324 $490,115 $2,563,181 $389,450 
Net income$763,324 $490,115 $2,563,181 $389,450 
Other comprehensive income (loss): 
Unrealized gains (losses) on cash flow hedges, net of tax of $2,006, $2,083, $6,568 and $(10,419) respectively
5,962 7,112 20,372 (31,726)
Unrealized gains (losses) on available-for-sale and held-to-maturity debt securities net of tax of $(100), $(88), $(324) and $500, respectively
(301)(289)(1,000)1,537 
Comprehensive income$768,985 $496,938 $2,582,553 $359,261 
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 
Dividend declared per common share$0.22 $0.22 $0.88 $0.66 
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 


See notes to unaudited condensed consolidated financial statements.
8




SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) (In thousands except per share amounts)
Common StockAdditional
Paid-In Capital
Accumulated
Other
Comprehensive Income (Loss)
Retained EarningsTotal Stockholders' Equity
SharesAmount
Balance — July 1, 2021306,081 $3,060 $389,890 $(36,855)$6,873,535 $7,229,630 
 Stock issued in connection with employee incentive compensation plans30 1 219 — — 220 
Stock-based compensation expense— — 1,234 — — 1,234 
Dividends-Common stock, $0.22/share
— — — — (67,339)(67,339)
Net income— — — — 763,324 763,324 
Other comprehensive income, net of taxes— — — 5,661 — 5,661 
Balance — September 30, 2021306,111 $3,061 $391,343 $(31,194)$7,569,520 $7,932,730 
Balance — July 1, 2020316,235 $3,162 $624,554 $(63,705)$4,331,454 $4,895,465 
Stock issued in connection with employee incentive compensation plans34 — 237 — — 237 
Stock-based compensation expense— — 1,010 — — 1,010 
Stock repurchase/Treasury stock(10,198)(101)(223,415)— — (223,516)
Dividends-Common stock, $0.22/share
— — — — (67,364)(67,364)
Tax sharing with affiliate— — (7,958)— — (7,958)
Net income— — — — 490,115 490,115 
Other comprehensive income, net of taxes— — — 6,823 — 6,823 
Balance — September 30, 2020306,071 $3,061 $394,428 $(56,882)$4,754,205 $5,094,812 



See notes to unaudited condensed consolidated financial statements.



9




SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) (In thousands except per share amounts)
Common StockAdditional
Paid-In Capital
Accumulated
Other
Comprehensive Income (Loss)
Retained EarningsTotal Stockholders' Equity
SharesAmount
Balance — January 1, 2021306,092 $3,061 $393,800 $(50,566)$5,275,666 $5,621,961 
Stock issued in connection with employee incentive compensation plans377 4 (1,975)— — (1,971)
Stock-based compensation expense— — 8,989 — — 8,989 
Stock repurchase/Treasury stock(358)(4)(9,471)— — (9,475)
Dividends-Common stock, $0.88/share
— — — — (269,327)(269,327)
Net income— — — — 2,563,181 2,563,181 
Other comprehensive income, net of taxes— — — 19,372 — 19,372 
Balance — September 30, 2021306,111 $3,061 $391,343 $(31,194)$7,569,520 $7,932,730 
Balance — January 1, 2020339,202 3,392 1,173,262 (26,693)6,168,659 7,318,620 
Cumulative-effect adjustment upon adoption of ASU 2016-13— — — — (1,590,885)(1,590,885)
Tax impact of adoption of ASU 2019-12— — — — (382)(382)
Stock issued in connection with employee incentive compensation plans340 3 (1,509)— — (1,506)
Stock-based compensation expense— — 6,161 — — 6,161 
Stock repurchase/Treasury stock(33,471)(334)(775,636)— — (775,970)
Dividends-Common stock, $0.66/share
— — — — (212,637)(212,637)
Tax sharing with affiliate— — (7,850)— — (7,850)
Net income— — — — 389,450 389,450 
Other comprehensive income (loss), net of taxes— — — (30,189)— (30,189)
Balance — September 30, 2020306,071 $3,061 $394,428 $(56,882)$4,754,205 $5,094,812 



See notes to unaudited condensed consolidated financial statements.
10




SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (Dollars in thousands)
 For the Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net income$2,563,181 $389,450 
Adjustments to reconcile net income to net cash provided by operating activities
Derivative mark to market(1,205)10,022 
Credit loss (benefit)/expense(85,484)2,110,331 
Depreciation, amortization and accretion1,262,383 1,711,125 
Originations and purchases of receivables held for sale(1,171,287)(1,637,194)
Proceeds from sales of and collections on retail installment contracts held for sale (a)1,747,471 545,293 
Investment losses, net7,057 279,997 
Stock-based compensation8,989 6,161 
Deferred tax expense585,820 142,554 
Net change in:
Revolving personal loans34,247 (59,096)
Other assets135,023 (203,634)
Other liabilities45,380 (43,067)
Net cash provided by operating activities5,131,575 3,251,942 
Cash flows from investing activities:  
Originations and purchases of portfolios on finance receivables held for investment(13,816,075)(12,782,253)
Collections on finance receivables held for investment11,685,416 9,223,448 
Proceeds from sales of retail installment contracts held for sale, originated as held for investment (b)2,356,205 803,614 
Leased vehicles purchased(5,896,254)(4,891,504)
Proceeds from sale of leased vehicles5,444,161 3,094,294 
Manufacturer incentives received73,920 339,717 
Change in revolving personal loans, net31,121 75,318 
Proceeds from repayments and maturities of available-for-sale securities5,000  
Purchases of held-to-maturity investment securities (54,584)
Proceeds from repayments and maturities of held-to-maturity securities 33,987 4,203 
Purchases of furniture and equipment(20,557)(18,117)
Sales of furniture and equipment13,580 3 
Net cash used in investing activities(89,496)(4,205,861)
Cash flows from financing activities:  
Proceeds from borrowings and other debt obligations, net of debt issuance costs - $4,731,607 and $11,545,000 from affiliates, respectively
28,769,569 37,972,329 
Payments on borrowings and other debt obligations - $(5,931,607) and $(5,995,000) to affiliates, respectively
(31,508,722)(35,818,793)
Proceeds from stock option exercises, gross801 673 
Shares repurchased (9,475)(775,970)
Dividends paid(269,327)(212,637)
Net cash provided by (used in) financing activities(3,017,154)1,165,602 

(a)Included in this balance is sales proceeds from Bluestem portfolio sale of $608 million for loans originated as held for sale.
(b)Included in this balance is sales proceeds from Bluestem portfolio sale of $188 million for loans originated as held for investment.
11





SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited) (Dollars in thousands)
 For the Nine Months Ended September 30,
 20212020
Net increase (decrease) in cash and cash equivalents and restricted cash2,024,925 211,683 
Cash and cash equivalents and restricted cash— Beginning of year2,330,147 2,161,087 
Cash and cash equivalents and restricted cash— End of year$4,355,072 $2,372,770 
Supplemental cash flow information:
      Cash and cash equivalents2,106,405 105,616 
      Restricted cash2,248,667 2,267,154 
     Total cash, cash equivalents and restricted cash$4,355,072 $2,372,770 



See notes to unaudited condensed consolidated financial statements.
12





SANTANDER CONSUMER USA HOLDINGS INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts)
(Unaudited)

1.Description of Business, Basis of Presentation, and Accounting Policies
The Company is the holding company for SC Illinois, and its subsidiaries, a specialized consumer finance company focused on vehicle finance and third-party servicing and delivering service to dealers and customers across the full credit spectrum. The Company’s primary business is the indirect origination and servicing of retail installment contracts and leases, principally, through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers. Additionally, the Company sells consumer retail installment contracts through flow agreements and, when market conditions are favorable, it accesses the ABS market thro