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Santander Consumer acquires $1.1B indirect auto loan portfolio

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Santander Consumer acquires $1.1B indirect auto loan portfolio

Santander Consumer USA Holdings Inc. completed the acquisition of a $1.1 billion indirect auto loan portfolio from Gateway One Lending & Finance LLC.

An additional conversion of $500 million of indirect auto loan assets, which the company will sub-service for Gateway One Lending, is included in the deal.

As of Sept. 30, Santander Consumer serviced approximately $10 billion in auto assets for six financial institutions.

Gateway One Lending is a subsidiary of TCF National Bank, the banking unit of TCF Financial Corp.