September 12, 2023 – Santander Consumer USA Inc. (“Santander Consumer”) today announced that it has been chosen as the primary loan servicer for LendingClub’s auto refinance portfolio. LendingClub Bank, America’s leading digital marketplace bank, has a direct auto refinance program that covers over 94 percent of the U.S. population with borrowers saving an average of $2,300 over the life of a loan[1].

“At Santander Consumer, we are proud of our best-in-class servicing platform and elevated standards of risk management and compliance,” said Erik Laney, Chief Financial Officer, Santander Consumer. “We’re pleased to be working with LendingClub, a leader in the digital marketplace space, to deliver those standards to their customers”.

In addition to onboarding LendingClub’s new originations, Santander Consumer has converted all existing portfolios from the respective servicers, enabling a superior and unified experience for LendingClub’s auto customers across the country.

“Santander has a proven track record in auto loan servicing making them a perfect fit to handle our growing auto portfolio,” said Adam Crossan, Vice President of Auto, LendingClub. “Our shared passion for applying financial technology to help customers meet their personal financial goals makes this partnership with Santander Consumer an excellent fit. We know our customers are in good hands.”

The partnership with Santander Consumer reinforces LendingClub’s commitment to helping its members find saving opportunities across its products and achieving its goals related to its auto refinance platform.

Santander Consumer is the largest global non-captive auto consumer finance company and top five auto lending servicer in the U.S. Today, Santander Consumer services 12 portfolios for third parties with a total balance of around $20 billion across auto loan and lease products.

About Santander Consumer USA

Santander Consumer USA Inc., headquartered in Dallas, Texas, is a consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than three million customers across the full credit spectrum. Santander Consumer, which began originating retail installment contracts in 1997, had an average managed asset portfolio of approximately $63 billion for FY 2022. The company is a wholly owned subsidiary of Santander Holdings USA, Inc., and is part of Madrid, Spain-based global banking leader Banco Santander. For more information about Santander Consumer USA, please visit

About LendingClub

LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the US, where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on more than 150 billion cells of data and over $85 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 4.7 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit

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[1] Based on the average experience of similarly situated borrowers who refinanced their existing auto loans (“Original Auto Loans”) with Auto Refinancing Loans from LendingClub Bank (“Auto Refi Loans”) between October 2022 and March 2023. For this period, the average estimated remaining interest charges of Original Auto Loans was $7,612, and the average potential interest charges of corresponding Auto Refi Loans obtained by borrowers was $5,272, which represents a reduction in potential interest charges of $2,339. This reduction reflects the terms of Auto Refi Loans actually obtained by borrowers, not the terms of Auto Refi Loans offered to but not selected by borrowers. Reductions in potential interest charges are determined based on (a) our understanding of the APRs of Original Auto Loans, and (b) the corresponding APRs of Auto Refi Loans obtained by borrowers. Claims related to reductions in potential interest charges assume that Auto Refi Loans will be paid as agreed, and are for illustrative purposes only. They do not directly relate to any estimated APRs, monthly payment amounts, or savings amounts communicated to you in connection with a specific Auto Refi Loan that we may advertise to you or that you may obtain from us. Depending on the state where you live, tax, title and other fees may apply, which could impact your total savings.

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