Subprime Auto Offender #1: Santander Consumer USA Holdings (NYSE: SC)
Santander Consumer has a bit of a meandering history -- going from a non-originator of auto loans working with individual banks to becoming a subsidiary of the enormous Spanish bank, Santander Group, then becoming private again and then going public. The important note from its history was in 2013, when it launched its Chrysler Capital group.

Think of Chrysler Capital as the equivalent of GMAC or Ford Financing. In other words, it is the primary lender to Chrysler customers. The difference is that Chrysler Capital (AKA Santander Consumer) is willing to take nearly any gamble to provide Chrysler customers with financing.

Santander Consumer is the leader in subprime auto loans. Of its total originations during its most recent quarter, 98% went toward auto loans. And about half of that was given to borrowers with sub 640 FICO scores.