Santander Consumer USA Inc. 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% of the U.S. population with borrowers saving an average of $2,300 over the life of a loan.

“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.”