| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 164.0 | 10.0% | 56.9% | — | — | 2025-02-18 | — | — |
| Class A-2 | 394.4 | 24.0% | 32.9% | +62 bps | 0.50 | 2026-12-15 | AAA | Aaa |
| Class A-3 | 175.0 | 10.7% | 22.3% | +73 bps | 1.43 | 2028-02-15 | AAA | Aaa |
| Class B | 165.1 | 10.1% | 12.2% | +95 bps | 2.20 | 2029-01-16 | AA | Aaa |
| Class C | 200.4 | 12.2% | 0.0% | +125 bps | 3.20 | 2031-11-17 | A | Aa3 |
Split-rated at the AAA level: Class B (Moody's Aaa / S&P AA). Per the convention that all rating agencies must concur, this tranche is treated as the lower rating and excluded from AAA % of pool. On a most-favorable-agency basis (rated AAA by any agency), AAA % of pool would be 44.7%.
| Sponsor | Santander Consumer USA Inc |
|---|---|
| Servicer | Santander Consumer USA Inc. |
| Depositor / Transferor | Santander Drive Auto Receivables LLC |
| Indenture Trustee | Wilmington Trust, National Association (“ |
| Owner Trustee | Citicorp Trust Delaware, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, Mischler Financial Group |
| DRIVE 2024-1 | DRIVE 2021-3 | DRIVE 2021-2 | DRIVE 2021-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-02-21 | 2021-11-17 | 2021-08-25 | 2021-04-21 |
| Pool balance | $1,642.6MM | $1,591.6MM | $2,150.5MM | $1,934.8MM |
| WA Credit Score | 575−7 | 575 | 582 | 583 |
| WA APR | 18.29%−0.69pp | 18.29% | 19.02% | 18.98% |
| WA original term mo | 71.2+0.1 | 71.2 mo | 71.0 mo | 71.1 mo |
| % new vehicles | 19.1% | 23.1% | 27.7% | 29.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 21.2% FL 12.8% CA 8.2% | TX 18.1% FL 12.4% CA 6.3% | TX 18.2% FL 12.5% CA 6.8% | TX 17.1% FL 11.4% CA 8.4% |
| Structure (at issuance) | ||||
| AAA spread | +62 bps+41bps | — | +22 bps | +19 bps |
| AAA % of pool | 34.7%−13.4pp | 34.8% | 49.0% | 48.1% |
| Subordination below AAA | 22.3%−13.6pp | 32.3% | 35.8% | 36.1% |
| OC (initial) | 33.10% | 19.79% | 16.30% | 17.35% |
| OC target | 42.35% | 23.00% | 24.00% | 25.15% |
| OC floor | 3.50% | 3.00% | 3.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 5 | 6 | 6 | 6 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| DRIVE 2024-1 | EART 2024-1 | BLAST 2024-1 | SDART 2024-1 | AMCAR 2023-2 | CRVNA 2021-N4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-02-21 | 2024-01-31 | 2024-01-24 | 2024-01-18 | 2023-09-20 | 2021-12-15 |
| Pool balance | $1,642.6MM | $702.3MM | $700.0MM | $1,731.8MM | $1,591.5MM | $460.0MM |
| WA Credit Score | 575−15 | 595 | 554 | 606 | 590 | 578 |
| WA APR | 18.29%−0.53pp | 21.48% | 19.10% | 17.63% | 12.20% | 18.82% |
| WA original term mo | 71.2−0.8 | 74.0 mo | 64.0 mo | 71.8 mo | 74.0 mo | 72.0 mo |
| % new vehicles | 19.1% | — | 0.1% | 31.1% | 51.8% | — |
| Reserve % | 1.00% | 1.00% | 1.50% | 1.00% | 2.00% | 0.35% |
| Geo top-3 | TX 21.2% FL 12.8% CA 8.2% | TX 14.8% CA 10.1% FL 8.7% | TX 13.8% FL 12.1% GA 10.0% | TX 14.4% FL 11.2% CA 8.9% | TX 15.7% FL 8.0% OH 6.6% | TX 10.9% CA 7.0% FL 6.9% |
| Structure (at issuance) | ||||||
| AAA spread | +62 bps−8bps | +45 bps | +70 bps | +72 bps | — | — |
| AAA % of pool | 34.7%−12.7pp | 32.2% | 35.0% | 47.4% | 54.2% | 51.4% |
| Subordination below AAA | 22.3%−18.7pp | 53.2% | 41.0% | 29.7% | 25.4% | 53.2% |
| OC (initial) | 33.10% | 5.65% | 15.50% | 9.50% | 5.75% | 0.00% |
| OC target | 42.35% | 12.65% | 20.80% | 15.20% | 14.75% | 3.00% |
| OC floor | 3.50% | 1.50% | 3.25% | 2.00% | — | 1.25% |
| YSOC | n.a. | n.a. | n.a. | n.a. | — | n.a. |
| Tranches | 5 | 7 | 7 | 6 | 7 | 7 |
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (48 series across 3 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
Santander Consumer USA Inc — ticker DRIVE.
Peer tier: subprime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.