| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 164.0 | 10.0% | 56.35% | — | — | — | 2025-02-18 | — | — |
| Class A-2 | 394.4 | 24.0% | 56.35% | 0.50 | 5.83% | +62 I-curve | 2026-12-15 | AAA | Aaa |
| Class A-3 | 175.0 | 10.7% | 56.35% | 1.43 | 5.35% | +73 I-curve | 2028-02-15 | AAA | Aaa |
| Class B | 165.1 | 10.1% | 46.30% | 2.20 | 5.31% | +95 I-curve | 2029-01-16 | AA | Aaa |
| Class C | 200.4 | 12.2% | 34.10% | 3.20 | 5.43% | +125 I-curve | 2031-11-17 | A | Aa3 |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
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 not counted as an AAA term note.
| Sponsor | Santander Consumer USA Inc. |
|---|---|
| Servicer | Santander Bank, N.A. |
| 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 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-02-21 | 2021-11-17 | 2021-08-25 | 2021-04-21 | 424B5 |
| Pool balance | $1,642.6MM | $1,524.4MM | $2,150.5MM | $1,934.8MM | 424B5 |
| WA Credit Score | 586+11 | 575 | 575 | 583 | 424B5 |
| WA APR | 19.84%+1.52pp | 18.32% | 18.29% | 19.02% | 424B5 |
| WA original term mo | 71.2+0.1 | 71.2 mo | 71.0 mo | 71.1 mo | 424B5 |
| % new vehicles | 19.1% | 23.1% | 27.7% | 29.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 56.35%+3.25pp | 51.00% | 53.10% | 54.45% | calc |
| Enhancement, target | 65.60% | 57.75% | 60.80% | 62.25% | calc |
| Subordinate notes | 22.3%−13.6pp | 33.8% | 35.8% | 36.1% | calc |
| OC (initial) | 33.10% | 16.25% | 16.30% | 17.35% | 424B5 |
| OC target | 42.35% | 23.00% | 24.00% | 25.15% | 424B5 |
| OC floor | 3.50% | 3.00% | 3.50% | 3.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||
| AAA spread | +73 bps+43bps A-3 · 1.4y | +23 bps A-3 · 1.6y | +30 bps B · 1.8y | +40 bps B · 1.8y | FWP |
| Terms | |||||
| Tranches | 5 | 6 | 6 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,642.6MM | $702.3MM | $700.0MM | $1,609.6MM | $1,591.5MM | $460.0MM | 424B5 |
| WA Credit Score | 586−4 | 595 | 552 | 606 | 590 | 578 | 424B5 |
| WA APR | 19.84%+1.02pp | 22.72% | 23.34% | 18.52% | 14.71% | 18.82% | 424B5 |
| WA original term mo | 71.2−0.8 | 74.0 mo | 64.0 mo | 71.8 mo | 74.0 mo | 72.0 mo | 424B5 |
| % new vehicles | 19.1% | — | 0.1% | 31.1% | 51.8% | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 56.35%+6.50pp | 59.80% | 58.00% | 42.45% | 33.10% | 49.85% | calc |
| Enhancement, target | 65.60% | 66.80% | 63.30% | 48.15% | 42.10% | 52.85% | calc |
| Subordinate notes | 22.3%−18.7pp | 53.2% | 41.0% | 31.9% | 25.4% | 48.6% | calc |
| OC (initial) | 33.10% | 5.65% | 15.50% | 9.50% | 5.75% | 0.00% | 424B5 |
| OC target | 42.35% | 12.65% | 20.80% | 15.20% | 14.75% | 3.00% | 424B5 |
| OC floor | 3.50% | 1.50% | 3.25% | 2.00% | — | 1.25% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.50% | 1.00% | 2.00% | 1.25% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | — | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +73 bps−17bps A-3 · 1.4y | +70 bps A-3 · 1.3y | +95 bps A-3 · 1.3y | +90 bps A-3 · 1.8y | +95 bps A-3 · 2.2y | +45 bps A-1 · 0.9y | FWP |
| Terms | |||||||
| Tranches | 5 | 7 | 7 | 6 | 7 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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 the performance page ↗ for
FICO sub-band and new/used stratification.