| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 209.6 | 9.6% | 68.4% | — | 0.11 | 2025-09-15 | — | — |
| Class A-2 | 610.6 | 27.9% | 40.6% | +60 bps | 0.63 | 2027-12-15 | Aaa | AAA |
| Class A-3 | 226.4 | 10.3% | 30.3% | +78 bps | 1.53 | 2028-09-15 | Aaa | AAA |
| Class B | 246.6 | 11.3% | 19.0% | +100 bps | 2.14 | 2029-07-16 | Aa1 | AA |
| Class C | 235.6 | 10.7% | 8.3% | +125 bps | 2.85 | 2032-05-17 | A1 | A |
| Class D | 180.8 | 8.3% | 0.0% | +155 bps | 3.53 | 2032-05-17 | Baa3 | — |
| Sponsor | Santander Consumer USA Inc |
|---|---|
| Servicer | Santander Bank, N.A. |
| Depositor / Transferor | Santander Drive Auto Receivables LLC |
| Indenture Trustee | Clayton Fixed Income Services LLC |
| Owner Trustee | Citibank, N.A |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Deutsche Bank Securities, BMO Capital Markets, Wells Fargo Securities, Loop Capital Markets |
| DRIVE 2024-2 | DRIVE 2024-1 | DRIVE 2021-3 | DRIVE 2021-2 | DRIVE 2021-1 | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-09-25 | 2024-02-21 | 2021-11-17 | 2021-08-25 | 2021-04-21 |
| Pool balance | $2,191.8MM | $1,642.6MM | $1,591.6MM | $2,150.5MM | $1,934.8MM |
| WA Credit Score | 586+8 | 575 | 575 | 582 | 583 |
| WA APR | 19.84%+1.21pp | 18.29% | 18.29% | 19.02% | 18.98% |
| WA original term mo | 71.7+0.5 | 71.2 mo | 71.2 mo | 71.0 mo | 71.1 mo |
| % new vehicles | 31.7% | 19.1% | 23.1% | 27.7% | 29.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 20.6% FL 12.7% CA 7.6% | 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 | +60 bps+38bps | +62 bps | — | +22 bps | +19 bps |
| AAA % of pool | 38.2%−3.2pp | 34.7% | 34.8% | 49.0% | 48.1% |
| Subordination below AAA | 30.3%−3.8pp | 22.3% | 32.3% | 35.8% | 36.1% |
| OC (initial) | 22.00% | 33.10% | 19.79% | 16.30% | 17.35% |
| OC target | 26.75% | 42.35% | 23.00% | 24.00% | 25.15% |
| OC floor | 3.50% | 3.50% | 3.00% | 3.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 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 2024-2 | SDART 2024-4 | EART 2024-4 | CMXS 2024-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-09-25 | 2024-08-21 | 2024-07-30 | 2024-06-26 |
| Pool balance | $2,191.8MM | $1,989.0MM | $925.3MM | $666.7MM |
| WA Credit Score | 586−17 | 604 | 599 | 603 |
| WA APR | 19.84%+1.30pp | 18.54% | 20.25% | 16.06% |
| WA original term mo | 71.7+0.4 | 71.3 mo | 75.0 mo | 68.5 mo |
| % new vehicles | 31.7% | 30.4% | — | 0.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 6.25% |
| Geo top-3 | TX 20.6% FL 12.7% CA 7.6% | TX 15.9% FL 11.8% CA 8.9% | TX 15.7% CA 10.3% FL 8.1% | CA 15.2% TX 14.4% FL 9.4% |
| Structure (at issuance) | ||||
| AAA spread | +60 bps−5bps | +65 bps | +55 bps | +73 bps |
| AAA % of pool | 38.2%−13.6pp | 51.8% | 34.1% | 54.5% |
| Subordination below AAA | 30.3%−1.4pp | 31.7% | 51.4% | 22.8% |
| OC (initial) | 22.00% | 8.95% | 6.00% | 6.25% |
| OC target | 26.75% | 13.95% | 15.75% | 14.35% |
| OC floor | 3.50% | 2.00% | 1.50% | 0.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 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 (55 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.