| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 209.6 | 9.6% | 53.25% | 0.11 | — | — | 2025-09-15 | — | — |
| Class A-2 | 610.6 | 27.9% | 53.25% | 0.63 | 4.99% | +60 I-curve | 2027-12-15 | Aaa | AAA |
| Class A-3 | 226.4 | 10.3% | 53.25% | 1.53 | 4.54% | +78 I-curve | 2028-09-15 | Aaa | AAA |
| Class B | 246.6 | 11.3% | 42.00% | 2.14 | 4.57% | +100 I-curve | 2029-07-16 | Aa1 | AA |
| Class C | 235.6 | 10.7% | 31.25% | 2.85 | 4.72% | +125 I-curve | 2032-05-17 | A1 | A |
| Class D | 180.8 | 8.3% | 23.00% | 3.53 | 5.00% | +155 I-curve | 2032-05-17 | Baa3 | — |
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.
| 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 | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-09-25 | 2024-02-21 | 2021-11-17 | 2021-08-25 | 2021-04-21 | 424B5 |
| Pool balance | $2,191.8MM | $1,642.6MM | $1,524.4MM | $2,150.5MM | $1,934.8MM | 424B5 |
| WA Credit Score | 586+7 | 586 | 575 | 575 | 583 | 424B5 |
| WA APR | 19.73%+1.06pp | 19.84% | 18.32% | 18.29% | 19.02% | 424B5 |
| WA original term mo | 71.7+0.5 | 71.2 mo | 71.2 mo | 71.0 mo | 71.1 mo | 424B5 |
| % new vehicles | 31.7% | 19.1% | 23.1% | 27.7% | 29.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | ||||||
| Enhancement, initial | 53.25%−0.52pp | 56.35% | 51.00% | 53.10% | 54.45% | calc |
| Enhancement, target | 58.00% | 65.60% | 57.75% | 60.80% | 62.25% | calc |
| Subordinate notes | 30.3%−4.5pp | 22.3% | 33.8% | 35.8% | 36.1% | calc |
| OC (initial) | 22.00% | 33.10% | 16.25% | 16.30% | 17.35% | 424B5 |
| OC target | 26.75% | 42.35% | 23.00% | 24.00% | 25.15% | 424B5 |
| OC floor | 3.50% | 3.50% | 3.00% | 3.50% | 3.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | ||||||
| AAA spread | +78 bps+43bps A-3 · 1.5y | +73 bps A-3 · 1.4y | +23 bps A-3 · 1.6y | +30 bps B · 1.8y | +40 bps B · 1.8y | FWP |
| Terms | ||||||
| Tranches | 6 | 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 2024-2 | SDART 2024-4 | EART 2024-4 | CMXS 2024-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-09-25 | 2024-08-21 | 2024-07-30 | 2024-06-26 | 424B5 |
| Pool balance | $2,191.8MM | $1,989.0MM | $925.3MM | $666.7MM | 424B5 |
| WA Credit Score | 586−17 | 604 | 599 | 603 | 424B5 |
| WA APR | 19.73%+1.16pp | 18.57% | 22.00% | 16.06% | 424B5 |
| WA original term mo | 71.7+0.4 | 71.3 mo | 75.0 mo | 68.5 mo | 424B5 |
| % new vehicles | 31.7% | 30.4% | — | 0.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 53.25%+11.60pp | 41.65% | 58.35% | 30.00% | calc |
| Enhancement, target | 58.00% | 46.65% | 68.10% | 38.10% | calc |
| Subordinate notes | 30.3%−1.4pp | 31.7% | 51.4% | 22.8% | calc |
| OC (initial) | 22.00% | 8.95% | 6.00% | 6.25% | 424B5 |
| OC target | 26.75% | 13.95% | 15.75% | 14.35% | 424B5 |
| OC floor | 3.50% | 2.00% | 1.50% | 0.50% | 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 | +78 bps+8bps A-3 · 1.5y | +80 bps A-3 · 1.8y | +60 bps A-3 · 1.3y | — | FWP |
| Terms | |||||
| Tranches | 6 | 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 (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 the performance page ↗ for
FICO sub-band and new/used stratification.