| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 146.0 | 9.6% | 72.9% | — | 0.12 | 2026-06-15 | P-1 | R-1 |
| Class A-2 | 368.6 | 24.2% | 48.7% | +68 bps | 0.62 | 2028-08-15 | Aaa | AAA |
| Class A-3 | 231.2 | 15.2% | 33.5% | +75 bps | 1.48 | 2032-09-15 | Aaa | AAA |
| Class B | 175.0 | 11.5% | 22.0% | +88 bps | 2.15 | 2032-09-15 | Aaa | AA |
| Class C | 144.6 | 9.5% | 12.5% | +110 bps | 2.75 | 2032-09-15 | Aa3 | A |
| Class D | 190.3 | 12.5% | 0.0% | +150 bps | 3.53 | 2032-09-15 | Baa3 | BBB |
Split-rated at the AAA level: Class B (Moody's Aaa / DBRS 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 50.9%.
| Sponsor | Santander Bank, N.A |
|---|---|
| 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 | Wells Fargo Securities, RBC Capital Markets |
| DRIVE 2025-1 | DRIVE 2024-2 | DRIVE 2024-1 | DRIVE 2021-3 | DRIVE 2021-2 | DRIVE 2021-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-28 | 2024-09-25 | 2024-02-21 | 2021-11-17 | 2021-08-25 | 2021-04-21 |
| Pool balance | $1,522.1MM | $2,191.8MM | $1,642.6MM | $1,591.6MM | $2,150.5MM | $1,934.8MM |
| WA Credit Score | 586+4 | 586 | 575 | 575 | 582 | 583 |
| WA APR | 19.73%+0.75pp | 19.84% | 18.29% | 18.29% | 19.02% | 18.98% |
| WA original term mo | 71.9+0.8 | 71.7 mo | 71.2 mo | 71.2 mo | 71.0 mo | 71.1 mo |
| % new vehicles | 29.0% | 31.7% | 19.1% | 23.1% | 27.7% | 29.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 20.1% FL 13.7% CA 7.3% | 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 | +68 bps+27bps | +60 bps | +62 bps | — | +22 bps | +19 bps |
| AAA % of pool | 39.4%+1.2pp | 38.2% | 34.7% | 34.8% | 49.0% | 48.1% |
| Subordination below AAA | 33.5%+1.2pp | 30.3% | 22.3% | 32.3% | 35.8% | 36.1% |
| OC (initial) | 17.50% | 22.00% | 33.10% | 19.79% | 16.30% | 17.35% |
| OC target | 22.00% | 26.75% | 42.35% | 23.00% | 24.00% | 25.15% |
| OC floor | 3.00% | 3.50% | 3.50% | 3.00% | 3.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 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 2025-1 | EART 2025-3 | CMXS 2025-A | SDART 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-05-28 | 2025-05-28 | 2025-03-26 | 2025-03-26 |
| Pool balance | $1,522.1MM | $1,098.0MM | $826.9MM | $2,060.6MM |
| WA Credit Score | 586−18 | 583 | 608 | 604 |
| WA APR | 19.73%+1.67pp | 18.95% | 15.96% | 18.06% |
| WA original term mo | 71.9+0.3 | 75.0 mo | 68.9 mo | 71.6 mo |
| % new vehicles | 29.0% | — | 0.0% | 32.4% |
| Reserve % | 1.00% | 1.00% | 3.25% | 1.00% |
| Geo top-3 | TX 20.1% FL 13.7% CA 7.3% | TX 17.5% CA 11.0% FL 8.0% | CA 16.5% TX 13.9% FL 8.6% | FL 19.2% TX 14.9% CA 6.3% |
| Structure (at issuance) | ||||
| AAA spread | +68 bps+5bps | +63 bps | +68 bps | +60 bps |
| AAA % of pool | 39.4%−13.7pp | 41.3% | 54.3% | 53.2% |
| Subordination below AAA | 33.5%+0.6pp | 45.2% | 25.7% | 32.9% |
| OC (initial) | 17.50% | 4.50% | 3.25% | 3.75% |
| OC target | 22.00% | 11.80% | 9.50% | 5.25% |
| OC floor | 3.00% | 1.50% | 0.50% | 2.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 7 | 8 | 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 (61 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 Bank, N.A — ticker DRIVE.
Peer tier: subprime.
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FICO sub-band and new/used stratification.