| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 195.9 | 10.5% | 75.0% | — | 0.13 | 2026-10-15 | P-1 | R-1(H) |
| Class A-2 | 448.0 | 24.0% | 51.0% | +56 bps | 0.59 | 2028-10-16 | Aaa | AAA |
| Class A-3 | 338.9 | 18.2% | 32.8% | +62 bps | 1.47 | 2032-09-15 | Aaa | AAA |
| Class B | 214.7 | 11.5% | 21.3% | +68 bps | 2.19 | 2032-09-15 | Aaa | AA |
| Class C | 180.1 | 9.7% | 11.7% | +95 bps | 2.78 | 2032-09-15 | Aa3 | A |
| Class D | 218.4 | 11.7% | 0.0% | +145 bps | 3.54 | 2032-12-15 | Baa2 | 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 53.7%.
| Sponsor | Santander Bank, N.A |
|---|---|
| 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 | Wells Fargo Securities, RBC Capital Markets |
| DRIVE 2025-2 | DRIVE 2025-1 | DRIVE 2024-2 | DRIVE 2024-1 | DRIVE 2021-3 | DRIVE 2021-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-09-24 | 2025-05-28 | 2024-09-25 | 2024-02-21 | 2021-11-17 | 2021-08-25 |
| Pool balance | $1,866.5MM | $1,522.1MM | $2,191.8MM | $1,642.6MM | $1,591.6MM | $2,150.5MM |
| WA Credit Score | 585+3 | 586 | 586 | 575 | 575 | 582 |
| WA APR | 19.81%+0.79pp | 19.73% | 19.84% | 18.29% | 18.29% | 19.02% |
| WA original term mo | 71.7+0.5 | 71.9 mo | 71.7 mo | 71.2 mo | 71.2 mo | 71.0 mo |
| % new vehicles | 28.1% | 29.0% | 31.7% | 19.1% | 23.1% | 27.7% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 17.7% FL 12.4% CA 7.8% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +56 bps−5bps | +68 bps | +60 bps | +62 bps | — | +22 bps |
| AAA % of pool | 42.2%+4.0pp | 39.4% | 38.2% | 34.7% | 34.8% | 49.0% |
| Subordination below AAA | 32.8%+0.5pp | 33.5% | 30.3% | 22.3% | 32.3% | 35.8% |
| OC (initial) | 14.50% | 17.50% | 22.00% | 33.10% | 19.79% | 16.30% |
| OC target | 19.00% | 22.00% | 26.75% | 42.35% | 23.00% | 24.00% |
| OC floor | 3.00% | 3.00% | 3.50% | 3.50% | 3.00% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 6 | 6 | 5 | 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 2025-2 | CMXS 2025-B | EART 2025-4 | SDART 2025-3 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-09-24 | 2025-09-24 | 2025-08-27 | 2025-07-30 |
| Pool balance | $1,866.5MM | $923.1MM | $1,298.2MM | $2,150.3MM |
| WA Credit Score | 585−19 | 612 | 585 | 604 |
| WA APR | 19.81%+1.69pp | 16.05% | 18.46% | 18.12% |
| WA original term mo | 71.7+0.1 | 69.4 mo | 76.0 mo | 71.6 mo |
| % new vehicles | 28.1% | 0.0% | — | 27.7% |
| Reserve % | 1.00% | 2.50% | 1.00% | 1.00% |
| Geo top-3 | TX 17.7% FL 12.4% CA 7.8% | CA 16.3% TX 12.8% FL 9.2% | TX 19.6% CA 10.8% FL 8.0% | TX 15.8% FL 12.8% CA 9.2% |
| Structure (at issuance) | ||||
| AAA spread | +56 bps0bps | +63 bps | +54 bps | +56 bps |
| AAA % of pool | 42.2%−9.9pp | 52.0% | 41.1% | 52.9% |
| Subordination below AAA | 32.8%+0.4pp | 23.4% | 45.7% | 32.4% |
| OC (initial) | 14.50% | 2.50% | 4.20% | 4.40% |
| OC target | 19.00% | 8.50% | 11.20% | 5.90% |
| OC floor | 3.00% | 0.50% | 1.50% | 2.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 7 | 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 (65 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.