| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | DBRS |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 195.9 | 10.5% | 48.35% | 0.13 | — | — | 2026-10-15 | P-1 | R-1(H) |
| Class A-2 | 448.0 | 24.0% | 48.35% | 0.59 | 4.29% | +56 I-curve | 2028-10-16 | Aaa | AAA |
| Class A-3 | 338.9 | 18.2% | 48.35% | 1.47 | 4.14% | +62 I-curve | 2032-09-15 | Aaa | AAA |
| Class B | 214.7 | 11.5% | 36.85% | 2.19 | 4.14% | +68 I-curve | 2032-09-15 | Aaa | AA |
| Class C | 180.1 | 9.7% | 27.20% | 2.78 | 4.39% | +95 I-curve | 2032-09-15 | Aa3 | A |
| Class D | 218.4 | 11.7% | 15.50% | 3.54 | 4.90% | +145 I-curve | 2032-12-15 | Baa2 | BBB |
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 / DBRS 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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,866.5MM | $1,522.1MM | $2,191.8MM | $1,642.6MM | $1,524.4MM | $2,150.5MM | 424B5 |
| WA Credit Score | 585−1 | 586 | 586 | 586 | 575 | 575 | 424B5 |
| WA APR | 19.76%+0.03pp | 19.81% | 19.73% | 19.84% | 18.32% | 18.29% | 424B5 |
| WA original term mo | 71.7+0.5 | 71.9 mo | 71.7 mo | 71.2 mo | 71.2 mo | 71.0 mo | 424B5 |
| % new vehicles | 28.1% | 29.0% | 31.7% | 19.1% | 23.1% | 27.7% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 48.35%−4.75pp | 52.00% | 53.25% | 56.35% | 51.00% | 53.10% | calc |
| Enhancement, target | 52.85% | 56.50% | 58.00% | 65.60% | 57.75% | 60.80% | calc |
| Subordinate notes | 32.8%−0.7pp | 33.5% | 30.3% | 22.3% | 33.8% | 35.8% | calc |
| OC (initial) | 14.50% | 17.50% | 22.00% | 33.10% | 16.25% | 16.30% | 424B5 |
| OC target | 19.00% | 22.00% | 26.75% | 42.35% | 23.00% | 24.00% | 424B5 |
| OC floor | 3.00% | 3.00% | 3.50% | 3.50% | 3.00% | 3.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +62 bps−11bps A-3 · 1.5y | +75 bps A-3 · 1.5y | +78 bps A-3 · 1.5y | +73 bps A-3 · 1.4y | +23 bps A-3 · 1.6y | +30 bps B · 1.8y | FWP |
| Terms | |||||||
| Tranches | 6 | 6 | 6 | 5 | 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 2025-2 | CMXS 2025-B | EART 2025-4 | SDART 2025-3 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-09-24 | 2025-09-24 | 2025-08-27 | 2025-07-30 | 424B5 |
| Pool balance | $1,866.5MM | $923.1MM | $1,298.2MM | $2,150.3MM | 424B5 |
| WA Credit Score | 585−19 | 612 | 585 | 604 | 424B5 |
| WA APR | 19.76%+1.77pp | 16.03% | 21.55% | 17.99% | 424B5 |
| WA original term mo | 71.7+0.1 | 69.4 mo | 76.0 mo | 71.6 mo | 424B5 |
| % new vehicles | 28.1% | 0.0% | — | 27.7% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 48.35%+10.50pp | 26.90% | 50.86% | 37.85% | calc |
| Enhancement, target | 52.85% | 32.90% | 57.86% | 39.35% | calc |
| Subordinate notes | 32.8%+0.4pp | 23.4% | 45.7% | 32.4% | calc |
| OC (initial) | 14.50% | 2.50% | 4.20% | 4.40% | 424B5 |
| OC target | 19.00% | 8.50% | 11.20% | 5.90% | 424B5 |
| OC floor | 3.00% | 0.50% | 1.50% | 2.00% | 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 | +62 bps+2bps A-3 · 1.5y | +63 bps A-3 · 2.2y | +60 bps A-3 · 1.4y | +60 bps A-3 · 1.9y | FWP |
| Terms | |||||
| Tranches | 6 | 7 | 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 (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 Consumer USA Inc. — ticker DRIVE.
Peer tier: subprime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.