| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 122.3 | 7.1% | 77.1% | — | 0.11 | 2025-01-15 | P-1 | F1+ |
| Class A-2 | 567.0 | 32.7% | 44.3% | +72 bps | 0.69 | 2027-02-16 | Aaa | AAA |
| Class A-3 | 253.1 | 14.6% | 29.7% | +90 bps | 1.79 | 2028-04-17 | Aaa | AAA |
| Class B | 174.7 | 10.1% | 19.6% | +110 bps | 2.55 | 2028-12-15 | Aaa | AA |
| Class C | 129.6 | 7.5% | 12.1% | +145 bps | 3.18 | 2030-03-15 | Aa2 | A |
| Class D | 210.1 | 12.1% | 0.0% | — | 3.92 | 2031-05-15 | Baa3 | — |
Split-rated at the AAA level: Class B (Moody's Aaa / Fitch 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 57.4%.
| Sponsor | Santander Consumer USA Inc |
|---|---|
| Servicer | Santander Consumer USA Inc. |
| Depositor / Transferor | Santander Drive Auto Receivables LLC |
| Indenture Trustee | Citibank, N.A |
| Owner Trustee | Wilmington Trust, National Association (“ |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Deutsche Bank Securities, CastleOak Securities, Citigroup Global Markets |
| SDART 2024-1 | SDART 2023-6 | SDART 2023-5 | SDART 2023-4 | SDART 2023-3 | SDART 2023-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-01-18 | 2023-11-21 | 2023-10-18 | 2023-08-23 | 2023-07-26 | 2023-05-17 |
| Pool balance | $1,731.8MM | $1,099.9MM | $1,546.9MM | $1,403.2MM | $1,702.0MM | $1,606.7MM |
| WA Credit Score | 606+3 | 605 | 605 | 603 | 603 | 602 |
| WA APR | 17.63%+0.26pp | 17.67% | 17.67% | 17.37% | 17.37% | 16.60% |
| WA original term mo | 71.8+0.1 | 71.7 mo | 71.7 mo | 71.7 mo | 71.7 mo | 71.7 mo |
| % new vehicles | 31.1% | 34.2% | 34.2% | 29.0% | 29.0% | 30.4% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 14.4% FL 11.2% CA 8.9% | TX 15.8% FL 12.2% CA 9.9% | TX 18.9% FL 11.3% CA 7.4% | TX 17.2% FL 12.6% CA 8.2% | TX 18.1% FL 13.2% CA 7.5% | TX 18.2% FL 12.9% CA 8.3% |
| Structure (at issuance) | ||||||
| AAA spread | +72 bps−14bps | — | +95 bps | +85 bps | +75 bps | +88 bps |
| AAA % of pool | 47.4%+2.8pp | 50.4% | 44.5% | 49.7% | 41.2% | 39.2% |
| Subordination below AAA | 29.7%+7.1pp | 22.4% | 20.1% | 22.6% | 26.0% | 25.1% |
| OC (initial) | 9.50% | 19.60% | 19.15% | 18.70% | 23.70% | 23.75% |
| OC target | 15.20% | 26.75% | 27.50% | 27.20% | 32.20% | 32.50% |
| OC floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 5 | 5 | 5 | 5 | 5 |
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.
| SDART 2024-1 | EART 2023-5 | BLAST 2023-1 | AMCAR 2023-2 | CRVNA 2021-N4 | DRIVE 2021-3 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-01-18 | 2023-11-15 | 2023-10-25 | 2023-09-20 | 2021-12-15 | 2021-11-17 |
| Pool balance | $1,731.8MM | $789.2MM | $700.0MM | $1,591.5MM | $460.0MM | $1,591.6MM |
| WA Credit Score | 606+28 | 595 | 556 | 590 | 578 | 575 |
| WA APR | 17.63%−1.19pp | 20.65% | 22.48% | 12.20% | 18.82% | 18.29% |
| WA original term mo | 71.8−0.2 | 73.0 mo | 64.0 mo | 74.0 mo | 72.0 mo | 71.2 mo |
| % new vehicles | 31.1% | — | 0.2% | 51.8% | — | 23.1% |
| Reserve % | 1.00% | 1.00% | 1.50% | 2.00% | 0.35% | 1.00% |
| Geo top-3 | TX 14.4% FL 11.2% CA 8.9% | TX 14.9% CA 9.8% FL 9.1% | TX 15.1% FL 13.8% GA 9.4% | TX 15.7% FL 8.0% OH 6.6% | TX 10.9% CA 7.0% FL 6.9% | TX 18.1% FL 12.4% CA 6.3% |
| Structure (at issuance) | ||||||
| AAA spread | +72 bps | +80 bps | — | — | — | — |
| AAA % of pool | 47.4%+11.3pp | 30.3% | 36.1% | 54.2% | 51.4% | 34.8% |
| Subordination below AAA | 29.7%−10.3pp | 51.8% | 40.0% | 25.4% | 53.2% | 32.3% |
| OC (initial) | 9.50% | 7.60% | 14.50% | 5.75% | 0.00% | 19.79% |
| OC target | 15.20% | 16.20% | 19.00% | 14.75% | 3.00% | 23.00% |
| OC floor | 2.00% | 1.50% | 3.25% | — | 1.25% | 3.00% |
| YSOC | n.a. | n.a. | n.a. | — | n.a. | n.a. |
| Tranches | 6 | 7 | 7 | 7 | 7 | 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.
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 (32 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 SDART.
Peer tier: subprime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.