| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 134.4 | 7.6% | 42.25% | 0.11 | — | — | 2025-05-15 | P-1 | F1+ |
| Class A-2 | 581.4 | 32.9% | 42.25% | 0.71 | 5.80% | +60 I-curve | 2027-09-15 | Aaa | AAA |
| Class A-3 | 323.3 | 18.3% | 42.25% | 1.84 | 5.63% | +70 I-curve | 2028-11-15 | Aaa | AAA |
| Class B | 197.2 | 11.2% | 31.10% | 2.64 | 5.78% | +97 I-curve | 2029-07-16 | Aaa | AA |
| Class C | 142.4 | 8.1% | 23.05% | 3.25 | 5.84% | +110 I-curve | 2030-06-17 | Aa2 | A |
| Class D | 230.8 | 13.0% | 10.00% | 3.93 | 6.28% | +160 I-curve | 2031-08-15 | 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.
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 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 | Citicorp Trust Delaware, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, Wells Fargo Securities, Academy Securities |
| SDART 2024-2 | SDART 2024-1 | SDART 2023-6 | SDART 2023-5 | SDART 2023-4 | SDART 2023-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-04-24 | 2024-01-18 | 2023-11-21 | 2023-10-18 | 2023-08-23 | 2023-07-26 | 424B5 |
| Pool balance | $1,768.8MM | $1,609.6MM | $1,099.9MM | $1,361.5MM | $1,403.2MM | $1,702.0MM | 424B5 |
| WA Credit Score | 606+1 | 606 | 605 | 605 | 603 | 603 | 424B5 |
| WA APR | 18.38%+0.71pp | 18.52% | 18.08% | 17.64% | 17.67% | 17.55% | 424B5 |
| WA original term mo | 71.0−0.7 | 71.8 mo | 71.7 mo | 71.7 mo | 71.7 mo | 71.7 mo | 424B5 |
| % new vehicles | 30.4% | 31.1% | 34.2% | 34.2% | 29.0% | 29.0% | 424B5 |
| Geo top-3 | TX 16.8% FL 12.9% CA 8.0% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 42.25%−0.75pp | 42.45% | 43.00% | 43.00% | 42.30% | 50.75% | calc |
| Enhancement, target | 47.85% | 48.15% | 50.15% | 51.35% | 50.80% | 59.25% | calc |
| Subordinate notes | 32.3%+9.4pp | 31.9% | 22.4% | 22.8% | 22.6% | 26.0% | calc |
| OC (initial) | 9.00% | 9.50% | 19.60% | 19.15% | 18.70% | 23.70% | 424B5 |
| OC target | 14.60% | 15.20% | 26.75% | 27.50% | 27.20% | 32.20% | 424B5 |
| OC floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 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 | +70 bps−20bps A-3 · 1.8y | +90 bps A-3 · 1.8y | +118 bps A-3 Notes · 2.1y | +115 bps A-3 · 2.1y | +90 bps A-3 · 2.1y | +85 bps A-3 · 1.8y | FWP |
| Terms | |||||||
| Tranches | 6 | 6 | 5 | 5 | 5 | 5 | 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.
| SDART 2024-2 | BLAST 2024-2 | EART 2024-2 | DRIVE 2024-1 | AMCAR 2023-2 | CRVNA 2021-N4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-04-24 | 2024-04-24 | 2024-04-05 | 2024-02-21 | 2023-09-20 | 2021-12-15 | 424B5 |
| Pool balance | $1,768.8MM | $700.0MM | $859.3MM | $1,642.6MM | $1,591.5MM | $460.0MM | 424B5 |
| WA Credit Score | 606+20 | 552 | 592 | 586 | 590 | 578 | 424B5 |
| WA APR | 18.38%−1.46pp | 23.15% | 22.62% | 19.84% | 14.71% | 18.82% | 424B5 |
| WA original term mo | 71.0−1.0 | 65.0 mo | 74.0 mo | 71.2 mo | 74.0 mo | 72.0 mo | 424B5 |
| % new vehicles | 30.4% | 0.1% | — | 19.1% | 51.8% | — | 424B5 |
| Geo top-3 | TX 16.8% FL 12.9% CA 8.0% | FL 13.3% TX 13.0% GA 9.6% | TX 15.7% CA 9.3% FL 8.3% | TX 21.2% FL 12.8% CA 8.2% | TX 15.7% FL 8.0% OH 6.6% | TX 10.9% CA 7.0% FL 6.9% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 42.25%−13.60pp | 55.85% | 68.65% | 56.35% | 33.10% | 49.85% | calc |
| Enhancement, target | 47.85% | 60.35% | 78.65% | 65.60% | 42.10% | 52.85% | calc |
| Subordinate notes | 32.3%−7.1pp | 39.3% | 60.1% | 22.3% | 25.4% | 48.6% | calc |
| OC (initial) | 9.00% | 15.00% | 7.55% | 33.10% | 5.75% | 0.00% | 424B5 |
| OC target | 14.60% | 19.50% | 17.55% | 42.35% | 14.75% | 3.00% | 424B5 |
| OC floor | 2.00% | 3.25% | 1.50% | 3.50% | — | 1.25% | 424B5 |
| Reserve account | 1.00% | 1.50% | 1.00% | 1.00% | 2.00% | 1.25% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | — | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +70 bps−3bps A-3 · 1.8y | +85 bps A-3 · 1.4y | +62 bps A-3 · 0.8y | +73 bps A-3 · 1.4y | +95 bps A-3 · 2.2y | +45 bps A-1 · 0.9y | FWP |
| Terms | |||||||
| Tranches | 6 | 7 | 7 | 5 | 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 (34 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 the performance page ↗ for
FICO sub-band and new/used stratification.