| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 134.4 | 7.6% | 83.4% | — | 0.11 | 2025-05-15 | P-1 | F1+ |
| Class A-2 | 581.4 | 32.9% | 50.5% | +60 bps | 0.71 | 2027-09-15 | Aaa | AAA |
| Class A-3 | 323.3 | 18.3% | 32.3% | +70 bps | 1.84 | 2028-11-15 | Aaa | AAA |
| Class B | 197.2 | 11.2% | 21.1% | +97 bps | 2.64 | 2029-07-16 | Aaa | AA |
| Class C | 142.4 | 8.1% | 13.0% | +110 bps | 3.25 | 2030-06-17 | Aa2 | A |
| Class D | 230.8 | 13.0% | 0.0% | +160 bps | 3.93 | 2031-08-15 | 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 62.3%.
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,768.8MM | $1,731.8MM | $1,099.9MM | $1,546.9MM | $1,403.2MM | $1,702.0MM |
| WA Credit Score | 606+1 | 606 | 605 | 605 | 603 | 603 |
| WA APR | 18.49%+0.86pp | 17.63% | 17.67% | 17.67% | 17.37% | 17.37% |
| WA original term mo | 71.0−0.7 | 71.8 mo | 71.7 mo | 71.7 mo | 71.7 mo | 71.7 mo |
| % new vehicles | 30.4% | 31.1% | 34.2% | 34.2% | 29.0% | 29.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +60 bps−20bps | +72 bps | — | +95 bps | +85 bps | +75 bps |
| AAA % of pool | 51.2%+3.8pp | 47.4% | 50.4% | 44.5% | 49.7% | 41.2% |
| Subordination below AAA | 32.3%+9.7pp | 29.7% | 22.4% | 20.1% | 22.6% | 26.0% |
| OC (initial) | 9.00% | 9.50% | 19.60% | 19.15% | 18.70% | 23.70% |
| OC target | 14.60% | 15.20% | 26.75% | 27.50% | 27.20% | 32.20% |
| 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 | 6 | 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 2024-2 | BLAST 2024-2 | EART 2024-2 | DRIVE 2024-1 | AMCAR 2023-2 | CRVNA 2021-N4 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,768.8MM | $700.0MM | $859.3MM | $1,642.6MM | $1,591.5MM | $460.0MM |
| WA Credit Score | 606+28 | 552 | 592 | 575 | 590 | 578 |
| WA APR | 18.49%−0.33pp | 23.16% | 21.29% | 18.29% | 12.20% | 18.82% |
| WA original term mo | 71.0−1.0 | 65.0 mo | 74.0 mo | 71.2 mo | 74.0 mo | 72.0 mo |
| % new vehicles | 30.4% | 0.1% | — | 19.1% | 51.8% | — |
| Reserve % | 1.00% | 1.50% | 1.00% | 1.00% | 2.00% | 0.35% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +60 bps+7bps | +53 bps | +44 bps | +62 bps | — | — |
| AAA % of pool | 51.2%+13.9pp | 37.3% | 22.5% | 34.7% | 54.2% | 51.4% |
| Subordination below AAA | 32.3%−7.1pp | 39.3% | 60.1% | 22.3% | 25.4% | 53.2% |
| OC (initial) | 9.00% | 15.00% | 7.55% | 33.10% | 5.75% | 0.00% |
| OC target | 14.60% | 19.50% | 17.55% | 42.35% | 14.75% | 3.00% |
| OC floor | 2.00% | 3.25% | 1.50% | 3.50% | — | 1.25% |
| YSOC | n.a. | n.a. | n.a. | n.a. | — | n.a. |
| Tranches | 6 | 7 | 7 | 5 | 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 (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 in Explorer ↗ for
FICO sub-band and new/used stratification.