| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 150.0 | 7.7% | 42.40% | — | — | — | 2025-06-16 | — | — |
| Class A-2 | 549.2 | 28.0% | 42.40% | 0.63 | 5.91% | +68 I-curve | 2027-06-15 | Aaa | AAA |
| Class A-3 | 449.4 | 22.9% | 42.40% | 1.74 | 5.63% | +80 I-curve | 2029-01-16 | Aaa | AAA |
| Class B | 217.6 | 11.1% | 31.30% | 2.65 | 5.55% | +95 I-curve | 2029-09-17 | Aaa | AA |
| Class C | 188.2 | 9.6% | 21.70% | 3.31 | 5.64% | +115 I-curve | 2030-08-15 | Aa3 | A |
| Class D | 229.3 | 11.7% | 10.00% | 3.98 | 5.97% | +155 I-curve | 2031-10-15 | 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 | Citibank, N.A |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, Barclays Capital, Mischler Financial Group |
| SDART 2024-3 | SDART 2024-2 | SDART 2024-1 | SDART 2023-6 | SDART 2023-5 | SDART 2023-4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-06-20 | 2024-04-24 | 2024-01-18 | 2023-11-21 | 2023-10-18 | 2023-08-23 | 424B5 |
| Pool balance | $1,960.1MM | $1,768.8MM | $1,609.6MM | $1,099.9MM | $1,361.5MM | $1,403.2MM | 424B5 |
| WA Credit Score | 606+1 | 606 | 606 | 605 | 605 | 603 | 424B5 |
| WA APR | 18.54%+0.46pp | 18.38% | 18.52% | 18.08% | 17.64% | 17.67% | 424B5 |
| WA original term mo | 71.2−0.4 | 71.0 mo | 71.8 mo | 71.7 mo | 71.7 mo | 71.7 mo | 424B5 |
| % new vehicles | 28.0% | 30.4% | 31.1% | 34.2% | 34.2% | 29.0% | 424B5 |
| Geo top-3 | TX 15.8% FL 13.4% CA 8.6% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 42.40%−0.05pp | 42.25% | 42.45% | 43.00% | 43.00% | 42.30% | calc |
| Enhancement, target | 47.40% | 47.85% | 48.15% | 50.15% | 51.35% | 50.80% | calc |
| Subordinate notes | 32.4%+9.6pp | 32.3% | 31.9% | 22.4% | 22.8% | 22.6% | calc |
| OC (initial) | 9.00% | 9.00% | 9.50% | 19.60% | 19.15% | 18.70% | 424B5 |
| OC target | 14.00% | 14.60% | 15.20% | 26.75% | 27.50% | 27.20% | 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 | +80 bps−10bps A-3 · 1.7y | +70 bps 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 | FWP |
| Terms | |||||||
| Tranches | 6 | 6 | 6 | 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 2024-3 | AMCAR 2024-1 | EART 2024-3 | BLAST 2024-2 | DRIVE 2024-1 | CRVNA 2021-N4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-06-20 | 2024-05-29 | 2024-05-28 | 2024-04-24 | 2024-02-21 | 2021-12-15 | 424B5 |
| Pool balance | $1,960.1MM | $1,675.9MM | $869.8MM | $700.0MM | $1,642.6MM | $460.0MM | 424B5 |
| WA Credit Score | 606+20 | 588 | 591 | 552 | 586 | 578 | 424B5 |
| WA APR | 18.54%−1.30pp | 16.18% | 22.92% | 23.15% | 19.84% | 18.82% | 424B5 |
| WA original term mo | 71.20.0 | 71.0 mo | 74.0 mo | 65.0 mo | 71.2 mo | 72.0 mo | 424B5 |
| % new vehicles | 28.0% | 56.9% | — | 0.1% | 19.1% | — | 424B5 |
| Geo top-3 | TX 15.8% FL 13.4% CA 8.6% | TX 16.3% FL 7.4% OH 7.1% | TX 15.4% CA 9.6% FL 8.0% | FL 13.3% TX 13.0% GA 9.6% | TX 21.2% FL 12.8% CA 8.2% | TX 10.9% CA 7.0% FL 6.9% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 42.40%−13.45pp | 32.10% | 57.75% | 55.85% | 56.35% | 49.85% | calc |
| Enhancement, target | 47.40% | 41.10% | 66.75% | 60.35% | 65.60% | 52.85% | calc |
| Subordinate notes | 32.4%−6.9pp | 25.3% | 50.5% | 39.3% | 22.3% | 48.6% | calc |
| OC (initial) | 9.00% | 5.75% | 6.25% | 15.00% | 33.10% | 0.00% | 424B5 |
| OC target | 14.00% | 14.75% | 15.25% | 19.50% | 42.35% | 3.00% | 424B5 |
| OC floor | 2.00% | — | 1.50% | 3.25% | 3.50% | 1.25% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.50% | 1.00% | 1.25% | 424B5 |
| YSOC | n.a. | — | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +80 bps+12bps A-3 · 1.7y | +68 bps A-3 · 2.0y | +68 bps A-3 · 1.3y | +85 bps A-3 · 1.4y | +73 bps A-3 · 1.4y | +45 bps A-1 · 0.9y | FWP |
| Terms | |||||||
| Tranches | 6 | 8 | 7 | 7 | 5 | 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 (35 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.