| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 150.0 | 7.7% | 83.3% | — | — | 2025-06-16 | — | — |
| Class A-2 | 549.2 | 28.0% | 55.3% | +68 bps | 0.63 | 2027-06-15 | Aaa | AAA |
| Class A-3 | 449.4 | 22.9% | 32.4% | +80 bps | 1.74 | 2029-01-16 | Aaa | AAA |
| Class B | 217.6 | 11.1% | 21.3% | +95 bps | 2.65 | 2029-09-17 | Aaa | AA |
| Class C | 188.2 | 9.6% | 11.7% | +115 bps | 3.31 | 2030-08-15 | Aa3 | A |
| Class D | 229.3 | 11.7% | 0.0% | +155 bps | 3.98 | 2031-10-15 | 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 62.0%.
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,960.1MM | $1,768.8MM | $1,731.8MM | $1,099.9MM | $1,546.9MM | $1,403.2MM |
| WA Credit Score | 606+1 | 606 | 606 | 605 | 605 | 603 |
| WA APR | 18.38%+0.71pp | 18.49% | 17.63% | 17.67% | 17.67% | 17.37% |
| WA original term mo | 71.2−0.4 | 71.0 mo | 71.8 mo | 71.7 mo | 71.7 mo | 71.7 mo |
| % new vehicles | 28.0% | 30.4% | 31.1% | 34.2% | 34.2% | 29.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +68 bps−10bps | +60 bps | +72 bps | — | +95 bps | +85 bps |
| AAA % of pool | 50.9%+1.2pp | 51.2% | 47.4% | 50.4% | 44.5% | 49.7% |
| Subordination below AAA | 32.4%+9.8pp | 32.3% | 29.7% | 22.4% | 20.1% | 22.6% |
| OC (initial) | 9.00% | 9.00% | 9.50% | 19.60% | 19.15% | 18.70% |
| OC target | 14.00% | 14.60% | 15.20% | 26.75% | 27.50% | 27.20% |
| 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 | 6 | 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 2024-3 | AMCAR 2024-1 | EART 2024-3 | BLAST 2024-2 | DRIVE 2024-1 | CRVNA 2021-N4 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,960.1MM | $1,675.9MM | $869.8MM | $700.0MM | $1,642.6MM | $460.0MM |
| WA Credit Score | 606+28 | 588 | 591 | 552 | 575 | 578 |
| WA APR | 18.38%−0.44pp | 13.57% | 21.76% | 23.16% | 18.29% | 18.82% |
| WA original term mo | 71.2+0.0 | 71.0 mo | 74.0 mo | 65.0 mo | 71.2 mo | 72.0 mo |
| % new vehicles | 28.0% | 56.9% | — | 0.1% | 19.1% | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.50% | 1.00% | 0.35% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +68 bps+10bps | +60 bps | +56 bps | +53 bps | +62 bps | — |
| AAA % of pool | 50.9%+13.7pp | 51.6% | 33.3% | 37.3% | 34.7% | 51.4% |
| Subordination below AAA | 32.4%−6.9pp | 25.3% | 50.5% | 39.3% | 22.3% | 53.2% |
| OC (initial) | 9.00% | 5.75% | 6.25% | 15.00% | 33.10% | 0.00% |
| OC target | 14.00% | 14.75% | 15.25% | 19.50% | 42.35% | 3.00% |
| OC floor | 2.00% | — | 1.50% | 3.25% | 3.50% | 1.25% |
| YSOC | n.a. | — | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 8 | 7 | 7 | 5 | 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 (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 in Explorer ↗ for
FICO sub-band and new/used stratification.