| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 150.0 | 7.5% | 83.5% | — | 0.11 | 2025-11-15 | — | — |
| Class A-2 | 604.3 | 30.4% | 53.1% | +65 bps | 0.63 | 2027-07-15 | Aaa | AAA |
| Class A-3 | 426.2 | 21.4% | 31.7% | +80 bps | 1.76 | 2029-01-16 | Aaa | AAA |
| Class B | 228.7 | 11.5% | 20.2% | +110 bps | 2.68 | 2029-09-17 | Aaa | AA |
| Class C | 194.9 | 9.8% | 10.4% | +120 bps | 3.40 | 2030-04-15 | Aa3 | A |
| Class D | 206.9 | 10.4% | 0.0% | +160 bps | 4.07 | 2031-12-15 | 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 63.3%.
| Sponsor | Santander Consumer USA Inc |
|---|---|
| Servicer | Santander Bank, N.A. |
| Depositor / Transferor | Santander Drive Auto Receivables LLC |
| Indenture Trustee | Wilmington Trust, National Association (“ |
| Owner Trustee | Citicorp Trust Delaware, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | — |
| SDART 2024-4 | SDART 2024-3 | SDART 2024-2 | SDART 2024-1 | SDART 2023-6 | SDART 2023-5 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-08-21 | 2024-06-20 | 2024-04-24 | 2024-01-18 | 2023-11-21 | 2023-10-18 |
| Pool balance | $1,989.0MM | $1,960.1MM | $1,768.8MM | $1,731.8MM | $1,099.9MM | $1,546.9MM |
| WA Credit Score | 604−2 | 606 | 606 | 606 | 605 | 605 |
| WA APR | 18.54%+0.87pp | 18.38% | 18.49% | 17.63% | 17.67% | 17.67% |
| WA original term mo | 71.3−0.4 | 71.2 mo | 71.0 mo | 71.8 mo | 71.7 mo | 71.7 mo |
| % new vehicles | 30.4% | 28.0% | 30.4% | 31.1% | 34.2% | 34.2% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 15.9% FL 11.8% CA 8.9% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +65 bps−5bps | +68 bps | +60 bps | +72 bps | — | +95 bps |
| AAA % of pool | 51.8%+1.4pp | 50.9% | 51.2% | 47.4% | 50.4% | 44.5% |
| Subordination below AAA | 31.7%+2.0pp | 32.4% | 32.3% | 29.7% | 22.4% | 20.1% |
| OC (initial) | 8.95% | 9.00% | 9.00% | 9.50% | 19.60% | 19.15% |
| OC target | 13.95% | 14.00% | 14.60% | 15.20% | 26.75% | 27.50% |
| 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 | 6 | 6 | 6 | 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 2024-4 | EART 2024-4 | CMXS 2024-A | DRIVE 2024-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-08-21 | 2024-07-30 | 2024-06-26 | 2024-02-21 |
| Pool balance | $1,989.0MM | $925.3MM | $666.7MM | $1,642.6MM |
| WA Credit Score | 604+5 | 599 | 603 | 575 |
| WA APR | 18.54%+0.25pp | 20.25% | 16.06% | 18.29% |
| WA original term mo | 71.3+0.1 | 75.0 mo | 68.5 mo | 71.2 mo |
| % new vehicles | 30.4% | — | 0.0% | 19.1% |
| Reserve % | 1.00% | 1.00% | 6.25% | 1.00% |
| Geo top-3 | TX 15.9% FL 11.8% CA 8.9% | TX 15.7% CA 10.3% FL 8.1% | CA 15.2% TX 14.4% FL 9.4% | TX 21.2% FL 12.8% CA 8.2% |
| Structure (at issuance) | ||||
| AAA spread | +65 bps+3bps | +55 bps | +73 bps | +62 bps |
| AAA % of pool | 51.8%+17.1pp | 34.1% | 54.5% | 34.7% |
| Subordination below AAA | 31.7%+8.9pp | 51.4% | 22.8% | 22.3% |
| OC (initial) | 8.95% | 6.00% | 6.25% | 33.10% |
| OC target | 13.95% | 15.75% | 14.35% | 42.35% |
| OC floor | 2.00% | 1.50% | 0.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 7 | 7 | 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.
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 (37 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.