| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 199.9 | 10.6% | 79.9% | — | 0.10 | 2025-10-15 | P-1 | F1+ |
| Class A-2 | 563.6 | 30.0% | 49.9% | +57 bps | 0.61 | 2027-09-15 | Aaa | AAA |
| Class A-3 | 325.9 | 17.4% | 32.5% | +63 bps | 1.54 | 2028-11-15 | Aaa | AAA |
| Class B | 206.6 | 11.0% | 21.5% | +77 bps | 2.29 | 2029-08-15 | Aaa | AA |
| Class C | 187.8 | 10.0% | 11.5% | +98 bps | 2.97 | 2031-01-15 | Aa2 | A |
| Class D | 216.0 | 11.5% | 0.0% | +135 bps | 3.70 | 2032-02-17 | Baa2 | BBB |
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 58.4%.
| 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 | Wells Fargo Securities, Citigroup Global Markets, Mizuho Securities |
| SDART 2024-5 | SDART 2024-4 | SDART 2024-3 | SDART 2024-2 | SDART 2024-1 | SDART 2023-6 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-10-29 | 2024-08-21 | 2024-06-20 | 2024-04-24 | 2024-01-18 | 2023-11-21 |
| Pool balance | $1,878.4MM | $1,989.0MM | $1,960.1MM | $1,768.8MM | $1,731.8MM | $1,099.9MM |
| WA Credit Score | 604−2 | 604 | 606 | 606 | 606 | 605 |
| WA APR | 18.57%+0.19pp | 18.54% | 18.38% | 18.49% | 17.63% | 17.67% |
| WA original term mo | 72.0+0.7 | 71.3 mo | 71.2 mo | 71.0 mo | 71.8 mo | 71.7 mo |
| % new vehicles | 29.2% | 30.4% | 28.0% | 30.4% | 31.1% | 34.2% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 17.8% FL 10.0% CA 9.9% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +57 bps−9bps | +65 bps | +68 bps | +60 bps | +72 bps | — |
| AAA % of pool | 47.4%−3.6pp | 51.8% | 50.9% | 51.2% | 47.4% | 50.4% |
| Subordination below AAA | 32.5%+0.8pp | 31.7% | 32.4% | 32.3% | 29.7% | 22.4% |
| OC (initial) | 9.50% | 8.95% | 9.00% | 9.00% | 9.50% | 19.60% |
| OC target | 13.75% | 13.95% | 14.00% | 14.60% | 15.20% | 26.75% |
| 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 | 6 | 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 2024-5 | EART 2024-5 | DRIVE 2024-2 | CMXS 2024-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-10-29 | 2024-09-30 | 2024-09-25 | 2024-06-26 |
| Pool balance | $1,878.4MM | $976.3MM | $2,191.8MM | $666.7MM |
| WA Credit Score | 604+3 | 601 | 586 | 603 |
| WA APR | 18.57%−0.37pp | 18.94% | 19.84% | 16.06% |
| WA original term mo | 72.0+0.4 | 75.0 mo | 71.7 mo | 68.5 mo |
| % new vehicles | 29.2% | — | 31.7% | 0.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 6.25% |
| Geo top-3 | TX 17.8% FL 10.0% CA 9.9% | TX 16.4% CA 11.0% FL 8.1% | TX 20.6% FL 12.7% CA 7.6% | CA 15.2% TX 14.4% FL 9.4% |
| Structure (at issuance) | ||||
| AAA spread | +57 bps−9bps | — | +60 bps | +73 bps |
| AAA % of pool | 47.4%+9.2pp | 29.9% | 38.2% | 54.5% |
| Subordination below AAA | 32.5%+2.2pp | 54.3% | 30.3% | 22.8% |
| OC (initial) | 9.50% | 5.65% | 22.00% | 6.25% |
| OC target | 13.75% | 11.85% | 26.75% | 14.35% |
| OC floor | 2.00% | 1.50% | 3.50% | 0.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 6 | 7 | 6 | 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 (39 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.
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FICO sub-band and new/used stratification.