| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 181.6 | 8.1% | 86.8% | — | 0.11 | 2026-01-15 | P-1 | F1+ |
| Class A-2 | 674.7 | 30.0% | 56.8% | +53 bps | 0.59 | 2027-08-15 | Aaa | AAA |
| Class A-3 | 456.9 | 20.3% | 36.4% | +55 bps | 1.56 | 2029-01-15 | Aaa | AAA |
| Class B | 254.1 | 11.3% | 25.1% | +63 bps | 2.36 | 2031-03-15 | Aaa | AA |
| Class C | 213.6 | 9.5% | 15.6% | +75 bps | 2.97 | 2031-03-15 | Aa2 | A |
| Class D | 248.5 | 11.1% | 4.6% | +110 bps | 3.72 | 2031-03-15 | Baa3 | BBB |
| Class E | 103.4 | 4.6% | 0.0% | — | 4.42 | 2032-05-15 | NR | BB |
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 61.6%.
| 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 | RBC Capital Markets, Deutsche Bank Securities, CastleOak Securities |
| SDART 2025-1 | SDART 2024-5 | SDART 2024-4 | SDART 2024-3 | SDART 2024-2 | SDART 2024-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-01-22 | 2024-10-29 | 2024-08-21 | 2024-06-20 | 2024-04-24 | 2024-01-18 |
| Pool balance | $2,248.8MM | $1,878.4MM | $1,989.0MM | $1,960.1MM | $1,768.8MM | $1,731.8MM |
| WA Credit Score | 605−1 | 604 | 604 | 606 | 606 | 606 |
| WA APR | 17.71%−0.78pp | 18.57% | 18.54% | 18.38% | 18.49% | 17.63% |
| WA original term mo | 71.6+0.3 | 72.0 mo | 71.3 mo | 71.2 mo | 71.0 mo | 71.8 mo |
| % new vehicles | 30.7% | 29.2% | 30.4% | 28.0% | 30.4% | 31.1% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 17.2% CA 10.7% FL 8.2% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +53 bps−12bps | +57 bps | +65 bps | +68 bps | +60 bps | +72 bps |
| AAA % of pool | 50.3%−0.6pp | 47.4% | 51.8% | 50.9% | 51.2% | 47.4% |
| Subordination below AAA | 36.4%+4.2pp | 32.5% | 31.7% | 32.4% | 32.3% | 29.7% |
| OC (initial) | 5.15% | 9.50% | 8.95% | 9.00% | 9.00% | 9.50% |
| OC target | 10.15% | 13.75% | 13.95% | 14.00% | 14.60% | 15.20% |
| 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 | 7 | 6 | 6 | 6 | 6 | 6 |
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 2025-1 | EART 2024-5 | DRIVE 2024-2 | CMXS 2024-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-01-22 | 2024-09-30 | 2024-09-25 | 2024-06-26 |
| Pool balance | $2,248.8MM | $976.3MM | $2,191.8MM | $666.7MM |
| WA Credit Score | 605+4 | 601 | 586 | 603 |
| WA APR | 17.71%−1.23pp | 18.94% | 19.84% | 16.06% |
| WA original term mo | 71.6−0.0 | 75.0 mo | 71.7 mo | 68.5 mo |
| % new vehicles | 30.7% | — | 31.7% | 0.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 6.25% |
| Geo top-3 | TX 17.2% CA 10.7% FL 8.2% | 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 | +53 bps−13bps | — | +60 bps | +73 bps |
| AAA % of pool | 50.3%+12.1pp | 29.9% | 38.2% | 54.5% |
| Subordination below AAA | 36.4%+6.2pp | 54.3% | 30.3% | 22.8% |
| OC (initial) | 5.15% | 5.65% | 22.00% | 6.25% |
| OC target | 10.15% | 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 | 7 | 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 (41 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.