| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 210.2 | 10.2% | 86.1% | — | 0.13 | 2026-03-15 | P-1 | F1+ |
| Class A-2 | 657.1 | 31.9% | 54.2% | +60 bps | 0.82 | 2028-06-15 | Aaa | AAA |
| Class A-3 | 438.1 | 21.3% | 32.9% | +68 bps | 1.92 | 2029-08-15 | Aaa | AAA |
| Class B | 177.2 | 8.6% | 24.3% | +90 bps | 2.65 | 2031-05-15 | Aaa | AA |
| Class C | 181.3 | 8.8% | 15.5% | +110 bps | 3.13 | 2031-05-15 | Aa3 | A |
| Class D | 224.6 | 10.9% | 4.6% | +150 bps | 3.81 | 2031-05-15 | Baa3 | BBB |
| Class E | 94.8 | 4.6% | 0.0% | — | 4.43 | 2032-06-15 | 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 61.8%.
| Sponsor | Santander Consumer USA Inc |
|---|---|
| Servicer | Santander Bank, N.A. |
| Depositor / Transferor | Santander Drive Auto Receivables LLC |
| Indenture Trustee | Services LLC |
| Owner Trustee | Wilmington Trust, National Association (“ |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BMO Capital Markets, Mischler Financial Group, Citigroup Global Markets, Mizuho Securities |
| SDART 2025-2 | SDART 2025-1 | SDART 2024-5 | SDART 2024-4 | SDART 2024-3 | SDART 2024-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-03-26 | 2025-01-22 | 2024-10-29 | 2024-08-21 | 2024-06-20 | 2024-04-24 |
| Pool balance | $2,060.6MM | $2,248.8MM | $1,878.4MM | $1,989.0MM | $1,960.1MM | $1,768.8MM |
| WA Credit Score | 604−1 | 605 | 604 | 604 | 606 | 606 |
| WA APR | 18.06%−0.43pp | 17.71% | 18.57% | 18.54% | 18.38% | 18.49% |
| WA original term mo | 71.6+0.3 | 71.6 mo | 72.0 mo | 71.3 mo | 71.2 mo | 71.0 mo |
| % new vehicles | 32.4% | 30.7% | 29.2% | 30.4% | 28.0% | 30.4% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | FL 19.2% TX 14.9% CA 6.3% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +60 bps0bps | +53 bps | +57 bps | +65 bps | +68 bps | +60 bps |
| AAA % of pool | 53.2%+2.2pp | 50.3% | 47.4% | 51.8% | 50.9% | 51.2% |
| Subordination below AAA | 32.9%+0.5pp | 36.4% | 32.5% | 31.7% | 32.4% | 32.3% |
| OC (initial) | 3.75% | 5.15% | 9.50% | 8.95% | 9.00% | 9.00% |
| OC target | 5.25% | 10.15% | 13.75% | 13.95% | 14.00% | 14.60% |
| 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 | 7 | 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 2025-2 | EART 2025-2 | CMXS 2025-A | DRIVE 2024-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-03-26 | 2025-03-26 | 2025-03-26 | 2024-09-25 |
| Pool balance | $2,060.6MM | $1,050.3MM | $826.9MM | $2,191.8MM |
| WA Credit Score | 604+18 | 583 | 608 | 586 |
| WA APR | 18.06%−1.30pp | 19.36% | 15.96% | 19.84% |
| WA original term mo | 71.6−0.1 | 75.0 mo | 68.9 mo | 71.7 mo |
| % new vehicles | 32.4% | — | 0.0% | 31.7% |
| Reserve % | 1.00% | 1.00% | 3.25% | 1.00% |
| Geo top-3 | FL 19.2% TX 14.9% CA 6.3% | TX 16.7% CA 11.2% FL 8.3% | CA 16.5% TX 13.9% FL 8.6% | TX 20.6% FL 12.7% CA 7.6% |
| Structure (at issuance) | ||||
| AAA spread | +60 bps−4bps | — | +68 bps | +60 bps |
| AAA % of pool | 53.2%+3.1pp | 50.1% | 54.3% | 38.2% |
| Subordination below AAA | 32.9%+2.6pp | 47.3% | 25.7% | 30.3% |
| OC (initial) | 3.75% | 3.15% | 3.25% | 22.00% |
| OC target | 5.25% | 13.45% | 9.50% | 26.75% |
| OC floor | 2.00% | 1.50% | 0.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 8 | 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.
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.
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FICO sub-band and new/used stratification.