| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 219.6 | 10.2% | 85.4% | — | 0.12 | 2026-08-15 | P-1 | F1+ |
| Class A-2 | 683.0 | 31.8% | 53.6% | +56 bps | 0.81 | 2028-10-15 | Aaa | AAA |
| Class A-3 | 455.3 | 21.2% | 32.4% | +60 bps | 1.93 | 2030-01-15 | Aaa | AAA |
| Class B | 178.5 | 8.3% | 24.1% | +75 bps | 2.66 | 2031-09-30 | Aaa | AA |
| Class C | 194.6 | 9.0% | 15.1% | +95 bps | 3.16 | 2031-09-30 | Aa3 | A |
| Class D | 221.5 | 10.3% | 4.8% | +135 bps | 3.83 | 2031-09-30 | Baa3 | BBB |
| Class E | 103.2 | 4.8% | 0.0% | — | 4.42 | 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 61.2%.
| Sponsor | Santander Bank, N.A |
|---|---|
| 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, Academy Securities, CastleOak Securities, Citigroup Global Markets, Mizuho Securities |
| SDART 2025-3 | SDART 2025-2 | SDART 2025-1 | SDART 2024-5 | SDART 2024-4 | SDART 2024-3 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-07-30 | 2025-03-26 | 2025-01-22 | 2024-10-29 | 2024-08-21 | 2024-06-20 |
| Pool balance | $2,150.3MM | $2,060.6MM | $2,248.8MM | $1,878.4MM | $1,989.0MM | $1,960.1MM |
| WA Credit Score | 6040 | 604 | 605 | 604 | 604 | 606 |
| WA APR | 18.12%−0.26pp | 18.06% | 17.71% | 18.57% | 18.54% | 18.38% |
| WA original term mo | 71.6−0.0 | 71.6 mo | 71.6 mo | 72.0 mo | 71.3 mo | 71.2 mo |
| % new vehicles | 27.7% | 32.4% | 30.7% | 29.2% | 30.4% | 28.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 15.8% FL 12.8% CA 9.2% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +56 bps−4bps | +60 bps | +53 bps | +57 bps | +65 bps | +68 bps |
| AAA % of pool | 52.9%+2.0pp | 53.2% | 50.3% | 47.4% | 51.8% | 50.9% |
| Subordination below AAA | 32.4%−0.1pp | 32.9% | 36.4% | 32.5% | 31.7% | 32.4% |
| OC (initial) | 4.40% | 3.75% | 5.15% | 9.50% | 8.95% | 9.00% |
| OC target | 5.90% | 5.25% | 10.15% | 13.75% | 13.95% | 14.00% |
| 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 | 7 | 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 2025-3 | EART 2025-3 | DRIVE 2025-1 | CMXS 2025-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-07-30 | 2025-05-28 | 2025-05-28 | 2025-03-26 |
| Pool balance | $2,150.3MM | $1,098.0MM | $1,522.1MM | $826.9MM |
| WA Credit Score | 604+18 | 583 | 586 | 608 |
| WA APR | 18.12%−0.83pp | 18.95% | 19.73% | 15.96% |
| WA original term mo | 71.6−0.4 | 75.0 mo | 71.9 mo | 68.9 mo |
| % new vehicles | 27.7% | — | 29.0% | 0.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 3.25% |
| Geo top-3 | TX 15.8% FL 12.8% CA 9.2% | TX 17.5% CA 11.0% FL 8.0% | TX 20.1% FL 13.7% CA 7.3% | CA 16.5% TX 13.9% FL 8.6% |
| Structure (at issuance) | ||||
| AAA spread | +56 bps−12bps | +63 bps | +68 bps | +68 bps |
| AAA % of pool | 52.9%+11.6pp | 41.3% | 39.4% | 54.3% |
| Subordination below AAA | 32.4%−1.1pp | 45.2% | 33.5% | 25.7% |
| OC (initial) | 4.40% | 4.50% | 17.50% | 3.25% |
| OC target | 5.90% | 11.80% | 22.00% | 9.50% |
| OC floor | 2.00% | 1.50% | 3.00% | 0.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 6 | 8 |
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 (44 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 Bank, N.A — ticker SDART.
Peer tier: subprime.
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FICO sub-band and new/used stratification.