| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Fitch |
|---|---|---|---|---|---|---|---|
| Class A-1 | 195.8 | 10.2% | 86.3% | — | 0.14 | 2026-11-15 | — |
| Class A-2 | 614.2 | 32.0% | 54.3% | — | 0.78 | 2029-01-15 | AAA |
| Class A-3 | 408.6 | 21.3% | 33.0% | — | 1.90 | 2030-04-15 | AAA |
| Class B | 168.9 | 8.8% | 24.2% | — | 2.65 | 2032-01-15 | AA |
| Class C | 174.7 | 9.1% | 15.1% | — | 3.17 | 2032-01-15 | A |
| Class D | 197.7 | 10.3% | 4.8% | — | 3.85 | 2032-01-15 | BBB |
| Class E | 92.1 | 4.8% | 0.0% | — | 4.45 | 2034-02-15 | — |
| Sponsor | Santander Bank, N.A |
|---|---|
| Servicer | Santander Bank, N.A. |
| Depositor / Transferor | Santander Drive Auto Receivables LLC |
| Indenture Trustee | Computershare Trust Company, National Association (“ |
| Owner Trustee | Citicorp Trust Delaware, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BNP Paribas Securities, Wells Fargo Securities, Citigroup Global Markets |
| SDART 2025-4 | SDART 2025-3 | SDART 2025-2 | SDART 2025-1 | SDART 2024-5 | SDART 2024-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-19 | 2025-07-30 | 2025-03-26 | 2025-01-22 | 2024-10-29 | 2024-08-21 |
| Pool balance | $1,919.2MM | $2,150.3MM | $2,060.6MM | $2,248.8MM | $1,878.4MM | $1,989.0MM |
| WA Credit Score | 602−2 | 604 | 604 | 605 | 604 | 604 |
| WA APR | 17.99%−0.13pp | 18.12% | 18.06% | 17.71% | 18.57% | 18.54% |
| WA original term mo | 71.6+0.0 | 71.6 mo | 71.6 mo | 71.6 mo | 72.0 mo | 71.3 mo |
| % new vehicles | 29.6% | 27.7% | 32.4% | 30.7% | 29.2% | 30.4% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 15.3% FL 12.1% CA 9.3% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | — | +56 bps | +60 bps | +53 bps | +57 bps | +65 bps |
| AAA % of pool | 53.3%+1.5pp | 52.9% | 53.2% | 50.3% | 47.4% | 51.8% |
| Subordination below AAA | 33.0%+0.5pp | 32.4% | 32.9% | 36.4% | 32.5% | 31.7% |
| OC (initial) | 3.50% | 4.40% | 3.75% | 5.15% | 9.50% | 8.95% |
| OC target | 5.00% | 5.90% | 5.25% | 10.15% | 13.75% | 13.95% |
| 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 | 7 | 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 2025-4 | EART 2025-5 | CMXS 2025-B | DRIVE 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-11-19 | 2025-11-17 | 2025-09-24 | 2025-09-24 |
| Pool balance | $1,919.2MM | $1,272.4MM | $923.1MM | $1,866.5MM |
| WA Credit Score | 602+17 | 584 | 612 | 585 |
| WA APR | 17.99%−0.72pp | 18.71% | 16.05% | 19.81% |
| WA original term mo | 71.6−0.1 | 76.0 mo | 69.4 mo | 71.7 mo |
| % new vehicles | 29.6% | — | 0.0% | 28.1% |
| Reserve % | 1.00% | 1.00% | 2.50% | 1.00% |
| Geo top-3 | TX 15.3% FL 12.1% CA 9.3% | TX 20.1% CA 10.5% FL 7.9% | CA 16.3% TX 12.8% FL 9.2% | TX 17.7% FL 12.4% CA 7.8% |
| Structure (at issuance) | ||||
| AAA spread | — | — | +63 bps | +56 bps |
| AAA % of pool | 53.3%+11.1pp | 40.1% | 52.0% | 42.2% |
| Subordination below AAA | 33.0%+0.1pp | 45.8% | 23.4% | 32.8% |
| OC (initial) | 3.50% | 4.50% | 2.50% | 14.50% |
| OC target | 5.00% | 12.45% | 8.50% | 19.00% |
| OC floor | 2.00% | 1.50% | 0.50% | 3.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 7 | 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 (47 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.