| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 195.8 | 10.2% | 37.50% | 0.14 | — | — | 2026-11-15 | P-1 | F1+ |
| Class A-2 | 614.2 | 32.0% | 37.50% | 0.78 | 4.28% | +62 I-curve | 2029-01-15 | Aaa | AAA |
| Class A-3 | 408.6 | 21.3% | 37.50% | 1.90 | 4.17% | +64 I-curve | 2030-04-15 | Aaa | AAA |
| Class B | 168.9 | 8.8% | 28.70% | 2.65 | 4.27% | +75 I-curve | 2032-01-15 | Aaa | AA |
| Class C | 174.7 | 9.1% | 19.60% | 3.17 | 4.52% | +100 I-curve | 2032-01-15 | Aa3 | A |
| Class D | 197.7 | 10.3% | 9.30% | 3.85 | 4.95% | +140 I-curve | 2032-01-15 | Baa3 | BBB |
| Class Eretained | 92.1 | 4.8% | 4.50% | 4.45 | — | — | 2034-02-15 | NR | BB |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
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 not counted as an AAA term note.
| Sponsor | Santander Consumer USA Inc. |
|---|---|
| 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,919.2MM | $2,150.3MM | $2,060.6MM | $2,248.8MM | $1,878.4MM | $1,989.0MM | 424B5 |
| WA Credit Score | 605+1 | 604 | 604 | 605 | 604 | 604 | 424B5 |
| WA APR | 18.04%−0.02pp | 17.99% | 18.12% | 18.06% | 17.71% | 18.57% | 424B5 |
| WA original term mo | 71.60.0 | 71.6 mo | 71.6 mo | 71.6 mo | 72.0 mo | 71.3 mo | 424B5 |
| % new vehicles | 29.6% | 27.7% | 32.4% | 30.7% | 29.2% | 30.4% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 37.50%−4.15pp | 37.85% | 37.65% | 42.60% | 43.00% | 41.65% | calc |
| Enhancement, target | 39.00% | 39.35% | 39.15% | 47.60% | 47.25% | 46.65% | calc |
| Subordinate notes | 33.0%+0.5pp | 32.4% | 32.9% | 36.4% | 32.5% | 31.7% | calc |
| OC (initial) | 3.50% | 4.40% | 3.75% | 5.15% | 9.50% | 8.95% | 424B5 |
| OC target | 5.00% | 5.90% | 5.25% | 10.15% | 13.75% | 13.95% | 424B5 |
| OC floor | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +64 bps+1bps A-3 · 1.9y | +60 bps A-3 · 1.9y | +68 bps A-3 · 1.9y | +55 bps A-3 · 1.6y | +63 bps A-3 · 1.5y | +80 bps A-3 · 1.8y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 7 | 7 | 6 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-11-19 | 2025-11-17 | 2025-09-24 | 2025-09-24 | 424B5 |
| Pool balance | $1,919.2MM | $1,272.4MM | $923.1MM | $1,866.5MM | 424B5 |
| WA Credit Score | 605+20 | 584 | 612 | 585 | 424B5 |
| WA APR | 18.04%−1.72pp | 21.29% | 16.03% | 19.76% | 424B5 |
| WA original term mo | 71.6−0.1 | 76.0 mo | 69.4 mo | 71.7 mo | 424B5 |
| % new vehicles | 29.6% | — | 0.0% | 28.1% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 37.50%−10.85pp | 51.35% | 26.90% | 48.35% | calc |
| Enhancement, target | 39.00% | 59.30% | 32.90% | 52.85% | calc |
| Subordinate notes | 33.0%+0.1pp | 45.8% | 23.4% | 32.8% | calc |
| OC (initial) | 3.50% | 4.50% | 2.50% | 14.50% | 424B5 |
| OC target | 5.00% | 12.45% | 8.50% | 19.00% | 424B5 |
| OC floor | 2.00% | 1.50% | 0.50% | 3.00% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||
| AAA spread | +64 bps+1bps A-3 · 1.9y | — | +63 bps A-3 · 2.2y | +62 bps A-3 · 1.5y | FWP |
| Terms | |||||
| Tranches | 7 | 7 | 7 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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 Consumer USA Inc. — ticker SDART.
Peer tier: subprime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.