| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A1 | 197.1 | 10.2% | 87.6% | — | 0.12 | 2029-03-29 | P-1 | F1+ |
| Class A2 | 619.8 | 32.0% | 55.6% | +53 bps | 0.76 | 2027-03-29 | Aaa | AAA |
| Class A3 | 420.3 | 21.7% | 33.9% | +51 bps | 1.87 | 2030-07-30 | Aaa | AAA |
| Class B | 170.4 | 8.8% | 25.1% | +63 bps | 2.61 | — | Aaa | AA |
| Class C | 178.1 | 9.2% | 15.9% | +80 bps | 3.12 | — | Aa2 | A |
| Class D | 196.5 | 10.1% | 5.8% | +125 bps | 3.78 | — | Baa2 | BBB |
| Class E | 111.3 | 5.8% | 0.0% | — | 4.41 | — | 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 62.5%.
| Sponsor | Santander Bank, N.A |
|---|---|
| Servicer | Santander Bank, N.A. |
| Depositor / Transferor | Santander Drive Auto Receivables LLC |
| Indenture Trustee | Citibank, N.A |
| Owner Trustee | Citibank, N.A |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | RBC Capital Markets, Wells Fargo Securities, CastleOak Securities, Citigroup Global Markets |
| SDART 2026-1 | SDART 2025-4 | SDART 2025-3 | SDART 2025-2 | SDART 2025-1 | SDART 2024-5 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-02-25 | 2025-11-19 | 2025-07-30 | 2025-03-26 | 2025-01-22 | 2024-10-29 |
| Pool balance | $1,936.2MM | $1,919.2MM | $2,150.3MM | $2,060.6MM | $2,248.8MM | $1,878.4MM |
| WA Credit Score | 605+1 | 602 | 604 | 604 | 605 | 604 |
| WA APR | 18.04%−0.02pp | 17.99% | 18.12% | 18.06% | 17.71% | 18.57% |
| WA original term mo | 71.8+0.2 | 71.6 mo | 71.6 mo | 71.6 mo | 71.6 mo | 72.0 mo |
| % new vehicles | 26.7% | 29.6% | 27.7% | 32.4% | 30.7% | 29.2% |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 15.6% FL 13.2% CA 9.3% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +53 bps−3bps | — | +56 bps | +60 bps | +53 bps | +57 bps |
| AAA % of pool | 53.7%+0.8pp | 53.3% | 52.9% | 53.2% | 50.3% | 47.4% |
| Subordination below AAA | 33.9%+1.0pp | 33.0% | 32.4% | 32.9% | 36.4% | 32.5% |
| OC (initial) | 2.20% | 3.50% | 4.40% | 3.75% | 5.15% | 9.50% |
| OC target | 3.65% | 5.00% | 5.90% | 5.25% | 10.15% | 13.75% |
| 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 | 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.
| SDART 2026-1 | CMXS 2026-A | EART 2026-1 | DRIVE 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-02-25 | 2026-02-25 | 2026-01-28 | 2025-09-24 |
| Pool balance | $1,936.2MM | $769.2MM | $1,123.3MM | $1,866.5MM |
| WA Credit Score | 605+7 | 612 | 598 | 585 |
| WA APR | 18.04%−0.67pp | 16.49% | 18.71% | 19.81% |
| WA original term mo | 71.8+0.1 | 70.1 mo | 76.0 mo | 71.7 mo |
| % new vehicles | 26.7% | 0.0% | — | 28.1% |
| Reserve % | 1.00% | 2.50% | 1.00% | 1.00% |
| Geo top-3 | TX 15.6% FL 13.2% CA 9.3% | CA 15.0% TX 13.2% FL 8.6% | TX 22.2% CA 10.9% FL 7.9% | TX 17.7% FL 12.4% CA 7.8% |
| Structure (at issuance) | ||||
| AAA spread | +53 bps−3bps | +58 bps | +49 bps | +56 bps |
| AAA % of pool | 53.7%+11.6pp | 55.3% | 41.6% | 42.2% |
| Subordination below AAA | 33.9%+1.1pp | 23.7% | 47.8% | 32.8% |
| OC (initial) | 2.20% | 2.50% | 4.85% | 14.50% |
| OC target | 3.65% | 8.65% | 12.25% | 19.00% |
| OC floor | 2.00% | 0.50% | 1.50% | 3.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 8 | 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 (50 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.