8-K
filed April 24, 2024, 7:59 PM ET
CIK 0001383094
debt
confidence medium
sentiment neutral
materiality 0.60
Santander Drive Auto Receivables Trust 2024-2 closes $? auto ABS; issues notes with coupons 5.598%-6.28%
SANTANDER DRIVE AUTO RECEIVABLES LLC
- Issued Class A-2 5.80%, A-3 5.63%, B 5.78%, C 5.84%, D 6.28% Publicly Registered Notes and Class A-1 5.598% Retained Notes.
- Underwriters: Barclays, Santander US Capital Markets, Wells Fargo, Academy Securities, Samuel A. Ramirez.
- Closing date April 24, 2024; transaction includes Indenture, Sale and Servicing Agreement, Administration Agreement.
- Receivables secured by new/used automobiles, trucks, SUVs, vans; SC as servicer and administrator.
- Purchase Agreement entered between Santander Consumer USA and Santander Drive Auto Receivables LLC.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SANTANDER DRIVE AUTO RECEIVABLES LLC entered into Sale and Servicing Agreement with Santander Drive, Santander Consumer USA Inc., and Wilmington Trust, National Association valued at Receivables and related property transferred to Issuer; SC to act as servicer (effective 2024-04-24).
- Action
- entry
- Agreement
- supply
- Counterparty
- Santander Drive, Santander Consumer USA Inc., and Wilmington Trust, National Association
- Value
- Receivables and related property transferred to Issuer; SC to act as servicer
- Effective
- 2024-04-24
Exact text from the filing
On the Closing Date, the Issuer entered into a Sale and Servicing Agreement, dated as of the Closing Date (the “Sale and Servicing Agreement”), with Santander Drive, as seller, SC, as servicer, and Wilmington Trust, National Association, as indenture trustee (the “Indenture Trustee”), pursuant to which the Receivables and related property were transferred to the Issuer and pursuant to which SC agreed to act as servicer for the Receivables.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SANTANDER DRIVE AUTO RECEIVABLES LLC entered into Asset Representations Review Agreement with Santander Consumer USA Inc. and Clayton Fixed Income Services LLC valued at review of certain representations relating to Receivables after satisfaction of conditions (effective 2024-04-24).
- Action
- entry
- Counterparty
- Santander Consumer USA Inc. and Clayton Fixed Income Services LLC
- Value
- review of certain representations relating to Receivables after satisfaction of conditions
- Effective
- 2024-04-24
Exact text from the filing
On the Closing Date, the Issuer, SC, as sponsor and servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer, entered into an Asset Representations Review Agreement, dated as of the Closing Date (the “Asset Representations Review Agreement”), relating to the review of certain representations relating to the Receivables after satisfaction of certain conditions.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SANTANDER DRIVE AUTO RECEIVABLES LLC entered into Purchase Agreement with Santander Consumer USA Inc. valued at motor vehicle retail installment sales contracts and installment loans relating to certain new and u (effective 2024-04-24).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Santander Consumer USA Inc.
- Value
- motor vehicle retail installment sales contracts and installment loans relating to certain new and u
- Effective
- 2024-04-24
Exact text from the filing
Santander Consumer USA Inc. (“SC”) and Santander Drive Auto Receivables LLC (“Santander Drive”) entered into a Purchase Agreement (the “Purchase Agreement”), dated as of April 24, 2024, (the “Closing Date”), pursuant to which SC transferred to Santander Drive certain motor vehicle retail installment sales contracts and installment loans relating to certain new and used automobiles, heavy-duty trucks, light-duty trucks, SUVs and vans (the “Receivables”) and related property.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SANTANDER DRIVE AUTO RECEIVABLES LLC entered into Administration Agreement with Santander Consumer USA Inc. and Wilmington Trust, National Association valued at provision by SC of certain administration services on behalf of the Issuer relating to the Notes (effective 2024-04-24).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Santander Consumer USA Inc. and Wilmington Trust, National Association
- Value
- provision by SC of certain administration services on behalf of the Issuer relating to the Notes
- Effective
- 2024-04-24
Exact text from the filing
On the Closing Date, the Issuer, SC, as administrator, and the Indenture Trustee entered into an Administration Agreement, dated as of the Closing Date (the “Administration Agreement”), relating to the provision by SC of certain administration services on behalf of the Issuer relating to the Notes.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SANTANDER DRIVE AUTO RECEIVABLES LLC entered into Underwriting Agreement with Santander Consumer USA Inc., Santander Drive Auto Receivables LLC, and Barclays Capital Inc. (representative of underwriters) valued at sale of Publicly Registered Notes to Underwriters: Barclays Capital Inc., Santander US Capital Marke (effective 2024-04-16).
- Action
- entry
- Agreement
- underwriting
- Counterparty
- Santander Consumer USA Inc., Santander Drive Auto Receivables LLC, and Barclays Capital Inc. (representative of underwriters)
- Value
- sale of Publicly Registered Notes to Underwriters: Barclays Capital Inc., Santander US Capital Marke
- Effective
- 2024-04-16
Exact text from the filing
The Publicly Registered Notes were sold to Barclays Capital Inc., Santander US Capital Markets LLC, Wells Fargo Securities, LLC, Academy Securities, Inc. and Samuel A. Ramirez & Company, Inc. (together, the “Underwriters”), pursuant to an Underwriting Agreement, dated as of April 16, 2024, by and among SC, Santander Drive and Barclays Capital Inc., on behalf of itself and as representative of the Underwriters.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SANTANDER DRIVE AUTO RECEIVABLES LLC entered into Amended and Restated Trust Agreement with Santander Drive, Citibank, N.A., and Citicorp Trust Delaware, National Association valued at established and amended and restated the trust for Santander Drive Auto Receivables Trust 2024-2 (effective 2024-04-24).
- Action
- entry
- Counterparty
- Santander Drive, Citibank, N.A., and Citicorp Trust Delaware, National Association
- Value
- established and amended and restated the trust for Santander Drive Auto Receivables Trust 2024-2
- Effective
- 2024-04-24
Exact text from the filing
Santander Drive Auto Receivables Trust 2024-2 (the “Issuer”), a Delaware statutory trust, was established by a Trust Agreement, dated as of December 21, 2023, which was amended and restated by an Amended and Restated Trust Agreement, dated as of the Closing Date (the “Amended and Restated Trust Agreement”) , by and between Santander Drive, Citibank, N.A., as owner trustee, and Citicorp Trust Delaware, National Association, as Delaware trustee.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SANTANDER DRIVE AUTO RECEIVABLES LLC entered into Indenture with Santander Drive Auto Receivables Trust 2024-2 and Wilmington Trust, National Association valued at Issuance of Class A-2 5.80%, A-3 5.63%, B 5.78%, C 5.84%, D 6.28% Auto Loan Asset Backed Notes (Publ (effective 2024-04-24).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Santander Drive Auto Receivables Trust 2024-2 and Wilmington Trust, National Association
- Value
- Issuance of Class A-2 5.80%, A-3 5.63%, B 5.78%, C 5.84%, D 6.28% Auto Loan Asset Backed Notes (Publ
- Effective
- 2024-04-24
Exact text from the filing
On the Closing Date, the Issuer entered into an Indenture, dated as of the Closing Date (the “Indenture”), by and between the Issuer and the Indenture Trustee. Pursuant to the Indenture, the Issuer caused the issuance of the following notes: the Class A-2 5.80% Auto Loan Asset Backed Notes, the Class A-3 5.63% Auto Loan Asset Backed Notes, the Class B 5.78% Auto Loan Asset Backed Notes, the Class C 5.84% Auto Loan Asset Backed Notes and the Class D 6.28% Auto Loan Asset Backed Notes (collectively, the “Publicly Registered Notes”) and the Class A-1 5.598% Auto Loan Asset Backed Notes (the “Retained Notes” and together with the Publicly Registered Notes, the “Notes”).
View on SEC.gov
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