IPO - SANTANDER DRIVE AUTO RECEIVABLES LLC

Form Type: 424H

Filing Date: 2025-03-12

Corporate Action: Ipo

Type: New

Accession Number: 000119312525052978

Filing Summary: Santander Drive Auto Receivables LLC is preparing to issue asset-backed securities through the Santander Drive Auto Receivables Trust 2025-2. This preliminary prospectus outlines the offering of notes aggregating to $1,544,900,000, with potential for an upsized transaction reaching $1,983,340,000. The notes offered are backed by a pool of securitized motor vehicle retail installment sale contracts and/or installment loans primarily associated with sub-prime credit quality obligors. It details classes of notes to be issued, anticipated payment schedules starting from April 2025, and associated interest rates. The prospectus also discusses credit enhancement measures, including overcollateralization and reserve accounts, and mentions that certain classes of notes will not be publicly offered but may be retained by affiliates. Investors are cautioned to review risk factors and specific conditions under various regulations affecting the offering, particularly regarding regional restrictions for investors in the UK and EEA. The document reiterates the non-transferable nature of certain notes and the regulatory compliance expected throughout this offering process.

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