10-K - Santander Drive Auto Receivables Trust 2024-3 (0002024522) (Filer)

Wed, Mar 26, 5:37 PM (31 days ago)

Santander Drive Auto Receivables Trust 2024-3 (Ticker: Not Provided) reported its annual financial performance for the fiscal year ended December 31, 2024. The document is a Form 10-K, which provides a comprehensive overview of the financial condition and operational results of the trust. **Financial Performance:** - The document does not provide specific figures for revenue, net income, or operating expenses, as these details are typically omitted in such filings for asset-backed securities trusts. **Strategic Overview:** - The trust is sponsored by Santander Consumer USA Inc. and involves the securitization of auto receivables. - Key agreements include the Underwriting Agreement, Indenture, Purchase Agreement, Sale and Servicing Agreement, Administration Agreement, and Trust Agreement, all dated June 20, 2024. **Future Outlook:** - The trust's future outlook is tied to the performance of the underlying auto receivables and the effectiveness of the servicing arrangements. - Santander Consumer USA Inc. and Citibank, N.A. have completed compliance statements and assessments, indicating adherence to servicing criteria. **Risk Factors:** - The document does not explicitly list risk factors, but typical risks for such trusts include credit risk, prepayment risk, and market risk associated with the auto receivables. **Financial Condition:** - The trust's financial condition is supported by various agreements and compliance statements, ensuring the proper management and servicing of the asset pool. **Market Position Changes:** - The trust does not have voting or non-voting common equity outstanding held by non-affiliates, indicating a focus on debt securities rather than equity. **Conclusion:** Santander Drive Auto Receivables Trust 2024-3 operates within a structured framework designed to manage and service auto receivables efficiently. The trust's financial health and operational effectiveness are underpinned by compliance with regulatory requirements and robust servicing agreements.