Wed, Aug 14, 8:28 PM (153 days ago)
On August 12, 2024, Santander Drive Auto Receivables LLC and Santander Consumer USA Inc. entered into an Underwriting Agreement with SG Americas Securities, LLC for the issuance of auto loan asset-backed notes by Santander Drive Auto Receivables Trust 2024-4. The notes include Class A-2 (5.41%), A-3 (4.85%), B (4.93%), C (4.95%), and D (5.32%) notes, scheduled for issuance on August 21, 2024. Additionally, on the same date, a Purchase Agreement will be executed, whereby SC will transfer motor vehicle retail installment sales contracts and loans to Santander Drive. The Issuer, established under Delaware law, will also enter into a Sale and Servicing Agreement and several other agreements related to the servicing and administration of the notes. These transactions are expected to enhance the financial position of the entities involved, with the issuance of the notes securing a lien on the underlying receivables. The successful completion of this offering could positively impact stock value and investor confidence in Santander's auto finance operations.