Joining CarMax Business Services and Huntington National Bank, Santander Consumer USA is planning to issue a subprime auto securitization called Santander Drive Auto Receivables Trust 2012-6 worth $1.25 billion, according to a  Securities and Exchange Commission filing related to the offering.

Volkswagen is also planning its Volkswagen Auto Loan Enhanced Trust 2012-2. Credit Suisse and BofA Merrill Lynch are joint bookrunners on the transaction to be rated by Moody's Investors Service and Standard & Poor's.

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