Subprime auto lenders Santander Consumer USA and Exeter Finance Corp. are securitizing new asset-backed loan pools featuring slightly improved credit risk parameters.

Santander Drive Auto Receivables Trust (SDART) 2016-3 consists of $1.178 billion in new and used vehicle loans originated or acquired by Santander with a potential upsizing in the works. The loans will back the issuance of $1.06 billion in notes by the trust.

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