Santander Consumer USA plans to issue a $1.3 billion subprime auto loan ABS.

The deal follow’s the issuer’s $1.25 billion auto loan securitization that priced in January and brings the year to date volumes for auto-related issuance to $19 billion, up from the $17 billion recorded in the first 2 months of 2012, according to S&P figures.

Santander Drive Auto Receivables Trust 2013-2 is structured with $810 million of class A notes; $135 million of class B notes; $167 million of class C notes; $76 million of class D notes ; and $69 million of class E notes, according to a deal prospectus filed with the U.S. Securities and Exchange Commission. Barclays Capital and RBC Capital are lead managers on the deal. Credit Suisse and JP Morgan are co-lead on the class A notes only.

Moody's Investors Service assigned preliminary ratings of 'Aaa' to the class A notes; 'Aa1' to the class B notes; 'A2' to the class C notes; 'Baa2' to the class D notes; and 'Ba2' to the class E notes.

This deal, like the January issue, is also structured with a pre-funding account, where $209 million of the proceeds are set aside for the purchase of additional collateral at a future date. Santander may acquire additional receivables that must meet certain eligibility criteria.

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