Santander Consumer USA plans to bring to market $846 million of asset-backed securities backed by a pool of fixed-rate new and used automobile, light-truck and utility vehicle loans.
Fitch Ratings assigned preliminary ratings to the deal, Santander Drive Auto Receivables Trust (SDART) 2013-3. The capital structure includes a $126 million money market tranche; $270 million of ‘AAA’, A-2 notes; $151 million of ‘AAA’ , A-3 notes; $90.4 million of ‘AA’ rated notes; $111.3 million of ‘A’ rated notes; $51 million of ‘BBB’ notes; and $46.4 million of ‘B’ notes.
Santander Consumer USA, is majority owned by Santander Holdings USA, which is a wholly owned direct subsidiary of Banco Santander.
The credit quality of 2013-3 is similar to the issuer’s previous deal, 2013-2 and 2013-1, according to Fitch. The weighted average FICO score is 590, and the internal loss forecasting score (LFS) is 561. JP Morgan is lead underwriter on the deal.
