Santander Consumer USA broke the lull in ABS primary market issuance with plans for a $891.14 million subprime auto loan securitization.

The deal, Santander Drive Auto Receivables Trust 2013-4 has been assigned preliminary ratings by Standard &Poor’s.  The class A notes have been assigned a ‘AAA’ ratings.  The capital structure will also issue ‘AA’ rated class B notes; ‘A’ rated class C notes; ‘BBB+’ rated class D notes; and ‘BB+’ class E notes.

Series 2013-4 is the first securitization in which SCUSA will include loans with an original term greater than 72 months. S&P said these loans make up 9.5% of the series 2013-4 pool.  

SCUSA became Chrysler's preferred lender, and as a result began originating 75-month loans for a selective set of obligors purchasing Chrysler automobiles, explained analysts.

Credit Suisse is lead manager on the deal.











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