Santander Consumer USA is preparing its second subprime auto loan securitization of the year, according to a regulatory filing.
Santander Drive Auto Receivables Trust 2014-2 will issue a total of $1 billion of notes, including $243 million of money market notes, $300.4 million of fixed and floating rate notes due in August 2017, $188.9 million of notes due April 2018; $140.2 million of notes due February 2019; $142 million of notes due November 2019; $55.4 million of notes due February 2020 and $60.7 million of notes due July 2021.
The notes will be backed by loans on new and used automobiles, light duty trucks and vans to subprime borrowers.
In addition to Santander, Deutsche Bank Securities, Citigroup, Morgan Stanley and Wells Fargo Securities are underwriting the offering.
Santander’s previous subprime auto loan securitization was completed in January. In March the lender issued its first prime auto loan ABS of the year; it is currently in the market with a subprime auto loan resecuritization.