Santander Consumer USA is preparing a $409.4 million subprime auto loan resecuritization.

The offering consists of six series of notes to be issued under its Santander Drive Auto Receivables Trust. The SDART 2014-S1 through SDART 2014-S6 transactions are resecuritizations of unrated certificates issued by the SDART term transactions 2011-3 through 2012-4, according a presale report published today by Standard & Poor’s.

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