Santander Consumer USA is marketing its fifth subprime auto loan securitization of the year, and the percentage of loans with longer terms keeps growing.

The $1.05 billion Santander Drive Auto Receivables Trust 2014-5 is backed by "marginally" weaker collateral versus its prior two deals, according to Fitch Ratings. The weighted average loss forecast score is 556 and the weighted average FICO score is 598. The weighted average seasoning of the loans is two months, new vehicles total 36%, and the pool is geographically diverse.

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