Santander Consumer USA plans to issue $764.5 million of notes from its Chrysler Capital Auto Receivables Trust.

The deal, dubbed CCART 2014-A, is the third series from this trust and will be the first to be issued thisyear. It is backed by retail auto loans for new and used automobiles and light-duty trucks.

JP Morgan Securities is the lead manager on the deal. Moody’s Investors Service and Standard & Poor’s assigned the deal’s class A notes preliminary ratings of ‘Aaa’/ ‘AAA’. The class B notes are rated ‘Aa1’/ ‘AA’; the class C notes are rated ‘A1’/ ‘A’; and the class D notes are rated ‘Baa2’/ ‘BBB’.

The pool backing the current deal includes a greater amount of longer-term (73 to 75 months) loans than the issuer’s previous transaction, CCART 2013-B. Loans in the pool of CCART 2014-A also have a slightly higher weighted average loan-to-value ratio at 111.6% versus 109.2%; and the weighted average FICO score dropped to 703 from 707.  

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