Santander Consumer USA has upsized its Santander Drive Auto Receivables Trust 2010-3 (SDART 2010-3) to $900 million from $675.2 million.
The five-tranche auto-backed deal is rated by S&P and DBRS. Deutsche Bank Securities , Santander Investment Securities and Citigroup Global Markets are managing the securitization.
This deal, according to a DBRS presale report, is Santander Consumer’s fourth securitization in 2010 and seventh securitization of auto receivables originated via the former Drive Financial Services platform since the acquisition of Drive by Banco Santander in December 2006.
SDART 2010-3 represents Santander Consumer’s 19th offering since the spin-off of Drive Financial from FirstCity Financial and the 25th deal overall backed by loan originations generated under the Santander Consumer/Drive/FirstCity platform, DBRS said.
Additionally, the auto ABS also has receivables from HSBC as part of Santander Consumer’s strategic partnership with HSBC as well as loans from Triad through its purchase of Triad Financial Corp, the rating agency said.
The last deal under this series called SDART 2010-2 came to market in mid-August. The five-tranche offering was lead managed by JPMorgan Securities, Credit Suisse, and Wells Fargo. Co-managers on the offering were Citigroup and Santander Investment Securities.