# SDART-2021-1
Santander Drive (DRIVE) · subprime · 59 monthly tapes, 2021-01-31 to 2025-11-30

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 4.9% |
| Cumulative net loss (of original pool) | 4.77% |
| 60+ reported (balance-weighted) | 12.10% |
| 60+ extension-adjusted (6-month lookback) | 21.77% |
| Masking gap | 967 bps |
| Extension stock (touched in trailing 6 months) | 10.74% |
| New extensions this month | 1.56% |
| Repossessed, not yet liquidated | 0.29% |
| Recoveries / charge-offs, cumulative | 60.1% |
| Loans remaining | 16,915 · balance $109.4M |
| At issuance | 99,801 loans, $2.24B, WA score 566, WA term 71.1, used 65% |

## Flags

- **Extension-adjusted 60+ delinquency exceeds reported by more than 200bps** (`masking_severe`)
- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)
- **Reported 60+ delinquency above the peer median at the same seasoning** (`dq_above_band`)

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 12.10% as reported, but 21.77% once loans returned to current by a payment extension in the trailing six months are added back. That is a 967bps gap, on 10.7% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 4.77% at month 58, against a median of 3.27% across the 2 deals on tape at the same seasoning. Above the band by 1.50 points.
- WATCH: Cumulative recoveries stand at 60.1% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 59 monthly tapes.

## The bonds on top (servicer report, 2025-11-30)

Pool $109.4M · notes $0 in 0 classes · overcollateralization $109.4M (100.00%) · reserve $33.2M · reported cumulative net loss 4.88% · delinquency 12.10% vs trigger 24.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|

Stress 1 = the tape's extension-adjusted 60+ balance (21.77% of pool) charged off at this deal's own severity (40%): $9.5M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Not read from this issuer's layout: class balances read as all zero; layout not understood; classes not parsed. Source: https://www.sec.gov/Archives/edgar/data/1839893/000119312525317893/d55197dex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=SDART-2021-1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide