# SDART-2022-1
Santander Drive (DRIVE) · subprime · 45 monthly tapes, 2022-01-31 to 2025-09-30

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 10.6% |
| Cumulative net loss (of original pool) | 7.34% |
| 60+ reported (balance-weighted) | 10.67% |
| 60+ extension-adjusted (6-month lookback) | 19.92% |
| Masking gap | 924 bps |
| Extension stock (touched in trailing 6 months) | 10.33% |
| New extensions this month | 1.79% |
| Repossessed, not yet liquidated | 0.42% |
| Recoveries / charge-offs, cumulative | 46.6% |
| Loans remaining | 20,872 · balance $264.8M |
| At issuance | 106,810 loans, $2.50B, WA score 566, WA term 71.1, used 78% |

## 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 10.67% as reported, but 19.92% once loans returned to current by a payment extension in the trailing six months are added back. That is a 924bps gap, on 10.3% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 7.34% at month 44, against a median of 1.19% across the 16 deals on tape at the same seasoning. Above the band by 6.15 points.
- WATCH: Cumulative recoveries stand at 46.6% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 45 monthly tapes.

## The bonds on top (servicer report, 2025-09-30)

Pool $264.8M · notes $0 in 0 classes · overcollateralization $264.8M (100.00%) · reserve $18.1M · reported cumulative net loss 10.12% · delinquency 10.67% 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 (19.92% of pool) charged off at this deal's own severity (53%): $28.2M. 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/1905242/000119312525239256/d851755dex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=SDART-2022-1
- 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.

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