# SDART-2023-6
Santander Drive (DRIVE) · subprime · 34 monthly tapes, 2023-10-31 to 2026-07-31

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 28.3% |
| Cumulative net loss (of original pool) | 9.35% |
| 60+ reported (balance-weighted) | 9.96% |
| 60+ extension-adjusted (6-month lookback) | 21.32% |
| Masking gap | 1136 bps |
| Extension stock (touched in trailing 6 months) | 12.63% |
| New extensions this month | 2.16% |
| Repossessed, not yet liquidated | 0.50% |
| Recoveries / charge-offs, cumulative | 45.3% |
| Loans remaining | 16,629 · balance $313.3M |
| At issuance | 47,128 loans, $1.11B, WA score 537, WA term 71.7, used 70% |

## 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 9.96% as reported, but 21.32% once loans returned to current by a payment extension in the trailing six months are added back. That is a 1136bps gap, on 12.6% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 9.35% at month 33, against a median of 1.40% across the 22 deals on tape at the same seasoning. Above the band by 7.95 points.
- WATCH: Cumulative recoveries stand at 45.3% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 34 monthly tapes.

## The bonds on top (servicer report, 2026-07-31)

Pool $313.3M · notes $207.5M in 2 classes · overcollateralization $105.8M (33.77%) · reserve $11.0M · reported cumulative net loss 9.54% · delinquency 9.96% vs trigger 24.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| B | $79.4M | $244.9M | 78.2% | +$208.4M | +$171.9M |
| C | $128.1M | $116.8M | 37.3% | +$80.3M | +$43.7M |

Stress 1 = the tape's extension-adjusted 60+ balance (21.32% of pool) charged off at this deal's own severity (55%): $36.5M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Source: https://www.sec.gov/Archives/edgar/data/1999133/000119312526352805/d184738dex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=SDART-2023-6
- 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