# SDART-2025-1
Santander Drive (DRIVE) · subprime · 20 monthly tapes, 2024-12-31 to 2026-07-31

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 48.9% |
| Cumulative net loss (of original pool) | 5.70% |
| 60+ reported (balance-weighted) | 7.99% |
| 60+ extension-adjusted (6-month lookback) | 19.14% |
| Masking gap | 1116 bps |
| Extension stock (touched in trailing 6 months) | 12.30% |
| New extensions this month | 2.25% |
| Repossessed, not yet liquidated | 0.40% |
| Recoveries / charge-offs, cumulative | 42.8% |
| Loans remaining | 55,113 · balance $1.11B |
| At issuance | 99,060 loans, $2.27B, WA score 529, WA term 71.6, used 68% |

## 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 7.99% as reported, but 19.14% once loans returned to current by a payment extension in the trailing six months are added back. That is a 1116bps gap, on 12.3% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 5.70% at month 19, against a median of 0.82% across the 37 deals on tape at the same seasoning. Above the band by 4.87 points.
- WATCH: Cumulative recoveries stand at 42.8% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 20 monthly tapes.

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

Pool $1.11B · notes $952.7M in 5 classes · overcollateralization $157.7M (14.20%) · reserve $22.5M · reported cumulative net loss 5.86% · delinquency 7.98% vs trigger 24.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-3 | $133.0M | $999.8M | 90.0% | +$878.2M | +$756.7M |
| B | $254.1M | $745.7M | 67.2% | +$624.1M | +$502.5M |
| C | $213.6M | $532.1M | 47.9% | +$410.5M | +$288.9M |
| D | $248.5M | $283.6M | 25.5% | +$162.0M | +$40.4M |
| E | $103.4M | $180.2M | 16.2% | +$58.6M | −$63.0M |

Stress 1 = the tape's extension-adjusted 60+ balance (19.14% of pool) charged off at this deal's own severity (57%): $121.6M. 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/2049903/000119312526352838/d168692dex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=SDART-2025-1
- 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