EX-99.1 2 d426623dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Santander Drive Auto Receivables Trust 2020-2

Class A-1 0.24105% Asset Backed Notes

Class A-2-A 0.62% Asset Backed Notes

Class A-2-B Benchmark + 0.35% Asset Backed Notes

Class A-3 0.67% Asset Backed Notes

Class B 0.96% Asset Backed Notes

Class C 1.46% Asset Backed Notes

Class D 2.22% Asset Backed Notes

Class E 4.21% Asset Backed Notes

Servicer’s Certificate

This Servicer’s Certificate has been prepared pursuant to Section 4.6 of the Sale and Servicing Agreement among Santander Drive Auto Receivables Trust 2020-2, as Issuer, Santander Consumer USA Inc., as Servicer, Santander Drive Auto Receivables LLC, as Seller, and Wells Fargo Bank, N.A. as Indenture Trustee, dated as of July 22, 2020. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

                        

Collection Period Beginning:

        11/01/2023  

Collection Period Ending:

        11/30/2023  

Previous Payment Date/Close Date:

        11/15/2023  

Payment Date

        12/15/2023  

Days of Interest for Period:

        30  

Days in Collection Period:

        30  

Months Seasoned:

        41  

 

                                                                                                   
                                  Original  

Purchases

      Units        Cut-off Date        Closing Date        Pool Balance  

Initial Purchase

        86,980          06/30/2020          07/22/2020          1,676,630,557.29  

Total

        86,980                    1,676,630,557.29  

 

                                                                                                                                                                                                                                                                                                                                    

I. PRINCIPAL BALANCE CALCULATION

 

          

{1} Beginning of period aggregate Principal Balance

 

               {1}       264,402,408.74  

Monthly principal amounts

 

          

{2} Payments Received

 

     {2}       11,488,563.71    

{3} Repurchased Receivables

 

     {3}       35,050.56    

{4} Defaulted Receivables

 

     {4}       1,705,273.85    

{5} Cram Down Losses and Other Principal Adjustments

 

     {5}       (35,520.60 )   

{6} Other Receivables adjustments

 

     {6}       —      

{7} Total Principal distributable amount

 

     {7}       13,193,367.52  

{8} End of period aggregate Principal Balance

 

               {8}       251,209,041.22  

{9} Pool Factor ({8}/ Original Pool Balance)

 

               {9}       0.149830  

II. NOTE BALANCE CALCULATION

 

          
                            Class A-1     Class A-2-A     Class A-2-B     Class A-3     Class B     Class C     Class D     Class E     Total  

{10} Original Note Balance

 

     {10}       192,000,000.00       344,200,000.00       75,000,000.00       202,000,000.00       159,300,000.00       230,500,000.00       201,200,000.00       117,300,000.00       1,521,500,000.00  

{11} Beginning of period Note Balance

 

     {11}       —         —         —         —         —         —         88,241,643.27       117,300,000.00       205,541,643.27  

{12} First Allocation of Principal

 

     {12}       —         —         —         —         —         —         —         —         —    

{13} Second Allocation of Principal

 

     {13}       —         —         —         —         —         —         —         —         —    

{14} Third Allocation of Principal

 

     {14}       —         —         —         —         —         —         —         —         —    

{15} Fourth Allocation of Principal

 

     {15}       —         —         —         —         —         —         —         —         —    

{16} Fifth Allocation of Principal

 

     {16}       —         —         —         —         —         —         —         —         —    

{17} Regular Allocation of Principal

 

     {17}       —         —         —         —         —         —         11,511,213.17       —         11,511,213.17  

{18} Optional Purchase payment amount

 

     {18}       —         —         —         —         —         —         —         —         —    

{19} End of period Note Balance

 

     {19}       —         —         —         —         —         —         76,730,430.10       117,300,000.00       194,030,430.10  

{20} Note Pool Factors

 

     {20}       —         —         —         —         —         —         0.381364       1.000000       0.127526  

{21} Principal payment per $1,000

 

     {21}       —         —         —         —         —         —         57.21       —         7.57  

III. RECONCILIATION OF COLLECTION ACCOUNT

 

          

Available Funds

 

          

{22} Principal Payments Received

 

             {22}       11,488,563.71    

{23} Net Liquidation Proceeds

 

             {23}       1,285,880.75    

{24} Principal on Repurchased Receivables

 

             {24}       35,050.56    

{25} Interest on Repurchased Receivables

 

             {25}       202.55    

{26} Interest collected on Receivables

 

             {26}       3,113,892.86    

{27} Other amounts received

 

             {27}       12,908.88    

{28} Optional Purchase Price

 

             {28}       —      

{29} Reserve Account Excess Amount

 

             {29}       —      

{30} Reserve Account Draw Amount

 

             {30}       —      

{31} Total Available Funds

 

               {31}       15,936,499.31  

Distributions

 

                  

{32} Indenture Trustee Fee

 

             {32}       —      

{33} Owner Trustee Fee

 

             {33}       —      

{34} Asset Representations Reviewer Fee

 

             {34}       —      

Servicing Fee

 

          
    Calculated Fee     Carryover
Shortfall		     Change
from prior
period		     Total                                                        

{35}

     661,006.02       —         —         661,006.02                   {35}       661,006.02    

Class A Accrued Note Interest

 

              
    Class     Beginning
Note Balance		     Interest Rate     Days     Days Basis           Calculated
Interest		                                      

{36}

     Class A-1       —         0.24105 %      30       ACT/360         —               {36}       —      

{37}

     Class A-2-A       —         0.62 %      30       30 / 360         —               {37}       —      

{38}

     Class A-2-B       —         0.00000 %      30       ACT/360         —               {38}       —      

{39}

     Class A-3       —         0.67 %      30       30 / 360         —               {39}       —      

Class A Accrued Note Interest

 

              
    Class     Carryover
Shortfall		     Change
from prior
period		     Carryover
Shortfall
per $1,000		                                                        

{40}

     Class A-1       —         —         —                     {40}       —      

{41}

     Class A-2-A       —         —         —                     {41}       —      

{42}

     Class A-2-B       —         —         —                     {42}       —      

{43}

     Class A-3       —         —         —                     {43}       —      

{44} First Allocation of Principal

 

             {44}       —      

Class B Accrued Note Interest

 

              
    Class     Beginning
Note Balance		     Interest Rate     Days     Days Basis           Calculated
Interest		                                      

{45}

     Class B       —         0.96 %      30       30 / 360         —               {45}       —      

Class B Accrued Note Interest

 

          
    Class     Carryover
Shortfall		     Change
from prior
period		     Carryover
Shortfall
per $1,000		                                                        

{46}

     Class B       —         —         —                     {46}       —      

{47} Second Allocation of Principal

 

         {47}       —      

Class C Accrued Note Interest

 

          
    Class     Beginning
Note Balance		     Interest Rate     Days     Days Basis           Calculated
Interest		                                      

{48}

     Class C       —         1.46 %      30       30 / 360         —               {48}       —      

Class C Accrued Note Interest

 

          
    Class     Carryover
Shortfall		     Change
from prior
period		     Carryover
Shortfall
per $1,000		                                                        

{49}

     Class C       —         —         —                     {49}       —      

{50} Third Allocation of Principal

 

         {50}       —      

Class D Accrued Note Interest

 

          
    Class     Beginning
Note Balance		     Interest Rate     Days     Days Basis           Calculated
Interest		                                      

{51}

     Class D       88,241,643.27       2.22 %      30       30 / 360         163,247.04             {51}       163,247.04    

Class D Accrued Note Interest

 

          
    Class     Carryover
Shortfall		     Change
from prior
period		     Carryover
Shortfall
per $1,000		                                                        

{52}

     Class D       —         —         —                     {52}       —      

                                                                                                                                                                                                                                                                                  

{53} Fourth Allocation of Principal

 

                  {53}        —       

Class E Accrued Note Interest

 

                     
    

Class

    Beginning
Note Balance		      Interest Rate      Days      Days Basis      Calculated
Interest		                                     

{54}

    Class E      117,300,000.00        4.21 %       30        30 / 360        411,527.50              {54}        411,527.50     

Class E Accrued Note Interest

 

                     
    

Class

    Carryover
Shortfall		      Change from
prior period		      Carryover
Shortfall
per $1,000		                                                   

{55}

    Class E      —          —          —                      {55}        —       

{56} Fifth Allocation of Principal

 

                  {56}        —       

{57} Reserve Account deposit

 

                  {57}        —       

{58} Regular Allocation of Principal

 

                  {58}        11,511,213.17     

{59} Optional Purchase Amount

 

                  {59}        —       

{60} Distribution to residual interest holder

 

                  {60}        3,189,505.58     

{61} Total Distribution Amount

 

                     {61}        15,936,499.31  

IV. RECONCILIATION OF RESERVE ACCOUNT

 

                  

{62} Beginning of period Reserve Account balance

 

         {62}        33,532,611.15           

{63} Deposit to Reserve Account

 

         {63}        —             

{64} Release from Reserve Account

 

         {64}        —             

{65} End of period Reserve Account balance

 

                  {65}        33,532,611.15  

{66} Specified Reserve Account Balance (2.00% of the Pool Balance as of the Cut-Off Date)

 

                  {66}        33,532,611.15  

{67} Change in Reserve Account balance from prior period

 

                  {67}        —    

V. OVERCOLLATERALIZATION

 

                  

{68} Targeted Overcollateralization

 

                  {68}        57,178,611.12  

{i} 13.75% of the Pool Balance of the last day of the related Collection Period during which the Class A-2 notes were outstanding OR:

 

               {i}        34,541,243.17     

{iI} 12.75% of the Pool Balance of the last day of the related Collection Period after which the Class A-2 notes were paid in full PLUS:

 

               {iI}        32,029,152.76     

{iii} 1.50% of the Pool Balance as of the Cut-off Date

 

               {iii}        25,149,458.36     

{69} End of period Principal Balance of the Receivables

 

               {69}        251,209,041.22     

{70} End of period Note Balance

 

               {70}        194,030,430.10     

{71} Overcollateralization amount at the end of the Collection Period

 

                  {71}        57,178,611.12  

{72} Overcollateralization % at the end of the Collection Period

 

                  {72}        22.76 % 

VI. STATISTICAL DATA

 

                  
                            Original      Previous      Current  

{73} Principal Balance of the Receivables

 

            {73}        1,676,630,557.29        264,402,408.74        251,209,041.22  

{74} Weighted average coupon of the Receivables

 

            {74}        14.79 %       14.46 %       14.46 % 

{75} Weighted average original term of the Receivables

 

            {75}        70.98        71.72        71.75  

{76} Weighted average remaining term of the Receivables

 

            {76}        65.06        30.40        29.51  

{77} Number of Receivables

 

            {77}        86,980        23,805        23,230  

VII. DELINQUENCY

 

                  
                            Units      Dollars      Percentage  

Receivables with Scheduled Payment Delinquent

 

                  

{78} 31-60 days

 

            {78}        1,983        25,372,196.45        10.10 % 

{79} 61-90 days

 

            {79}        810        10,259,764.72        4.08 % 

{80} 91-120 days

 

            {80}        267        3,421,200.97        1.36 % 

{81} 121 + days delinquent

 

            {81}        —          —          0.00 % 

{82} Total

 

            {82}        3,060        39,053,162.14        15.55 % 

{83} Aggregate Principal Balance of 60 Day Delinquent Receivables (all Receivables that are 60 or more days delinquent as of End of Collection Period)

 

                  {83}        14,713,092.11  

{84} Delinquency Percentage as of the End of the Collection Period

 

                  {84}        5.86 % 

{85} Delinquency Trigger

 

                  {85}        24.00 % 

{86} Delinquency Trigger Occurred

 

                  {86}        No  

VIII. REPOSSESSION INVENTORY

 

                  
                                   Units      Dollars  

{87} Beginning of period Repossessed Inventory

 

               {87}        187        2,628,496.26  

{88} Vehicles Repossessed in current period

 

               {88}        132        1,679,315.48  

{89} Repossessed vehicles sold in current period

 

               {89}        103        1,484,949.72  

{90} Repossessed vehicles reinstated in current period

 

               {90}        45        507,079.17  

{91} Repossessed vehicle adjustment in current period

 

               {91}        —          (4,450.00 ) 

{92} End of period Repossessed Inventory

 

               {92}        171        2,311,332.85  

IX. CUMULATIVE NET LOSS RATIO

 

                  
                                   Units (a)      Dollars  

{93} Receivables becoming Defaulted Receivables during period

 

               {93}        138        1,705,273.85  

{94} Cram Down Losses occurring during period

 

               {94}        10        (35,520.60 ) 

{95} Liquidation Proceeds collected during period

 

               {95}        669        1,285,880.75  

{96} Net losses during period

 

               {96}           383,872.50  

(a) Unit count represents # of instances in period per line item

 

                  
                            Net Loss for
Period		      Avg. Portfolio
Balance (b)		      Net Loss
Ratio (c)		  

{97} Current Period Net Loss Ratio

 

            {97}        383,872.50        257,805,724.98        0.15 % 

{98} Prior Period Net Loss Ratio

 

            {98}        662,708.18        271,218,605.95        0.24 % 

{99} Second Prior Period Net Loss Ratio

 

            {99}        739,799.87        285,408,600.55        0.26 % 

{100} Third Prior Period Net Loss Ratio

 

            {100}        689,928.94        300,627,426.42        0.23 % 

{101} Rolling 3 prior month average Net Loss Ratio

 

            {101}              0.24 % 

(b) Average Portfolio Balance calculated using (Beginning of Period Aggregate Balance + End of Period Aggregate Balance)/2

 

                  

(c) Net Loss Ratio calculated using Net Loss for Period/Average Portfolio Balance for Period

 

                  

{102} Cumulative Net losses since Cut-off Date (beginning of period)

 

                  {102}        58,680,858.96  

{103} Net losses during period

 

                  {103}        383,872.50  

{104} Other Adjustments

 

                  {104}        —    

{105} Cumulative Net losses since Cut-off Date (end of period)

 

                  {105}        59,064,731.46  

{106} Cumulative Net Loss Ratio (Net losses since the Cut-off Date / Pool Balance as of the Cut-off Date)

 

                  {106}        3.52 % 

X. CREDIT RISK RETENTION

 

                  

On the Closing Date, Santander Consumer or another wholly-owned special purpose subsidiary of Santander Consumer retained a portion of the aggregate Percentage Interests of the Certificates (a) in order to satisfy the obligations of Santander Consumer under the requirements of the SEC’s credit risk retention rules 17 C.F.R. Part 246 (“Regulation RR”), and (b) in order to enable compliance by affected institutional investors with certain provisions of Articles 5 and 6 of Regulation (EU) 2017/2402 of December 12, 2017, together with any guidance published and regulatory technical and implementing standards adopted in relation thereto (collectively, the “EU Due Diligence and Retention Rules”), each as in effect and applicable on the Closing Date. The portion of the Certificates being retained to satisfy the requirements of Regulation RR and the EU Due Diligence and Retention Rules is referred to herein as the “Retained Interest.” As of the last day of the period covered by this report the depositor or another wholly-owned special purpose subsidiary of Santander Consumer continues to retain the Retained Interest in accordance with Regulation RR and Santander Consumer continues to hold indirectly the Retained Interest for purposes of the EU Due Diligence and Retention Rules.

The depositor and its affiliates pledge retained securities as collateral for loans, repurchase agreements or other financing transactions from time to time. However, Santander Consumer has not transferred or hedged the Retained Interest except as permitted under Regulation RR and those EU Due Diligence and Retention Rules.

Santander Consumer has not changed the manner in which it retains the Retained Interest, except in accordance with Regulation RR and those EU Due Diligence and Retention Rules.

There was no material change in Santander Consumer’s, or an affiliate of Santander Consumer’s, interest in any securities issued by the issuer resulting from the purchase, sale or other acquisition or disposition of securities between the Closing Date and the last day of the period covered by this report.

No assets securitized by Santander Consumer USA Inc. (the “Securitizer”) and held by Santander Drive Auto Receivables Trust 2020-2 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the current monthly distribution period. Please refer to the Form ABS-15G filed by the Securitizer on January 31, 2023 for additional information. The CIK number of the Securitizer is 0001540151.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this monthly Statement to Noteholders as dated below.

 

Santander Consumer USA Inc., as Servicer
By:  

/s/Mark McCastlain

Name:   Mark McCastlain
Title:   Senior Vice President, Treasury
Date:   December 11, 2023

Santander Drive Auto Receivables Trust (SDART)

Customer Extensions

Collection Period Ending: November 30, 2023

 

 

                                                                                                                            
                Beginning        End of period aggregate                    
       End of period aggregate        Number of        Principal Balance of        Number of        Extension  

Transaction Name

      Principal Balance        Receivables        Extended Loans        Extended Loans        Rate (1)  

SDART 2020-1

        170,791,635.28          16,383          2,419,418.75          172          1.42 % 

SDART 2020-2

        251,209,041.22          23,805          2,729,643.43          205          1.09 % 

SDART 2020-3

        381,873,030.11          32,156          4,994,968.97          330          1.31 % 

SDART 2020-4

        344,033,968.19          25,771          4,895,079.59          288          1.42 % 

SDART 2021-1

        481,894,657.12          35,196          6,893,758.03          415          1.43 % 

SDART 2021-2

        606,490,040.49          42,263          10,108,815.76          560          1.67 % 

SDART 2021-3

        804,006,415.23          53,144          12,753,142.99          682          1.59 % 

SDART 2021-4

        722,495,392.20          40,371          13,577,048.56          625          1.88 % 

SDART 2022-1

        756,197,596.99          40,377          13,562,604.17          593          1.79 % 

SDART 2022-2

        952,138,766.37          48,071          18,476,229.01          784          1.94 % 

SDART 2022-3

        829,677,579.94          44,898          16,338,791.04          723          1.97 % 

SDART 2022-4

        1,069,123,680.63          52,728          21,689,274.95          881          2.03 % 

SDART 2022-5

        1,261,393,363.40          60,393          24,332,756.50          981          1.93 % 

SDART 2022-6

        1,264,938,051.58          55,185          26,458,332.39          1,012          2.09 % 

SDART 2022-7

        667,975,084.32          34,848          16,619,095.85          673          2.49 % 

SDART 2023-1

        960,145,248.84          49,899          24,344,926.17          976          2.54 % 

SDART 2023-2

        1,260,508,691.94          59,813          5,119,035.51          244          0.41 % 

SDART 2023-3

        1,515,747,577.40          64,516          3,923,430.98          221          0.26 % 

SDART 2023-4

        1,290,884,569.21          49,788          4,109,786.06          165          0.32 % 

SDART 2023-5

        1,312,867,807.14          53,702          1,404,343.91          87          0.11 % 

SDART 2023-6

        1,078,021,166.70          47,128          1,002,311.94          71          0.09 % 

 

(1) 

End of period aggregate Principal Balance of Extended Loans as a percentage of End of period aggregate Principal Balance