EX-99.1 2 d65830dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Santander Drive Auto Receivables Trust 2021-1

Class A-1 0.15838% Asset Backed Notes

Class A-2 0.29% Asset Backed Notes

Class A-3 0.32% Asset Backed Notes

Class B 0.50% Asset Backed Notes

Class C 0.75% Asset Backed Notes

Class D 1.13% Asset Backed Notes

Class E 2.51% 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 2021-1, as Issuer, Santander Consumer USA Inc. as Servicer, Santander Drive Auto Receivables LLC, as Seller, and Wells Fargo Bank, National Association, as Indenture Trustee, dated as of February 17, 2021. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

Collection Period Beginning:

        06/01/2025  

Collection Period Ending:

        06/30/2025  

Previous Payment/Close Date:

        06/16/2025  

Payment Date

        07/15/2025  

Days of Interest for Period:

        29  

Days in Collection Period:

        30  

Months Seasoned:

        53  

 

Purchases

      Units        Cut-off Date        Closing Date        Original
Pool Balance		  

Initial Purchase

        99,801          01/31/2021          02/17/2021          2,215,048,851.83  

Total

        99,801                    2,215,048,851.83  

 

I. PRINCIPAL BALANCE CALCULATION

 

      

{1} Beginning of period aggregate Principal Balance

 

       {1}       177,204,089.12  

{2} Payments Received

 

     {2}       10,606,280.13    

{3} Repurchased Receivables

 

     {3}       —     

{4} Defaulted Receivables

 

     {4}       1,467,889.79    

{5} Cram Down Losses and Other Principal Adjustments

 

     {5}       6,218.85    

{6} Other Receivables adjustments

 

     {6}       —     

{7} Total Principal distributable amount

 

       {7}       12,080,388.77  

{8} End of period aggregate Principal Balance

 

       {8}       165,123,700.35  

{9} Pool Factor

 

       {9}       0.074546  

II. NOTE BALANCE CALCULATION

 

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

{10} Original Note Balance

 

     {10}       224,000,000.00       600,000,000.00       279,090,000.00       199,360,000.00       320,080,000.00       274,660,000.00       162,810,000.00       2,060,000,000.00  

{11} Beginning of period Note Balance

 

     {11}       —        —        —        —        —        —        125,371,926.98       125,371,926.98  

{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}       —        —        —        —        —        —        10,811,947.95       10,811,947.95  

{18} Optional Purchase payment

 

     {18}       —        —        —        —        —        —        —        —   

{19} End of period Note Balance

 

     {19}       —        —        —        —        —        —        114,559,979.03       114,559,979.03  

{20} Note Pool Factors

 

     {20}       —        —        —        —        —        —        0.703642       0.055612  

{21} Principal payment per $1,000

 

     {21}       —        —        —        —        —        —        66.41       5.25  

III. RECONCILIATION OF COLLECTION ACCOUNT

 

      

Available Funds

 

      

{22} Principal Payments Received

 

     {22}       10,606,280.13    

{23} Net Liquidation Proceeds

 

     {23}       1,111,728.20    

{24} Principal on Repurchased Receivables

 

     {24}       —     

{25} Interest on Repurchased Receivables

 

     {25}       —     

{26} Interest collected on Receivables

 

     {26}       2,030,841.19    

{27} Other amounts received

 

     {27}       13,702.91    

{28} Optional Purchase Price

 

     {28}       —     

{29} Reserve Account Excess Amount

 

     {29}       —     

{30} Reserve Account Draw Amount

 

     {30}       —     

{31} Total Available Funds

 

       {31}       13,762,552.43  

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}

   443,010.22     —        —        443,010.22               {35}       443,010.22    

Class A Accrued Note Interest

 

      
   

Class

   Beginning
Note Balance		     Interest Rate     Days     Days Basis     Calculated
Interest		                                

{36}

   Class A-1     —        0.15838 %      29       ACT/360       —            {36}       —     

{37}

   Class A-2     —        0.29 %      30       30 / 360       —            {37}       —     

{38}

   Class A-3     —        0.32 %      30       30 / 360       —            {38}       —     

Class A Accrued Note Interest

 

      
   

Class

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

{39}

   Class A-1     —        —        —                {39}       —     

{40}

   Class A-2     —        —        —                {40}       —     

{41}

   Class A-3     —        —        —                {41}       —     

{42} First Allocation of Principal

 

               {42}       —     

Class B Accrued Note Interest

 

      
   

Class

   Beginning
Note Balance		     Interest Rate     Days     Days Basis     Calculated
Interest		                                

{43}

   Class B     —        0.50 %      30       30 / 360       —            {43}       —     

Class B Accrued Note Interest

 

      
   

Class

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

{44}

   Class B     —        —        —                {44}       —     

{45} Second Allocation of Principal

 

               {45}       —     

Class C Accrued Note Interest

 

                
   

Class

   Beginning
Note Balance		     Interest Rate     Days     Days Basis     Calculated
Interest		                                

{46}

   Class C     —        0.75 %      30       30 / 360       —            {46}       —     

Class C Accrued Note Interest

 

                
   

Class

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

{47}

   Class C     —        —        —                {47}       —     

{48} Third Allocation of Principal

 

             {48}       —     

Class D Accrued Note Interest

 

                
   

Class

   Beginning
Note Balance		     Interest Rate     Days     Days Basis     Calculated
Interest		                                

{49}

   Class D     —        1.13 %      30       30 / 360       —            {49}       —     

Class D Accrued Note Interest

 

                
   

Class

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

{50}

   Class D     —        —        —                {50}       —     

{51} Fourth Allocation of Principal

 

             {51}       —     

Class E Accrued Note Interest

 

                
   

Class

   Beginning
Note Balance		     Interest Rate     Days     Days Basis     Calculated
Interest		                                

{52}

   Class E     125,371,926.98       2.51 %      30       30 / 360       262,236.28           {52}       262,236.28    

Class E Accrued Note Interest

 

                
   

Class

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

{53}

   Class E     —        —        —                {53}       —     

{54} Fifth Allocation of Principal

 

               {54}       —     

{55} Reserve Account deposit

 

               {55}       —     

{56} Regular Allocation of Principal

 

               {56}       10,811,947.95    

{57} Optional Purchase Amount

 

               {57}       —     

{58} Distribution to Residual Interestholder

 

           {58}       2,245,357.98    

{59} Total Distribution Amount

 

                 {59}       13,762,552.43  

IV. RECONCILIATION OF RESERVE ACCOUNT

 

            

{60} Beginning of period Reserve Account balance

 

       {60}       33,225,732.78        

{61} Deposit to Reserve Account

 

           {61}       —         

{62} Release from Reserve Account

 

           {62}       —         

{63} End of period Reserve Account balance

 

             {63}       33,225,732.78  

{64} Specified Reserve Account Balance (1.50% of the Pool Balance as of the Cut-Off Date)

 

           {64}       33,225,732.78  

{65} Change in Reserve Account balance from prior period

 

             {65}       —   

V. OVERCOLLATERALIZATION

 

                

{66} Targeted Overcollateralization equal to the sum of:

 

             {66}       50,563,721.32  

{67} (a) Prior to the Class A-2 Notes being paid in full, 11.50% of the Principal Balance of the Receivables at the end of the Collection Period

 

         {67}       NA    

{68} (a) Following the Class A-2 Notes having been paid in full, 10.5% of the Principal Balance of the Receivables at the end of the Collection Period and

 

         {68}       17,337,988.54    

{69} (b) 1.50% of the Principal Balance of the Receivables as of the Cut-off Date

 

         {69}       33,225,732.78    

{70} End of period Principal Balance of the Receivables

 

           {70}       165,123,700.35  

{71} End of period Note Balance

 

           {71}       114,559,979.03  

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

 

           {72}       50,563,721.32  

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

 

           {73}       30.62 % 

VI. STATISTICAL DATA

 

                
                                    Original     Previous     Current  

{74} Principal Balance of the Receivables

 

         {74}       2,215,048,851.83       177,204,089.12       165,123,700.35  

{75} Weighted average coupon of the Receivables

 

         {75}       14.84 %      14.34 %      14.35 % 

{76} Weighted average original term of the Receivables

 

         {76}       71.07       72.23       72.26  

{77} Weighted average remaining term of the Receivables

 

         {77}       67.04       20.20       19.36  

{78} Number of Receivables

 

             {78}       99,801       21,118       20,446  

VII. DELINQUENCY

 

                
                                    Units     Dollars     Percentage  

Receivables with Scheduled Payment Delinquent

 

              

{79} 31-60 days

 

             {79}       2,252       22,838,663.63       13.83 % 

{80} 61-90 days

 

             {80}       1,091       12,071,417.77       7.31 % 

{81} 91-120 days

 

             {81}       298       3,214,502.06       1.95 % 

{82} 121 + days delinquent

 

             {82}       —        —        0.00 % 

{83} Total

 

             {83}       3,641       38,124,583.46       23.09 % 

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

 

           {84}       16,311,973.21  

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

 

           {85}       9.88 % 

{86} Delinquency Trigger

 

               {86}       24.00 % 

{87} Delinquency Trigger Occurred

 

               {87}       No  

VIII. REPOSSESSION INVENTORY

 

                
                                          Units     Dollars  

{88} Beginning of period Repossessed Inventory

 

             {88}       153       2,129,183.38  

{89} Vehicles Repossessed in current period

 

             {89}       149       1,775,622.35  

{90} Repossessed vehicles sold in current period

 

             {90}       105       1,419,293.39  

{91} Repossessed vehicles reinstated in current period

 

           {91}       40       378,973.29  

{92} Repossessed vehicle adjustment in current period

 

           {92}       —        (1,444.33 ) 

{93} End of period Repossessed Inventory

 

             {93}       157       2,105,094.72  

IX. CUMULATIVE NET LOSS RATIO

                    
                         Units (a)        Dollars (a)  

{94} Receivables becoming Defaulted Receivables during period

             {94}          129          1,467,889.79  

{95} Cram Down Losses occurring during period

             {95}          13          6,218.85  

{96} Net Liquidation Proceeds collected during period

             {96}          718          1,111,728.20  

{97} Net losses during period

             {97}               362,380.44  

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

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

{98} Current Period Net Loss Ratio

        {98}          362,380.44          171,163,894.74          0.21 % 

{99} Prior Period Net Loss Ratio

        {99}          81,483.87          183,747,916.71          0.04 % 

{100} Second Prior Period Net Loss Ratio

        {100}          79,831.43          196,648,173.43          0.04 % 

{101} Third Prior Period Net Loss Ratio

        {101}          238,283.01          210,439,633.81          0.11 % 

{102} Rolling 3 prior month average Net Loss Ratio

        {102}                    0.07 % 

(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

                    

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

                  {103}          105,643,239.53  

{104} Net losses during period

                  {104}          362,380.44  

{105} Other Adjustments

                  {105}          —   

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

                  {106}          106,005,619.97  

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

                  {107}          4.79 % 

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/ Collin Devlin

Name:   Collin Devlin
Title:   Vice President
Date:   July 11, 2025

Santander Drive Auto Receivables Trust (SDART)

Customer Extensions

Collection Period Ending: June 30, 2025

 

 

Transaction Name

      End of period aggregate
Principal Balance		        Beginning
Number of
Receivables		        End of period aggregate
Principal Balance of
Extended Loans		        Number of
Extended Loans		        Extension
Rate (1) 		 

SDART 2020-4

        114,265,549.51          15,490          1,832,332.13          170          1.60 % 

SDART 2021-1

        165,123,700.35          21,118          2,303,953.62          208          1.40 % 

SDART 2021-2

        224,446,179.85          25,419          3,154,874.30          261          1.41 % 

SDART 2021-3

        306,782,370.62          31,540          5,006,393.17          385          1.63 % 

SDART 2021-4

        297,668,973.38          24,485          4,951,558.57          315          1.66 % 

SDART 2022-1

        313,229,681.72          23,560          4,977,515.52          296          1.59 % 

SDART 2022-2

        411,446,507.46          28,955          7,083,837.76          393          1.72 % 

SDART 2022-3

        352,947,736.18          24,848          5,651,576.55          319          1.60 % 

SDART 2022-4

        477,835,345.01          30,047          7,792,719.49          391          1.63 % 

SDART 2022-5

        569,986,255.18          35,026          9,516,333.39          475          1.67 % 

SDART 2022-6

        596,418,179.65          34,141          9,552,199.07          445          1.60 % 

SDART 2022-7

        304,284,464.51          17,008          5,036,409.78          225          1.66 % 

SDART 2023-1

        437,129,893.34          24,349          6,191,474.05          284          1.42 % 

SDART 2023-2

        606,040,418.69          31,634          10,251,333.71          420          1.69 % 

SDART 2023-3

        754,845,625.72          37,583          14,145,194.87          568          1.87 % 

SDART 2023-4

        647,495,390.54          30,078          12,614,699.15          492          1.95 % 

SDART 2023-5

        677,106,252.36          32,150          12,542,482.93          481          1.85 % 

SDART 2023-6

        549,432,327.06          27,724          9,579,045.90          380          1.74 % 

SDART 2024-1

        857,657,208.00          44,222          12,689,221.27          534          1.48 % 

SDART 2024-2

        1,106,657,240.25          52,156          18,162,891.60          730          1.64 % 

SDART 2024-3

        1,310,430,753.24          61,796          25,542,877.73          1,000          1.95 % 

SDART 2024-4

        1,418,181,022.50          69,611          34,762,085.68          1,295          2.45 % 

SDART 2024-5

        1,385,822,633.88          75,592          21,849,114.61          963          1.58 % 

SDART 2025-1

        1,903,217,444.01          90,870          9,227,158.00          435          0.48 % 

SDART 2025-2

        1,877,401,811.02          82,135          9,106,305.57          404          0.49 % 
 
(1)

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