EX-99.1 2 d798474dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Santander Drive Auto Receivables Trust 2016-1

Class A-1 0.85000% Asset Backed Notes

Class A-2-A 1.41% Asset Backed Notes

Class A-2-B LIBOR + 0.78% Asset Backed Notes

Class A-3 1.62% Asset Backed Notes

Class B 2.47% Asset Backed Notes

Class C 3.09% Asset Backed Notes

Class D 4.02% Asset Backed Notes

Class E 5.02% 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 2016-1, 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, 2016. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

                        

Collection Period Beginning:

       08/01/2019  

Collection Period Ending:

       08/31/2019  

Previous Pmt Date/Close Date:

       08/15/2019  

Payment Date

       09/16/2019  

Days of Interest for Period:

       32  

Days in Collection Period:

       31  

Months Seasoned:

       43  

 

                                                                                                   
                                  Original  

Purchases

     Units        Cut-off Date        Closing Date        Pool Balance  

Initial Purchase

       60,106          01/31/2016          02/17/2016          1,177,234,998.23  

Total

       60,106                    1,177,234,998.23  

 

                                                                                                                                                                                                                                                                                                           

I. PRINCIPAL BALANCE CALCULATION

 

             

{1} Beginning of period aggregate Principal Balance

 

              {1}       228,473,224.20  

Monthly principal amounts

 

             

{2} Payments Received

 

            {2}       8,676,596.43    

{3} Repurchased Receivables

 

            {3}       114,880.17    

{4} Defaulted Receivables

 

            {4}       3,162,734.20    

{5} Cram Down Losses and Other Principal Adjustments

 

            {5}       258.46    

{6} Other Receivables adjustments

 

            {6}       —      

{7} Total Principal distributable amount

 

              {7}       11,954,469.26  

{8} End of period aggregate Principal Balance

 

              {8}       216,518,754.94  

{9} Pool Factor

 

              {9}       0.183921  

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}       162,800,000.00       120,000,000.00       222,000,000.00       109,120,000.00       142,450,000.00       153,040,000.00       91,240,000.00       58,860,000.00       1,059,510,000.00  

{11} Beginning of period Note Balance

 

    {11}       —         —         —         —         —         41,817,508.33       91,240,000.00       58,860,000.00       191,917,508.33  

{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}       —         —         —         —         —         10,041,754.18       —         —         10,041,754.18  

{18} Optional Purchase payment

 

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

{19} End of period Note Balance

 

    {19}       —         —         —         —         —         31,775,754.15       91,240,000.00       58,860,000.00       181,875,754.15  

{20} Note Pool Factors

 

    {20}       —         —         —         —         —         0.207630       1.000000       1.000000       0.171660  

{21} Principal payment per $1,000

 

    {21}       —         —         —         —         —         65.62       —         —         9.48  

III. RECONCILIATION OF COLLECTION ACCOUNT

 

             

Available Funds

 

             

{22} Principal Payments Received

 

            {22}       8,676,596.43    

{23} Liquidation Proceeds

 

            {23}       1,588,282.39    

{24} Principal on Repurchased Receivables

 

            {24}       206,284.09    

{25} Interest on Repurchased Receivables

 

            {25}       10,620.62    

{26} Interest collected on Receivables

 

            {26}       3,028,051.46    

{27} Other amounts received

 

            {27}       27,063.70    

{28} Optional Purchase Price

 

            {28}      

{29} Reserve Account Excess Amount

 

            {29}       —      

{30} Reserve Account Draw Amount

 

            {30}       —      

{31} Total Available Funds

 

              {31}       13,536,898.69  

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}

  571,183.06     —         —         571,183.06                 {35}       571,183.06    

Class A Accrued Note Interest

 

             
   

Class

  Beginning
Note Balance
    Interest Rate     Days     Days Basis           Calculated
Interest
                               

{36}

  Class A-1     —         0.85000     32       Actual         —             {36}       —      

{37}

  Class A-2-A     —         1.41     30       30 / 360         —             {37}       —      

{38}

  Class A-2-B     —         2.98     32       Actual         —             {38}       —      

{39}

  Class A-3     —         1.62     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     —         2.47     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     41,817,508.33       3.09     30       30 / 360         107,680.08           {48}       107,680.08    

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     91,240,000.00       4.02     30       30 / 360         305,654.00           {51}       305,654.00    

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     58,860,000.00       5.02     30       30 / 360         246,231.00           {54}       246,231.00    

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}       10,041,754.18    

{59} Optional Purchase Amount

 

            {59}       —      

{60} Distribution to Residual Interestholder

 

            {60}       2,264,396.37    

{61} Total Distribution Amount

 

              {61}       13,536,898.69  

IV. RECONCILIATION OF RESERVE ACCOUNT

 

             

{62} Beginning of period Reserve Account balance

 

        {62}       23,544,699.96        

{63} Deposit to Reserve Account

 

        {63}       —          

{64} Release from Reserve Account

 

        {64}       —          

{65} End of period Reserve Account balance

 

              {65}       23,544,699.96  

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

 

              {66}       23,544,699.96  

{67} Change in Reserve Account balance from prior period

 

              {67}       —    

V. OVERCOLLATERALIZATION

 

             

Targeted Overcollateralization (greater of)

 

             

{68} (i) 17.00% of the Principal Balance of the Receivables at the end of the Collection Period Prior to the Class A-2 Notes being paid in full or

 

              {68}       36,808,188.34  

{69} (ii) 16.00% of the Principal Balance of the Receivables at the end of the Collection Period After the Class A-2 Notes have been paid in full and

 

              {69}       34,643,000.79  

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

 

              {70}       17,658,524.97  

{71} Cumulative Net Loss Trigger

 

              {71}       No  

{72} Targeted Overcollateralization Amount in the event of a Cumulative Net Loss Trigger - Greater of:

 

              {72}       54,129,688.74  

(25.00% of Receivable Principal Balance at end of Collection Period or 1.50% of Receivable Principal Balance at Cut-off)

 

             

{73} End of period Principal Balance of the Receivables

 

            {73}       216,518,754.94    

{74} End of period Note Balance

 

            {74}       181,875,754.15    

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

 

              {75}       34,643,000.79  

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

 

              {76}       16.00

VI. STATISTICAL DATA

 

             
                                                        Original     Previous     Current  

{77} Principal Balance of the Receivables

 

          {77}       1,177,234,998.23       228,473,224.20       216,518,754.94  

{78} Weighted average coupon of the Receivables

 

          {78}       16.00     15.68     15.69

{79} Weighted average original term of the Receivables

 

          {79}       71.65       72.06       72.08  

{80} Weighted average remaining term of the Receivables

 

          {80}       69.00       32.21       31.29  

{81} Number of Receivables

 

          {81}       60,106       19,108       18,502  

VII. DELINQUENCY

 

             
                                                        Units     Dollars     Percentage  

Receivables with Scheduled Payment Delinquent

 

             

{82} 31-60 days

 

          {82}       1,890       27,580,535.50       12.74

{83} 61-90 days

 

          {83}       692       10,264,591.26       4.74

{84} 91-120 days

 

          {84}       224       3,264,643.29       1.51

{85} 121 + days delinquent

 

          {85}       —         —         0.00

{86} Total

 

          {86}       2,806       41,109,770.05       18.99

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

 

              {87}       14,625,583.96  

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

 

              {88}       6.75

{89} Delinquency Trigger

 

              {89}       24.00

{90} Delinquency Trigger Occurred

 

              {90}       No  

VIII. REPOSSESSION INVENTORY

 

             
                                                              Units     Dollars  

{91} Beginning of period Repossessed Inventory

 

              {91}       218       3,457,842.19  

{92} Vehicles Repossessed in current period

 

              {92}       227       3,299,624.00  

{93} Repossessed vehicles sold in current period

 

              {93}       192       3,016,735.81  

{94} Repossessed vehicles reinstated in current period

 

              {94}       48       658,357.40  

{95} Repossessed vehicle adjustment in current period

 

              {95}       —         (257.57

{96} End of period Repossessed Inventory

 

              {96}       205       3,082,115.41  


                                                                                                                                                                                                                                                                                  

IX. CUMULATIVE NET LOSS RATIO

                       
                                                         Units (a)        Dollars (a)  

{97} Receivables becoming Defaulted Receivables during period

                {97}          227          3,162,734.20  

{98} Cram Down Losses occurring during period

                {98}          3          258.46  

{99} Liquidation Proceeds collected during period

                {99}          2,065          1,588,282.39  

{100} Net losses during period

                {100}               1,574,710.27  

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

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

{101} Current Period Net Loss Ratio

           {101}          1,574,710.27          222,495,989.57          0.71

{102} Prior Period Net Loss Ratio

           {102}          1,483,706.13          234,550,115.09          0.63

{103} Second Prior Period Net Loss Ratio

           {103}          1,874,526.67          246,644,915.41          0.76

{104} Third Prior Period Net Loss Ratio

           {104}          1,896,064.17          259,209,506.07          0.73

{105} Rolling 3 prior month average Net Loss Ratio

           {105}                    0.71

(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

                       

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

                     {106}          139,471,114.34  

{107} Net losses during period

                     {107}          1,574,710.27  

{108} Other Adjustments

                     {108}          (91,403.92

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

                     {109}          140,954,420.69  

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

                     {110}          11.97

No assets securitized by Santander Consumer USA Inc. (the “Securitizer”) and held by Santander Drive Auto Receivables Trust 2016-1 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the monthly distribution period from August 1, 2019 to August 31, 2019. Please refer to the Form ABS-15G filed by the Securitizer on January 30, 2019 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/ Jason Micheletto

Name:   Jason Micheletto
Title:   Vice President, Corporate Treasury Reporting
Date:   September 9, 2019