UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
Distribution Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the monthly distribution period from March 1, 2019 to March 31, 2019
Commission File Number of issuing entity: 333-206684-02
Central Index Key Number of issuing entity: 0001672712
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2016-2
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-206684
Central Index Key Number of depositor: 0001383094
SANTANDER DRIVE AUTO RECEIVABLES LLC
(Exact name of depositor as specified in its charter)
Jason Micheletto, Phone: 214-797-3037
(Name and telephone number, including area code, of the person to contact in connection with this filing)
Central Index Key Number of sponsor: 0001540151
SANTANDER CONSUMER USA INC.
(Exact name of sponsor as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)
1601 Elm Street
Suite 800
Dallas, Texas 75201
(Address of principal executive offices of issuing entity)
(214) 292-1930
(Telephone number, including area code)
61-6565416
(I.R.S. Employer Identification No.)
N/A
(Former name, former address, if changed since last report)
Each class of Notes to which this report on Form 10-D relates is subject to the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934. The title of each class of Notes to which this report on Form 10-D relates is set forth in Exhibit 99.1 hereto.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
PART I DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.
Response to Item 1 is set forth in Exhibit 99.1
Item 1A. Asset-Level Information
Not applicable
Item 1B. Asset Representations Reviewer and Investor Communication.
Not applicable
PART II OTHER INFORMATION
Item 2. Legal Proceedings.
None
Item 3. Sales of Securities and Use of Proceeds.
None
Item 4. Defaults Upon Senior Securities.
None
Item 5. Submission of Matters to a Vote of Security Holders.
None
Item 6. Significant Obligors of Pool Assets.
None
Item 7. Change in Sponsor Interest in the Securities
None
Item 8. Significant Enhancement Provider Information.
None
Item 9. Other Information.
None
Item 10. Exhibits
(a) | The following is a list of documents filed as part of this Report on Form 10-D: |
Exhibit 99.1 Monthly Servicers Certificate dated April 8, 2019
(b) | The exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K (17 CFR 229.601) are listed above. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: April 15, 2019 | ||||||
SANTANDER DRIVE AUTO RECEIVABLES TRUST 2016-2 | ||||||
(Issuing Entity) | ||||||
By: SANTANDER CONSUMER USA INC. | ||||||
(Servicer) | ||||||
By: | /s/ Jason Micheletto | |||||
Name: Jason Micheletto | ||||||
Title: Vice President, Corporate Treasury Reporting |
3
EXHIBIT 99.1
Santander Drive Auto Receivables Trust 2016-2
Class A-1 0.75000% Asset Backed Notes
Class A-2-A 1.38% Asset Backed Notes
Class A-2-B LIBOR + 0.65% Asset Backed Notes
Class A-3 1.56% Asset Backed Notes
Class B 2.08% Asset Backed Notes
Class C 2.66% Asset Backed Notes
Class D 3.39% Asset Backed Notes
Class E 4.38% Asset Backed Notes
Servicers Certificate
This Servicers Certificate has been prepared pursuant to Section 4.6 of the Sale and Servicing Agreement among Santander Drive Auto Receivables Trust 2016-2, 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 May 11, 2016. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.
Collection Period Beginning: |
03/01/2019 | |||
Collection Period Ending: |
03/31/2019 | |||
Previous Pmt Date/Close Date: |
03/15/2019 | |||
Payment Date |
04/15/2019 | |||
Days of Interest for Period: |
31 | |||
Days in Collection Period: |
31 | |||
Months Seasoned: |
35 |
Original | ||||||||||||||||
Purchases |
Units | Cut-off Date | Closing Date | Pool Balance | ||||||||||||
Initial Purchase |
73,365 | 04/30/2016 | 05/11/2016 | 1,348,321,616.20 | ||||||||||||
Total |
73,365 | 1,348,321,616.20 |
I. PRINCIPAL BALANCE CALCULATION |
|
|||||||||||||||||||||||||||||||||||||||||||||
{1} Beginning of period aggregate Principal Balance |
|
{1} | 385,402,902.28 | |||||||||||||||||||||||||||||||||||||||||||
Monthly principal amounts |
|
|||||||||||||||||||||||||||||||||||||||||||||
{2} Payments Received |
|
{2} | 13,974,723.93 | |||||||||||||||||||||||||||||||||||||||||||
{3} Repurchased Receivables |
|
{3} | 221,638.06 | |||||||||||||||||||||||||||||||||||||||||||
{4} Defaulted Receivables |
|
{4} | 5,419,680.37 | |||||||||||||||||||||||||||||||||||||||||||
{5} Cram Down Losses and Other Principal Adjustments |
|
{5} | 1,728.48 | |||||||||||||||||||||||||||||||||||||||||||
{6} Other Receivables adjustments |
|
{6} | | |||||||||||||||||||||||||||||||||||||||||||
{7} Total Principal distributable amount |
|
{7} | 19,617,770.84 | |||||||||||||||||||||||||||||||||||||||||||
{8} End of period aggregate Principal Balance |
|
{8} | 365,785,131.44 | |||||||||||||||||||||||||||||||||||||||||||
{9} Pool Factor |
|
{9} | 0.271289 | |||||||||||||||||||||||||||||||||||||||||||
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} | 191,200,000.00 | 267,000,000.00 | 83,000,000.00 | 161,920,000.00 | 163,150,000.00 | 175,290,000.00 | 104,500,000.00 | 67,420,000.00 | 1,213,480,000.00 | |||||||||||||||||||||||||||||||||||
{11} Beginning of period Note Balance |
|
{11} | | | | | | 151,818,437.92 | 104,500,000.00 | 67,420,000.00 | 323,738,437.92 | |||||||||||||||||||||||||||||||||||
{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} | | | | | | 16,478,927.51 | | | 16,478,927.51 | |||||||||||||||||||||||||||||||||||
{18} Optional Purchase payment |
|
{18} | | | | | | | | | | |||||||||||||||||||||||||||||||||||
{19} End of period Note Balance |
|
{19} | | | | | | 135,339,510.41 | 104,500,000.00 | 67,420,000.00 | 307,259,510.41 | |||||||||||||||||||||||||||||||||||
{20} Note Pool Factors |
|
{20} | | | | | | 0.772089 | 1.000000 | 1.000000 | 0.253205 | |||||||||||||||||||||||||||||||||||
{21} Principal payment per $1,000 |
|
{21} | | | | | | 94.01 | | | 13.58 | |||||||||||||||||||||||||||||||||||
III. RECONCILIATION OF COLLECTION ACCOUNT |
|
|||||||||||||||||||||||||||||||||||||||||||||
Available Funds |
|
|||||||||||||||||||||||||||||||||||||||||||||
{22} Principal Payments Received |
|
{22} | 13,974,723.93 | |||||||||||||||||||||||||||||||||||||||||||
{23} Liquidation Proceeds |
|
{23} | 2,854,109.31 | |||||||||||||||||||||||||||||||||||||||||||
{24} Principal on Repurchased Receivables |
|
{24} | 503,207.93 | |||||||||||||||||||||||||||||||||||||||||||
{25} Interest on Repurchased Receivables |
|
{25} | 33,643.82 | |||||||||||||||||||||||||||||||||||||||||||
{26} Interest collected on Receivables |
|
{26} | 4,850,329.37 | |||||||||||||||||||||||||||||||||||||||||||
{27} Other amounts received |
|
{27} | 34,977.03 | |||||||||||||||||||||||||||||||||||||||||||
{28} Optional Purchase Price |
|
{28} | | |||||||||||||||||||||||||||||||||||||||||||
{29} Reserve Account Excess Amount |
|
{29} | | |||||||||||||||||||||||||||||||||||||||||||
{30} Reserve Account Draw Amount |
|
{30} | | |||||||||||||||||||||||||||||||||||||||||||
{31} Total Available Funds |
|
{31} | 22,250,991.39 | |||||||||||||||||||||||||||||||||||||||||||
Distributions |
|
|||||||||||||||||||||||||||||||||||||||||||||
{32} Indenture Trustee Fee |
|
{32} | | |||||||||||||||||||||||||||||||||||||||||||
{33} Owner Trustee Fee |
|
{33} | | |||||||||||||||||||||||||||||||||||||||||||
{34} Asset Representations Reviewer Fee |
|
{34} | | |||||||||||||||||||||||||||||||||||||||||||
Servicing Fee |
|
|||||||||||||||||||||||||||||||||||||||||||||
Calculated |
Carryover Shortfall |
Change from prior period |
Total | |||||||||||||||||||||||||||||||||||||||||||
{35} |
963,507.26 | | | 963,507.26 | {35} | 963,507.26 | ||||||||||||||||||||||||||||||||||||||||
Class A Accrued Note Interest |
|
|||||||||||||||||||||||||||||||||||||||||||||
Class |
Beginning Note Balance |
Interest Rate | Days | Days Basis | Calculated Interest |
|||||||||||||||||||||||||||||||||||||||||
{36} |
Class A-1 | | 0.75000 | % | 31 | Actual | | {36} | | |||||||||||||||||||||||||||||||||||||
{37} |
Class A-2-A | | 1.38 | % | 30 | 30 / 360 | | {37} | | |||||||||||||||||||||||||||||||||||||
{38} |
Class A-2-B | | 3.13 | % | 31 | Actual | | {38} | | |||||||||||||||||||||||||||||||||||||
{39} |
Class A-3 | | 1.56 | % | 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 | | 2.08 | % | 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 | 151,818,437.92 | 2.66 | % | 30 | 30 / 360 | 336,530.87 | {48} | 336,530.87 | |||||||||||||||||||||||||||||||||||||
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 | 104,500,000.00 | 3.39 | % | 30 | 30 / 360 | 295,212.50 | {51} | 295,212.50 | |||||||||||||||||||||||||||||||||
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 | 67,420,000.00 | 4.38 | % | 30 | 30 / 360 | 246,083.00 | {54} | 246,083.00 | |||||||||||||||||||||||||||||||||
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} | 16,478,927.51 | |||||||||||||||||||||||||||||||||||||||
{59} Optional Purchase Amount |
|
{59} | | |||||||||||||||||||||||||||||||||||||||
{60} Distribution to Residual Interestholder |
|
{60} | 3,930,730.25 | |||||||||||||||||||||||||||||||||||||||
{61} Total Distribution Amount |
|
{61} | 22,250,991.39 | |||||||||||||||||||||||||||||||||||||||
IV. RECONCILIATION OF RESERVE ACCOUNT |
|
|||||||||||||||||||||||||||||||||||||||||
{62} Beginning of period Reserve Account balance |
|
{62} | 26,966,432.32 | |||||||||||||||||||||||||||||||||||||||
{63} Deposit to Reserve Account |
|
{63} | | |||||||||||||||||||||||||||||||||||||||
{64} Release from Reserve Account |
|
{64} | | |||||||||||||||||||||||||||||||||||||||
{65} End of period Reserve Account balance |
|
{65} | 26,966,432.32 | |||||||||||||||||||||||||||||||||||||||
{66} Specified Reserve Account Balance (2.00% of the Pool Balance as of the Cut-Off Date) |
|
{66} | 26,966,432.32 | |||||||||||||||||||||||||||||||||||||||
{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} | 62,183,472.34 | |||||||||||||||||||||||||||||||||||||||
{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} | 58,525,621.03 | |||||||||||||||||||||||||||||||||||||||
{70} (iii) 1.50% of the Principal Balance of the Receivables as of the Cut-off Date |
|
{70} | 20,224,824.24 | |||||||||||||||||||||||||||||||||||||||
{71} Cumulative Net Loss Trigger |
|
{71} | No | |||||||||||||||||||||||||||||||||||||||
{72} Targeted Overcollateralization Amount in the event of a Cumulative Net Loss Trigger - Greater of: |
|
{72} | 91,446,282.86 | |||||||||||||||||||||||||||||||||||||||
(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} | 365,785,131.44 | |||||||||||||||||||||||||||||||||||||||
{74} End of period Note Balance |
|
{74} | 307,259,510.41 | |||||||||||||||||||||||||||||||||||||||
{75} Overcollateralization amount at the end of the Collection Period |
|
{75} | 58,525,621.03 | |||||||||||||||||||||||||||||||||||||||
{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} | 1,348,321,616.20 | 385,402,902.28 | 365,785,131.44 | |||||||||||||||||||||||||||||||||||||
{78} Weighted average coupon of the Receivables |
|
{78} | 15.99 | % | 15.62 | % | 15.61 | % | ||||||||||||||||||||||||||||||||||
{79} Weighted average original term of the Receivables |
|
{79} | 70.66 | 71.22 | 71.25 | |||||||||||||||||||||||||||||||||||||
{80} Weighted average remaining term of the Receivables |
|
{80} | 68.12 | 38.58 | 37.60 | |||||||||||||||||||||||||||||||||||||
{81} Number of Receivables |
|
{81} | 73,365 | 30,141 | 29,144 | |||||||||||||||||||||||||||||||||||||
VII. DELINQUENCY |
|
|||||||||||||||||||||||||||||||||||||||||
Units | Dollars | Percentage | ||||||||||||||||||||||||||||||||||||||||
Receivables with Scheduled Payment Delinquent |
|
|||||||||||||||||||||||||||||||||||||||||
{82} 31-60 days |
|
{82} | 2,100 | 31,806,504.82 | 8.70 | % | ||||||||||||||||||||||||||||||||||||
{83} 61-90 days |
|
{83} | 872 | 13,507,373.52 | 3.69 | % | ||||||||||||||||||||||||||||||||||||
{84} 91-120 days |
|
{84} | 364 | 5,448,111.35 | 1.49 | % | ||||||||||||||||||||||||||||||||||||
{85} 121 + days delinquent |
|
{85} | | | 0.00 | % | ||||||||||||||||||||||||||||||||||||
{86} Total |
|
{86} | 3,336 | 50,761,989.69 | 13.88 | % | ||||||||||||||||||||||||||||||||||||
{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} | 20,722,355.09 | |||||||||||||||||||||||||||||||||||||||
{88} Delinquency Percentage as of the End of the Collection Period |
|
{88} | 5.67 | % | ||||||||||||||||||||||||||||||||||||||
{89} Delinquency Trigger |
|
{89} | 24.00 | % | ||||||||||||||||||||||||||||||||||||||
{90} Delinquency Trigger Occurred |
|
{90} | No | |||||||||||||||||||||||||||||||||||||||
VIII. REPOSSESSION INVENTORY |
|
|||||||||||||||||||||||||||||||||||||||||
Units | Dollars | |||||||||||||||||||||||||||||||||||||||||
{91} Beginning of period Repossessed Inventory |
|
{91} | 372 | 5,952,826.37 | ||||||||||||||||||||||||||||||||||||||
{92} Vehicles Repossessed in current period |
|
{92} | 375 | 5,721,891.59 | ||||||||||||||||||||||||||||||||||||||
{93} Repossessed vehicles sold in current period |
|
{93} | 331 | 5,101,814.96 | ||||||||||||||||||||||||||||||||||||||
{94} Repossessed vehicles reinstated in current period |
|
{94} | 89 | 1,313,252.76 | ||||||||||||||||||||||||||||||||||||||
{95} Repossessed vehicle adjustment in current period |
|
{95} | (1 | ) | (16,122.79 | ) | ||||||||||||||||||||||||||||||||||||
{96} End of period Repossessed Inventory |
|
{96} | 326 | 5,243,527.45 |
IX. CUMULATIVE NET LOSS RATIO |
||||||||||||||||
Units (a) | Dollars (a) | |||||||||||||||
{97} Receivables becoming Defaulted Receivables during period |
{97} | 346 | 5,419,680.37 | |||||||||||||
{98} Cram Down Losses occurring during period |
{98} | 9 | 1,728.48 | |||||||||||||
{99} Liquidation Proceeds collected during period |
{99} | 1,930 | 2,854,109.31 | |||||||||||||
{100} Net losses during period |
{100} | 2,567,299.54 | ||||||||||||||
(a) Unit count represents # instances in period per loan per line item |
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Net Loss for Period |
Avg. Portfolio Balance (b) |
Net Loss Ratio (c) |
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{101} Current Period Net Loss Ratio |
{101} | 2,567,299.54 | 375,594,016.86 | 0.68 | % | |||||||||||
{102} Prior Period Net Loss Ratio |
{102} | 2,988,922.84 | 394,412,166.61 | 0.76 | % | |||||||||||
{103} Second Prior Period Net Loss Ratio |
{103} | 4,187,232.61 | 413,240,109.00 | 1.01 | % | |||||||||||
{104} Third Prior Period Net Loss Ratio |
{104} | 4,016,158.68 | 432,607,267.54 | 0.93 | % | |||||||||||
{105} Rolling 3 prior month average Net Loss Ratio |
{105} | 0.90 | % | |||||||||||||
(b) Average Portfolio Balance calculated using (Beginning of Period Aggregate Balance + End of Period Aggregate Balance)/2 |
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(c) Net Loss Ratio calculated using Net Loss for Period/Average Portfolio Balance for Period |
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{106} Cumulative Net losses since Cut-off Date (beginning of period) |
{106} | 139,346,904.93 | ||||||||||||||
{107} Net losses during period |
{107} | 2,567,299.54 | ||||||||||||||
{108} Other Adjustments |
{108} | (281,569.87 | ) | |||||||||||||
{109} Cumulative Net losses since Cut-off Date (end of period) |
{109} | 141,632,634.60 | ||||||||||||||
{110} Cumulative Net Loss Ratio (Net losses since the Cut-off Date / Pool Balance as of the Cut-off Date) |
{110} | 10.50 | % |
No assets securitized by Santander Consumer USA Inc. (the Securitizer) and held by Santander Drive Auto Receivables Trust 2016-2 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the monthly distribution period from March 1, 2019 to March 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: | April 8, 2019 |