EX-99.1 2 d733281dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Santander Drive Auto Receivables Trust 2019-2

Class A-1 2.56162% Asset Backed Notes

Class A-2 2.63% Asset Backed Notes

Class A-3 2.59% Asset Backed Notes

Class B 2.79% Asset Backed Notes

Class C 2.90% Asset Backed Notes

Class D 3.22% Asset Backed Notes

Class E 4.16% 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 2019-2, 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 22, 2019. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

                        

Collection Period Beginning:

        07/01/2023  

Collection Period Ending:

        07/31/2023  

Previous Payment/Close Date:

        07/17/2023  

Payment Date

        08/15/2023  

Days of Interest for Period:

        29  

Days in Collection Period:

        31  

Months Seasoned:

        51  

 

                                                                                                   

Purchases

      Units        Cut-off Date        Closing Date        Original
Pool Balance		  

Initial Purchase

        57,244          04/30/2019          05/22/2019          1,166,174,584.26  

Total

        57,244                    1,166,174,584.26  

 

                                                                                                                                                                                                                                                                                  

I. PRINCIPAL BALANCE CALCULATION

 

            

{1} Beginning of period aggregate Principal Balance

 

             {1}       130,295,367.93  

{2} Payments Received

 

           {2}       6,425,157.36    

{3} Repurchased Receivables

 

           {3}       218,676.18    

{4} Defaulted Receivables

 

           {4}       591,545.21    

{5} Cram Down Losses and Other Principal Adjustments

 

           {5}       6,627.54    

{6} Other Receivables adjustments

 

           {6}       —      

{7} Total Principal distributable amount

 

             {7}       7,242,006.29  

{8} End of period aggregate Principal Balance

 

             {8}       123,053,361.64  

{9} Pool Factor

 

             {9}       0.105519  

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}       165,300,000.00       260,000,000.00       143,790,000.00       128,280,000.00       160,930,000.00       144,610,000.00       99,120,000.00       1,102,030,000.00  

{11} Beginning of period Note Balance

 

     {11}       —         —         —         —         —         13,682,749.17       99,120,000.00       112,802,749.17  

{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}       —         —         —         —         —         7,242,006.29       —         7,242,006.29  

{18} Optional Purchase payment

 

     {18}       —         —         —         —         —         —         —         —    

{19} End of period Note Balance

 

     {19}       —         —         —         —         —         6,440,742.88       99,120,000.00       105,560,742.88  

{20} Note Pool Factors

 

     {20}       —         —         —         —         —         0.044539       1.000000       0.095788  

{21} Principal payment per $1,000

 

     {21}       —         —         —         —         —         50.08       —         6.57  

III. RECONCILIATION OF COLLECTION ACCOUNT

 

          

Available Funds

 

          

{22} Principal Payments Received

 

         {22}       6,425,157.36    

{23} Net Liquidation Proceeds

 

         {23}       619,662.06    

{24} Principal on Repurchased Receivables

 

         {24}       272,997.34    

{25} Interest on Repurchased Receivables

 

         {25}       7,549.43    

{26} Interest collected on Receivables

 

         {26}       1,617,159.33    

{27} Other amounts received

 

         {27}       5,009.35    

{28} Optional Purchase Price

 

         {28}       —      

{29} Reserve Account Excess Amount

 

         {29}       —      

{30} Reserve Account Draw Amount

 

         {30}       —      

{31} Total Available Funds

 

           {31}       8,947,534.87  

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}

     325,738.42       —         —         325,738.42               {35}       325,738.42    

Class A Accrued Note Interest

 

            
    Class     Beginning Note
Balance		     Interest Rate     Days     Days Basis     Calculated
Interest		                                

{36}

     Class A-1       —         2.56162 %      29       Actual       —             {36}       —      

{37}

     Class A-2       —         2.63 %      30       30 / 360       —             {37}       —      

{38}

     Class A-3       —         2.59 %      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       —         2.79 %      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     —         2.90 %      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     13,682,749.17       3.22 %      30       30 / 360       36,715.38           {49}       36,715.38    

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     Prior
Period
Interest
Rate		     Days     Days
Basis		     Calculated
Interest		                          

{52}

   Class E     99,120,000.00       4.16 %      4.16 %      30       30 / 360       343,616.00         {52}       343,616.00    

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}       7,242,006.29    

{57} Optional Purchase Amount

 

         {57}       —      

{58} Distribution to Residual Interestholder

 

         {58}       999,458.78    

{59} Total Distribution Amount

 

           {59}       8,947,534.87  

Footnote

 

                

(1) Interest on the Class E notes will accrue at 0.00% through and including the interest accrual period for the twentieth payment date following the closing date. For each interest accrual period following the interest accrual period for such twentieth payment date, (i) if on the twentieth payment date the targeted overcollateralization amount has been reached, interest on the Class E notes will accrue at 4.16%, or (ii) if on the twentieth payment date the targeted overcollateralization amount has not been reached, interest on the Class E notes will accrue at 0.00%.

 

  

IV. RECONCILIATION OF RESERVE ACCOUNT

 

          

{60} Beginning of period Reserve Account balance

 

     {60}       11,661,745.84        

{61} Deposit to Reserve Account

 

     {61}       —          

{62} Release from Reserve Account

 

     {62}       —          

{63} End of period Reserve Account balance

 

           {63}       11,661,745.84  

{64} Specified Reserve Account Balance (1.00% of the Pool Balance as of the Cut-Off Date)

 

           {64}       11,661,745.84  

{65} Change in Reserve Account balance from prior period

 

           {65}       —    

V. OVERCOLLATERALIZATION

 

          

{66} Targeted Overcollateralization (greater of)

 

           {66}       17,492,618.76  

{67} (a) 10.00% of the Principal Balance of the Receivables at the end of the Collection Period and

 

           {67}       12,305,336.16  

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

 

           {68}       17,492,618.76  

{69} End of period Principal Balance of the Receivables

 

           {69}       123,053,361.64  

{70} End of period Note Balance

 

           {70}       105,560,742.88  

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

 

           {71}       17,492,618.76  

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

 

           {72}       14.22 % 

VI. STATISTICAL DATA

 

          
                  Original     Previous     Current  

{73} Principal Balance of the Receivables

 

       {73}       1,166,174,584.26       130,295,367.93       123,053,361.64  

{74} Weighted average coupon of the Receivables

 

       {74}       15.49 %      15.24 %      15.26 % 

{75} Weighted average original term of the Receivables

 

       {75}       71.38       72.17       72.19  

{76} Weighted average remaining term of the Receivables

 

       {76}       69.23       24.83       23.96  

{77} Number of Receivables

 

       {77}       57,244       13,645       13,275  

VII. DELINQUENCY

 

          
                  Units     Dollars     Percentage  

Receivables with Scheduled Payment Delinquent

 

          

{78} 31-60 days

 

       {78}       1,261       14,517,406.76       11.80 % 

{79} 61-90 days

 

       {79}       485       6,280,568.90       5.10 % 

{80} 91-120 days

 

       {80}       145       1,621,187.43       1.32 % 

{81} 121 + days delinquent

 

       {81}       —         —         0.00 % 

{82} Total

 

       {82}       1,891       22,419,163.09       18.22 % 

{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}       8,460,778.22  

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

 

           {84}       6.88 % 

{85} Delinquency Trigger

 

           {85}       24.00 % 

{86} Delinquency Trigger Occurred

 

           {86}       No  

VIII. REPOSSESSION INVENTORY

 

          
                        Units     Dollars  

{87} Beginning of period Repossessed Inventory

 

         {87}       104       1,438,787.48  

{88} Vehicles Repossessed in current period

 

         {88}       68       840,827.43  

{89} Repossessed vehicles sold in current period

 

         {89}       52       755,434.15  

{90} Repossessed vehicles reinstated in current period

 

         {90}       19       192,844.86  

{91} Repossessed vehicle adjustment in current period

 

         {91}       (1 )      (6,612.14 ) 

{92} End of period Repossessed Inventory

 

         {92}       100       1,324,723.76  

                                                                                                   

IX. CUMULATIVE NET LOSS RATIO

                  
                       Units (a)        Dollars (a)  

{93} Receivables becoming Defaulted Receivables during period

             {93}        60          591,545.21  

{94} Cram Down Losses occurring during period

             {94}        5          6,627.54  

{95} Net Liquidation Proceeds collected during period

             {95}        438          619,662.06  

{96} Net losses during period

             {96}             (21,489.31 ) 

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

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

{97} Current Period Net Loss Ratio

        {97}          (21,489.31 )       126,674,364.79          -0.02 % 

{98} Prior Period Net Loss Ratio

        {98}          215,181.49        134,221,878.97          0.16 % 

{99} Second Prior Period Net Loss Ratio

        {99}          87,604.71        142,310,341.13          0.06 % 

{100} Third Prior Period Net Loss Ratio

        {100}          164,880.59        150,663,353.36          0.11 % 

{101} Rolling 3 prior month average Net Loss Ratio

        {101}                  0.11 % 

(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}          64,811,017.64  

{103} Net losses during period

                {103}          (21,489.31 ) 

{104} Other Adjustments

                {104}          (54,321.16 ) 

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

                {105}          64,735,207.17  

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

                {106}          5.55 % 

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 2019-2 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the monthly distribution period from July 1, 2023 to July 31, 2023. 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:   August 8, 2023

Santander Drive Auto Receivables Trust (SDART)

Customer Extensions

Collection Period Ending: July 31, 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 2019-2

        123,053,361.64          13,645          1,463,790.97          120          1.19 % 

SDART 2019-3

        129,525,026.27          13,666          1,538,957.06          120          1.19 % 

SDART 2020-1

        209,319,253.30          18,275          2,631,518.65          178          1.26 % 

SDART 2020-2

        308,472,454.88          26,483          3,703,460.30          250          1.20 % 

SDART 2020-3

        462,090,231.83          35,755          6,255,997.46          387          1.35 % 

SDART 2020-4

        413,990,000.97          28,833          6,119,749.11          345          1.48 % 

SDART 2021-1

        577,650,148.83          39,073          8,453,239.85          464          1.46 % 

SDART 2021-2

        719,520,401.74          46,878          10,524,341.23          576          1.46 % 

SDART 2021-3

        954,558,472.23          59,790          14,775,136.70          772          1.55 % 

SDART 2021-4

        849,974,025.28          45,294          14,291,580.04          642          1.68 % 

SDART 2022-1

        889,821,907.86          46,180          15,729,796.35          692          1.77 % 

SDART 2022-2

        1,116,523,843.98          56,330          21,410,146.82          889          1.92 % 

SDART 2022-3

        977,819,317.96          51,210          18,100,413.82          796          1.85 % 

SDART 2022-4

        1,247,236,960.88          59,594          23,905,122.70          1,007          1.92 % 

SDART 2022-5

        1,470,512,264.13          68,012          28,927,485.89          1,147          1.97 % 

SDART 2022-6

        1,463,398,990.92          61,608          37,606,018.30          1,369          2.57 % 

SDART 2022-7

        787,518,617.08          39,550          11,928,914.40          490          1.51 % 

SDART 2023-1

        1,126,506,796.57          56,354          5,771,229.02          318          0.51 % 

SDART 2023-2

        1,438,698,304.58          64,856          2,016,304.48          150          0.14 % 

SDART 2023-3

        1,669,281,663.10          67,975          2,171,901.52          129          0.13 % 

 

(1) 

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