KBRA Assigns Preliminary Ratings to Santander Drive Auto Receivables Trust 2023-S1
SDART 2020-4 is collateralized by a pool of subprime auto receivables originated and serviced by Santander Consumer USA (“SC”), which as of October 31, 2023, had an outstanding principal balance of approximately $359.9 million.
- SDART 2020-4 is collateralized by a pool of subprime auto receivables originated and serviced by Santander Consumer USA (“SC”), which as of October 31, 2023, had an outstanding principal balance of approximately $359.9 million.
- SDART 2023-1 will issue three classes of notes: Class R1, Class R2 and Class RR.
- KBRA has assigned preliminary ratings to Class R1 and Class R2.
- Class RR, which represents the 5% vertical risk retention share of both the Class R1 and R2 notes, is not rated by KBRA.