SANTANDER DRIVE AUTO RECEIVABLES LLC

Transcription

1 SANTANDER DRIVE AUTO RECEIVABLES LLC FORM 10-D/A (Amended Periodic Reports by Asset-Backed Issuers) Filed 01/15/08 for the Period Ending 08/31/07 Address 8585 NORTH STEMMONS FREEWAY SUITE 1100-N DALLAS, TX Telephone CIK SIC Code Asset-Backed Securities Fiscal Year 12/31 Copyright 2014, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

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3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-D/A Amendment No. 1 ASSET-BACKED ISSUER Distribution Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the monthly reporting period from August 1, 2007 to August 31, 2007 Commission File Number of issuing entity: SANTANDER DRIVE AUTO RECEIVABLES TRUST (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: SANTANDER DRIVE AUTO RECEIVABLES LLC (Exact name of depositor as specified in its charter) 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) 8585 North Stemmons Freeway Suite 1100-N Dallas, Texas (Address of principal executive offices of issuing entity) (214) (Telephone number, including area code) (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 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

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5 ITEM 1 Distribution and Pool Performance Information. PART I DISTRIBUTION INFORMATION On December 31, 2007 a revision was made to the Monthly Servicer Report for the August 1, 2007 to August 31, 2007 reporting period. The Monthly Servicer Report was revised because an incorrect rate was provided to the Servicer by the Trustee for the calculation of both the Class A4 interest payment and the swap receipt amount. Net cash flows were unaffected. The revised Monthly Servicer Report is set forth in Exhibit ITEM 2 Legal Proceedings. None ITEM 3 Sales of Securities and Use of Proceeds. None ITEM 4 Defaults Upon Senior Securities. None PART II OTHER INFORMATION ITEM 5 Submission of Matters to a Vote of Security Holders. None ITEM 6 Significant Obligors of Pool Assets. None ITEM 7 Significant Enhancement. None ITEM 8 Other Information. None ITEM 9 Exhibits (a) The following is a list of documents filed as part of this Report on Form 10-D: Exhibit 99.1 Revised Monthly Servicer Report (b) The exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof. 2

6 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: January 14, 2008 SANTANDER DRIVE AUTO RECEIVABLES TRUST (Issuing Entity) By: SANTANDER CONSUMER USA INC. (Servicer) By: /s/ Jason Kulas Name: Jason Kulas Title: Chief Financial Officer 3

7 EXHIBIT INDEX Exhibit No. Description 99.1 Revised Monthly Servicer Report

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9 Exhibit 99.1 *REVISED - 12/31/2007 Servicer s Certificate Drive Distribution Date 9/17/2007 Period No 6 Collection Period: 8/1/2007-8/31/07 I. Funds Available for Distribution Scheduled Principal Payments Received 10,012, Partial and Full Prepayments Received 8,493, Interest Payments Received 20,191, Interest Deposit for Repurchased Receivables 0.00 Other Amounts Received 90, Proceeds on Defaulted Receivables Prior to Charge Off 8,812, Recoveries on Previously Charged Off Receivables 2,064, Less Netted Expenses 372, Net Swap Receipts or Payments 351, Swap Termination Account 0.00 Repurchased Receivables 0.00 Interest on Collections Account 147, Interest and Other for Prefunding Account 0.01 Amounts Withdrawn from Reserve Account 0.00 Amounts Withdrawn from Capitalized Interest Account 1.43 Proceeds of Insurance Policy 0.00 Excess Reserve Funds 3,413, Total Funds Available 53,202, II. Principal Beginning Original Pool Contracts 1,261,689, Beginning Prefunded Accounts Added 0.00 Beginning Principal Balance Total 1,261,689, Principal Portion of Scheduled Payments 10,012, Principal Portion of Prepayments (partial and full) 8,493, Principal Portion of Repurchased Receivables 0.00 Principal Balance of Charged Off Receivables 28,346, Aggregate Amount of Cram Down Loss 140, Principal Distributable Amount 46,992, Ending Principal Balance 1,214,697, III. Distribution 1. Indenture Trustee Fee 10, Trust Collateral Agent 15, Backup Servicer Fee 1, Owner Trustee Fee Servicer or Successor Servicing Fee 3,154, Class A Interest and Net Swap Payment Interest Carryover Amounts a. Class A1 Interest 526, b. Class A2 Interest 1,473, c. Class A3 Interest 778, d. Class A4 Interest 2,444, Note Insurer Fee 211, Class A Principal Distributable and Principal Carryover Amounts a. Class A1 Principal Distributable Amount 41,118, b. Class A2 Principal Distributable Amount 0.00 c. Class A3 Principal Distributable Amount 0.00 d. Class A4 Principal Distributable Amount Class A Insurer Reimbursement Obligations Trigger Event Distributable Amounts Reserve Fund to its Required Level Swap Termination Payments Trigger Event Distributable Amounts from Reserve Account 0.00

10 1 14. Distribution to Residual Interest Holder 3,468, Total Distribution Amount 53,202,837.15

11 *REVISED - 12/31/2007 Servicer s Certificate Drive Distribution Date 9/17/2007 Period No 6 Collection Period: 8/1/2007-8/31/2007 IV. Balance Original Pool Total 1,371,428, Beginning Pool Total 1,261,689, Ending Pool Total 1,214,697, Original Note Total 1,200,000, Beginning Note Total 1,103,978, Ending Note Total 1,062,860, Class A1 Original Balance 204,000, Class A1 Beginning Balance 107,978, Class A1 Ending Balance 66,860, Class A3 Original Balance 185,000, Class A3 Beginning Balance 185,000, Class A3 Ending Balance 185,000, Note Insurer Reimbursement 0.00 Class A1 Pool Factor Class A2 Pool Factor Class A3 Pool Factor Class A4 Pool Factor Class A2 Original Balance 340,000, Class A2 Beginning Balance 340,000, Class A2 Ending Balance 340,000, Class A4 Original Balance 471,000, Class A4 Beginning Balance 471,000, Class A4 Ending Balance 471,000, V. Pool Information Beginning of Period End of Period Pool Balance 1,261,689, ,214,697, Wtd Avg Coupon % % Wtd Avg Original Term Wtd Avg Remaining Term # Contracts 85,845 83,311 Account to Collector Ratio* * Includes outsourced FTE VI. Delinquency Information Contract Count Principal Balance Pool Balance % Days Delinquent 12, ,400, % Days Delinquent 3,251 46,973, % Days Delinquent 2,100 31,112, % Defaulted Receivables 3,119 43,570, % VII. Repossession Inventory

12 2 Repossessed Inventory Beginning Current Period ,421, Vehicles Repossessed in Current Period ,705, Repossessed Vehicles Sold in Current Period ,271, Repossessed Vehicles Reinstated in Current Period 127 1,793, Repossessed Vehicle Adjustment in Current Period 8 132, Repossessed Inventory End of Collection Period ,928,619.74

13 *REVISED - 12/31/2007 Servicer s Certificate Drive Distribution Date 9/17/2007 Period No 6 Collection Period: 8/1/2007-8/31/2007 VIII. Loss / Recovery Information (Realized Losses) 3 Net Charged-Off Receivables in Current Period 19,982, Recoveries on Previously Charged-Off Receivables 2,064, Expenses 0.00 Net Losses in Current Period 17,917, Recoveries on Repurchased Receivables 0.00 Cum. Net Losses to Date 41,457, Cum. Net Loss to (% of Pool) 3.02 Extension Count 2, Extension Balance 40,831, Modified Cumulative Net Loss 100,916, Modified Cumulative Net Loss to (% of Pool) 7.36 IX. Reserve Fund Beginning of Reserve Balance 68,419, Letter of Credit 92,600, Reinvestment Income 304, Deposits 0.00 Withdrawals 0.00 Release to Certificate Account 3,413, Ending Reserve Balance 157,910, % Reserve Fund Requirement 157,910, % Cash Reserve 65,310, % X. Pre-Funding Pre-Funding Account Beginning Pre-Funding Balance 0.00 Reinvestment Income 0.01 Withdrawal to Seller 0.00 Withdrawals to Collection Account 0.01 Ending Pre-Funding Balance 0.00 Capitalized Interest Account Beginning Capitalized Interest Balance 0.00 Reinvestment Income 1.43 Monthly Capitalized Interest Amount 0.00 Overfunded Capitalized Interest 0.00 Ending Capitalized Interest Balance 0.00

14 *REVISED - 12/31/2007 Servicer s Certificate Drive Distribution Date 9/17/2007 Period No 6 Collection Period: 8/1/2007-8/31/2007 XI. Triggers 1. Insolvency No 2. Unremedied Breach No 3. Insurance Policy Payment No 4. Cessation of Valid Perfected No Average Current Month Previous Month Previous Month Security Interest 5. Both No (i) Average Delinquency Ratio Limit: (last 3 months) (ii) Modified Cumulative Net Loss Limit: Cumulative Net Loss Ratio Limit: 7.29 No Extension Ratio Limit: 4.00 No Master Servicer s Tangible Limit: N/A No N/A Net Worth 9. Master Servicer s Net Loss No 10. Unsatisfied Judgment No 11. Assignment of Rights of Sponsor or Master Servicer No 12. IRS or ERISA Lien No 13. Warehouse Facility Compliance No 14. Banco Santander Central Hispano, S.A. fails to own at least 51% of Master Servicer No 15. Servicer Payment Default No 16. Swap Agreement Event of Default or Termination Event No XII. Reserve Event Average Current Month Previous Month Previous Month 1. Delinquency Limit: 6.42 No Cumulative Net Loss Limit: 5.96 No 3.02 XIII. Monthly Remittance Condition Satisfied Yes Santander Consumer USA Inc., as Servicer By: /s/ Mark McCastlain Name: Mark McCastlain Title: Vice President Date: December 31, 2007

15 * An incorrect rate was provided to the Servicer by the Trustee for the calculation of both the Class A4 interest payment and the swap receipt amount. Net cash flows were unaffected. 4