Form 10-D Santander Drive Auto Receivables Llc

Asset-Backed Issuer Distribution Report [Section 13 or 15(d) of the Securities Exchange Act of 1934]

Published: 2019-09-16 06:24:53
Submitted: 2019-09-16
Period Ending In: 2019-08-31
d798408d10d.htm 10-D


> ENT> 10-D 1 d798408d10d.htm 10-D

10-D

 

 

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 August 1, 2019 to August 31, 2019

Commission File Number of issuing entity: 333-215494-03

Central Index Key Number of issuing entity: 0001717900

DRIVE AUTO RECEIVABLES TRUST 2017-3

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-215494

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)

37-6652230

(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

The asset-level data for the asset pool of the issuing entity included in Exhibit 102 to the Form ABS-EE filed by the issuing entity with the U.S. Securities and Exchange Commission on September 16, 2019 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.

The additional asset-level information or explanatory language for the asset pool of the issuing entity included in Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.

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:

 

 

(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: September 16, 2019    
    DRIVE AUTO RECEIVABLES TRUST 2017-3
   

(Issuing Entity)

    By: SANTANDER CONSUMER USA INC.
   

(Servicer)

    By:  

/s/ Jason Micheletto

    Name: Jason Micheletto
    Title:    Vice President, Corporate Treasury Reporting

 

 

3

d798408dex991.htm EX-99.1


ENT> EX-99.1 2 d798408dex991.htm EX-99.1

EX-99.1

Exhibit 99.1

Drive Auto Receivables Trust

2017-3

Class A-1
1.45000% Asset Backed Notes

Class A-2-A
1.65% Asset Backed Notes

Class A-2-B
LIBOR + 0.25% Asset Backed Notes

Class A-3
1.85% Asset Backed Notes

Class B 2.30% Asset Backed Notes

Class C 2.80% Asset Backed Notes

Class D 3.53% Asset Backed Notes

Class E 0.00% 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 Drive Auto Receivables Trust

2017-3,
as Issuer, Santander Consumer USA Inc., as Servicer, Santander Drive Auto Receivables LLC, as Seller, and Wilmington Trust, National Association as Indenture Trustee, dated as of October 25, 2017. 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 Payment Date/Close Date:

    
 
08/15/2019
 

Payment Date

    
 
09/16/2019
 

Days of Interest for Period:

    
 
32
 

Days in Collection Period:

    
 
31
 

Months Seasoned:

    
 
23
 

 

                                                                                                   
                                 
Original
 

Purchases

    
Units
      
Cut-off Date
      
Closing Date
      
Pool Balance
 

Initial Purchase

    
 
89,894
 
    
 
09/30/2017
 
    
 
10/25/2017
 
    
 
1,534,751,067.37
 

Total

    
 
89,894
 
              
 
1,534,751,067.37
 

 

                                                                                          

I. PRINCIPAL BALANCE CALCULATION

 

               

{1} Beginning of period aggregate Principal Balance

 

             
 
{1}
 
 
 
644,305,871.63
 

Monthly principal amounts

 

               

{2} Payments Received

 

           
 
{2}
 
 
 
18,017,340.74
 
 

{3} Repurchased Receivables

 

           
 
{3}
 
 
 
416,600.34
 
 

{4} Defaulted Receivables

 

           
 
{4}
 
 
 
12,609,389.76
 
 

{5} Cram Down Losses and Other Principal Adjustments

 

           
 
{5}
 
 
 
85,747.72
 
 

{6} Other Receivables adjustments

 

           
 
{6}
 
 
 
—  
 
 

{7} Total Principal distributable amount

 

             
 
{7}
 
 
 
31,129,078.56
 

{8} End of period aggregate Principal Balance

 

             
 
{8}
 
 
 
613,176,793.07
 

{9} Pool Factor ({9}/ Original Pool Balance)

 

             
 
{9}
 
 
 
0.399529
 

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}
 
 
 
170,000,000.00
 
 
 
188,000,000.00
 
 
 
80,000,000.00
 
 
 
109,910,000.00
 
 
 
178,030,000.00
 
 
 
230,980,000.00
 
 
 
224,070,000.00
 
 
 
66,760,000.00
 
 
 
1,247,750,000.00
 

{11} Beginning of period Note Balance

 

 
 
{11}
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
126,969,780.43
 
 
 
224,070,000.00
 
 
 
66,760,000.00
 
 
 
417,799,780.43
 

{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}
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
22,039,387.62
 
 
 
—  
 
 
 
—  
 
 
 
22,039,387.62
 

{18} Optional Purchase payment amount

 

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

{19} End of period Note Balance

 

 
 
{19}
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
104,930,392.81
 
 
 
224,070,000.00
 
 
 
66,760,000.00
 
 
 
395,760,392.81
 

{20} Note Pool Factors

 

 
 
{20}
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
0.454283
 
 
 
1.000000
 
 
 
1.000000
 
 
 
0.317179
 

{21} Principal payment per $1,000

 

 
 
{21}
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
95.42
 
 
 
—  
 
 
 
—  
 
 
 
17.66
 

III. RECONCILIATION OF COLLECTION ACCOUNT

 

               

Available Funds

 

               

{22} Principal Payments Received

 

           
 
{22}
 
 
 
18,017,340.74
 
 

{23} Net Liquidation Proceeds

 

           
 
{23}
 
 
 
5,918,891.62
 
 

{24} Principal on Repurchased Receivables

 

           
 
{24}
 
 
 
773,724.03
 
 

{25} Interest on Repurchased Receivables

 

           
 
{25}
 
 
 
62,535.96
 
 

{26} Interest collected on Receivables

 

           
 
{26}
 
 
 
9,962,864.80
 
 

{27} Other amounts received

 

           
 
{27}
 
 
 
99,179.59
 
 

{28} Optional Purchase Price

 

           
 
{28}
 
 
 
—  
 
 

{29} Reserve Account Excess Amount

 

           
 
{29}
 
 
 
—  
 
 

{30} Reserve Account Draw Amount

 

           
 
{30}
 
 
 
—  
 
 

{31} Total Available Funds

 

             
 
{31}
 
 
 
34,834,536.74
 

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}

 
2,147,686.24
 
 
—  
 
 
 
—  
 
 
 
2,147,686.24
 
             
 
{35}
 
 
 
2,147,686.24
 
 

Class A Accrued Note Interest

 

               
   

Class

 
Beginning
Note Balance
   
Interest Rate
   
Days
   
Days Basis
         
Calculated
Interest
                                     

{36}

 
Class A-1
 
 
—  
 
 
 
1.45000
 
 
32
 
 
 
Actual
 
   
 
—  
 
       
 
{36}
 
 
 
—  
 
 

{37}

 
Class A-2-A
 
 
—  
 
 
 
1.65
 
 
30
 
 
 
30 / 360
 
   
 
—  
 
       
 
{37}
 
 
 
—  
 
 

{38}

 
Class A-2-B
 
 
—  
 
 
 
2.44
 
 
32
 
 
 
Actual
 
   
 
—  
 
       
 
{38}
 
 
 
—  
 
 

{39}

 
Class A-3
 
 
—  
 
 
 
1.85
 
 
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
 
 
—  
 
 
 
2.30
 
 
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
 
 
126,969,780.43
 
 
 
2.80
 
 
30
 
 
 
30 / 360
 
   
 
296,262.82
 
       
 
{48}
 
 
 
296,262.82
 
 

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
 
 
224,070,000.00
 
 
 
3.53
 
 
30
 
 
 
30 / 360
 
   
 
659,139.25
 
       
 
{51}
 
 
 
659,139.25
 
 


                                                              

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}
 
 
 
—  
 
 

{54} Fifth Allocation of Principal

 

     
 
{54}
 
 
 
—  
 
 

{55} Reserve Account deposit

 

     
 
{55}
 
 
 
—  
 
 

{56} Regular Allocation of Principal

 

     
 
{56}
 
 
 
22,039,387.62
 
 

{57} Optional Purchase Amount

 

     
 
{57}
 
 
 
—  
 
 

{58} Distribution to residual interest holder

 

     
 
{58}
 
 
 
9,692,060.81
 
 

{59} Total Distribution Amount

 

       
 
{59}
 
 
 
34,834,536.74
 

IV. RECONCILIATION OF RESERVE ACCOUNT

 

         

{60} Beginning of period Reserve Account balance

 

 
 
{60}
 
 
 
15,347,510.67
 
     

{61} Deposit to Reserve Account

 

 
 
{61}
 
 
 
—  
 
     

{62} Release from Reserve Account

 

 
 
{62}
 
 
 
—  
 
     

{63} End of period Reserve Account balance

 

       
 
{63}
 
 
 
15,347,510.67
 

{64} Specified Reserve Account Balance (1.00% of the Pool Balance as of the

Cut-Off
Date)

 

       
 
{64}
 
 
 
15,347,510.67
 

{65} Change in Reserve Account balance from prior period

 

       
 
{65}
 
 
 
—  
 

V. OVERCOLLATERALIZATION

 

         

{66} Targeted Overcollateralization

 

       
 
{66}
 
 
 
217,416,400.26
 

{i} 29.20% of the Pool Balance of the last day of the related Collection Period PLUS:

 

     
 
{i}
 
 
 
179,047,623.58
 
 

{ii} 2.50% of the Pool Balance as of the

Cut-off
Date

 

     
 
{ii}
 
 
 
38,368,776.68
 
 

{67} Cumulative Net Loss Trigger

 

       
 
{67}
 
 
 
No
 

{68} Targeted Overcollateralization Amount in the event of a Cumulative Net Loss Trigger:

 

       
 
{68}
 
 
 
278,734,079.56
 

{i} 39.20% of the Pool Balance as of the last day of the related Collection Period PLUS:

 

     
 
{i}
 
 
 
240,365,302.88
 
 

{ii} 2.50% of the Pool Balance as of the

Cut-off
Date

 

     
 
{ii}
 
 
 
38,368,776.68
 
 

{69} End of period Principal Balance of the Receivables

 

     
 
{69}
 
 
 
613,176,793.07
 
 

{70} End of period Note Balance

 

     
 
{70}
 
 
 
395,760,392.81
 
 

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

 

       
 
{71}
 
 
 
217,416,400.26
 

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

 

       
 
{72}
 
 
 
35.46

VI. STATISTICAL DATA

 

         
                 
Original
   
Previous
   
Current
 

{73} Principal Balance of the Receivables

 

   
 
{73}
 
 
 
1,534,751,067.37
 
 
 
644,305,871.63
 
 
 
613,176,793.07
 

{74} Weighted average coupon of the Receivables

 

   
 
{74}
 
 
 
19.05
 
 
18.78
 
 
18.77

{75} Weighted average original term of the Receivables

 

   
 
{75}
 
 
 
70.94
 
 
 
71.21
 
 
 
71.23
 

{76} Weighted average remaining term of the Receivables

 

   
 
{76}
 
 
 
65.52
 
 
 
48.12
 
 
 
47.29
 

{77} Number of Receivables

 

   
 
{77}
 
 
 
89,894
 
 
 
45,474
 
 
 
43,741
 

VII. DELINQUENCY

 

         
                 
Units
   
Dollars
   
Percentage
 

Receivables with Scheduled Payment Delinquent

 

         

{78}

31-60
days

 

   
 
{78}
 
 
 
5,680
 
 
 
84,743,433.37
 
 
 
13.82

{79}

61-90
days

 

   
 
{79}
 
 
 
2,159
 
 
 
33,105,127.14
 
 
 
5.40

{80}

91-120
days

 

   
 
{80}
 
 
 
874
 
 
 
13,454,655.21
 
 
 
2.19

{81} 121 + days delinquent

 

   
 
{81}
 
 
 
—  
 
 
 
—  
 
 
 
0.00

{82} Total

 

   
 
{82}
 
 
 
8,713
 
 
 
131,303,215.72
 
 
 
21.41

{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}
 
 
 
50,212,159.66
 

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

 

       
 
{84}
 
 
 
8.19

{85} Delinquency Trigger

 

       
 
{85}
 
 
 
35.00

{86} Delinquency Trigger Occurred

 

       
 
{86}
 
 
 
No
 

VIII. REPOSSESSION INVENTORY

 

         
                       
Units
   
Dollars
 

{87} Beginning of period Repossessed Inventory

 

     
 
{87}
 
 
 
775
 
 
 
12,762,528.00
 

{88} Vehicles Repossessed in current period

 

     
 
{88}
 
 
 
813
 
 
 
12,831,527.42
 

{89} Repossessed vehicles sold in current period

 

     
 
{89}
 
 
 
638
 
 
 
10,492,825.94
 

{90} Repossessed vehicles reinstated in current period

 

     
 
{90}
 
 
 
176
 
 
 
2,602,935.73
 

{91} Repossessed vehicle adjustment in current period

 

     
 
{91}
 
 
 
(2
 
 
(34,806.89

{92} End of period Repossessed Inventory

 

     
 
{92}
 
 
 
772
 
 
 
12,463,486.86
 

IX. CUMULATIVE NET LOSS RATIO

 

         
                       
Units (a)
   
Dollars (a)
 

{93} Receivables becoming Defaulted Receivables during period

 

     
 
{93}
 
 
 
807
 
 
 
12,609,389.76
 

{94} Cram Down Losses occurring during period

 

     
 
{94}
 
 
 
46
 
 
 
85,747.72
 

{95} Net Liquidation Proceeds collected during period

 

     
 
{95}
 
 
 
4,558
 
 
 
5,918,891.62
 

{96} Net losses during period

 

     
 
{96}
 
   
 
6,776,245.86
 

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

 

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

{97} Current Period Net Loss Ratio

 

   
 
{97}
 
 
 
6,776,245.86
 
 
 
628,741,332.35
 
 
 
1.08

{98} Prior Period Net Loss Ratio

 

   
 
{98}
 
 
 
6,655,571.55
 
 
 
660,389,162.88
 
 
 
1.01

{99} Second Prior Period Net Loss Ratio

 

   
 
{99}
 
 
 
6,025,765.66
 
 
 
691,681,705.92
 
 
 
0.87

{100} Third Prior Period Net Loss Ratio

 

   
 
{100}
 
 
 
5,159,558.28
 
 
 
723,390,518.09
 
 
 
0.71

{101} Rolling 3 prior month average Net Loss Ratio

 

   
 
{101}
 
     
 
0.86

(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}
 
 
 
166,223,526.15
 

{103} Net losses during period

 

       
 
{103}
 
 
 
6,776,245.86
 

{104} Other Adjustments

 

       
 
{104}
 
 
 
(357,123.69

{105} Cumulative Net losses since

Cut-off
Date (end of period)

 

       
 
{105}
 
 
 
172,642,648.32
 

{106} Cumulative Net Loss Ratio (Net losses since the

Cut-off
Date / Pool Balance as of the
Cut-off
Date)

 

       
 
{106}
 
 
 
11.25

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 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 the requirements of (i) Article 405(1) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013, as supplemented by Commission Delegated Regulation (EU) No. 625/2014; (ii) Article 51(1) of the Commission Delegated Regulation (EU) No. 231/2013 and (iii) Article 254(2) of the Commission Delegated Regulation (EU No. 2015/35), each as in effect as of the Closing Date, together with any guidance published in relation thereto including any regulatory and/or implementing technical standards in effect as of the Closing Date (collectively, the “EU Retention Rules”). The portion of the Certificates being retained to satisfy the requirements of Regulation RR and the EU 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 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 the EU Retention Rules.

Santander Consumer has not changed the manner in which it retains the Retained Interest, except in accordance with Regulation RR and the EU 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 Drive Auto Receivables

Trust 2017-3
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
drive173ex103.xml EX-103

Assets

Comment

Additional Files
FileSequenceDescriptionTypeSize
0000950131-19-002948.txt   Complete submission text file   217840204
drive173ex102.xml 3 EX-102 EX-102 217491569

© 2019 SEC.report
SEC CFR Title 17 of the Code of Federal Regulations.