Santander Drive Auto Trust 2021-3 Reports Servicer/Trustee Change
| Field | Detail |
|---|---|
| Company | Drive Auto Receivables Trust 2021-3 |
| Form Type | 8-K |
| Filed Date | Apr 1, 2025 |
| Risk Level | medium |
| Sentiment | neutral |
Sentiment: neutral
Topics: servicer-change, trustee-change, auto-loans
TL;DR
Drive Auto Receivables Trust 2021-3 has a new servicer/trustee as of April 1, 2025.
AI Summary
Santander Drive Auto Receivables LLC, as servicer, has entered into a material definitive agreement related to the Drive Auto Receivables Trust 2021-3. This agreement involves a change in the servicer or trustee for the trust, effective April 1, 2025. The filing also includes financial statements and exhibits pertinent to this change.
Why It Matters
This filing indicates a change in the operational management of the Drive Auto Receivables Trust 2021-3, which could impact the administration and performance of the underlying auto loan assets.
Risk Assessment
Risk Level: medium — Changes in servicer or trustee can introduce operational risks and affect the management of the underlying assets.
Key Players & Entities
- Santander Drive Auto Receivables LLC (company) — Servicer
- Drive Auto Receivables Trust 2021-3 (company) — Trust
- 20250401 (date) — Effective date of change
FAQ
What specific event triggered the change in servicer or trustee for Drive Auto Receivables Trust 2021-3?
The filing indicates an 'Entry into a Material Definitive Agreement' and a 'Change of Servicer or Trustee' as the key items, effective April 1, 2025, but does not detail the specific trigger event within this summary.
Who is the new servicer or trustee for the Drive Auto Receivables Trust 2021-3?
The filing states that Santander Drive Auto Receivables LLC is the servicer and the filing is for the Drive Auto Receivables Trust 2021-3, but it does not explicitly name a *new* servicer or trustee, only that a change has occurred.
What is the effective date of the change in servicer or trustee?
The change is effective as of April 1, 2025.
What type of assets are managed by the Drive Auto Receivables Trust 2021-3?
The trust is associated with 'Auto loans' as its asset class.
Where are Santander Drive Auto Receivables LLC and Drive Auto Receivables Trust 2021-3 located?
Both entities list their business and mail address as 1601 Elm Street, Suite 800, Dallas, TX 75201.
Filing Details
This Form 8-K (Form 8-K) was filed with the SEC on April 1, 2025 regarding Drive Auto Receivables Trust 2021-3.