Santander Auto Trust 2024-1 Reports Servicer/Trustee Change
| Field | Detail |
|---|---|
| Company | Santander Drive Auto Receivables Trust 2024-1 |
| Form Type | 8-K |
| Filed Date | Apr 1, 2025 |
| Risk Level | low |
| Sentiment | neutral |
Sentiment: neutral
Topics: asset-backed-securities, auto-loans, servicer-change, trustee-change
TL;DR
Santander's auto loan trust 2024-1 swapped servicers/trustees, filed 8-K.
AI Summary
Santander Drive Auto Receivables Trust 2024-1, a trust holding auto loans, filed an 8-K on April 1, 2025, to report a change in its servicer or trustee. The filing also included financial statements and exhibits related to the trust's operations.
Why It Matters
This filing indicates a change in the management or oversight of the auto loan securitization trust, which could impact investors' confidence and the operational efficiency of the trust.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of a change in servicer or trustee, which is common in structured finance and does not inherently signal financial distress.
Key Players & Entities
- Santander Drive Auto Receivables Trust 2024-1 (company) — Filer of the 8-K report
- Santander Drive Auto Receivables LLC (company) — Related entity, likely the issuer or sponsor
- 20250401 (date) — Filing date of the 8-K
- 20250327 (date) — Period of report
FAQ
What specific event triggered the change in servicer or trustee for Santander Drive Auto Receivables Trust 2024-1?
The filing does not specify the exact event but indicates a 'Change of Servicer or Trustee' as an item of disclosure.
Who is the new servicer or trustee, and who was the previous one?
The filing does not name the incoming or outgoing servicer or trustee, only that a change has occurred.
When did this change in servicer or trustee become effective?
The 'DATE AS OF CHANGE' is listed as 20250401, indicating the change became effective on April 1, 2025.
What is the primary asset class of Santander Drive Auto Receivables Trust 2024-1?
The asset class is identified as 'Auto loans'.
Where are Santander Drive Auto Receivables LLC and Santander Drive Auto Receivables Trust 2024-1 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 Santander Drive Auto Receivables Trust 2024-1.