Santander Drive Auto Receivables LLC

11/15/2024 | Press release | Distributed by Public on 11/15/2024 05:44

Asset Backed Issuer Distribution Report Form 10 D

Drive Auto Receivables Trust 2021-3

Class A-1 0.20801% Asset Backed Notes

Class A-2 0.52% Asset Backed Notes

Class A-3 0.79% Asset Backed Notes

Class B 1.11% Asset Backed Notes

Class C 1.47% Asset Backed Notes

Class D 1.94% 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 2021-3, 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 November 17, 2021. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

Collection Period Beginning:

10/01/2024

Collection Period Ending:

10/31/2024

Previous Payment Date/Close Date:

10/15/2024

Payment Date

11/15/2024

Days of Interest for Period:

31

Days in Collection Period:

31

Months Seasoned:

36

Purchases

Units Cut-off
Date 		Closing
Date 		Original Pool
Balance

Initial Purchase

65,449 10/31/2021 11/17/2021 1,524,382,044.50

Total

65,449 1,524,382,044.50

I. PRINCIPAL BALANCE CALCULATION

{1} Beginning of period aggregate Principal Balance

{1} 348,582,992.67

Monthly principal amounts

{2} Payments Received

{2} 11,144,531.51

{3} Repurchased Receivables

{3} 26,100.00

{4} Defaulted Receivables

{4} 5,903,984.23

{5} Cram Down Losses and Other Principal Adjustments

{5} (161,018.77 )

{6} Other Receivables adjustments

{6} - 

{7} Total Principal distributable amount

{7} 16,913,596.97

{8} End of period aggregate Principal Balance

{8} 331,669,395.70

{9} Pool Factor ({8}/ Original Pool Balance)

{9} 0.217576

II. NOTE BALANCE CALCULATION

Class A-1 Class A-2 Class A-3 Class B Class C Class D Total

{10} Original Note Balance

{10} 208,800,000.00 391,700,000.00 161,670,000.00 152,470,000.00 167,600,000.00 194,420,000.00 1,276,660,000.00

{11} Beginning of period Note Balance

{11} -  -  -  -  28,257,443.02 194,420,000.00 222,677,443.02

{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} Regular Allocation of Principal

{16} -  -  -  -  13,023,469.67 -  13,023,469.67

{17} Optional Purchase payment amount

{17} -  -  -  -  -  -  - 

{18} End of period Note Balance

{18} -  -  -  -  15,233,973.35 194,420,000.00 209,653,973.35

{19} Note Pool Factors 

{19} -  -  -  -  0.090895 1.000000 0.164221

{20} Principal payment per $1,000

{20} -  -  -  -  77.71 -  10.20

III. RECONCILIATION OF COLLECTION ACCOUNT

Available Funds

{21} Principal Payments Received

{21} 11,144,531.51

{22} Net Liquidation Proceeds

{22} 3,025,387.14

{23} Principal on Repurchased Receivables

{23} 26,100.00

{24} Interest on Repurchased Receivables

{24} - 

{25} Interest collected on Receivables

{25} 4,848,104.70

{26} Other amounts received

{26} 31,201.83

{27} Optional Purchase Price

{27} - 

{28} Reserve Account Excess Amount

{28} - 

{29} Reserve Account Draw Amount

{29} - 

{30} Total Available Funds

{30} 19,075,325.18

Distributions

{31} Indenture Trustee Fee

{31} - 

{32} Owner Trustee Fee

{32} - 

{33} Asset Representations Reviewer Fee

{33} - 

Servicing Fee

Calculated
Fee

Carryover
Shortfall 		Change from
prior period 		Total

{34}

1,161,943.31 -  -  1,161,943.31 {34} 1,161,943.31

Class A Accrued Note Interest

Class

Beginning
Note Balance 		Interest Rate Days Days Basis Calculated
Interest

{35}

Class A-1 -  0.20801 % 31 ACT/360 -  {35} - 

{36}

Class A-2 -  0.52 % 30 30 / 360 -  {36} - 

{37}

Class A-3 -  0.79 % 30 30 / 360 -  {37} - 

Class A Accrued Note Interest

Class

Carryover
Shortfall 		Change from
prior period 		Carryover
Shortfall
per $1,000

{38}

Class A-1 -  -  -  {38} - 

{39}

Class A-2 -  -  -  {39} - 

{40}

Class A-3 -  -  -  {40} - 

{41} First Allocation of Principal

{41} - 

Class B Accrued Note Interest

Class

Beginning
Note Balance 		Interest Rate Days Days Basis Calculated
Interest

{42}

Class B -  1.11 % 30 30 / 360 -  {42} - 

Class B Accrued Note Interest

Class

Carryover
Shortfall 		Change from
prior period 		Carryover
Shortfall
per $1,000

{43}

Class B -  -  -  {43} - 

{44} Second Allocation of Principal

{44} - 

Class C Accrued Note Interest

Class

Beginning
Note Balance 		Interest Rate Days Days Basis Calculated
Interest

{45}

Class C 28,257,443.02 1.47 % 30 30 / 360 34,615.37 {45} 34,615.37

Class C Accrued Note Interest

Class

Carryover
Shortfall 		Change from
prior period 		Carryover
Shortfall
per $1,000

{46}

Class C -  -  -  {46} - 

{47} Third Allocation of Principal

{47} - 

Class D Accrued Note Interest

Class

Beginning
Note Balance 		Interest Rate Days Days Basis Calculated
Interest

{48}

Class D 194,420,000.00 1.94 % 30 30 / 360 314,312.33 {48} 314,312.33

Class D Accrued Note Interest

Class

Carryover
Shortfall 		Change from
prior period 		Carryover
Shortfall
per $1,000

{49}

Class D -  -  -  {49} - 

{50} Fourth Allocation of Principal

{50} - 

{51} Reserve Account deposit

{51} - 

{52} Regular Allocation of Principal

{52} 13,023,469.67

{53} Optional Purchase Amount

{53} - 

{54} Distribution to residual interest holder

{54} 4,540,984.50

{55} Total Distribution Amount

{55} 19,075,325.18

IV. RECONCILIATION OF RESERVE ACCOUNT

{56} Beginning of period Reserve Account balance

{56} 15,243,820.45

{57} Deposit to Reserve Account

{57} - 

{58} Release from Reserve Account

{58} - 

{59} End of period Reserve Account balance

{59} 15,243,820.45

{60} Specified Reserve Account Balance (1.00% of the Pool Balance as of the Cut-Off Date)

{60} 15,243,820.45

{61} Change in Reserve Account balance from prior period

{61} - 

V. OVERCOLLATERALIZATION

{62} Targeted Overcollateralization

{62} 122,015,422.35

{i} 23.00% of the Pool Balance of the last day of the related Collection Period PLUS:

{i} 76,283,961.01

{ii} 3.00% of the Pool Balance as of the Cut-off Date

{ii} 45,731,461.34

{63} End of period Principal Balance of the Receivables

{63} 331,669,395.70

{64} End of period Note Balance

{64} 209,653,973.35

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

{65} 122,015,422.35

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

{66} 36.79 %

VI. STATISTICAL DATA

Original Previous Current

{67} Principal Balance of the Receivables

{67} 1,524,382,044.50 348,582,992.67 331,669,395.70

{68} Weighted average coupon of the Receivables

{68} 18.29 % 17.55 % 17.54 %

{69} Weighted average original term of the Receivables

{69} 71.18 71.53 71.55

{70} Weighted average remaining term of the Receivables

{70} 67.70 35.96 35.04

{71} Number of Receivables

{71} 65,449 23,083 22,412

VII. DELINQUENCY

Units Dollars Percentage

Receivables with Scheduled Payment Delinquent

{72} 31-60 days

{72} 3,404 56,018,791.15 16.89 %

{73} 61-90 days

{73} 1,707 28,681,128.47 8.65 %

{74} 91-120 days

{74} 572 9,398,028.08 2.83 %

{75} 121 + days delinquent

{75} -  -  0.00 %

{76} Total

{76} 5,683 94,097,947.70 28.37 %

{77} Aggregate Principal Balance of 60 Day Delinquent Receivables (all Receivables that are 60 or more days delinquent as of End of Collection Period)

{77} 40,987,095.40

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

{78} 12.36 %

{79} Delinquency Trigger

{79} 35.00 %

{80} Delinquency Trigger Occurred

{80} No

VIII. REPOSSESSION INVENTORY

Units Dollars

{81} Beginning of period Repossessed Inventory

{81} 493 9,031,860.11

{82} Vehicles Repossessed in current period

{82} 314 5,411,076.56

{83} Repossessed vehicles sold in current period

{83} 310 5,656,701.38

{84} Repossessed vehicles reinstated in current period

{84} 61 951,745.18

{85} Repossessed vehicle adjustment in current period

{85} -  0.00

{86} End of period Repossessed Inventory

{86} 436 7,834,490.11

IX. CUMULATIVE NET LOSS RATIO

Units (a) Dollars (a)

{87} Receivables becoming Defaulted Receivables during period

{87} 370 5,903,984.23

{88} Cram Down Losses occurring during period

{88} 19 (161,018.77 )

{89} Liquidation Proceeds collected during period

{89} 3,518 3,025,387.14

{90} Net losses during period

{90} 2,717,578.32

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

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

{91} Current Period Net Loss Ratio

{91} 2,717,578.32 340,126,194.19 0.80 %

{92} Prior Period Net Loss Ratio

{92} 3,259,114.53 357,176,504.59 0.91 %

{93} Second Prior Period Net Loss Ratio

{93} 2,934,367.10 374,640,178.35 0.78 %

{94} Third Prior Period Net Loss Ratio

{94} 3,679,096.25 392,405,643.70 0.94 %

{95} Rolling 3 prior month average Net Loss Ratio

{95} 0.88 %

(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

{96} Cumulative Net losses since Cut-off Date (beginning of period)

{96} 194,262,031.14

{97} Net losses during period

{97} 2,717,578.32

{98} Other Adjustments

{98} - 

{99} Cumulative Net losses since Cut-off Date (end of period)

{99} 196,979,609.46

{100} Cumulative Net Loss Ratio (Net losses since the Cut-off Date / Pool Balance as of the Cut-off Date)

{100} 12.92 %

X. CREDIT RISK RETENTION

On the Closing Date, Santander Consumer or a 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 requirements of the SEC's credit risk retention rules 17 C.F.R. Part 246 ("Regulation RR"), (b) in order to enable compliance by affected institutional investors with certain provisions of Articles 5 and 6 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 (the "EU Securitization Regulation") and all relevant implementing regulations in relation thereto, all regulatory technical standards and implementing technical standards in relation thereto or applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation and, in each case, any relevant guidance published in relation thereto (collectively, together with the EU Securitization Regulation, the "EU SR Rules"), each as in effect and applicable on the Closing Date, and (c) in order to enable compliance by affected institutional investors with certain provisions of Articles 5 and 6 of the EU Securitization Regulation as it forms part of UK domestic law by operation of the European Withdrawal Act 2018 (as amended, "EUWA") and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019 (the "UK Securitization Regulation") and (i) all applicable binding technical standards made under the UK Securitization Regulation, (ii) any EU regulatory technical standards or implementing technical standards relating to the EU Securitization Regulation forming part of UK domestic law by operation of the EUWA, (iii) all relevant guidance, policy statements or directions relating to the application of the UK Securitization Regulation (or any binding technical standards) published by the Financial Conduct Authority and/or the Prudential Regulation Authority (or their successors), (iv) any guidelines relating to the application of the EU Securitization Regulation which are applicable in the UK, (v) any other transitional, saving or other provision relevant to the UK Securitization Regulation by virtue of operation of the EUWA and (vi) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization Regulation (collectively, together with the UK Securitization Regulation, the "UK SR Rules"), each as in effect and applicable on the Closing Date. The portion of the Certificates being retained to satisfy the requirements of Regulation RR, the EU SR Rules and the UK SR 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 SR Rules and the UK SR 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, those EU SR Rules and those UK SR Rules.

Santander Consumer has not changed the manner in which it retains the Retained Interest, except in accordance with Regulation RR, those EU SR Rules and those UK SR 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 2021-3 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the monthly distribution period from October 1, 2024 to October 31, 2024. Please refer to the Form ABS-15G filed by the Securitizer on January 26, 2024 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/ Corey Henry

Name: Corey Henry
Title: Senior Vice President, Treasury
Date: November 13, 2024

Drive Auto Receivables Trust (DRIVE)

Customer Extensions

Collection Period Ending: October 31, 2024

Transaction Name

End of period aggregate
Principal Balance 		Beginning
Number of
Receivables 		End of period aggregate
Principal Balance of
Extended Loans 		Number of
Extended Loans 		Extension
Rate (1)

DRIVE 2021-1

262,334,717.48 25,174 7,226,144.40 542 2.75 %

DRIVE 2021-2

378,519,538.26 29,038 12,388,259.75 755 3.27 %

DRIVE 2021-3

331,669,395.70 23,083 12,372,016.17 702 3.73 %

DRIVE 2024-1

1,252,454,831.26 58,203 49,024,166.44 1,871 3.91 %

DRIVE 2024-2

2,119,619,573.77 85,448 27,971,386.61 1,108 1.32 %
(1)

End of period aggregate Principal Balance of Extended Loans as a percentage of End of period aggregate Principal Balance