Santander Consumer USA's latest securitization of non-prime auto loans, will support at least $1.2 billion in asset-backed securities (ABS) from the Drive Auto Receivables Trust, series 2025-2. The underlying loans are considered deep non-prime quality, according to Moody's Ratings and Morningstar | DBRS, whose analysts rated the deal. Borrowers on the underlying loans have a FICO score of 585 and a loan-to-value (LTV) ratio of 112.5%, both on a weighted average (WA) basis. The securitization amount can be upsized to $1.5 billion, and the capital structure is expected to be the same. Total initial hard credit enhancement ranges from 48.35% on P1 notes to 15.50% on the notes rated Baa2. DBRS points out that initial credit enhancement on the class A notes will be 48.35%, which include a reserve account representing 1.00% of the note balance, the rating agency said. Maturities range from Oct. 15, 2026 through Dec. 15, 2032.