UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, ~~2016~~2017.

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to .

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2014-3

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

Commission file number of the issuing entity: 333-192513-02

Central Index Key Number of issuing entity: 0001609220

SANTANDER DRIVE AUTO RECEIVABLES LLC

(Exact name of depositor as specified in its charter)

Commission file number of depositor: 333-192513

Central Index Key Number of depositor: 0001383094

SANTANDER CONSUMER USA INC.

(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor: 0001540151

Delaware (State or other jurisdiction of incorporation or organization of the issuing entity)

61-6517906 (~~State~~I.R.S. orEmployer ~~other~~Identification ~~jurisdiction~~No. of ~~incorporation or organization of~~ the issuing entity)

61-6517906

(I.R.S. Employer Identification No. of the issuing entity)

c/o Santander Drive Auto Receivables LLC

1601 Elm Street, Suite 800

Dallas, Texas 75201

(Address of principal executive offices)

(214) 292-1930

(Telephone number, including area code)

Securities Registered Pursuant to Section 12 (b) of the Securities Exchange Act of 1934: None

Securities Registered Pursuant to Section 12 (g) of the Securities Exchange Act of 1934: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein and will not be contained, to the best of the Registrants’ knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ (Do not check if a smaller reporting company) Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. Not applicable.

List hereunder the following documents if incorporated by reference and the part of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). None.

PART I

The following items have been omitted in accordance with General Instruction J to Form 10-K:

Item 1:		Business
Item 1A:		Risk Factors
Item 2:		Properties
Item 3:		Legal Proceedings
Item 4:		Mine Safety Disclosures

Item

1: Business

Item ~~1B.~~1A: ~~Unresolved~~Risk ~~Staff Comments.~~Factors

~~Nothing~~Item to2: ~~report.~~ Properties

~~Substitute~~Item ~~information provided in accordance with General Instruction J to Form 10-K~~3: Legal Proceedings

Item ~~1112(b)~~ of4: ~~Regulation~~Mine ~~AB. Significant~~Safety ~~Obligors of Pool Assets (Financial Information).~~ Disclosures

~~Nothing~~Item ~~to report~~1B. Unresolved Staff Comments.

~~Item 1114(b)(2)~~Nothing ofto ~~Regulation AB~~report. ~~Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).~~

~~Nothing~~Substitute information provided in accordance with General Instruction J to ~~report.~~Form 10-K:

Item ~~1115~~1112(b) of Regulation AB. ~~Certain~~Significant ~~Derivatives~~Obligors ~~Instruments~~of Pool Assets (Financial Information).

Nothing to report.

Item ~~1117~~1114(b)(2) of Regulation AB. ~~Legal~~Credit ~~Proceedings~~Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).

~~U.S.~~Nothing Bank, National Association, as the indenture trustee, has provided the following information: Since 2014 various plaintiffs or groups of plaintiffs, primarily investors, have filed claims against U.S. Bank National Association (“U.S. Bank”), in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities (“RMBS”) trusts. The plaintiffs or plaintiff groups have filed substantially similar complaints against other RMBS trustees, including Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo. The complaints against U.S. Bank allege the trustee caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers for these RMBS trusts and assert causes of action based upon the trustee’s purported failure to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties concerning loan qualityreport. The complaints also assert that the trustee failed to notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and that the trustee purportedly failed to abide by a heightened standard of care following alleged events of default.

2Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).

~~Currently~~Nothing ~~U.S. Bank is a defendant in multiple actions alleging individual or class action claims against the trustee with respect~~ to ~~multiple trusts as described above with the most substantial case being: BlackRock Balanced Capital Portfolio et al v~~report. U.S. Bank National Association, No. 605204/2015 (N.Y. Sup. Ct.) (class action alleging claims with respect to approximately 794 trusts) and its companion case BlackRock Core Bond Portfolio et al v. U.S Bank National Association, No. 14-cv-9401 (S.D.N.Y.). Some of the trusts implicated in the aforementioned Blackrock cases, as well as other trusts, are involved in actions brought by separate groups of plaintiffs related to no more than 100 trusts per case.

~~There~~Item 1117 ~~can be no assurance as to the outcome~~ of ~~any~~Regulation ~~of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts~~AB. ~~However,~~Legal UProceedings.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors and that it has meritorious defenses, and it intends to contest the plaintiffs’ claims vigorously.

3U.S. Bank, National Association, as the indenture trustee, has provided the following information:

~~PART~~Since II2014 various plaintiffs or groups of plaintiffs, primarily investors, have filed claims against U.S. Bank National Association (“U.S. Bank”), in its capacity as trustee or successor trustee (as the case may be) under certain residential mortgage backed securities (“RMBS”) trusts. The plaintiffs or plaintiff groups have filed substantially similar complaints against other RMBS trustees, including Deutsche Bank, Citibank, HSBC, Bank of New York Mellon and Wells Fargo. The complaints against U.S. Bank allege the trustee caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers for these RMBS trusts and assert causes of action based upon the trustee’s purported failure to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties concerning loan quality. The complaints also assert that the trustee failed to notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and that the trustee purportedly failed to abide by a heightened standard of care following alleged events of default.

~~The~~Currently ~~following~~U.S. ~~items~~Bank ~~have~~is ~~been~~a ~~omitted~~defendant in ~~accordance~~multiple actions alleging individual or class action claims against the trustee with ~~General~~respect ~~Instruction~~to Jmultiple trusts as described above with the most substantial case being: BlackRock Balanced Capital Portfolio et al v. U.S. Bank National Association, No. 605204/2015 (N.Y. Sup. Ct.) (class action alleging claims with respect to ~~Form~~approximately 10770 trusts) and its companion case BlackRock Core Bond Portfolio et al v. U.S Bank National Association, No. 14-K:cv-9401 (S.D.N.Y.). Some of the trusts implicated in the aforementioned Blackrock cases, as well as other trusts, are involved in actions brought by separate groups of plaintiffs related to no more than 100 trusts per case.

Item 5:		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6:		Selected Financial Data
Item 7:		Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A:		Quantitative and Qualitative Disclosures about Market Risk
Item 8:		Financial Statements and Supplementary Data
Item 9:		Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A:		Controls and Procedures

U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. However, U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors and that it has meritorious defenses, and it intends to contest the plaintiffs’ claims vigorously.

PART II

The following items have been omitted in accordance with General Instruction J to Form 10-K:

Item 5:

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 6: Selected Financial Data

Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A: Quantitative and Qualitative Disclosures about Market Risk

Item 8: Financial Statements and Supplementary Data

Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9A: Controls and Procedures

Item 9B. Other Information.

Santander Consumer USA Inc. (“SC”) is ~~party~~a ~~to, or is periodically otherwise involved in, reviews, investigations, and proceedings (both formal and informal), and information~~wholly-~~gathering~~owned ~~requests,~~subsidiary ~~by government and self-regulatory agencies, including the Board~~ of ~~Governors~~Santander ofConsumer ~~the~~USA ~~Federal~~Holdings ~~Reserve~~Inc. ~~System~~ (~~the~~ “~~Federal~~SC ~~Reserve~~Holdings”)~~, the CFPB, the U~~.S. ~~Department of Justice (the~~On ~~“DOJ”)~~February 28, ~~the SEC~~2018, ~~the Federal Trade Commission (the “FTC”) and various state regulatory agencies. Since July 2014,~~ SC ~~has~~Holdings ~~received~~filed ~~civil~~its ~~subpoenas~~Annual ~~and~~Report ~~civil~~on ~~investigative~~Form ~~demands~~10-K ~~from~~for ~~various federal and state agencies, including from~~ the ~~DOJ~~year ~~under~~ended ~~the Financial Institutions Reform~~December 31, ~~Recovery~~2017 and ~~Enforcement~~disclosed ~~Act,~~certain ~~the~~legal ~~SEC~~ and ~~several~~regulatory ~~state~~matters. Additional ~~attorneys~~information ~~general,~~about ~~requesting the production of documents and communications that, among other things, relate to the origination,~~SC ~~underwriting~~Holdings and ~~securitization~~its ofconsolidated ~~auto loans for varying time periods since 2007. Investigations~~subsidiaries, ~~litigation~~including ~~proceedings and/or~~ information~~-gathering~~ ~~requests~~contained ~~that~~in SCrequired orannual ~~any~~reports ofon ~~its~~Form ~~subsidiaries~~10-K, orquarterly ~~affiliates~~reports ~~are~~on ~~involved~~Form ~~in,~~10-Q orand ~~may~~current ~~become involved~~reports ~~in,~~on ~~may~~Form ~~result~~8-K, inis ~~adverse~~on ~~consequences~~file towith SCthe ~~including,~~SEC ~~without~~under ~~limitation,~~the ~~adverse~~name ~~judgments,~~“Santander ~~settlements,~~Consumer ~~fines,~~USA ~~penalties,~~Holdings ~~injunctions,~~Inc.” orand ~~other~~file ~~actions~~number 001-36270.

~~In October 2016, the parent of~~ SC, ~~Santander~~acts ~~Consumer~~as ~~Holdings USA Inc. (“SC Holdings”), filed amendments to certain periodic reports previously filed with~~ the ~~SEC~~servicer ~~after determining that its previously issued audited financial statements~~ for the ~~years~~issuing ~~ended~~entity. ~~December 31,~~Under ~~2015,~~the ~~2014~~Servicing ~~and 2013~~Agreement, ~~and~~dated ~~previously issued unaudited financial statements contained in its Quarterly Reports on Form 10-Q for the quarters ended March~~July 3115, 2016, ~~2015~~by and ~~2014,~~between ~~June 30,~~SC ~~2015~~ and ~~2014 and September 30, 2015 and 2014 should no longer be relied on and should be restated due to certain errors identified~~Santander inConsumer ~~such~~International ~~financial~~Puerto ~~statements~~Rico ~~relating~~LLC to (~~i) SC~~the ~~Holdings’ methodology for accreting dealer discounts~~“Subservicer”), ~~subvention payments from manufacturers~~ and ~~capitalized origination costs, (ii) SC Holdings’ lack of consideration of net discounts when estimating~~ the ~~allowance~~related ~~for~~Program ~~credit~~Portfolio ~~losses~~Schedule ~~and~~ (~~iii)~~ the ~~discount~~Program ~~rate~~Portfolio ~~used~~Schedule, intogether ~~determining~~with the ~~impairment~~Servicing ~~for~~Agreement, ~~loans~~the ~~accounted~~“Subservicing ~~for~~Agreement”), asthe ~~troubled debt restructurings. SC Holdings has reviewed all critical relationships and does not~~Subservicer ~~foresee~~managed, aserviced, ~~material interruption in~~collected, ~~or change to~~enforced, ~~normal~~administered ~~business activities related to the delayed~~ and ~~amended~~provided ~~filings.~~other ~~The~~services ~~financial~~with ~~statement~~respect ~~errors relate~~ to ~~non-cash~~each ~~items~~receivable ~~and~~held ~~have~~by nothe ~~material~~issuing ~~impact~~entity ~~on net~~that ~~cash~~was ~~from~~a ~~operating~~Performing ~~activities,~~Loan ~~investing~~(as ~~activities~~defined orin ~~financing~~the ~~activities~~Subservicing Agreement). ~~Additional~~Pursuant ~~information~~to ~~about~~the SCwritten ~~Holdings,~~agreement ~~including information contained in required annual reports on Form 10-K, quarterly~~of ~~reports~~SC ~~on Form 10-Q~~ and ~~current~~the ~~reports on Form 8-K~~Subservicer, ~~is on file with~~ the ~~SEC~~Subservicing ~~under~~Agreement ~~the~~was ~~name~~terminated ~~“Santander~~effective ~~Consumer~~on ~~USA~~December 31, ~~Holdings~~2017 ~~Inc.”~~at ~~and~~11:59 ~~file number 001-36270~~p.m.

SC, as servicer, entered into a Servicing Agreement, dated as of July 15, 2016 (the “Subservicing Agreement”), and a related Amended and Restated Program Portfolio Schedule (SDART Publicly Registered Transactions), dated as of January 31, 2017 (the “Program Portfolio Schedule”), with Santander Consumer International Puerto Rico LLC (the “Subservicer”), pursuant to which SC delegated to the Subservicer certain of its duties as servicer with respect to the asset pool held by the issuing entity. The Subservicing Agreement and the Program Portfolio Schedule are attached as exhibits to this Form 10-K.

SC, as sole equity member, entered into a First Amendment, dated as of February 28, 2017, to the Amended and Restated Limited Company Agreement of Santander Drive Auto Receivables LLC, the depositor, amending the definition of independent director. The First Amendment is attached as an exhibit to this Form 10-K.

On January 9, 2017, a First Amendment to Sale and Servicing Agreement was entered into amending the definitions of Non-Investment Grade Notes and Restricted Notes in the Sale and Servicing Agreement. The First Amendment is attached as an exhibit to this Form 10-K.

5On April 13, 2017, a Second Amendment to Sale and Servicing Agreement was entered into amending the definition of Liquidation Proceeds in the Sale and Servicing Agreement. The Second Amendment is attached as an exhibit to this Form 10-K.

PART III

The following items have been omitted in accordance with General Instruction J to Form 10-K:

Item 10:		Directors, Executive Officers, and Corporate Governance
Item 11:		Executive Compensation
Item 12:		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13:		Certain Relationships and Related Transactions, and Director Independence
Item 14:		Principal Accounting Fees and Services

Item 10: Directors, Executive Officers, and Corporate Governance

Item 11: Executive Compensation

Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 13: Certain Relationships and Related Transactions, and Director Independence

Item 14: Principal Accounting Fees and Services

Substitute information provided in accordance with General Instruction J to Form 10-K:

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.

Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.

Each of SC, the Subservicer and U.S. Bank National Association (each, a “Servicing Participant”) have been identified by the issuing entity as parties participating in the servicing function with respect to the pool assets held by the issuing entity. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to it (each, a “Report on Assessment”), which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by one or more registered public accounting firms, which reports are also attached as exhibits to this Form 10-K.

Management’s Assessment of Compliance for SC has identified a material ~~instance~~instances of noncompliance ~~related~~for to the ~~servicing~~2017 ~~criterion~~fiscal ~~set forth in Item 1122(d)(3)(i)—reports to investors~~year, ~~including~~one ~~those~~of towhich beis a ~~filed~~continuation ~~with~~of ~~the~~a ~~Commission,~~material ~~were~~instance ~~not~~of ~~maintained~~noncompliance inreported ~~accordance~~by ~~with~~ the ~~transaction~~issuing ~~agreements~~entity ~~and applicable Commission requirements. Specifically, reports to investors provided information that was not calculated~~ in ~~accordance~~its ~~with~~annual ~~the~~report ~~terms~~on ~~specified~~Form in10-K ~~the~~filed ~~transaction agreements.~~March ~~This~~30, ~~material~~2017 ~~instance~~and ~~of noncompliance~~ relates to ~~the~~reports ~~asset-backed~~to ~~securities covered~~investors indelivered ~~this~~during ~~Form~~or ~~10-K~~prior to ~~and~~March ~~issued by the Issuer~~2017. ~~The instance relates to two separate matters:~~

~~(1)~~Management’s ~~Under~~Assessment ~~the~~of ~~transaction~~Compliance ~~agreements~~for SC for the ~~Platform,~~2016 ~~SC,~~fiscal asyear ~~Servicer,~~identified isa ~~entitled~~material instance of noncompliance related to ~~receive~~the ~~all~~servicing ~~Supplemental~~criterion ~~Servicing~~set ~~Fees~~forth asin ~~additional servicing~~Item ~~compensation~~1122(d)(3)(i) – reports to investors, ~~and~~including ~~such~~those ~~Supplemental~~to ~~Servicing~~be ~~Fees~~filed dowith the Commission, were not ~~constitute~~maintained ~~Available~~in ~~Funds~~accordance with the transaction agreements and applicable Commission requirements. ~~However~~Specifically, SCreports ~~included~~to ~~Supplemental~~investors ~~Servicing~~provided ~~Fees~~information ~~for~~that ~~certain~~was ~~transactions~~not calculated in accordance with the ~~Platform~~terms ~~under~~specified ~~“other~~in ~~amounts~~the ~~received”~~transaction ~~and~~agreements. ~~included~~SC ~~such amounts~~determined asthe ~~part~~existence of ~~“Available~~a ~~Funds”~~material instance of noncompliance in March 2017, and the ~~investor~~material ~~reports;~~instance of noncompliance related to this instance for ~~these~~the ~~transactions,~~2017 ~~Supplemental~~fiscal ~~Servicing~~year ~~Fees~~relates ~~were~~to ~~distributed~~reports to investors delivered during or prior to March 2017. The instance of noncompliance described in ~~accordance~~this ~~with~~paragraph for both the ~~payment~~2016 ~~priorities~~and 2017 ~~set~~fiscal ~~forth~~years, inwhich does relate to the ~~related~~asset-backed ~~transaction~~securities ~~agreements~~covered ~~rather~~in ~~than~~this ~~being retained~~Form 10-K and issued by the ~~Servicer.~~issuing entity, relates to two separate matters:

ToUnder ~~address~~the ~~this~~transaction ~~issue~~agreements ~~and~~for the ~~related~~Platform, ~~instance~~SC, ofas ~~noncompliance~~Servicer, SCis ~~will~~entitled ~~stop~~to ~~including~~receive all Supplemental Servicing Fees as ~~“other~~additional servicing ~~amounts~~compensation, ~~received”~~and such Supplemental Servicing Fees do not constitute Available Funds. However, SC included Supplemental Servicing Fees for ~~all~~certain transactions in the Platform ~~beginning~~under ~~with~~“other ~~the~~amounts ~~March~~received” ~~2017 collection period~~ and ~~will~~included ~~retain~~ such amounts as ~~additional~~part ~~servicing~~of ~~compensation~~“Available asFunds” ~~specified~~ in the ~~transaction~~investor ~~agreements. SC believes~~reports; ~~that~~for ~~the~~these ~~inclusion~~transactions, of Supplemental Servicing Fees aswere ~~available~~distributed ~~funds did not result~~ in ~~any~~accordance ~~material~~with ~~adverse~~the ~~effect~~payment onpriorities ~~security~~set ~~holders~~forth orin the ~~amounts~~related ortransaction ~~timing~~agreements ofrather ~~payments~~than tobeing retained ~~security~~by ~~holders.~~the Servicer.

To address this issue related to Supplemental Servicing Fees and the related instance of noncompliance, SC stopped including Supplemental Servicing Fees as “other amounts received” for all transactions in the Platform beginning with the March 2017 collection period and began retaining such amounts as additional servicing compensation as specified in the transaction agreements. SC believes that the inclusion of Supplemental Servicing Fees as available funds did not result in any material adverse effect on security holders.

Under the transaction agreements for the Platform, SC, as Servicer, is required to pay all expenses incurred by it in connection with its activities as servicer other than expenses in connection with the sale of a repossessed vehicle, which may be netted from liquidation proceeds from such sale. For certain transactions in the Platform, SC did not net external costs associated with repossession expenses attributable to financed vehicles sold after the related receivables have become defaulted receivables; for these transactions, SC paid such repossession expenses and the “Liquidation Proceeds” included in the investor reports and distributed in accordance with the payment priorities set forth in the related transaction agreements were greater than they would have been had SC reduced the liquidation proceeds by the external costs associated with repossession expenses in accordance with the transaction agreements for those transactions.

To address this issue related to repossession expenses and the related instance of noncompliance, SC amended the transaction agreements for the effected transactions in the Platform to memorialize the agreement of the Servicer to pay such external costs of repossessions rather than netting such amounts from sale proceeds from the disposition of repossessed financed vehicles. SC believes that the payment of external costs associated with repossession expenses by the Servicer and the failure to report Liquidation Expenses on the investor reports net of such repossession expenses for certain transactions did not result in any material adverse effect on security holders.

Management’s Assessment of Compliance for SC for the 2017 fiscal year identified an additional matter that resulted in a finding of a material instance of noncompliance related to the servicing criterion set forth in Item 1122(d)(3)(i) – reports to investors, including those to be filed with the Commission, were not maintained in accordance with the transaction agreements and applicable Commission requirements— and Item 1122(d)(4)(iii) – any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. This matter relates to the following circumstance:

The transaction agreements for each transaction in the Platform specify the repurchase price to be paid by SC in connection with the repurchase of receivables from the issuing entity. In August 2017, the Servicer recalculated the accrued interest portion of the repurchase price paid in connection with the prior repurchase of receivables from issuers included in the Platform and, after recalculating the amount of accrued interest owed, determined that there was an aggregate shortfall in the repurchase price paid for certain of the transactions in the Platform. The material instance of noncompliance described in this paragraph does relate to the asset-backed securities covered by this Form 10-K and issued by the issuing entity.

To address this issue related to the repurchase price for receivables and the related instances of noncompliance, SC recalculated the repurchase price for all affected transactions and made deposits on August 15, 2017 into the applicable collection account in an amount equal to the shortfall. Additionally, SC updated the related systems coding applicable to the methodology for calculating the repurchase price in August 2017 to avoid future shortfalls. SC believes that the shortfall in the accrued interest portion of the repurchase price paid in connection with the prior repurchase of receivables and the subsequent deposit of the shortfall into the applicable collection account did not result in any material adverse effect on security holders.

~~(2)~~With ~~Under~~respect ~~the transaction agreements for the Platform, SC, as Servicer, is required~~ to ~~pay all expenses incurred by it in connection with its activities as servicer other than expenses in connection with~~ the ~~sale~~instances of anoncompliance ~~repossessed~~described ~~vehicle~~above, ~~which~~SC ~~may~~has beimplemented ~~netted from liquidation proceeds from such sale. For certain transactions in the~~additional ~~Platform,~~procedures ~~SC did not net external costs associated with repossession expenses attributable~~ to ~~financed~~confirm ~~vehicles~~that ~~sold~~calculations ~~after the related receivables have become defaulted receivables; for these transactions, SC paid such repossession expenses and the “Liquidation Proceeds”~~ included in ~~the~~ investor reports ~~and~~are ~~distributed~~completed inas ~~accordance with the payment priorities~~ set forth in the ~~related~~ transaction agreements ~~were~~and ~~greater~~has ~~than~~implemented ~~they~~greater ~~would~~management ~~have~~oversight ~~been~~of ~~had~~reporting, SCenhanced ~~reduced~~quality ~~the~~assurance ~~liquidation proceeds~~controls, byand updated the ~~external~~related systems ~~costs~~coding ~~associated~~applicable ~~with~~to ~~repossession~~calculations ~~expenses~~included in ~~accordance~~investor ~~with the transaction agreements for those transactions~~reports.

To address this issue and the related instance of noncompliance, SC will amend the transaction agreements for the effected transactions in the Platform to memorialize the agreement of the Servicer to pay such external costs of repossessions rather than netting such amounts from sale proceeds from the disposition of repossessed financed vehicles. SC believes that the payment of external costs associated with repossession expenses by the Servicer and the failure to report Liquidation Expenses on the investor reports net of such repossession expenses for certain transactions did not result in any material adverse effect on security holders or the amounts or timing of payments to security holders.

With respect to the matters described in paragraphs (1) and (2) above, SC has already implemented additional policies and procedures to confirm that calculations included in investor reports are completed as set forth in the amended agreements, and is in the process of implementing greater management oversight of reporting and implementing enhanced quality assurance controls.

Item 1123 of Regulation AB. Servicer Compliance Statements.

SC and the Subservicer have been identified by the issuing entity as the servicers with respect to the asset pool held by the issuing entity. Each of SC and the Subservicer have completed a statement of compliance with applicable servicing criteria (each, a “Compliance Statement”) signed by an authorized officer. The Compliance Statements are attached as exhibits to this Form 10-K.

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a)(1)		Not Applicable.
(a)(2)		Not Applicable.
(a)(3)		Not Applicable.
(b)		Exhibits.

(a)(1)

Not Applicable.

(a)(2)

Not Applicable.

(a)(3)

See Item 15(b) below.

(b)

Exhibits.

The exhibits listed below are either included or incorporated by reference as indicated:

~~Exhibit No.~~	~~Description~~Exhibit No.	Description
1.1*	Underwriting Agreement, dated as of June 11, 2014, among Santander Drive Auto Receivables LLC (“Santander Drive”), Santander Consumer USA Inc. (“SC”) and Wells Fargo Securities, LLC, on its own behalf and as representative of the several underwriters
	1.1	Underwriting Agreement, dated as of June 11, 2014, among Santander Drive Auto Receivables LLC (“Santander Drive”), Santander Consumer USA Inc. (“SC”) and Wells Fargo Securities, LLC, on its own behalf and as representative of the several underwriters (incorporated by reference to Exhibit 1.1 of Form 8-K filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 13, 2014)
3.1**	Amended and Restated Limited Liability Company Agreement of Santander Drive dated as of March 7, 2007
	3.1	Amended and Restated Limited Liability Company Agreement of Santander Drive dated as of March 7, 2007 (incorporated by reference to Exhibit 3.1 of Form S-3 filed by Santander Drive (Commission File No. 333-192513) with the Securities and Exchange Commission on November 22, 2013)
~~3.2~~	~~First Amendment to Amended and Restated Limited Liability Company Agreement, dated as of February 28, 2017, by SC, as sole equity member (Incorporated by reference to Exhibit~~ 3.~~1 to Form 8-K filed by the Santander Drive (Commission File No. 333-139609) on March 1, 2017)~~2	First Amendment to Amended and Restated Limited Liability Company Agreement, dated as of February 28, 2017, by SC, as sole equity member (incorporated by reference to Exhibit 3.1 of Form 8-K filed by the Santander Drive (Commission File No. 333-139609) with the Securities and Exchange Commission on March 1, 2017)
4.1***	Indenture, dated as of June 18, 2014, between Santander Drive Auto Receivables Trust 2014-3, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”)
	4.1	Indenture, dated as of June 18, 2014, between Santander Drive Auto Receivables Trust 2014-3, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”) (incorporated by reference to Exhibit 4.1 of Form 8-K filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 18, 2014)
10.1***	Purchase Agreement, dated as of June 18, 2014, between SC and Santander Drive
	10.1	Purchase Agreement, dated as of June 18, 2014, between SC and Santander Drive (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 18, 2014)
10.2***	Sale and Servicing Agreement, dated as of June 18, 2014, among the Issuer, Santander Drive, SC and the Indenture Trustee
	10.2	Sale and Servicing Agreement, dated as of June 18, 2014, among the Issuer, Santander Drive, SC and the Indenture Trustee (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 18, 2014)
10.3***	Administration Agreement, dated as of June 18, 2014, among the Issuer, SC, as administrator, and the Indenture Trustee
	10.3	Administration Agreement, dated as of June 18, 2014, among the Issuer, SC, as administrator, and the Indenture Trustee (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 18, 2014)
10.4***	Amended and Restated Trust Agreement, dated as of June 18, 2014, between Santander Drive and Wilmington Trust, National Association., not in its individual capacity but solely as owner trustee for the Issuer
10.5	First Amendment to Sale and Servicing Agreement, dated January 9, 2017 (Incorporated by reference from Form 10-D filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on January 17, 2017)
31.1	Certification (Santander Drive)
33.1	Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (SC)
33.2	Management’s Assertion Report on Assessment of Compliance with Applicable Servicing Criteria (Indenture Trustee)

33.3	Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (Subservicer)
	10.4	Amended and Restated Trust Agreement, dated as of June 18, 2014, between Santander Drive and Wilmington Trust, National Association., not in its individual capacity but solely as owner trustee for the Issuer (incorporated by reference to Exhibit 10.4 of Form 8-K filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 18, 2014)
34.1	Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to SC)
	10.5	First Amendment to Sale and Servicing Agreement, dated January 9, 2017 (incorporated by reference to Exhibit 10.5 of Form 10-D filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on January 17, 2017)
34.2	Report of Independent Registered Public Accounting Firm (Ernst & Young LLP with respect to the Indenture Trustee)
	10.6	Second Amendment to Sale and Servicing Agreement, dated April 13, 2017 (incorporated by reference to Exhibit 10.2 of Form 10-D filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on April 17, 2017)
34.3	Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to the Subservicer)
	31.1	Certification (Santander Drive)
35.1	Servicer Compliance Statement (SC)
	33.1	Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (SC)
35.2	Servicer Compliance Statement (Subservicer)
	33.2	Management’s Assertion Report on Assessment of Compliance with Applicable Servicing Criteria (Indenture Trustee)
99.1	Servicing Agreement, dated as of July 15, 2016, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.1 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) filed on March 1, 2017)
	33.3	Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (Subservicer)
99.2	Amended and Restated Program Portfolio Schedule (SDART Publicly Registered Transactions), dated as of January 31, 2017, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.2 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) on March 1, 2017)
	34.1	Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to SC)
	34.2	Report of Independent Registered Public Accounting Firm (Ernst & Young LLP with respect to the Indenture Trustee)
	34.3	Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to the Subservicer)
	35.1	Servicer Compliance Statement (SC)
	35.2	Servicer Compliance Statement (Subservicer)
	99.1	Servicing Agreement, dated as of July 15, 2016, by and between SC and Santander Consumer International Puerto Rico LLC (the “Subservicer”) (incorporated by reference to Exhibit 99.1 of Form 8-K filed by Santander Drive (Commission File No. 333-139609) with the Securities and Exchange Commission on March 1, 2017)
	99.2	Amended and Restated Program Portfolio Schedule (SDART Publicly Registered Transactions), dated as of January 31, 2017, by and between SC and the Subservicer (incorporated by reference to Exhibit 99.2 of Form 8-K filed by Santander Drive (Commission File No. 333-139609) with the Securities and Exchange Commission on March 1, 2017)

* Incorporated by reference from Form 8-K filed by Santander Drive (Commission File No. 333-192513) and the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 13, 2014.

** Incorporated by reference from Form S-3 filed by Santander Drive (Commission File No. 333-192513) with the Securities and Exchange Commission on November 22, 2013.

*** Incorporated by reference from Form 8-K filed by Santander Drive (Commission File No. 333-192513) and the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on June 18, 2014.

(c)	Not Applicable.

Supplemental information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.

No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to certificateholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.

910

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

Date: March 30, ~~2017~~2018

SANTANDER DRIVE AUTO RECEIVABLES LLC, as depositor By: /s/ ~~Andrew~~Corey ~~Kang~~Henry Name: ~~Andrew~~Corey ~~Kang~~Henry Title: President and Chief Executive Officer (senior officer in charge of securitization of the depositor)

EXHIBIT INDEX

Exhibit No.		Description
1.1*		Underwriting Agreement, dated as of June 11, 2014, among Santander Drive Auto Receivables LLC (“Santander Drive”), Santander Consumer USA Inc. (“SC”) and Wells Fargo Securities, LLC, on its own behalf and as representative of the several underwriters
3.1**		Amended and Restated Limited Liability Company Agreement of Santander Drive dated as of March 7, 2007
3.2		First Amendment to Amended and Restated Limited Liability Company Agreement, dated as of February 28, 2017, by SC, as sole equity member (Incorporated by reference to Exhibit 3.1 to Form 8-K filed by the Santander Drive (Commission File No. 333-139609) on March 1, 2017)
4.1***		Indenture, dated as of June 18, 2014, between Santander Drive Auto Receivables Trust 2014-3, as issuer (the “Issuer”), and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”)
10.1***		Purchase Agreement, dated as of June 18, 2014, between SC and Santander Drive
10.2***		Sale and Servicing Agreement, dated as of June 18, 2014, among the Issuer, Santander Drive, SC and the Indenture Trustee
10.3***		Administration Agreement, dated as of June 18, 2014, among the Issuer, SC, as administrator, and the Indenture Trustee
10.4***		Amended and Restated Trust Agreement, dated as of June 18, 2014, between Santander Drive and Wilmington Trust, National Association., not in its individual capacity but solely as owner trustee for the Issuer
10.5		First Amendment to Sale and Servicing Agreement, dated January 9, 2017 (Incorporated by reference from Form 10-D filed by the Issuer (Commission File No. 333-192513-02) with the Securities and Exchange Commission on January 17, 2017)
31.1		Certification (Santander Drive)
33.1		Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (SC)
33.2		Management’s Assertion Report on Assessment of Compliance with Applicable Servicing Criteria (Indenture Trustee)
33.3		Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (Subservicer)
34.1		Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to SC)
34.2		Report of Independent Registered Public Accounting Firm (Ernst & Young LLP with respect to the Indenture Trustee)

34.3		Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to the Subservicer)
35.1		Servicer Compliance Statement (SC)
35.2		Servicer Compliance Statement (Subservicer)
99.1		Servicing Agreement, dated as of July 15, 2016, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.1 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) filed on March 1, 2017)
99.2		Amended and Restated Program Portfolio Schedule (SDART Publicly Registered Transactions), dated as of January 31, 2017, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.2 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) on March 1, 2017)

** Incorporated by reference from Form S-3 filed by Santander Drive (Commission File No. 333-192513) with the Securities and Exchange Commission on November 22, 2013.

Filing Compare · Santander Drive Auto Receivables Trust 2014-3