SANTANDER DRIVE AUTO RECEIVABLES LLC 8-K

What Happened
Santander Drive Auto Receivables LLC and Santander Consumer USA Inc. announced on Feb 18, 2026 that they entered into an Underwriting Agreement with Citigroup Global Markets Inc. (as representative of the underwriters) to sell several classes of auto loan asset‑backed notes issued by Santander Drive Auto Receivables Trust 2026‑1. The offering covers publicly registered Class A‑2 (4.04%), A‑3 (3.93%), B (4.07%), C (4.26%) and D (4.75%) notes; the trust will initially retain Class A‑1 (3.909%) and Class E (6.41%) notes. The parties expect the transaction to close and the notes to be issued on Feb 25, 2026. Related transaction documents (purchase/sale agreements, indenture, servicing and administration agreements, trust agreement and asset review agreement) were filed as exhibits.

Key Details

• Underwriting Agreement dated Feb 18, 2026 with Citigroup Global Markets Inc. as lead underwriter.
• Issuer: Santander Drive Auto Receivables Trust 2026‑1; anticipated Closing Date: Feb 25, 2026.
• Notes: Publicly registered Classes A‑2 (4.04%), A‑3 (3.93%), B (4.07%), C (4.26%), D (4.75%); Retained: A‑1 (3.909%), E (6.41%).
• Transaction parties/roles: Santander Consumer USA Inc. (seller/sponsor/administrator), Santander Drive (depositor), Santander Bank, N.A. (servicer), Citibank, N.A. (indenture trustee), Computershare Delaware Trust Company (owner trustee), Clayton Fixed Income Services LLC (asset reviewer). CEO certification for the shelf offering was also filed (Exhibit 36.1).

Why It Matters
This 8‑K documents a securitization offering that transfers auto loan receivables into a statutory trust and issues secured asset‑backed notes to investors. For retail investors, the filing signals Santander Consumer’s ongoing use of securitization to fund auto lending: the Issuer pledges the receivables as security for the notes, and several note classes will be sold publicly while others are retained. The transaction affects credit exposure and funding structure related to the underlying auto loans but does not itself report earnings or operational results.