SANTANDER DRIVE AUTO RECEIVABLES LLC 8-K

What Happened
Santander Drive Auto Receivables LLC filed a Form 8-K on February 20, 2026, to provide unqualified legal and tax opinions in connection with the issuance of several classes of auto-loan asset-backed notes by Santander Drive Auto Receivables Trust 2026-1 (see prospectus dated February 18, 2026). The filing attaches opinions delivered by Mayer Brown LLP, counsel to the registrant, relating to the Publicly Registered Notes and the Retained Notes issued in the offering.

Key Details

• Filing date: February 20, 2026; Prospectus date: February 18, 2026.
• Notes involved: Class A-2, Class A-3, Class B, Class C, Class D (Publicly Registered Notes) and Class A-1 and Class E (Retained Notes).
• Counsel and opinions: Mayer Brown LLP provided the unqualified legality and tax opinions attached as Exhibits 5.1 and 8.1.
• Purpose: The 8-K satisfies an undertaking to file unqualified legal and tax opinions at each takedown from the Registration Statement for the trust.

Why It Matters
Attaching unqualified legal and tax opinions is a routine but important step for securitizations: it confirms outside counsel’s view on the legal validity and tax treatment of the notes, which underpins the offering process and is often required before securities can be issued to investors. This 8-K does not report earnings or change the company’s financial statements; it documents a compliance and disclosure step tied to the issuance of the asset-backed notes.