Santander Consumer USA Inc.
ABS Prepayment Speed
As of 1/31/2007
Pool
Period
Drive 2002-1
Drive 2003-1
Drive 2003-2
Drive 2004-1
Drive 2005-1
Drive 2005-2
Drive 2005-3
Drive 2006-1
Drive 2006-2
1
0.27%
0.28%
0.41%
0.50%
0.41%
0.31%
0.47%
0.51%
0.20%
2
0.58%
0.59%
0.71%
0.63%
0.52%
0.63%
0.70%
0.82%
0.59%
3
1.03%
0.89%
0.92%
0.75%
0.74%
0.90%
0.78%
1.04%
0.94%
4
1.41%
1.44%
1.17%
1.08%
1.09%
1.12%
1.55%
1.34%
1.56%
5
2.07%
1.79%
1.07%
1.19%
1.54%
1.56%
1.35%
2.05%
6
1.84%
1.99%
1.10%
1.13%
2.02%
1.79%
1.55%
2.52%
7
1.98%
1.98%
1.14%
1.35%
1.99%
1.87%
1.84%
2.53%
8
2.21%
2.16%
1.31%
1.58%
1.80%
1.94%
2.00%
1.98%
9
2.16%
2.09%
1.44%
1.78%
2.02%
2.12%
2.23%
10
2.10%
1.67%
1.21%
1.68%
2.09%
2.18%
2.07%
11
1.94%
1.56%
1.38%
1.96%
2.17%
1.78%
2.26%
12
1.89%
1.39%
1.74%
2.06%
1.91%
1.93%
2.12%
13
2.18%
1.48%
1.73%
2.41%
2.05%
2.04%
2.11%
14
1.97%
1.61%
1.68%
2.68%
1.99%
2.01%
1.93%
15
2.22%
1.24%
1.65%
2.31%
1.74%
2.23%
16
2.03%
1.45%
1.76%
1.94%
1.78%
2.12%
17
2.01%
1.54%
1.68%
1.99%
1.89%
2.13%
18
1.79%
1.50%
1.93%
1.90%
1.87%
2.03%
19
1.50%
1.28%
1.59%
1.99%
2.05%
1.99%
20
1.73%
1.32%
1.79%
1.90%
1.97%
1.75%
21
1.54%
1.37%
1.94%
1.89%
1.94%
22
1.59%
1.49%
1.83%
1.94%
1.91%
23
1.21%
1.54%
1.87%
1.74%
1.73%
24
1.29%
1.77%
2.18%
1.62%
1.68%
25
1.45%
1.75%
2.28%
1.63%
26
1.55%
1.78%
1.97%
1.78%
27
1.46%
1.89%
1.78%
1.81%
28
1.57%
1.84%
1.75%
1.73%
29
1.57%
1.95%
1.81%
1.74%
30
1.44%
2.03%
1.72%
1.63%
31
1.61%
1.76%
1.63%
1.68%
32
1.69%
1.70%
1.51%
1.49%
33
1.55%
1.61%
1.58%
34
1.52%
1.69%
1.43%
35
1.61%
1.58%
1.43%
36
1.68%
1.51%
1.51%
37
1.76%
1.56%
1.52%
38
1.78%
1.55%
1.61%
39
1.67%
1.31%
1.52%
40
1.58%
1.31%
1.54%
41
1.42%
42
1.37%
43
1.42%
FootNotes
1. The ABS Prepayment Speed is a measurement of the non-scheduled amortization of the pool of receivables and is derived by calculating a monthly single month mortality rate,
or SMM, which is the sum of the non-scheduled reduction in the pool of receivables, including prepayments, repurchased receivables, charged-off receivables and cram-down
losses, divided by the beginning of month pool balance less any scheduled payments. The scheduled principal is calculated by subtracting the principal amortization of the pool
(plus the principal balance of the pre-funded contracts in the case of pre-funding) minus the total prepayments. The SMM is converted into the ABS Speed by dividing (a) the
product of one-hundred and the SMM by (b) the sum of (i) one-hundred and (ii) the SMM multiplied by the age of the pool, in months, minus one. The age of the pool is
assumed to be the weighted average age of the pool as of the cutoff date (rounded to the nearest whole number) plus the number of months since the cutoff date, where the
SMM is expressed as a percent (i.e., as 1.00 as opposed to 0.01). For pools that were pre-funded, a weighted average age of the original and the pre-funded pool was used.