OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has taken the following rating actions on the Santander Drive Auto Receivables Trust (SDART) 2012-5, 2013-1, 2015-1 and 2015-5 transactions:

2012-6

--Class C affirmed at 'AAAsf'; Outlook Stable;

--Class D upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive;

--Class E upgraded to 'AAsf' from 'Asf'; Outlook Positive.

2013-1

--Class C affirmed at 'AAAsf'; Outlook Stable;

--Class D upgraded to 'AAsf' from 'Asf'; Outlook Positive;

--Class E upgraded to 'Asf' from 'BBBsf'; Outlook Positive.

2015-1

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;

--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive;

--Class C upgraded to 'AAsf' from 'Asf'; Outlook Positive;

--Class D affirmed at 'BBBsf'; Outlook Positive;

--Class E affirmed at 'BBsf'; Outlook revised to Positive from Stable.

2015-5

--Class A-2-A affirmed at 'AAAsf'; Outlook Stable;

--Class A-2-B affirmed at 'AAAsf'; Outlook Stable;

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;

--Class B affirmed at 'AAsf'; Outlook revised to Positive from Stable;

--Class C affirmed at 'Asf'; Outlook revised to Positive from Stable;

--Class D affirmed at 'BBBsf'; Outlook revised to Positive from Stable;

--Class E affirmed at 'BBsf'; Outlook revised to Positive from Stable.

KEY RATING DRIVERS

The rating actions are based on available credit enhancement (CE) and loss performance. The collateral pools continue to perform within Fitch's expectations. Under the CE structures, the securities are able to withstand stress scenarios consistent with the recommended ratings and make full payments to investors in accordance with the terms of the documents.

To date, the transactions have exhibited strong performance with losses within Fitch's initial expectations, with rising loss coverage and multiple levels consistent with the recommended ratings. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

For 2012-6, 2013-1 and 2015-1, Fitch revised its loss proxies downward as losses are currently extrapolating below Fitch's base case loss proxies assigned at prior reviews. Based on current loss trends, Fitch expects cumulative net losses (CNL) for these three transactions to be in the 11%-15% range.

Fitch is not yet recommending revising the 2015-5 base case loss proxy due to the lower amount of seasoning. Should performance continue to be well within initial expectations, Fitch may also revise the proxy downward at subsequent reviews.

The upgrades reflect the improved loss coverage available to the notes. Further, Fitch will continue to monitor all four transactions and may take additional rating actions in the future. The ratings reflect the quality of Santander Consumer USA, Inc.'s retail auto loan originations, the adequacy of its servicing capabilities, and the sound financial and legal structure of the transaction.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxies and impact available loss coverage and multiples levels for both transactions. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

In the 2015-1 and 2015-5 transactions, the class E notes do exhibit a slight decline in loss coverage multiples under a back-ended loss timing scenario. Despite the declines observed, the net loss coverage multiples are still within range of the recommended multiples for each recommended rating.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.