Exhibit No

EX-1.2 3 g10087exv1w2.htm EXHIBIT 1.2 Exhibit 1.2

Exhibit 1.2

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2007-3
ASSET BACKED NOTES

TERMS AGREEMENT

Dated: October 11, 2007


To:		SANTANDER CONSUMER USA INC.
		SANTANDER DRIVE AUTO RECEIVABLES LLC

Re:		Underwriting Agreement, dated October 9, 2007


1.		Terms of the Notes


						Final Scheduled Payment
Class	Initial Note Balance		Interest Rate			Date
A-1	$	77,000,000		5.33665	%	October 15, 2008
A-2-A	$	25,000,000		5.42	%	June 15, 2011
A-2-B	$	111,000,000	LIBOR +0.55		%	June 15, 2011
A-3	$	119,000,000		5.42	%	August 15, 2012
A-4-A	$	50,000,000		5.52	%	October 15, 2014
A-4-B	$	118,000,000	LIBOR + 0.65		%	October 15, 2014


2.		Underwriters

The Underwriters named below are the “Underwriters” for the purpose of this Underwriting Agreement and for the purposes of the above-referenced Underwriting Agreement as such Underwriting Agreement is incorporated herein and made a part hereof.

Wachovia Capital Markets, LLC

Barclay’s Capital Inc.

Citigroup Global Markets, Inc.

Guzman & Company

Santander Investment Securities Inc.


3.		Ratings


		Rating Agency and Ratings
Class		Standard & Poor’s/Moody’s
Class A-1		A-1+/Prime-1
Class A-2-A		AAA/Aaa
Class A-2-B		AAA/Aaa
Class A-3		AAA/Aaa
Class A-4-A		AAA/Aaa
Class A-4-B		AAA/Aaa


4.		Underwriting Liability


Underwriting	Class		Class		Class		Class		Class		Class
Liability	A-1		A-2-A		A-2-B		A-3		A-4-A		A-4-B

Wachovia Capital Markets, LLC	$	66,375,000	$	21,375,000	$	96,625,000	$	103,125,000	$	43,250,000	$	102,750,00
Barclay’s Capital, Inc.		3,850,000		1,250,000		5,550,000		5,950,000		2,500,000		5,900,000
Citigroup Global Markets, Inc.		3,850,000		1,250,000		5,550,000		5,950,000		2,500,000		5,900,000
Guzman & Company		1,000,000		500,000		500,000		1,000,000		500,000		500,000
Santander Investment Securities, Inc.		1,925,000		625,000		2,775,000		2,975,000		1,250,000		2,950,000
Total Amount	$	77,000,000	$	25,000,000	$	111,000,000	$	119,000,000	$	50,000,000	$	118,000,000


5.		Purchase Price, Discounts and Concessions


	Class			Class			Class			Class			Class			Class
	A-1			A-2-A			A-2-B			A-3			A-4-A			A-4-B
Gross Purchase Price		100.000000	%		99.997780	%		100.000000	%		99.993900	%		99.985760	%		100.000000	%
Underwriting Discount		0.110000	%		0.150000	%		0.150000	%		0.190000	%		0.200000	%		0.200000	%
Net Purchase Price		99.890000	%		99.847780	%		99.850000	%		99.803900	%		99.785760	%		99.800000	%
Maximum Dealer Selling Concessions		0.066000	%		0.090000	%		0.090000	%		0.114000	%		0.120000	%		0.120000	%
Maximum Dealer Reallowance Discounts		0.033000	%		0.045000	%		0.045000	%		0.057000	%		0.060000	%		0.060000	%


6.		Time of Sale

11:30 a.m. (Eastern Time) (U.S.) on October 11, 2007 (the time the first Contract of Sale was entered into as designated by the Representative.)


7.		Closing Date

Pursuant to Rule 15c6-1(d) under the Securities Exchange Act of 1934, as amended, the Underwriters, the Seller and Santander Consumer hereby agree that the Closing Date shall be 18, 2007, 10:00 a.m., New York City time.

The Underwriters agree, severally and not jointly, to purchase the Notes subject to the terms and provisions of this Terms Agreement and the above-referenced Underwriting Agreement which is incorporated herein in its entirety and made a part hereof.


	WACHOVIA CAPITAL MARKETS, LLC
	By:	/s/ Chad Kobos
		Name: Chad Kobos
		Title: Director

For itself and as representative of the other several Underwriters named in this Terms Agreement.

Accepted and Agreed:

SANTANDER DRIVE AUTO RECEIVABLES, LLC as Seller



By	/s/ Jim W. Moore
	Name Jim W. Moore
	Title: Vice President


SANTANDER CONSUMER USA INC.
By	/s/ Jim W. Moore
	Name Jim W. Moore
	Title: Vice President