Not applicable

EX-1.2 3 g09371exv1w2.htm EXHIBIT 1.2 Exhibit 1.2

Exhibit 1.2

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2007-2
ASSET BACKED NOTES

TERMS AGREEMENT


		Dated: August 23, 2007

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

Re:		Underwriting Agreement, dated August 23, 2007

Terms of the Notes

Initial Note

Final Scheduled

Class

Balance

Interest Rate

Payment Date

A-1

103,000,000

5.8014

September 15, 2008

A-2

128,000,000

LIBOR + 0.35%

January 18, 2011

A-3

369,000,0000

LIBOR + 0.80%

August 15, 2014

Underwriters

The Underwriters named below are the “Underwriters” for the purpose of this 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
Fortis Securities LLC
J.P. Morgan Securities Inc.
UBS Securities LLC
Guzman & Company

Exhibit 1.2

Ratings


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

Underwriting Liability


Underwriting Liability	Class A-1		Class A-2		Class A-3
Wachovia Capital Markets, LLC	$	84,300,000	$	104,800,000	$	301,900,000
Fortis Securities LLC		10,700,000		13,200,000		38,400,000
J.P. Morgan Securities Inc.		3,200,000		4,000,000		11,500,000
UBS Securities LLC		3,200,000		4,000,000		11,500,000
Guzman & Company		1,600,000		2,000,000		5,700,000
Total Amount	$	103,000,000	$	128,000,000	$	369,000,000

Purchase Price, Discounts and Concessions


	Class A-1			Class A-2			Class A-3
Gross Purchase Price		100.000	%		100.000	%		100.000	%
Underwriting Discount		0.120	%		0.160	%		0.190	%
Net Purchase Price		99.880	%		99.840	%		99.810	%
Maximum Dealer Selling Concessions		0.072	%		0.096	%		0.114	%
Maximum Dealer Reallowance Discounts		0.036	%		0.048	%		0.057	%

Time of Sale

10:30 a.m. (Eastern Time) (U.S.) on August 23, 2007 (the time the first Contract of Sale was entered into as designated by the Representative.)

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 September 5, 2007, 10:00 a.m., New York City time.

Exhibit 1.2

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.

Exhibit 1.2


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