SANTANDER DRIVE AUTO RECEIVABLES LLC Form 10-D Filed 2025-06-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

Distribution Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

For the monthly distribution period from May 1, 2025 to May 31, 2025

Commission File Number of issuing entity: 333-261901-16

Central Index Key Number of issuing entity: 0002018245

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-2

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-261901

Central Index Key Number of depositor: 0001383094

SANTANDER DRIVE AUTO RECEIVABLES LLC

(Exact name of depositor as specified in its charter)

Corey Henry, Phone: 214-292-1930

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Central Index Key Number of sponsor: 0001540151

SANTANDER CONSUMER USA INC.

(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

1601 Elm Street

Suite 800

Dallas, Texas 75201

(Address of principal executive offices of issuing entity)

(214) 292-1930

(Telephone number, including area code)

83-6838118

(I.R.S. Employer Identification No.)

N/A

(Former name, former address, if changed since last report)

Each class of Notes to which this report on Form 10-D relates is subject to the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934. The title of each class of Notes to which this report on Form 10-D relates is set forth in Exhibit 99.1 hereto.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

PART I – DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Response to Item 1 is set forth in Exhibit 99.1

Item 1A. Asset-Level Information

The asset-level data for the asset pool of the issuing entity included in Exhibit 102 to the Form ABS-EE filed by the issuing entity with the U.S. Securities and Exchange Commission on June 16, 2025 (the “Form ABS-EE”) is incorporated into this Form 10-D by reference.

The additional asset-level information or explanatory language for the asset pool of the issuing entity included in Exhibit 103 to the Form ABS-EE is also incorporated into this Form 10-D by reference.

Item 1B. Asset Representations Reviewer and Investor Communication.

Not applicable

PART II – OTHER INFORMATION

Item 2. Legal Proceedings.

None

Item 3. Sales of Securities and Use of Proceeds.

None

Item 4. Defaults Upon Senior Securities.

None

Item 5. Submission of Matters to a Vote of Security Holders.

None

Item 6. Significant Obligors of Pool Assets.

None

Item 7. Change in Sponsor Interest in the Securities

None

Item 8. Significant Enhancement Provider Information.

None

Item 9. Other Information.

None

Item 10. Exhibits

(a)	The following is a list of documents filed as part of this Report on Form 10-D:


Exhibit 99.1		Monthly Servicer’s Certificate dated June 11, 2025

Exhibit 102		Asset Data File (Incorporated by reference to Exhibit 102 to Form ABS-EE filed by the issuing entity on June 16, 2025)

Exhibit 103		Asset Related Document (Additional Explanatory Narrative) (Incorporated by reference to Exhibit 103 to Form ABS-EE filed by the issuing entity on June 16, 2025)

(b)	The exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K (17 CFR 229.601) are listed above.

Exhibit 99.1

Santander Drive Auto Receivables Trust 2024-2

Class A-1 5.598% Asset Backed Notes

Class A-2 5.80% Asset Backed Notes

Class A-3 5.63% Asset Backed Notes

Class B 5.78% Asset Backed Notes

Class C 5.84% Asset Backed Notes

Class D 6.28% Asset Backed Notes

Servicer’s Certificate

This Servicer’s Certificate has been prepared pursuant to Section 4.6 of the Sale and Servicing Agreement among Santander Drive Auto Receivables Trust 2024-2, as Issuer, Santander Bank, N.A., as Servicer, Santander Drive Auto Receivables LLC, as Seller, and Wilmington Trust, N.A. as Indenture Trustee, dated as of April 24, 2024. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.


Collection Period Beginning:			05/01/2025
Collection Period Ending:			05/31/2025
Previous Payment Date/Close Date:			05/15/2025
Payment Date			06/16/2025
Days of Interest for Period:			32
Days in Collection Period:			31
Months Seasoned:			14

Original

Purchases

Units

Cut-off Date

Closing Date

Pool Balance

Initial Purchase

71,204

03/31/2024

04/24/2024

1,768,763,721.78

Total

71,204

1,768,763,721.78


I. PRINCIPAL BALANCE CALCULATION

{1} Beginning of period aggregate Principal Balance																							{1}			1,190,460,642.51

Monthly principal amounts
{2} Payments Received																					{2}		32,845,991.78
{3} Repurchased Receivables																					{3}		65,201.73
{4} Defaulted Receivables																					{4}		9,206,050.67
{5} Cram Down Losses and Other Principal Adjustments																					{5}		(106,617.57	)
{6} Other Receivables adjustments																					{6}		—

{7} Total Principal distributable amount																							{7}			42,010,626.61

{8} End of period aggregate Principal Balance																							{8}			1,148,450,015.90

{9} Pool Factor ({8}/ Original Pool Balance)																							{9}			0.649295

II. NOTE BALANCE CALCULATION

												Class A-1		Class A-2		Class A-3		Class B		Class C		Class D			Total
{10} Original Note Balance											{10}		134,410,000.00		581,410,000.00		323,320,000.00		197,220,000.00		142,390,000.00		230,820,000.00			1,609,570,000.00

{11} Beginning of period Note Balance											{11}		—		87,528,114.26		323,320,000.00		197,220,000.00		142,390,000.00		230,820,000.00			981,278,114.26
{12} First Allocation of Principal											{12}		—		—		—		—		—		—			—
{13} Second Allocation of Principal											{13}		—		—		—		—		—		—			—
{14} Third Allocation of Principal											{14}		—		—		—		—		—		—			—
{15} Fourth Allocation of Principal											{15}		—		—		—		—		—		—			—
{16} Fifth Allocation of Principal											{16}		—		—		—		—		—		—			—
{17} Regular Allocation of Principal											{17}		—		35,877,075.12		—		—		—		—			35,877,075.12
{18} Optional Purchase payment amount											{18}		—		—		—		—		—		—			—
{19} End of period Note Balance											{19}		—		51,651,039.14		323,320,000.00		197,220,000.00		142,390,000.00		230,820,000.00			945,401,039.14
{20} Note Pool Factors											{20}		—		0.088838		1.000000		1.000000		1.000000		1.000000			0.587362
{21} Principal payment per $1,000											{21}		—		61.71		—		—		—		—			22.29

III. RECONCILIATION OF COLLECTION ACCOUNT

Available Funds
{22} Principal Payments Received																					{22}		32,845,991.78
{23} Net Liquidation Proceeds																					{23}		4,972,738.21
{24} Principal on Repurchased Receivables																					{24}		65,201.73
{25} Interest on Repurchased Receivables																					{25}		174.35
{26} Interest collected on Receivables																					{26}		17,620,719.56
{27} Other amounts received																					{27}		38,308.48
{28} Optional Purchase Price																					{28}		—
{29} Reserve Account Excess Amount																					{29}		—
{30} Reserve Account Draw Amount																					{30}		—

{31} Total Available Funds																							{31}			55,543,134.11

Distributions
{32} Indenture Trustee Fee																					{32}		—
{33} Owner Trustee Fee																					{33}		—
{34} Asset Representations Reviewer Fee																					{34}		—

Servicing Fee

	Calculated Fee		Carryover Shortfall		Change from prior period			Total
{35}		2,976,151.61		—		—			2,976,151.61												{35}		2,976,151.61

Class A Accrued Note Interest

	Class		Beginning Note Balance		Interest Rate			Days		Days Basis				Calculated Interest
{36}		Class A-1		—		5.59800	%		32		ACT / 360				—						{36}		—
{37}		Class A-2		87,528,114.26		5.80	%		30		30 / 360				423,052.55						{37}		423,052.55
{38}		Class A-3		323,320,000.00		5.63	%		30		30 / 360				1,516,909.67						{38}		1,516,909.67

Class A Accrued Note Interest

	Class		Carryover Shortfall		Change from prior period			Carryover Shortfall per $1,000
{39}		Class A-1		—		—			—												{39}		—
{40}		Class A-2		—		—			—												{40}		—
{41}		Class A-3		—		—			—												{41}		—

{42} First Allocation of Principal																					{42}		—

Class B Accrued Note Interest

	Class		Beginning Note Balance		Interest Rate			Days		Days Basis				Calculated Interest
{43}		Class B		197,220,000.00		5.78	%		30		30 / 360				949,943.00						{43}		949,943.00

Class B Accrued Note Interest

	Class		Carryover Shortfall		Change from prior period			Carryover Shortfall per $1,000
{44}		Class B		—		—			—												{44}		—

{45} Second Allocation of Principal																					{45}		—

Class C Accrued Note Interest

	Class		Beginning Note Balance		Interest Rate			Days		Days Basis				Calculated Interest
{46}		Class C		142,390,000.00		5.84	%		30		30 / 360				692,964.67						{46}		692,964.67



Class C Accrued Note Interest

	Class	Carryover Shortfall		Change from prior period			Carryover Shortfall per $1,000
{47}	Class C		—		—			—								{47}			—

{48} Third Allocation of Principal																{48}			—

Class D Accrued Note Interest

	Class	Beginning Note Balance		Interest Rate			Days		Days Basis		Calculated Interest
{49}	Class D		230,820,000.00		6.28	%		30		30 / 360		1,207,958.00				{49}			1,207,958.00

Class D Accrued Note Interest

	Class	Carryover Shortfall		Change from prior period			Carryover Shortfall per $1,000
{50}	Class D		—		—			—								{50}			—

{51} Fourth Allocation of Principal																{51}			—

{52} Reserve Account deposit																{52}			—
{53} Regular Allocation of Principal																{53}			35,877,075.12
{54} Optional Purchase Amount																{54}			—
{55} Distribution to residual interest holder																{55}			11,899,079.49

{56} Total Distribution Amount																			{56}			55,543,134.11

IV. RECONCILIATION OF RESERVE ACCOUNT

{57} Beginning of period Reserve Account balance													{57}	17,687,637.22
{58} Deposit to Reserve Account													{58}	—
{59} Release from Reserve Account													{59}	—

{60} End of period Reserve Account balance																			{60}			17,687,637.22

{61} Specified Reserve Account Balance (1.00% of the Pool Balance as of the Cut-Off Date)																			{61}			17,687,637.22
{62} Change in Reserve Account balance from prior period																			{62}			—

V. OVERCOLLATERALIZATION

{63} Targeted Overcollateralization																			{63}			203,048,976.76
{i} 14.60% of the Pool Balance of the last day of the related Collection Period and																{i}			167,673,702.32
{ii} 2.00% of the Pool Balance as of the Cut-off Date																{ii}			35,375,274.44

{64} End of period Principal Balance of the Receivables																{64}			1,148,450,015.90
{65} End of period Note Balance																{65}			945,401,039.14
{66} Overcollateralization amount at the end of the Collection Period																			{66}			203,048,976.76
{67} Overcollateralization % at the end of the Collection Period																			{67}			17.68	%

VI. STATISTICAL DATA

															Original			Previous			Current
{68} Principal Balance of the Receivables														{68}		1,768,763,721.78			1,190,460,642.51			1,148,450,015.90
{69} Weighted average coupon of the Receivables														{69}		18.38	%		18.18	%		18.17	%
{70} Weighted average original term of the Receivables														{70}		71.23			71.45			71.47
{71} Weighted average remaining term of the Receivables														{71}		68.06			57.02			56.16
{72} Number of Receivables														{72}		71,204			53,646			52,156

VII. DELINQUENCY

															Units			Dollars			Percentage
Receivables with Scheduled Payment Delinquent
{73} 31-60 days														{73}		5,165			116,241,848.86			10.12	%
{74} 61-90 days														{74}		2,302			51,524,923.30			4.49	%
{75} 91-120 days														{75}		615			13,031,768.68			1.13	%
{76} 121 + days delinquent														{76}		—			—			0.00	%
{77} Total														{77}		8,082			180,798,540.84			15.74	%

{78} Aggregate Principal Balance of 60 Day Delinquent Receivables (all Receivables that are 60 or more days delinquent as of End of Collection Period)																			{78}			68,143,741.06
{79} Delinquency Percentage as of the End of the Collection Period																			{79}			5.93	%
{80} Delinquency Trigger																			{80}			24.00	%
{81} Delinquency Trigger Occurred																			{81}			No

VIII. REPOSSESSION INVENTORY

																		Units			Dollars
{82} Beginning of period Repossessed Inventory																{82}			494			11,817,245.78
{83} Vehicles Repossessed in current period																{83}			429			10,211,579.78
{84} Repossessed vehicles sold in current period																{84}			323			7,555,412.18
{85} Repossessed vehicles reinstated in current period																{85}			66			1,598,699.10
{86} Repossessed vehicle adjustment in current period																{86}			1			29,738.57
{87} End of period Repossessed Inventory																{87}			535			12,904,452.85

IX. CUMULATIVE NET LOSS RATIO

																		Units (a)			Dollars
{88} Receivables becoming Defaulted Receivables during period																{88}			471			9,206,050.67
{89} Cram Down Losses occurring during period																{89}			25			(106,617.57	)
{90} Liquidation Proceeds collected during period																{90}			1,440			4,972,738.21
{91} Net losses during period																{91}						4,126,694.89
(a) Unit count represents # of instances in period per line item

															Net Loss for Period			Avg. Portfolio Balance (b)			Net Loss Ratio (c)
{92} Current Period Net Loss Ratio														{92}		4,126,694.89			1,169,455,329.21			0.35	%
{93} Prior Period Net Loss Ratio														{93}		4,226,458.54			1,212,811,303.11			0.35	%
{94} Second Prior Period Net Loss Ratio														{94}		4,625,932.17			1,259,540,945.31			0.37	%
{95} Third Prior Period Net Loss Ratio														{95}		6,804,960.56			1,307,755,278.15			0.52	%
{96} Rolling 3 prior month average Net Loss Ratio														{96}								0.41	%
(b) Average Portfolio Balance calculated using (Beginning of Period Aggregate Balance + End of Period Aggregate Balance)/2
(c) Net Loss Ratio calculated using Net Loss for Period/Average Portfolio Balance for Period

{97} Cumulative Net losses since Cut-off Date (beginning of period)																			{97}			71,070,129.58
{98} Net losses during period																			{98}			4,126,694.89
{99} Other Adjustments																			{99}			—
{100} Cumulative Net losses since Cut-off Date (end of period)																			{100}			75,196,824.47

{101} Cumulative Net Loss Ratio (Net losses since the Cut-off Date / Pool Balance as of the Cut-off Date)																			{101}			4.25	%

X. CREDIT RISK RETENTION

On the Closing Date, Santander Consumer or another wholly-owned special purpose subsidiary of Santander Consumer retained a portion of the aggregate Percentage Interests of the Certificates in order to satisfy the obligations of Santander Consumer under the requirements of the SEC’s credit risk retention rules 17 C.F.R. Part 246 (“Regulation RR”), as in effect and applicable on the Closing Date. The portion of the Certificates being retained to satisfy the requirements of Regulation RR is referred to herein as the “Retained Interest.” As of the last day of the period covered by this report the depositor or another wholly-owned special purpose subsidiary of Santander Consumer continues to retain the Retained Interest in accordance with Regulation RR.

The depositor and its affiliates pledge retained securities as collateral for loans, repurchase agreements or other financing transactions from time to time. However, Santander Consumer has not transferred or hedged the Retained Interest except as permitted under Regulation RR.

Santander Consumer has not changed the manner in which it retains the Retained Interest, except in accordance with Regulation RR.

The arrangements described above in relation to Regulation RR have not been structured with the objective of enabling or facilitating compliance by any person with any requirement of Regulation (EU) 2017/2402 of December 12, 2017, as amended or of Regulation (EU) 2017/2402, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).

There was no material change in Santander Consumer’s, or an affiliate of Santander Consumer’s, interest in any securities issued by the issuer resulting from the purchase, sale or other acquisition or disposition of securities between the Closing Date and the last day of the period covered by this report.

No assets securitized by Santander Consumer USA Inc. (the “Securitizer”) and held by Santander Drive Auto Receivables Trust 2024-2 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the current monthly distribution period. Please refer to the Form ABS-15G filed by the Securitizer on January 29, 2025 for additional information. The CIK number of the Securitizer is 0001540151.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this monthly Statement to Noteholders as dated below.


Santander Bank, N.A., as Servicer

By:		/s/ Corey Henry
Name:		Corey Henry
Title:		Senior Vice President, Treasury
Date:		June 11, 2025

Santander Drive Auto Receivables Trust (SDART)

Customer Extensions

Collection Period Ending: May 31, 2025


			Beginning		End of period aggregate
	End of period aggregate		Number of		Principal Balance of		Number of		Extension
Transaction Name	Principal Balance		Receivables		Extended Loans		Extended Loans		Rate ⁽¹⁾
SDART 2020-4		123,076,209.69		16,016		1,501,818.66		141		1.22	%
SDART 2021-1		177,204,089.12		21,797		2,176,341.80		182		1.23	%
SDART 2021-2		238,921,692.26		26,130		2,640,747.76		218		1.11	%
SDART 2021-3		325,549,175.99		32,542		4,522,267.54		329		1.39	%
SDART 2021-4		313,717,079.75		25,125		4,550,838.06		284		1.45	%
SDART 2022-1		330,190,094.51		24,261		4,938,544.42		287		1.50	%
SDART 2022-2		432,262,850.89		29,737		6,307,702.86		343		1.46	%
SDART 2022-3		370,901,273.19		25,663		5,230,857.53		281		1.41	%
SDART 2022-4		500,055,786.84		30,951		7,318,094.90		356		1.46	%
SDART 2022-5		596,048,699.24		36,012		9,970,063.20		487		1.67	%
SDART 2022-6		623,199,696.24		35,041		8,738,558.90		401		1.40	%
SDART 2022-7		317,401,726.68		17,550		5,471,716.47		241		1.72	%
SDART 2023-1		455,945,356.21		25,136		7,008,119.63		309		1.54	%
SDART 2023-2		630,634,102.44		32,759		9,637,154.55		397		1.53	%
SDART 2023-3		785,992,488.35		38,868		12,483,038.22		496		1.59	%
SDART 2023-4		672,824,275.41		30,947		11,250,449.87		443		1.67	%
SDART 2023-5		703,733,444.64		33,273		11,339,112.72		423		1.61	%
SDART 2023-6		571,930,850.35		28,936		8,470,171.32		339		1.48	%
SDART 2024-1		892,996,412.75		46,029		12,281,394.16		516		1.38	%
SDART 2024-2		1,148,450,015.90		53,646		19,744,269.38		778		1.72	%
SDART 2024-3		1,362,830,696.16		63,671		26,058,849.82		1,010		1.91	%
SDART 2024-4		1,473,658,757.17		71,954		31,504,866.36		1,174		2.14	%
SDART 2024-5		1,442,250,183.61		78,211		14,322,819.28		627		0.99	%
SDART 2025-1		1,971,739,508.61		93,253		8,220,933.56		374		0.42	%
SDART 2025-2		1,933,369,778.69		83,313		6,011,450.74		276		0.31	%

⁽¹⁾	End of period aggregate Principal Balance of Extended Loans as a percentage of End of period aggregate Principal Balance


Dated: June 16, 2025

				SANTANDER DRIVE AUTO RECEIVABLES LLC
				(Depositor)

				/s/ Corey Henry
				Name: Corey Henry
				Title: Senior Vice President, Treasury