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  • PROSPECTUS SUPPLEMENT (To Prospectus Dated April 10, 2014)

    $1,350,000,000 Santander Drive Auto Receivables Trust 2014-2

    Issuing Entity

    Santander Drive Auto Receivables LLC Depositor

    Santander Consumer USA Inc. Sponsor and Servicer

    You should carefully read the risk factors beginning on page S-11 of this prospectus supplement and page 5 of the prospectus.

    The notes are asset backed securities. The notes will be the obligation solely of the issuing entity and will not be obligations of or guaranteed by Santander Consumer USA Inc., Santander Drive Auto Receivables LLC, the underwriters or any of their affiliates.

    No one may use this prospectus supplement to offer or sell these securities unless it is accompanied by the prospectus.

    The following notes are being issued by Santander Drive Auto Receivables Trust 2014-2:

    Principal Balance Interest Rate Final Scheduled Payment Date

    Class A-1 Notes . . . . . . . . . . . . . . . . . . $ 330,000,000 0.25000% May 15, 2015 Class A-2-A Notes . . . . . . . . . . . . . . . . $ 275,620,000 0.54% July 17, 2017 Class A-2-B Notes . . . . . . . . . . . . . . . . $ 125,000,000 LIBOR + 0.32% July 17, 2017 Class A-3 Notes . . . . . . . . . . . . . . . . . . $ 163,550,000 0.80% April 16, 2018 Class B Notes . . . . . . . . . . . . . . . . . . . . $ 189,330,000 1.62% February 15, 2019 Class C Notes . . . . . . . . . . . . . . . . . . . . $ 191,720,000 2.33% November 15, 2019 Class D Notes . . . . . . . . . . . . . . . . . . . . $ 74,780,000 2.76% February 18, 2020 Class E Notes(1) . . . . . . . . . . . . . . . . . . $ 81,938,000 3.76% July 15, 2021

    Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,431,938,000

    Price to Public(2) Underwriting Discount Proceeds to the

    Depositor

    Per Class A-1 Note . . . . . . . . . . . . . . . . 100.00000% 0.140% 99.86000% Per Class A-2-A Note . . . . . . . . . . . . . 99.99212% 0.170% 99.82212% Per Class A-2-B Note . . . . . . . . . . . . . . 100.00000% 0.170% 99.83000% Per Class A-3 Note . . . . . . . . . . . . . . . . 99.98802% 0.200% 99.78802% Per Class B Note . . . . . . . . . . . . . . . . . 99.98436% 0.500% 99.48436% Per Class C Note . . . . . . . . . . . . . . . . . 99.96969% 0.600% 99.36969% Per Class D Note . . . . . . . . . . . . . . . . . 99.99606% 0.750% 99.24606%

    Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,349,868,019.98 $4,127,974.00 $1,345,740,045.98

    (1) The Class E Notes are not being offered hereby and are anticipated to be either privately placed or retained by the depositor or an affiliate thereof, but will be entitled to certain payments as described herein.

    (2) Plus accrued interest, if any, from the closing date.

    • The notes are payable solely from the assets of the issuing entity, which consist primarily of receivables, which are motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans, substantially all of which are the obligations of “sub-prime” credit quality obligors, and funds on deposit in the reserve account.

    • The issuing entity will pay interest on and principal of the notes on the 15th day of each month, or, if the 15th is not a business day, the next business day, starting on May 15, 2014.

    • Credit enhancement for the notes will consist of overcollateralization, a reserve account funded with an initial amount equal to approximately 2.00% of the pool balance as of the cut-off date, excess interest on the receivables, and, in the case of the Class A notes, the subordination of certain payments to the noteholders of the Class B notes, the Class C notes, the Class D notes and the Class E notes; in the case of the Class B notes, the subordination of certain payments to the noteholders of the Class C notes, the Class D notes and the Class E notes; in the case of the Class C notes, the subordination of certain payments to the noteholders of the Class D notes and the Class E notes; and in the case of the Class D notes, the subordination of certain payments to the noteholders of the Class E notes.

    • The issuing entity will also issue one or more certificates representing an equity interest in the issuing entity, which is not being offered hereby.

    Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

    UNDERWRITERS

    Deutsche Bank Securities Citigroup Solely with respect to the Class A Notes:

    Morgan Stanley Santander Wells Fargo Securities The date of this prospectus supplement is April 16, 2014.

  • TABLE OF CONTENTS

    i

    WHERE TO FIND INFORMATION IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS ............. ii REPORTS TO NOTEHOLDERS ......................... iii NOTICE TO RESIDENTS OF THE UNITED KINGDOM .............................................iv SUMMARY OF STRUCTURE AND FLOW OF FUNDS..................................................v SUMMARY OF TERMS .................................... S-1

    THE OFFERED NOTES ................................. S-2 THE CERTIFICATES ..................................... S-2 INTEREST AND PRINCIPAL........................ S-2 EVENTS OF DEFAULT ................................. S-5 ISSUING ENTITY PROPERTY ..................... S-5 STATISTICAL INFORMATION.................... S-6 PRIORITY OF PAYMENTS........................... S-7 CREDIT ENHANCEMENT ............................ S-7 TAX STATUS ................................................. S-9 CERTAIN ERISA CONSIDERATIONS....... S-10 MONEY MARKET INVESTMENT............. S-10 CERTAIN INVESTMENT COMPANY ACT CONSIDERATIONS ............................ S-10 RATINGS ...................................................... S-10

    RISK FACTORS ............................................... S-11 USE OF PROCEEDS ........................................ S-21 THE ISSUING ENTITY ................................... S-21

    Limited Purpose and Limited Assets.............. S-21 Capitalization and Liabilities of the Issuing Entity.............................................................. S-22 The Issuing Entity Property............................ S-22

    THE TRUSTEES............................................... S-23 The Owner Trustee......................................... S-23 The Indenture Trustee .................................... S-23

    THE DEPOSITOR ............................................ S-24 THE SPONSOR ................................................ S-24 THE ORIGINATORS ....................................... S-25

    Receivables and Calculation Methods ........... S-25 Receivable Origination Channels................... S-26 Underwriting .................................................. S-26 Credit Risk Management................................ S-26

    THE SERVICER ............................................... S-27 AFFILIATIONS AND CERTAIN RELATIONSHIPS ............................................ S-28 THE RECEIVABLES POOL............................ S-28

    Exceptions to Underwriting Criteria .............. S-28 Pool Stratifications ......................................... S-30 Delinquencies, Repossessions and Credit Losses............................................................. S-38 Delinquency Experience Regarding the Pool of Receivables ................................................ S-41 Information About Certain Previous Securitizations ................................................ S-41 Review of Pool Assets.................................... S-42 Repurchases and Replacements...................... S-42

    WEIGHTED AVERAGE LIFE OF THE NOTES .............................................................. S-43 THE NOTES ..................................................... S-55

    General ........................................................... S-55 Delivery of Notes ........................................... S-55 Payments of Interest ....................................... S-55 Payments of Principal..................................... S-57

    THE TRANSFER AGREEMENTS AND THE ADMINISTRATION AGREEMENT ...... S-59

    Sale and Assignment of Receivables.............. S-59 Representations and Warranties ..................... S-59 Collection and Other Servicing Procedures ... S-60 Administration Agreement............................. S-60 Accounts......................................................... S-61 Deposits to the Collection Account................ S-61 Reserve Account ............................................ S-61 Priority of Payments....................................... S-62 Overcollateralization ...................................... S-64 Excess Interest................................................ S-64 Fees and Expenses.......................................... S-64 Indemnification of Indenture Trustee and the Owner Trustee................................................ S-64 Optional Redemption ..................................... S-65 Servicing Compensation and Expenses.......... S-65 Extensions and Modifications of Receivables .................................................... S-66 Servicer Replacement Events......................... S-66 Resignation, Removal or Replacement of the Servicer .......................................................... S-66 Waiver of Past Servicer Replacement Events S-67 Back-up Servicing.......................................... S-67 Evidence as to Compliance ............................ S-67 Events of Default............................................ S-68 Rights Upon Event of Default ...........