UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, ~~2015~~2016.

¨☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to .

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2012-5

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

Commission file number of the issuing entity: 333-180147-02

Central Index Key Number of issuing entity: 0001554933

SANTANDER DRIVE AUTO RECEIVABLES LLC

(Exact name of depositor as specified in its charter)

Commission file number of depositor: 333-180147

Central Index Key Number of depositor: 0001383094

SANTANDER CONSUMER USA INC.

(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor: 0001540151

Delaware

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

32-6245121

(I.R.S. Employer Identification No. of the issuing entity)

c/o Santander Drive Auto Receivables LLC

1601 Elm Street, Suite 800

Dallas, Texas 75201

(Address of principal executive offices)

(214) 292-1930

(Telephone number, including area code)

Securities Registered Pursuant to Section 12 (b) of the Securities Exchange Act of 1934: None

Securities Registered Pursuant to Section 12 (g) of the Securities Exchange Act of 1934: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ ☐ No x☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨☐ No x☒

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 x☒ No ¨☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x☒ No ¨☐

Indicate by check mark if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein and will not be contained, to the best of the Registrants’ knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨☐ Accelerated filer ¨☐ Non-accelerated filer x☒ (Do not check if a smaller reporting company) Smaller reporting company ¨☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨☐ No x☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter. Not applicable.

List hereunder the following documents if incorporated by reference and the part of the Form 10-K (e.g. Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). None.

PART I

The following items have been omitted in accordance with General Instruction J to Form 10-K:

Item 1: Business


Item 1:		Business

Item 1A:		Risk Factors

Item 2:		Properties

Item 3:		Legal Proceedings

Item 4:		Mine Safety Disclosures

Item ~~1A:~~1B. ~~Risk~~Unresolved ~~Factors~~Staff Comments.

~~Item~~Nothing 2:to ~~Properties~~report.

~~Item~~Substitute 3:information provided ~~Legal~~in ~~Proceedings~~accordance with General Instruction J to Form 10-K:

Item 1112(b) 4:of ~~Reserved~~Regulation AB. Significant Obligors of Pool Assets (Financial Information).

~~Item~~Nothing ~~1B.~~to ~~Unresolved Staff Comments~~report.

~~Nothing~~Item 1114(b)(2) toof ~~report~~Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).

~~Substitute~~Nothing ~~information provided in accordance with General Instruction J~~ to ~~Form~~report. ~~10-K:~~

Item ~~1112~~1115(b) of Regulation AB. ~~Significant~~Certain ~~Obligors~~Derivatives ofInstruments ~~Pool Assets~~ (Financial Information).

Nothing to report.

Item ~~1114(b)(2)~~1117 of Regulation AB. ~~Credit~~Legal ~~Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers)~~Proceedings.

~~Nothing~~Deutsche Bank Trust Company Americas (“DBTCA”), as the indenture trustee, has provided the following information: DBTCA has been named as a defendant in civil litigation concerning its role as trustee of certain residential mortgage backed securities (“RMBS”) trusts. On June 18, 2014, a group of investors (“Plaintiff Investors”) filed a civil action against DBTCA and Deutsche Bank National Trust Company (“DBNTC”) in New York State Supreme Court purportedly on behalf of and for the benefit of 544 private-label RMBS trusts asserting claims for alleged violations of the Trust Indenture Act of 1939, breach of contract, breach of fiduciary duty and negligence based on DBTCA’s and DBNTC’s alleged failure to ~~report~~perform their obligations as trustees for the trusts (the “NY Derivative Action”). An amended complaint was filed on July 16, 2014, adding Plaintiff Investors and RMBS trusts to the NY Derivative Action. On November 24, 2014, the Plaintiff Investors moved to voluntarily dismiss the NY Derivative Action without prejudice. Also on November 24, 2014, substantially the same group of Plaintiff Investors filed a civil action against DBTCA and DBNTC in the United States District Court for the Southern District of New York (the “SDNY Action”), making substantially the same allegations as the New York Derivative Action with respect to 564 RMBS trusts (542 of which were at issue in the NY Derivative Action). The SDNY Action is styled both as a derivative action on behalf of the named RMBS Trusts and, in the alternative, as a putative class action on behalf of holders of RMBS representing interests in those RMBS trusts. DBTCA is reviewing these newly-filed pleadings. DBTCA has no pending legal proceedings (including, based on DBTCA’s preliminary evaluation, the litigation disclosed in this paragraph) that would materially affect its ability to perform its duties as Trustee on behalf of the Certificate-holders.

~~Item 1115(b)~~2 ~~of Regulation AB. Certain Derivatives Instruments (Financial Information).~~

~~Nothing~~PART toII ~~report.~~

~~Item 1117~~The offollowing ~~Regulation~~items ~~AB.~~have ~~Legal~~been ~~Proceedings.~~omitted in accordance with General Instruction J to Form 10-K:

Since July 2014, Santander Consumer USA Inc. has received civil subpoenas and civil investigative demands from various federal and state agencies, including from the U.S. Department of Justice under the Financial Institutions Reform, Recovery and Enforcement Act, the United States Securities and Exchange Commission and several state attorneys general, requesting the production of documents and communications that, among other things, relate to the origination, underwriting and securitization of auto loans for varying time periods since 2007. Investigations, proceedings or information-gathering requests that Santander Consumer USA Inc. is, or may become, involved in may result in adverse consequences to Santander Consumer USA Inc. including, without limitation, adverse judgments, settlements, fines, penalties, injunctions, or other actions.


Item 5:		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 6:		Selected Financial Data

Item 7:		Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A:		Quantitative and Qualitative Disclosures about Market Risk

Item 8:		Financial Statements and Supplementary Data

Item 9:		Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9A:		Controls and Procedures

2Item 9B. Other Information.

~~Deutsche~~Santander ~~Bank~~Consumer ~~Trust~~USA ~~Company~~Inc. ~~Americas~~ (“~~DBTCA~~SC”), asis ~~the~~party ~~indenture trustee~~to, ~~has provided~~or ~~the~~is ~~following~~periodically ~~information:~~otherwise ~~DBTCA~~involved ~~has been named as a defendant~~ in, ~~civil litigation concerning its role as trustee of certain residential mortgage backed securities (“RMBS”) trusts. On June 18~~reviews, ~~2014~~investigations, aand ~~group~~proceedings ~~of investors~~ (~~“Plaintiff~~both ~~Investors”)~~formal ~~filed a civil action against DBTCA~~ and ~~Deutsche Bank National Trust Company (“DBNTC”~~ informal), inand ~~New~~information-gathering ~~York~~requests, ~~State~~by ~~Supreme~~government ~~Court~~and ~~purportedly~~self-regulatory onagencies, ~~behalf~~including ~~of and for~~ the ~~benefit~~Board of ~~544 private-label RMBS~~Governors ~~trusts~~of ~~asserting~~the ~~claims~~Federal ~~for~~Reserve ~~alleged~~System ~~violations of~~ (the ~~Trust~~“Federal ~~Indenture~~Reserve”), ~~Act~~the ~~of 1939~~CFPB, ~~breach~~the ofU.S. ~~contract,~~Department ~~breach~~ of ~~fiduciary~~Justice ~~duty~~(the “DOJ”), ~~and~~the ~~negligence~~SEC, ~~based~~the onFederal ~~DBTCA’s~~Trade ~~and~~Commission ~~DBNTC’s alleged failure to perform their obligations as trustees for the trusts~~ (the “~~NY Derivative Action~~FTC”). Anand ~~amended~~various ~~complaint~~state ~~was~~regulatory ~~filed~~agencies. onSince July ~~16,~~ 2014, ~~adding~~SC ~~Plaintiff~~has ~~Investors~~received civil subpoenas and ~~RMBS~~civil ~~trusts~~investigative todemands ~~the~~from NYvarious ~~Derivative~~federal ~~Action.~~and Onstate ~~November 24~~agencies, ~~2014,~~including from the ~~Plaintiff~~DOJ ~~Investors~~under ~~moved to voluntarily dismiss~~ the NYFinancial ~~Derivative~~Institutions ~~Action~~Reform, ~~without~~Recovery ~~prejudice.~~and ~~Also~~Enforcement ~~on November 24~~Act, ~~2014, substantially~~ the ~~same~~SEC ~~group of Plaintiff Investors filed a civil action against DBTCA~~ and ~~DBNTC~~several instate ~~the~~attorneys ~~United~~general, ~~States~~requesting ~~District Court for~~ the ~~Southern~~production ~~District~~ of ~~New York~~documents ~~(the~~and ~~“SDNY~~communications ~~Action”)~~that, ~~making~~among ~~substantially~~other ~~the~~things, ~~same~~relate ~~allegations~~to as the ~~New~~origination, underwriting ~~York~~and ~~Derivative~~securitization ~~Action with respect to 564 RMBS trusts (542~~ of ~~which~~auto ~~were~~loans atfor ~~issue~~varying intime ~~the~~periods NYsince ~~Derivative Action)~~2007. ~~The~~Investigations, ~~SDNY~~litigation ~~Action~~proceedings isand/or ~~styled~~information-gathering ~~both~~requests asthat ~~a derivative~~SC ~~action~~or onany ~~behalf~~ of ~~the~~its ~~named~~subsidiaries ~~RMBS~~or ~~Trusts~~affiliates ~~and,~~are ininvolved ~~the alternative~~in, asor amay ~~putative~~become ~~class~~involved in, ~~action~~may onresult ~~behalf of holders of RMBS representing interests~~ in ~~those~~adverse ~~RMBS~~consequences ~~trusts.~~to ~~DBTCA~~SC ~~is reviewing these newly-filed pleadings. DBTCA has no pending legal proceedings (~~including, ~~based~~without onlimitation, ~~DBTCA’s~~adverse ~~preliminary~~judgments, ~~evaluation~~settlements, ~~the~~fines, ~~litigation~~penalties, ~~disclosed~~injunctions, inor ~~this~~other ~~paragraph) that would materially affect its ability to perform its duties as Trustee on behalf of the Certificate-holders~~actions.

3In October 2016, the parent of SC, Santander Consumer Holdings USA Inc. (“SC Holdings”), filed amendments to certain periodic reports previously filed with the SEC after determining that its previously issued audited financial statements for the years ended December 31, 2015, 2014 and 2013, and previously issued unaudited financial statements contained in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016, 2015 and 2014, June 30, 2015 and 2014 and September 30, 2015 and 2014 should no longer be relied on and should be restated due to certain errors identified in such financial statements relating to (i) SC Holdings’ methodology for accreting dealer discounts, subvention payments from manufacturers and capitalized origination costs, (ii) SC Holdings’ lack of consideration of net discounts when estimating the allowance for credit losses and (iii) the discount rate used in determining the impairment for loans accounted for as troubled debt restructurings. SC Holdings has reviewed all critical relationships and does not foresee a material interruption in, or change to, normal business activities related to the delayed and amended filings. The financial statement errors relate to non-cash items and have no material impact on net cash from operating activities, investing activities or financing activities. Additional information about SC Holdings, including information contained in required annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, is on file with the SEC under the name “Santander Consumer USA Holdings Inc.” and file number 001-36270.

~~PART~~3 II

~~The~~SC, ~~following~~as ~~items~~servicer, ~~have~~entered ~~been~~into ~~omitted~~a inServicing ~~accordance~~Agreement, dated as of July 15, 2016 (the “Subservicing Agreement”), and a related Amended and Restated Program Portfolio Schedule (SDART Publicly Registered Transactions), dated as of January 31, 2017 (the “Program Portfolio Schedule”), with ~~General~~Santander ~~Instruction~~Consumer JInternational Puerto Rico LLC (the “Subservicer”), pursuant to which SC delegated to the Subservicer certain of its duties as servicer with respect to the asset pool held by the issuing entity. The Subservicing Agreement and the Program Portfolio Schedule are attached as exhibits to this Form 10-K:.

~~Item~~SC, 5:as ~~Market~~sole ~~for~~equity ~~Registrant’s~~member, ~~Common~~entered ~~Equity~~into a First Amendment, ~~Related~~dated ~~Stockholder~~as ~~Matters~~of February 28, 2017, to the Amended and ~~Issuer~~Restated ~~Purchases~~Limited Company Agreement of ~~Equity~~Santander ~~Securities~~Drive Auto Receivables LLC, the depositor, amending the definition of independent director. The First Amendment is attached as an exhibit to this Form 10-K.

~~Item~~4 ~~6: Selected Financial Data~~

~~Item~~PART 7:III ~~Management’s Discussion and Analysis of Financial Condition and Results of Operations~~

~~Item~~The ~~7A:~~following ~~Quantitative~~items ~~and~~have ~~Qualitative~~been ~~Disclosures~~omitted ~~about~~in ~~Market~~accordance ~~Risk~~with General Instruction J to Form 10-K:

Item 8: Financial Statements and Supplementary Data


Item 10:		Directors, Executive Officers, and Corporate Governance

Item 11:		Executive Compensation

Item 12:		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 13:		Certain Relationships and Related Transactions, and Director Independence

Item 14:		Principal Accounting Fees and Services

~~Item~~Substitute 9:information ~~Changes~~provided in ~~and~~accordance ~~Disagreements~~ with ~~Accountants~~General onInstruction ~~Accounting~~J ~~and~~to ~~Financial~~Form 10-K: ~~Disclosure~~

Item 1119 ~~9A:~~of ~~Controls~~Regulation AB. Affiliations and ~~Procedures~~Certain Relationships and Related Transactions.

Information required by Item ~~9B.~~1119 ~~Other~~of ~~Information~~Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

~~Santander Consumer USA Inc. is a wholly-owned~~Item ~~subsidiary~~1122 of ~~Santander~~Regulation ~~Consumer USA Holdings Inc~~AB., aCompliance Delaware corporation (“SC Holdings”). SC Holdings has not filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the “2015 Form 10-K”). Information about the delay of the filing of the 2015 Form 10-K can be found in SC Holdings’ Form 8-K filed with ~~the Securities and Exchange Commission (the “SEC”) on March 15, 2016. Additional information about SC Holdings, including information contained in~~ ~~required~~Applicable ~~annual~~Servicing ~~reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, is on file with the SEC under the name “Santander Consumer USA Holdings Inc~~Criteria.” ~~and file number 001-36270.~~

4Each of SC, the Subservicer and Deutsche Bank Trust Company Americas (each, a “Servicing Participant”) have been identified by the issuing entity as parties participating in the servicing function with respect to the pool assets held by the issuing entity. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to it (each, a “Report on Assessment”), which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by one or more registered public accounting firms, which reports are also attached as exhibits to this Form 10-K.

~~PART~~Management’s ~~III~~Assessment of Compliance for SC has identified a material instance of noncompliance related to the servicing criterion set forth in Item 1122(d)(3)(i)—reports to investors, including those to be filed with the Commission, were not maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, reports to investors provided information that was not calculated in accordance with the terms specified in the transaction agreements. This material instance of noncompliance relates to the asset-backed securities covered in this Form 10-K and issued by the Issuer. The instance relates to two separate matters:

~~The~~(1) ~~following~~Under ~~items~~the ~~have~~transaction ~~been~~agreements ~~omitted~~for the Platform, SC, as Servicer, is entitled to receive all Supplemental Servicing Fees as additional servicing compensation, and such Supplemental Servicing Fees do not constitute Available Funds. However, SC included Supplemental Servicing Fees for certain transactions in the Platform under “other amounts received” and included such amounts as part of “Available Funds” in the investor reports; for these transactions, Supplemental Servicing Fees were distributed in accordance with ~~General~~the ~~Instruction~~payment Jpriorities toset ~~Form~~forth ~~10-K:~~in the related transaction agreements rather than being retained by the Servicer.

~~Item~~To ~~10:~~address ~~Directors,~~this ~~Executive~~issue ~~Officers~~and the related instance of noncompliance, SC will stop including Supplemental Servicing Fees as “other amounts received” for all transactions in the Platform beginning with the March 2017 collection period and ~~Corporate~~will ~~Governance~~retain such amounts as additional servicing compensation as specified in the transaction agreements. SC believes that the inclusion of Supplemental Servicing Fees as available funds did not result in any material adverse effect on security holders or the amounts or timing of payments to security holders.

~~Item~~5 ~~11: Executive Compensation~~

~~Item~~(2) ~~12:~~Under ~~Security~~the ~~Ownership~~transaction agreements for the Platform, SC, as Servicer, is required to pay all expenses incurred by it in connection with its activities as servicer other than expenses in connection with the sale of ~~Certain~~a ~~Beneficial~~repossessed ~~Owners~~vehicle, which may be netted from liquidation proceeds from such sale. For certain transactions in the Platform, SC did not net external costs associated with repossession expenses attributable to financed vehicles sold after the related receivables have become defaulted receivables; for these transactions, SC paid such repossession expenses and ~~Management~~the “Liquidation Proceeds” included in the investor reports and ~~Related~~distributed ~~Stockholder~~in ~~Matters~~accordance with the payment priorities set forth in the related transaction agreements were greater than they would have been had SC reduced the liquidation proceeds by the external costs associated with repossession expenses in accordance with the transaction agreements for those transactions.

~~Item~~To ~~13:~~address ~~Certain~~this ~~Relationships~~issue and ~~Related~~the ~~Transactions~~related instance of noncompliance, SC will amend the transaction agreements for the effected transactions in the Platform to memorialize the agreement of the Servicer to pay such external costs of repossessions rather than netting such amounts from sale proceeds from the disposition of repossessed financed vehicles. SC believes that the payment of external costs associated with repossession expenses by the Servicer and ~~Director~~the ~~Independence~~failure to report Liquidation Expenses on the investor reports net of such repossession expenses for certain transactions did not result in any material adverse effect on security holders or the amounts or timing of payments to security holders.

~~Item~~With ~~14:~~respect ~~Principal~~to ~~Accounting~~the ~~Fees~~matters described in paragraphs (1) and ~~Services~~(2) above, SC has already implemented additional policies and procedures to confirm that calculations included in investor reports are completed as set forth in the amended agreements, and is in the process of implementing greater management oversight of reporting and implementing enhanced quality assurance controls.

~~Substitute~~Item 1123 ~~information~~of ~~provided~~Regulation inAB. ~~accordance~~Servicer ~~with~~Compliance ~~General~~Statements. ~~Instruction J to Form 10-K:~~

~~Item 1119~~SC ofand ~~Regulation~~the ABSubservicer have been identified by the issuing entity as the servicers with respect to the asset pool held by the issuing entity. Each ~~Affiliations~~of SC and ~~Certain~~the ~~Relationships~~Subservicer ~~and~~have ~~Related~~completed ~~Transactions~~a statement of compliance with applicable servicing criteria (each, a “Compliance Statement”) signed by an authorized officer. The Compliance Statements are attached as exhibits to this Form 10-K.

~~Information~~6 ~~required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.~~

~~Item 1122~~PART ofIV ~~Regulation AB. Compliance with Applicable Servicing Criteria.~~

~~Each~~Item ~~of Santander Consumer USA Inc~~15. Exhibits and ~~Deutsche~~Financial ~~Bank~~Statement Trust Company Americas (each, a “Servicing Participant”) have been identified by the issuing entity as parties participating in the servicing function with respect to the pool assets held by the issuing entitySchedules. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to it (each, a “Report on Assessment”), which Reports on Assessment are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, an “Attestation Report”) by one or more registered public accounting firms, which reports are also attached as exhibits to this Form 10-K.

~~Item 1123~~(a)(1) Not ~~of Regulation AB~~Applicable. ~~Servicer Compliance Statements.~~

Santander Consumer USA Inc. has been identified by the issuing entity as the servicer with respect to the asset pool held by the issuing entity. The Servicer has completed a statement of compliance with applicable servicing criteria (a ~~“Compliance Statement”~~)(2) Not ~~signed by an authorized officer of the Servicer~~Applicable. ~~The~~ ~~Compliance Statement is attached as an exhibit to this Form 10-K.~~

5(a)(3) Not Applicable.

~~PART~~(b) Exhibits. IV

~~Item~~The ~~15.~~exhibits ~~Exhibits~~listed ~~and~~below ~~Financial~~are ~~Statement~~either ~~Schedules.~~included or incorporated by reference as indicated:

(a)(1) Not Applicable.


Exhibit No.		Description

1.1*		Underwriting Agreement, dated as of August 7, 2012, among Santander Drive Auto Receivables LLC (“Santander Drive”), Santander Consumer USA Inc. (“SC”) and J.P. Morgan Securities LLC, as representative of the several underwriters

3.1**		Amended and Restated Limited Liability Company Agreement of Santander Drive dated as of March 7, 2007

3.2		First Amendment to Amended and Restated Limited Liability Company Agreement, dated as of February 28, 2017, by SC, as sole equity member (Incorporated by reference to Exhibit 3.1 to Form 8-K filed by the Santander Drive (Commission File No. 333-139609) on March 1, 2017)

4.1***		Indenture, dated as of August 15, 2012, between Santander Drive Auto Receivables Trust 2012-5, as issuer (the “Issuer”), and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”)

10.1***		Purchase Agreement, dated as of August 15, 2012, between SC and Santander Drive

10.2***		Sale and Servicing Agreement, dated as of August 15, 2012, among the Issuer, Santander Drive, SC and the Indenture Trustee

10.3***		Administration Agreement, dated as of August 15, 2012, among the Issuer, SC, as administrator, and the Indenture Trustee

10.4***		Amended and Restated Trust Agreement, dated as of August 15, 2012, between Santander Drive and U.S. Bank Trust National Association, not in its individual capacity but solely as owner trustee for the Issuer

31.1		Certification (Santander Drive)

33.1		Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (SC)

33.2		Management’s Assertion of Compliance (Indenture Trustee)

33.3		Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (Subservicer)

~~(a)(2)~~7 ~~Not Applicable.~~

(a)(3) Not Applicable.



34.1		Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to SC)

34.2		Report of Independent Registered Public Accounting Firm (KPMG LLP with respect to the Indenture Trustee)

34.3		Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to the Subservicer)

35.1		Servicer Compliance Statement (SC)

35.2		Servicer Compliance Statement (Subservicer)

99.1		Servicing Agreement, dated as of July 15, 2016, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.1 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) filed on March 1, 2017)

99.2		Amended and Restated Program Portfolio Schedule (SDART Publicly Registered Transactions), dated as of January 31, 2017, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.2 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) on March 1, 2017)

* Incorporated by reference from Form 8-K filed by Santander Drive (bCommission File No. 333-180147) ~~Exhibits~~and the Issuer (Commission File No. 333-180147-02) with the Securities and Exchange Commission on August 9, 2012.

~~The~~** ~~exhibits~~Incorporated ~~listed~~by ~~below~~reference ~~are~~from ~~either~~Form ~~included~~S-3 orfiled ~~incorporated~~ by ~~reference~~Santander ~~as indicated:~~Drive (Commission File No. 333-180147) with the Securities and Exchange Commission on March 15, 2012.

Exhibit No.		Description
1.1*		Underwriting Agreement, dated as of August 7, 2012, among Santander Drive Auto Receivables LLC (“Santander Drive”), Santander Consumer USA Inc. (“SC USA”) and J.P. Morgan Securities LLC, as representative of the several underwriters
3.1**		Amended and Restated Limited Liability Company Agreement of Santander Drive dated as of March 7, 2007
4.1***		Indenture, dated as of August 15, 2012, between the Santander Drive Auto Receivables Trust 2012-5, as issuer (the “Issuer”), and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”)
10.1***		Purchase Agreement, dated as of August 15, 2012, between SC USA and Santander Drive
10.2***		Sale and Servicing Agreement, dated as of August 15, 2012, among the Issuer, Santander Drive, SC USA and the Indenture Trustee
10.3***		Administration Agreement, dated as of August 15, 2012, among the Issuer, SC USA, as administrator, and the Indenture Trustee
10.4***		Amended and Restated Trust Agreement, dated as of August 15, 2012, between Santander Drive and U.S. Bank Trust National Association, not in its individual capacity but solely as owner trustee for the Issuer
31.1		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Santander Drive)
33.1		Report on Assessment of Compliance with Applicable Servicing Criteria (SC USA)
33.2		Report on Assessment of Compliance with Applicable Servicing Criteria (Indenture Trustee)
34.1		Attestation Report of Independent Registered Public Accounting Firm on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed Securities (Deloitte & Touche LLP)
34.2		Attestation Report of Independent Registered Public Accounting Firm on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed Securities (KPMG LLP)

***	Incorporated by reference from Form 8-K filed by Santander Drive (Commission File No. 333-180147) and the Issuer (Commission File No. 333-180147-02) with the Securities and Exchange Commission on August 15, 2012.

6(c) Not Applicable.

~~35.1~~Supplemental ~~Servicing~~information ~~Compliance~~to ~~Statement~~be ~~(SC~~Furnished ~~USA~~With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.

*No ~~Incorporated~~annual byreport, ~~reference~~proxy ~~from~~statement, ~~Form~~form ~~8-K~~of ~~filed~~proxy or byother ~~Santander~~proxy ~~Drive~~soliciting ~~Auto~~material ~~Receivables~~has ~~LLC~~been ~~(Commission~~sent ~~File~~to ~~No.~~certificateholders, ~~333-180147)~~ and ~~Santander~~the ~~Drive~~registrant ~~Auto~~does ~~Receivables~~not ~~Trust~~presently ~~2012-5~~contemplate ~~(Commission~~sending ~~File~~any ~~No.~~such ~~333-180147-02)~~materials ~~with~~subsequent to the ~~Securities~~filing ~~and~~of ~~Exchange~~this ~~Commission on August 9, 2012~~report.

**8 ~~Incorporated by reference from Form S-3/A filed by Santander Drive Auto Receivables LLC (Commission File No. 333-165432) with the Securities and Exchange Commission on August 4, 2010.~~

~~***~~SIGNATURES Incorporated by reference from Form 8-K filed by Santander Drive Auto Receivables LLC (Commission File No. 333-180147) and Santander Drive Auto Receivables Trust 2012-5 (Commission File No. 333-180147-02) with the Securities and Exchange Commission on August 15, 2012.

Pursuant to the requirements of Section 13 or 15(cd) ~~Not~~of ~~Applicable~~the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

~~Supplemental information to be Furnished With Reports Filed Pursuant to Section~~Date: ~~15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section~~March 1230, of2017 ~~the Act.~~

NoSANTANDER ~~annual~~DRIVE ~~report,~~AUTO ~~proxy~~RECEIVABLES ~~statement~~LLC, ~~form~~as ~~of proxy~~depositor orBy: ~~other~~/s/ ~~proxy~~Andrew ~~soliciting~~Kang ~~material~~Name: ~~has~~Andrew ~~been~~Kang ~~sent~~Title: toPresident ~~certificateholders,~~ and ~~the~~Chief ~~registrant~~Executive ~~does~~Officer ~~not~~(senior ~~presently~~officer ~~contemplate~~in ~~sending~~charge ~~any~~of ~~such~~securitization ~~materials~~of ~~subsequent to~~ the ~~filing of this report.~~ depositor)

~~SIGNATURES~~EXHIBIT INDEX

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Exhibit No.		Description

1.1*		Underwriting Agreement, dated as of August 7, 2012, among Santander Drive Auto Receivables LLC (“Santander Drive”), Santander Consumer USA Inc. (“SC”) and J.P. Morgan Securities LLC, as representative of the several underwriters

3.1**		Amended and Restated Limited Liability Company Agreement of Santander Drive dated as of March 7, 2007

3.2		First Amendment to Amended and Restated Limited Liability Company Agreement, dated as of February 28, 2017, by SC, as sole equity member (Incorporated by reference to Exhibit 3.1 to Form 8-K filed by the Santander Drive (Commission File No. 333-139609) on March 1, 2017)

4.1***		Indenture, dated as of August 15, 2012, between Santander Drive Auto Receivables Trust 2012-5, as issuer (the “Issuer”), and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”)

10.1***		Purchase Agreement, dated as of August 15, 2012, between SC and Santander Drive

10.2***		Sale and Servicing Agreement, dated as of August 15, 2012, among the Issuer, Santander Drive, SC and the Indenture Trustee

10.3***		Administration Agreement, dated as of August 15, 2012, among the Issuer, SC, as administrator, and the Indenture Trustee

10.4***		Amended and Restated Trust Agreement, dated as of August 15, 2012, between Santander Drive and U.S. Bank Trust National Association, not in its individual capacity but solely as owner trustee for the Issuer

31.1		Certification (Santander Drive)

33.1		Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (SC)

33.2		Management’s Assertion of Compliance (Indenture Trustee)

33.3		Management’s Assessment of Compliance with SEC Regulation AB Servicing Criteria (Subservicer)

34.1		Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to SC)

34.2		Report of Independent Registered Public Accounting Firm (KPMG LLP with respect to the Indenture Trustee)

34.3		Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP with respect to the Subservicer)

~~Date: March 29,~~10 ~~2016~~

SANTANDER DRIVE AUTO RECEIVABLES LLC, as depositor By: /s/ Jennifer M. Davis Name: Jennifer M. Davis Title: Deputy Chief Financial Officer



35.1		Servicer Compliance Statement (SC)

35.2		Servicer Compliance Statement (Subservicer)

99.1		Servicing Agreement, dated as of July 15, 2016, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.1 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) filed on March 1, 2017)

99.2		Amended and Restated Program Portfolio Schedule (SDART Publicly Registered Transactions), dated as of January 31, 2017, by and between SC and the Subservicer (Incorporated by reference to Exhibit 99.2 to Form 8-K filed by Santander Drive (Commission File No. 333-139609) on March 1, 2017)

* Incorporated by reference from Form 8-K filed by Santander Drive (Commission File No. 333-180147) and the Issuer (Commission File No. 333-180147-02) with the Securities and Exchange Commission on August 9, 2012.

~~EXHIBIT~~** ~~INDEX~~ Incorporated by reference from Form S-3 filed by Santander Drive (Commission File No. 333-180147) with the Securities and Exchange Commission on March 15, 2012.

Exhibit No.		Description
1.1*		Underwriting Agreement, dated as of August 7, 2012, among Santander Drive Auto Receivables LLC (“Santander Drive”), Santander Consumer USA Inc. (“SC USA”) and J.P. Morgan Securities LLC, as representative of the several underwriters
3.1**		Amended and Restated Limited Liability Company Agreement of Santander Drive dated as of March 7, 2007
4.1***		Indenture, dated as of August 15, 2012, between the Santander Drive Auto Receivables Trust 2012-5, as issuer (the “Issuer”), and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”)
10.1***		Purchase Agreement, dated as of August 15, 2012, between SC USA and Santander Drive
10.2***		Sale and Servicing Agreement, dated as of August 15, 2012, among the Issuer, Santander Drive, SC USA and the Indenture Trustee
10.3***		Administration Agreement, dated as of August 15, 2012, among the Issuer, SC USA, as administrator, and the Indenture Trustee
10.4***		Amended and Restated Trust Agreement, dated as of August 15, 2012, between Santander Drive and U.S. Bank Trust National Association, not in its individual capacity but solely as owner trustee for the Issuer
31.1		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Santander Drive)
33.1		Report on Assessment of Compliance with Applicable Servicing Criteria (SC USA)
33.2		Report on Assessment of Compliance with Applicable Servicing Criteria (Indenture Trustee)
34.1		Attestation Report of Independent Registered Public Accounting Firm on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed Securities (Deloitte & Touche LLP)
34.2		Attestation Report of Independent Registered Public Accounting Firm on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed Securities (KPMG LLP)
35.1		Servicing Compliance Statement (SC USA)

***	Incorporated by reference from Form 8-K filed by Santander Drive (Commission File No. 333-180147) and the Issuer (Commission File No. 333-180147-02) with the Securities and Exchange Commission on August 15, 2012.

*11 Incorporated by reference from Form 8-K filed by Santander Drive Auto Receivables LLC (Commission File No. 333-180147) and Santander Drive Auto Receivables Trust 2012-5 (Commission File No. 333-180147-02) with the Securities and Exchange Commission on August 9, 2012.

** Incorporated by reference from Form S-3/A filed by Santander Drive Auto Receivables LLC (Commission File No. 333-165432) with the Securities and Exchange Commission on August 4, 2010.

*** Incorporated by reference from Form 8-K filed by Santander Drive Auto Receivables LLC (Commission File No. 333-180147) and Santander Drive Auto Receivables Trust 2012-5 (Commission File No. 333-180147-02) with the Securities and Exchange Commission on August 15, 2012.

Filing Compare · Santander Drive Auto Receivables Trust 2012-5