UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 10-K/A

Amendment No. 1





(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.

or



| ̈ | 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.









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EXPLANATORY NOTE

This Amendment No. 1 amends the Annual Report on Form 10-K for the fiscal year ended December 31, 2015 which was filed with the Securities and
Exchange Commission on March 30, 2016 and is being filed for the purpose of (a) filing a new Exhibit 31.1 (Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Santander Drive)), (b) amending and revising
Exhibit 33.1 (Report on Assessment of Compliance with Applicable Servicing Criteria (SC USA)) for Item 5 and two explanatory notes, and (c) amending and revising Exhibit 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)).

Other than as
discussed above, this Form 10-K/A does not update or amend any other information or any exhibits as originally filed on the Form 10-K and does not otherwise reflect events occurring after the original filing date of the Form 10-K. Accordingly, this
Form 10-K/A should be read in conjunction with the Form 10-K and with other filings made by the issuing entity with the Securities and Exchange Commission subsequent to the filing of the Form 10-K.

PART I

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



Item 1:

BusinessItem 1A:

Risk FactorsItem 2:

PropertiesItem 3:

Legal ProceedingsItem 4:

Reserved


Item 1B. Unresolved Staff Comments.

Nothing to report.

Substitute information
provided in accordance with General Instruction J to Form 10-K:

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial
Information).

Nothing to report.

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

Nothing to report.

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

Nothing to report.

Item 1117 of
Regulation AB. Legal Proceedings.

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.



2



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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 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.



3



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PART II

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



Item 5:

Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6:

Selected Financial DataItem 7:

Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 7A:

Quantitative and Qualitative Disclosures about Market RiskItem 8:

Financial Statements and Supplementary DataItem 9:

Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A:

Controls and Procedures


Item 9B. Other Information.

Santander Consumer USA Inc. is a wholly-owned subsidiary of Santander Consumer USA Holdings Inc., a Delaware corporation (SC Holdings). SC Holdings
filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the 2015 Form 10-K) after the extended filing deadline. SC Holdings identified certain material weaknesses in internal control over financial
reporting in Item 9A of the 2015 Form 10-K. Certain of these material weaknesses involve the failure of controls to operate effectively, resulting in misstatements in SC Holdings filed financial statements as of for the years ended
December 31, 2014 and 2013, and interim periods in 2015 and 2014. The errors and resulting corrections to annual financial statements are described in Note 1 to the consolidated financial statements included in Item 8 of the 2015 Form
10-K, with corrections to interim periods shown in Item 9B of the 2015 Form 10-K. 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 Securities and Exchange Commission under the name Santander Consumer USA Holdings Inc. and file number 001-36270.



4



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PART III

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



Item 10:

Directors, Executive Officers, and Corporate GovernanceItem 11:

Executive CompensationItem 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 13:

Certain Relationships and Related Transactions, and Director IndependenceItem 14:

Principal Accounting Fees and Services


Substitute information provided in accordance with General Instruction J to Form 10-K:

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.

Information 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 of Regulation AB. Compliance with Applicable Servicing Criteria.

Each of Santander Consumer USA Inc. 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.

Item 1123 of Regulation AB. 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) signed by an authorized officer of the Servicer. The Compliance Statement is attached as an exhibit to
this Form 10-K.



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PART IV

Item 15. Exhibits and Financial Statement Schedules.



|       |  |                
|------ |  | ---------------
|(a)(1) |  | Not Applicable.
|       | 
|(a)(2) |  | Not Applicable.
|       | 
|(a)(3) |  | Not Applicable.
|       | 
|(b)    |  | Exhibits.      

The exhibits listed below are either included or incorporated by reference as indicated:



|            |  |                                                                                                                                                                                                                                         
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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)                                                               



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|     |  |                                        
|---- |  | ---------------------------------------
|     | 
|35.1 |  | Servicing Compliance Statement (SC USA)



|* | 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.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | Not Applicable.
|--- | ---------------

Supplemental information to be Furnished 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 annual report, proxy statement, form of
proxy or other proxy soliciting material has been sent to certificateholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.



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SIGNATURES

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.

Date: August 19, 2016



SANTANDER DRIVE AUTO RECEIVABLES LLC, as depositorBy:

/s/ Jennifer M. DavisName:

Jennifer M. DavisTitle:

Deputy Chief Financial Officer




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EXHIBIT INDEX



|            |  |                                                                                                                                                                                                                                         
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|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 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.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



9