##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
 For the fiscal year ended December 31, 2007.
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
 For the transition period from  to.
 
 Commission file number of the issuing entity: 333-139609-1
 SANTANDER DRIVE AUTO RECEIVABLES TRUST 2007-2
  Commission file number of depositor: 333-139609
 SANTANDER DRIVE AUTO RECEIVABLES LLC
  SANTANDER CONSUMER USA INC.
  
 Delaware
 20-4382941
 8585 North Stemmons Freeway
Suite 1100-N
Dallas, Texas 75247
 (214) 634-1110
 None
 None
  o þ
  o þ
  þ o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




---



TABLE OF CONTENTS  PART IItem 1B. Unresolved Staff Comments.Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Information Regarding Significant Enhancement Providers).Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).Item 1117 of Regulation AB. Legal Proceedings.PART IIItem 9B. Other Information.PART IIIItem 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions.Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.Item 1123 of Regulation AB. Servicer Compliance Statements.PART IVItem 15. Exhibits and Financial Statement Schedules.SIGNATURESEXHIBIT INDEXExhibit 31.1Exhibit 33.1Exhibit 33.2Exhibit 34.1Exhibit 34.2Exhibit 35.1    Table of Contents  
 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:
    
    Submission of Matters to a Vote of Security Holders
 
 Item 1B. Unresolved Staff Comments.
  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).
  
 Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain
Derivatives Instruments (Information Regarding Significant Enhancement Providers).
  
 Item 1115(b) of Regulation AB. Certain Derivatives Instruments (Financial Information).
  
 Item 1117 of Regulation AB. Legal Proceedings.
  2




---



##### Table of Contents



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.
  3




---



##### Table of Contents



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.
  
 Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
   
 Item 1123 of Regulation AB. Servicer Compliance Statements.
  4




---



##### Table of Contents



PART IV
 
 Item 15. Exhibits and Financial Statement Schedules.
 (a)(1)
    
    Not Applicable.(a)(2)
    
    Not Applicable.(a)(3)
    
    Not Applicable.(b)
    
    Exhibits.
  ExhibitNo.
    
    Description1.1*
    
    Underwriting Agreement dated August 23, 2007 among the Registrant, Santander Consumer and
the Representative.1.2*
    
    Terms Agreement dated August 23, 2007 among the Registrant, Santander Consumer and the
Representative.3.1*
    
    Amended and Restated Limited Liability Company Agreement of the Registrant dated as of March
7, 2007 (incorporated by reference from Form S-3/A of the Registrant, File no. 333-139609,
filed on March 9, 2007).4.1*
    
    Indenture dated September 5, 2007 between the Issuing Entity and Wells Fargo Bank, National
Association (Wells Fargo).4.2*
    
    Amended and Restated Trust Agreement dated September 5, 2007 between the Registrant and U.S.
Bank Trust National Association (the Owner Trustee).4.3*
    
    Financial Guaranty Insurance Policy dated as of September 5, 2007 delivered by MBIA
Insurance Corporation (the Insurer).4.4*
    
    Irrevocable Letter of Credit dated as of September 5, 2007 issued by Banco Santander, S.A.,
acting through its New York Branch.10.1*
    
    Contribution Agreement dated September 5, 2007 between the Registrant and Santander Consumer.10.2*
    
    Sale and Servicing Agreement dated September 5, 2007 among the Registrant, Santander
Consumer, the Issuing Entity and Wells Fargo.10.3*
    
    Administration Agreement dated September 5, 2007 among Santander Consumer, the Issuing
Entity and Wells Fargo.10.4*
    
    Limited Guaranty dated September 5, 2007 among Banco Santander, S.A., Wells Fargo, the
Issuing Entity, the Owner Trustee and the Insurer.10.5*
    
    Insurance Agreement dated September 5, 2007 among the Insurer, Santander Consumer, the
Registrant, the Issuing Entity, Wells Fargo and the Owner Trustee.10.6*
    
    Fee Letter dated September 5, 2007 among the Insurer, Santander Consumer, the Issuing Entity
and Wells Fargo.
 5




---



##### Table of Contents



ExhibitNo.
    
    Description10.7*
    
    ISDA Master Agreement dated September 5, 2007 between the Issuing Entity and Banco
Santander, S.A. (the Swap Counterparty).10.8*
    
    Schedule to ISDA Master Agreement dated as of September 5, 2007 between the Issuing Entity
and the Swap Counterparty.10.9*
    
    The Trust Swap Confirmation dated as of September 5, 2007 between the Issuing Entity and the
Swap Counterparty (A-2 Notes).10.10*
    
    The Trust Swap Confirmation dated as of September 5, 2007 between the Issuing Entity and the
Swap Counterparty (A-3 Notes).10.11*
    
    Credit Support Annex dated as of September 5, 2007 between the Issuing Entity and the Swap
Counterparty.10.12*
    
    Accession Agreement to Intercreditor Agreement dated September 5, 2007 between the
Registrant and the Issuing Entity.10.13*
    
    Letter of Credit Reimbursement Agreement dated September 5, 2007 among Banco Santander,
S.A., acting through its New York Branch, the Issuing Entity, the Registrant, Santander
Consumer and Wells Fargo.31.1
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Santander Drive
Auto Receivables LLC).33.1
    
    Report on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed
Securities (Santander Consumer USA Inc.).33.2
    
    Report on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed
Securities (Wells Fargo Bank, National Association).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 (Santander Consumer USA Inc.).99.1
    
    Copy of the consolidated financial statements of MBIA Insurance Corporation and its
subsidiaries are incorporated herein by reference from Exhibit 99.1 of the Annual Report on
Form 10-K filed by MBIA Inc. (File No. 001-09583) with the SEC on February 29, 2008.
 
 *
    
    Incorporated by reference from the Form 8-K filed by Santander Drive Auto Receivables LLC
(Commission File No. 333-139609) and Santander Drive Auto Receivables Trust 2007-2 (Commission
File No. 333-139609-1) with the Securities and Exchange Commission on September 11, 2007. (c)
    
    Not Applicable.
 6




---



##### Table of Contents



SIGNATURES
  Date: March 31, 2008SANTANDER DRIVE AUTO RECEIVABLES LLC, as
DepositorBy:
    /s/ Jason KulasName:
    Jason KulasTitle:
    Chief Financial Officer 7




---



##### Table of Contents



EXHIBIT INDEX
 ExhibitNo.
    
    Description1.1*
    
    Underwriting Agreement dated August 23, 2007 among the Registrant, Santander Consumer and
the Representative.1.2*
    
    Terms Agreement dated August 23, 2007 among the Registrant, Santander Consumer and the
Representative.3.1*
    
    Amended and Restated Limited Liability Company Agreement of the Registrant dated as of March
7, 2007 (incorporated by reference from Form S-3/A of the Registrant, File no. 333-139609,
filed on March 9, 2007).4.1*
    
    Indenture dated September 5, 2007 between the Issuing Entity and Wells Fargo Bank, National
Association (Wells Fargo).4.2*
    
    Amended and Restated Trust Agreement dated September 5, 2007 between the Registrant and U.S.
Bank Trust National Association (the Owner Trustee).4.3*
    
    Financial Guaranty Insurance Policy dated as of September 5, 2007 delivered by MBIA
Insurance Corporation (the Insurer).4.4*
    
    Irrevocable Letter of Credit dated as of September 5, 2007 issued by Banco Santander, S.A.,
acting through its New York Branch.10.1*
    
    Contribution Agreement dated September 5, 2007 between the Registrant and Santander Consumer.10.2*
    
    Sale and Servicing Agreement dated September 5, 2007 among the Registrant, Santander
Consumer, the Issuing Entity and Wells Fargo.10.3*
    
    Administration Agreement dated September 5, 2007 among Santander Consumer, the Issuing
Entity and Wells Fargo.10.4*
    
    Limited Guaranty dated September 5, 2007 among Banco Santander, S.A., Wells Fargo, the
Issuing Entity, the Owner Trustee and the Insurer.10.5*
    
    Insurance Agreement dated September 5, 2007 among the Insurer, Santander Consumer, the
Registrant, the Issuing Entity, Wells Fargo and the Owner Trustee.10.6*
    
    Fee Letter dated September 5, 2007 among the Insurer, Santander Consumer, the Issuing Entity
and Wells Fargo.10.7*
    
    ISDA Master Agreement dated September 5, 2007 between the Issuing Entity and Banco
Santander, S.A. (the Swap Counterparty).10.8*
    
    Schedule to ISDA Master Agreement dated as of September 5, 2007 between the Issuing Entity
and the Swap Counterparty.10.9*
    
    The Trust Swap Confirmation dated as of September 5, 2007 between the Issuing Entity and the
Swap Counterparty (A-2 Notes).
 8




---



##### Table of Contents



ExhibitNo.
    
    Description10.10*
    
    The Trust Swap Confirmation dated as of September 5, 2007 between the Issuing Entity and the
Swap Counterparty (A-3 Notes).10.11*
    
    Credit Support Annex dated as of September 5, 2007 between the Issuing Entity and the Swap
Counterparty.10.12*
    
    Accession Agreement to Intercreditor Agreement dated September 5, 2007 between the
Registrant and the Issuing Entity.10.13*
    
    Letter of Credit Reimbursement Agreement dated September 5, 2007 among Banco Santander,
S.A., acting through its New York Branch, the Issuing Entity, the Registrant, Santander
Consumer and Wells Fargo.31.1
    
    Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Santander Drive
Auto Receivables LLC).33.1
    
    Report on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed
Securities (Santander Consumer USA Inc.).33.2
    
    Report on Assessment of Compliance with Applicable Servicing Criteria for Asset Backed
Securities (Wells Fargo Bank, National Association).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 (Santander Consumer USA Inc.).99.1
    
    Copy of the consolidated financial statements of MBIA Insurance Corporation and its
subsidiaries are incorporated herein by reference from Exhibit 99.1 of the Annual Report on
Form 10-K filed by MBIA Inc. (File No. 001-09583) with the SEC on February 29, 2008.
 
 *
    
    Incorporated by reference from the Form 8-K filed by Santander Drive Auto Receivables LLC
(Commission File No. 333-139609) and Santander Drive Auto Receivables Trust 2007-2 (Commission
File No. 333-139609-1) with the Securities and Exchange Commission on September 11, 2007. 9