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, 2011.

or



| ̈ | 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: 333-165432-02





SANTANDER DRIVE AUTO RECEIVABLES TRUST 2011-1

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

Commission
file number of depositor: 333-165432

SANTANDER DRIVE AUTO RECEIVABLES LLC

(Exact name of depositor as specified in its charter)

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)

45-6217245

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

c/o Santander Drive Auto Receivables LLC

8585 North Stemmons Freeway, Suite 1100-N

Dallas, Texas 75247

(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 1A: | Risk Factors
| | -------- | ------------



| | Item 2: | Properties
| | ------- | ----------



| | Item 3: | Legal Proceedings
| | ------- | -----------------



| | Item 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.

Nothing to report.



2



---

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 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
| | -------- | -----------------------

Item 9B. Other
Information.

Nothing to report.



3



---

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 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
| | -------- | --------------------------------------

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.

The
Servicer 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.



4



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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:



|           |  |                                                                                                                                                                                                                                                                                   
|---------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNo. |  | Description                                                                                                                                                                                                                                                                       
|           | 
|1.1*       |  | Underwriting Agreement, dated as of April 28, 2011, among Santander Drive Auto Receivables LLC (Santander Drive), Santander Consumer USA Inc. (SC USA) and
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc., as 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 May 4, 2011, between the Santander Drive Auto Receivables Trust 2011-1, as issuer (the Issuer), and Deutsche Bank Trust Company Americas, as
indenture trustee (the Indenture Trustee)                                                                 
|           | 
|10.1***    |  | Purchase Agreement, dated as of May 4, 2011, between SC USA and Santander Drive                                                                                                                                                                                                   
|           | 
|10.2***    |  | Sale and Servicing Agreement, dated as of May 4, 2011, among the Issuer, Santander Drive, SC USA and the Indenture Trustee                                                                                                                                                        
|           | 
|10.3***    |  | Administration Agreement, dated as of May 4, 2011, among the Issuer, SC USA, as administrator, and the Indenture Trustee                                                                                                                                                          
|           | 
|10.4***    |  | Amended and Restated Trust Agreement, dated as of May 4, 2011, between Santander Drive and Wells Fargo Delaware Trust Company, N.A., 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)                                                                                                         



5



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|           |  |                                                                                                                                                                                                                                                                         
|---------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNo. |  | Description                                                                                                                                                                                                                                                             
|           | 
|35.1       |  | Servicing Compliance Statement (SC USA)                                                                                                                                                                                                                                 
|           | 
|*          |  | Incorporated by reference from Form 8-K filed by Santander Drive Auto Receivables LLC (Commission File No. 333-165432) and Santander Drive Auto Receivables Trust 2011-1
(Commission File No. 333-165432-02) with the Securities and Exchange Commission on May 3, 2011.
|           | 
|**         |  | 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. 333-165432) and Santander Drive Auto Receivables Trust 2011-1
(Commission File No. 333-165432-02) with the Securities and Exchange Commission on May 5, 2011.

(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.



6



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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: March 30, 2012



SANTANDER DRIVE AUTO RECEIVABLES LLC, as depositorBy:

/s/ Jason KulasName: Title:

Jason Kulas Chief Financial
Officer




7



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EXHIBIT INDEX



|            |  |                                                                                                                                                                                                                                                                                   
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                                                                                                                                                       
|            | 
|1.1*        |  | Underwriting Agreement, dated as of April 28, 2011, among Santander Drive Auto Receivables LLC (Santander Drive), Santander Consumer USA Inc. (SC USA) and
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc., as 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 May 4, 2011, between the Santander Drive Auto Receivables Trust 2011-1, as issuer (the Issuer), and Deutsche Bank Trust Company Americas, as
indenture trustee (the Indenture Trustee)                                                                 
|            | 
|10.1***     |  | Purchase Agreement, dated as of May 4, 2011, between SC USA and Santander Drive                                                                                                                                                                                                   
|            | 
|10.2***     |  | Sale and Servicing Agreement, dated as of May 4, 2011, among the Issuer, Santander Drive, SC USA and the Indenture Trustee                                                                                                                                                        
|            | 
|10.3***     |  | Administration Agreement, dated as of May 4, 2011, among the Issuer, SC USA, as administrator, and the Indenture Trustee                                                                                                                                                          
|            | 
|10.4***     |  | Amended and Restated Trust Agreement, dated as of May 4, 2011, between Santander Drive and Wells Fargo Delaware Trust Company, N.A., 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. 333-165432) and Santander Drive Auto Receivables Trust 2011-1
(Commission File No. 333-165432-02) with the Securities and Exchange Commission on May 3, 2011.          
|            | 
|**          |  | 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. 333-165432) and Santander Drive Auto Receivables Trust 2011-1
(Commission File No. 333-165432-02) with the Securities and Exchange Commission on May 5, 2011.          



8