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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 2007-1
  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




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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 35.1Exhibit 99.1    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.
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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.
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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.
  
 Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria.
   
 Item 1123 of Regulation AB. Servicer Compliance Statements.
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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.
  Exhibit No.
    
    Description1.1*
    
    Underwriting Agreement dated March 26, 2007 among the Registrant,
Santander Consumer and the Representative.1.2*
    
    Terms Agreement dated March 28, 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 April 4, 2007 between the Issuing Entity and Wells
Fargo Bank, National Association (Wells Fargo).4.2*
    
    Amended and Restated Trust Agreement dated April 4, 2007 between
the Registrant and U.S. Bank Trust National Association (the Owner
Trustee).4.3*
    
    Financial Guaranty Insurance Policy dated as of April 4, 2007
delivered by Financial Guaranty Insurance Company (the Insurer).4.4*
    
    Irrevocable Letter of Credit dated as of April 4, 2007 issued by
Wachovia Bank, National Association.10.1*
    
    Contribution Agreement dated April 4, 2007 between the Registrant
and Santander Consumer.10.2*
    
    Sale and Servicing Agreement dated April 4, 2007 among the
Registrant, Santander Consumer, the Issuing Entity and Wells Fargo.10.3*
    
    Administration Agreement dated April 4, 2007 among Santander
Consumer, the Issuing Entity and Wells Fargo.10.4*
    
    Backup Servicing Agreement dated April 4, 2007 among Wells Fargo,
Santander Consumer, the Insurer, the Issuing Entity and the
Registrant.10.5*
    
    Insurance Agreement dated April 4, 2007 among the Insurer,
Santander Consumer, the Registrant, the Issuing Entity, Wells Fargo
and the Owner Trustee.10.6*
    
    Premium Letter dated April 4, 2007 among the Insurer, Santander
Consumer, the Issuing Entity and Wells Fargo.10.7*
    
    ISDA Master Agreement dated as of April 4, 2007 between the Issuing
Entity and Banco
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Exhibit No.
    
    DescriptionSantander Central Hispano, S.A. (the Swap Counterparty).10.8*
    
    Schedule to ISDA Master Agreement dated as of April 4, 2007 between
the Issuing Entity and the Swap Counterparty.10.9*
    
    The Trust Swap Confirmation dated as of April 4, 2007 between the
Issuing Entity and the Swap Counterparty.10.10*
    
    Credit Support Annex dated as of April 4, 2007 between the Issuing
Entity and the Swap Counterparty.10.11*
    
    Intercreditor and Master Collection Account Agreement dated
December 7, 2006 among Wells Fargo, Wachovia Capital Markets, LLC,
Drive Consumer USA Inc., Drive Warehouse LP, Drive Receivables
Corp. 6, Drive Receivables Corp. 7, Drive Receivables Corp. 8,
Drive Receivables Corp. 9, Drive Receivables Corp. 10, Drive
Receivables Corp. 11, Drive Receivables Corp. 12, Drive Auto
Receivables Trust 2003-2, Drive Auto Receivables Trust 2004-1,
Drive Auto Receivables Trust 2005-1, Drive Auto Receivables Trust
2005-2, Drive Auto Receivables Trust 2005-3, Drive Auto Receivables
Trust 2006-1, Drive Auto Receivables Trust 2006-2, MBIA Insurance
Corporation and Financial Security Assurance Inc.10.12*
    
    Accession Agreement to Intercreditor Agreement dated April 4, 2007
among the Registrant, the Issuing Entity and the Insurer.10.13*
    
    Letter of Credit Reimbursement Agreement dated April 4, 2007 among
Wachovia Bank, National Association, the Issuing Entity, the
Registrant, Santander Consumer and Wells Fargo.10.14**
    
    First Amendment to Sale and Servicing Agreement dated as of August
30, 2007 among the Issuing Entity, the Registrant, the Servicer,
the Indenture Trustee and the Backup Servicer.10.15**
    
    Second Amendment to Sale and Servicing Agreement dated as of
October 15, 2007 among the Issuing Entity, the Registrant, the
Servicer, the Indenture Trustee and the Backup Servicer.10.16**
    
    First Amendment to Insurance Agreement dated as of October 15, 2007
among the Insurer, the Registrant, the Servicer, the Issuing
Entity, the Indenture Trustee, the Backup Servicer, the Owner
Trustee and the Originator.10.17**
    
    Limited Guaranty dated October 15, 2007 among Banco Santander,
S.A., the Indenture Trustee, the Issuing Entity, the Owner Trustee
and the Insurer.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).
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Exhibit No.
    
    Description34.2
    
    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 Financial Guaranty
Insurance Company and its subsidiaries.
 
 *
    
    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 2007-1 (Commission
File No. 333-139609-1) with the Securities and Exchange Commission on April 9, 2007.**
    
    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 2007-1 (Commission
File No. 333-139609-1) with the Securities and Exchange Commission on October 18, 2007. (c)
    
    Not Applicable.
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SIGNATURES
   SANTANDER DRIVE AUTO RECEIVABLES LLC, as
DepositorBy:
    /s/ Jason KulasName:
    Jason KulasTitle:
    Chief Financial Officer 8




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EXHIBIT INDEX
 Exhibit No.
    
    Description1.1*
    
    Underwriting Agreement dated March 26, 2007 among the Registrant,
Santander Consumer and the Representative.1.2*
    
    Terms Agreement dated March 28, 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 April 4, 2007 between the Issuing Entity and Wells
Fargo Bank, National Association (Wells Fargo).4.2*
    
    Amended and Restated Trust Agreement dated April 4, 2007 between
the Registrant and U.S. Bank Trust National Association (the Owner
Trustee).4.3*
    
    Financial Guaranty Insurance Policy dated as of April 4, 2007
delivered by Financial Guaranty Insurance Company (the Insurer).4.4*
    
    Irrevocable Letter of Credit dated as of April 4, 2007 issued by
Wachovia Bank, National Association.10.1*
    
    Contribution Agreement dated April 4, 2007 between the Registrant
and Santander Consumer.10.2*
    
    Sale and Servicing Agreement dated April 4, 2007 among the
Registrant, Santander Consumer, the Issuing Entity and Wells Fargo.10.3*
    
    Administration Agreement dated April 4, 2007 among Santander
Consumer, the Issuing Entity and Wells Fargo.10.4*
    
    Backup Servicing Agreement dated April 4, 2007 among Wells Fargo,
Santander Consumer, the Insurer, the Issuing Entity and the
Registrant.10.5*
    
    Insurance Agreement dated April 4, 2007 among the Insurer,
Santander Consumer, the Registrant, the Issuing Entity, Wells Fargo
and the Owner Trustee.10.6*
    
    Premium Letter dated April 4, 2007 among the Insurer, Santander
Consumer, the Issuing Entity and Wells Fargo.10.7*
    
    ISDA Master Agreement dated as of April 4, 2007 between the Issuing
Entity and Banco Santander Central Hispano, S.A. (the Swap
Counterparty).10.8*
    
    Schedule to ISDA Master Agreement dated as of April 4, 2007 between
the Issuing Entity and the Swap Counterparty.10.9*
    
    The Trust Swap Confirmation dated as of April 4, 2007 between the
Issuing Entity and the Swap Counterparty.10.10*
    
    Credit Support Annex dated as of April 4, 2007 between the Issuing
Entity and the Swap Counterparty.
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Exhibit No.
    
    Description10.11*
    
    Intercreditor and Master Collection Account Agreement dated
December 7, 2006 among Wells Fargo, Wachovia Capital Markets, LLC,
Drive Consumer USA Inc., Drive Warehouse LP, Drive Receivables
Corp. 6, Drive Receivables Corp. 7, Drive Receivables Corp. 8,
Drive Receivables Corp. 9, Drive Receivables Corp. 10, Drive
Receivables Corp. 11, Drive Receivables Corp. 12, Drive Auto
Receivables Trust 2003-2, Drive Auto Receivables Trust 2004-1,
Drive Auto Receivables Trust 2005-1, Drive Auto Receivables Trust
2005-2, Drive Auto Receivables Trust 2005-3, Drive Auto Receivables
Trust 2006-1, Drive Auto Receivables Trust 2006-2, MBIA Insurance
Corporation and Financial Security Assurance Inc.10.12*
    
    Accession Agreement to Intercreditor Agreement dated April 4, 2007
among the Registrant, the Issuing Entity and the Insurer.10.13*
    
    Letter of Credit Reimbursement Agreement dated April 4, 2007 among
Wachovia Bank, National Association, the Issuing Entity, the
Registrant, Santander Consumer and Wells Fargo.10.14**
    
    First Amendment to Sale and Servicing Agreement dated as of August
30, 2007 among the Issuing Entity, the Registrant, the Servicer,
the Indenture Trustee and the Backup Servicer.10.15**
    
    Second Amendment to Sale and Servicing Agreement dated as of
October 15, 2007 among the Issuing Entity, the Registrant, the
Servicer, the Indenture Trustee and the Backup Servicer.10.16**
    
    First Amendment to Insurance Agreement dated as of October 15, 2007
among the Insurer, the Registrant, the Servicer, the Issuing
Entity, the Indenture Trustee, the Backup Servicer, the Owner
Trustee and the Originator.10.17**
    
    Limited Guaranty dated October 15, 2007 among Banco Santander,
S.A., the Indenture Trustee, the Issuing Entity, the Owner Trustee
and the Insurer.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 Financial Guaranty
Insurance Company and its subsidiaries.
 
 *
    
    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 2007-1 (Commission
File No. 333-139609-1) with the Securities and Exchange Commission on April 9, 2007.**
    
    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 2007-1 (Commission
File No. 333-139609-1) with the Securities and Exchange Commission on October 18, 2007. 10