| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 63.0 | 9.0% | 59.80% | 0.13 | 5.58% | +20 I-curve | 2025-02-18 | P-1 | F1+ |
| Class A-2 | 147.4 | 21.0% | 59.80% | 0.59 | 5.53% | +45 I-curve | 2026-10-15 | Aaa | AAA |
| Class A-3 | 79.0 | 11.2% | 59.80% | 1.30 | 5.31% | +70 I-curve | 2027-08-16 | Aaa | AAA |
| Class B | 116.2 | 16.6% | 43.25% | 1.98 | 5.29% | +98 I-curve | 2028-08-15 | Aaa | AA |
| Class C | 100.8 | 14.4% | 28.90% | 2.81 | 5.41% | +128 I-curve | 2030-05-15 | Aa3 | A |
| Class D | 99.7 | 14.2% | 14.70% | 3.73 | 5.84% | +180 I-curve | 2030-06-17 | Baa3 | BBB |
| Class E | 56.5 | 8.1% | 6.65% | 4.57 | 7.89% | +395 I-curve | 2031-08-15 | — | — |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
Split-rated at the AAA level: Class B (Moody's Aaa / Fitch AA). Per the convention that all rating agencies must concur, this tranche is treated as the lower rating and not counted as an AAA term note.
| Sponsor | Exeter Finance LLC |
|---|---|
| Servicer | Exeter Finance LLC |
| Depositor / Transferor | EFCAR, LLC |
| Indenture Trustee | Citibank, N.A |
| Owner Trustee | Wilmington Trust Company |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | J.P. Morgan Securities, BNP Paribas Securities, Wells Fargo Securities, Deutsche Bank Securities, Citigroup Global Markets |
| EART 2024-1 | EART 2023-5 | EART 2023-4 | EART 2023-3 | EART 2023-2 | EART 2023-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-01-31 | 2023-11-15 | 2023-08-30 | 2023-06-29 | 2023-05-17 | 2023-02-28 | 424B5 |
| Pool balance | $702.3MM | $789.2MM | $675.8MM | $635.8MM | $680.7MM | $610.6MM | 424B5 |
| WA Credit Score | 595+1 | 595 | 596 | 594 | 592 | 594 | 424B5 |
| WA APR | 22.72%+0.89pp | 22.35% | 21.77% | 21.81% | 22.10% | 21.83% | 424B5 |
| WA original term mo | 74.0+1.0 | 73.0 mo | 73.0 mo | 73.0 mo | 74.0 mo | 73.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| Geo top-3 | TX 14.8% CA 10.1% FL 8.7% | TX 14.9% CA 9.8% FL 9.1% | TX 14.9% FL 9.6% CA 9.3% | TX 14.6% FL 9.7% CA 9.4% | TX 14.4% CA 9.8% FL 9.1% | TX 12.7% CA 10.6% FL 8.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 59.80%−2.10pp | 60.35% | 61.90% | 62.65% | 62.60% | 60.05% | calc |
| Enhancement, target | 66.80% | 68.95% | 73.20% | 72.90% | 73.20% | 73.75% | calc |
| Subordinate notes | 53.2%+0.6pp | 51.8% | 52.5% | 53.3% | 52.8% | 49.4% | calc |
| OC (initial) | 5.65% | 7.60% | 7.85% | 7.60% | 8.50% | 9.65% | 424B5 |
| OC target | 12.65% | 16.20% | 19.15% | 17.85% | 19.10% | 23.35% | 424B5 |
| OC floor | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.50% | 1.75% | 1.30% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +70 bps−20bps A-3 · 1.3y | +115 bps A-3 · 1.1y | +78 bps A-3 · 1.1y | +90 bps A-3 · 1.0y | +97 bps A-3 · 1.1y | +70 bps A-3 · 1.1y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 7 | 7 | 7 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| EART 2024-1 | BLAST 2024-1 | SDART 2024-1 | AMCAR 2023-2 | CRVNA 2021-N4 | DRIVE 2021-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-01-31 | 2024-01-24 | 2024-01-18 | 2023-09-20 | 2021-12-15 | 2021-11-17 | 424B5 |
| Pool balance | $702.3MM | $700.0MM | $1,609.6MM | $1,591.5MM | $460.0MM | $1,524.4MM | 424B5 |
| WA Credit Score | 595+17 | 552 | 606 | 590 | 578 | 575 | 424B5 |
| WA APR | 22.72%+4.20pp | 23.34% | 18.52% | 14.71% | 18.82% | 18.32% | 424B5 |
| WA original term mo | 74.0+2.2 | 64.0 mo | 71.8 mo | 74.0 mo | 72.0 mo | 71.2 mo | 424B5 |
| % new vehicles | — | 0.1% | 31.1% | 51.8% | — | 23.1% | 424B5 |
| Geo top-3 | TX 14.8% CA 10.1% FL 8.7% | TX 13.8% FL 12.1% GA 10.0% | TX 14.4% FL 11.2% CA 8.9% | TX 15.7% FL 8.0% OH 6.6% | TX 10.9% CA 7.0% FL 6.9% | TX 18.1% FL 12.4% CA 6.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 59.80%+9.95pp | 58.00% | 42.45% | 33.10% | 49.85% | 51.00% | calc |
| Enhancement, target | 66.80% | 63.30% | 48.15% | 42.10% | 52.85% | 57.75% | calc |
| Subordinate notes | 53.2%+19.4pp | 41.0% | 31.9% | 25.4% | 48.6% | 33.8% | calc |
| OC (initial) | 5.65% | 15.50% | 9.50% | 5.75% | 0.00% | 16.25% | 424B5 |
| OC target | 12.65% | 20.80% | 15.20% | 14.75% | 3.00% | 23.00% | 424B5 |
| OC floor | 1.50% | 3.25% | 2.00% | — | 1.25% | 3.00% | 424B5 |
| Reserve account | 1.00% | 1.50% | 1.00% | 2.00% | 1.25% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | — | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +70 bps−20bps A-3 · 1.3y | +95 bps A-3 · 1.3y | +90 bps A-3 · 1.8y | +95 bps A-3 · 2.2y | +45 bps A-1 · 0.9y | +23 bps A-3 · 1.6y | FWP |
| Terms | |||||||
| Tranches | 7 | 7 | 6 | 7 | 7 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (48 series across 3 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
Exeter Finance LLC — ticker EART.
Peer tier: subprime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.