| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 85.0 | 9.9% | 82.6% | +20 bps | 0.13 | 2025-04-15 | P-1 | F1+ |
| Class A-2 | 154.2 | 17.9% | 64.6% | +44 bps | 0.44 | 2026-05-15 | Aaa | AAA |
| Class A-3 | 38.8 | 4.5% | 60.1% | +62 bps | 0.85 | 2026-10-15 | Aaa | AAA |
| Class B | 153.0 | 17.8% | 42.3% | +85 bps | 1.40 | 2028-04-17 | Aaa | AA |
| Class C | 151.7 | 17.7% | 24.7% | +130 bps | 2.39 | 2029-05-15 | Aa1 | A |
| Class D | 124.2 | 14.4% | 10.2% | +165 bps | 3.44 | 2030-02-15 | Baa2 | BBB |
| Class E | 87.7 | 10.2% | 0.0% | +385 bps | 4.42 | 2031-10-15 | NR | BB- |
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 excluded from AAA % of pool. On a most-favorable-agency basis (rated AAA by any agency), AAA % of pool would be 40.3%.
| 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 | Barclays Capital, Deutsche Bank Securities, BNP Paribas Securities, Wells Fargo Securities, Citigroup Global Markets |
| EART 2024-2 | EART 2024-1 | EART 2023-5 | EART 2023-4 | EART 2023-3 | EART 2023-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-04-05 | 2024-01-31 | 2023-11-15 | 2023-08-30 | 2023-06-29 | 2023-05-17 |
| Pool balance | $859.3MM | $702.3MM | $789.2MM | $675.8MM | $635.8MM | $680.7MM |
| WA Credit Score | 592−3 | 595 | 595 | 596 | 594 | 592 |
| WA APR | 21.29%+0.76pp | 21.48% | 20.65% | 20.53% | 19.88% | 19.99% |
| WA original term mo | 74.0+1.0 | 74.0 mo | 73.0 mo | 73.0 mo | 73.0 mo | 74.0 mo |
| % new vehicles | — | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.50% | 1.75% | 1.30% |
| Geo top-3 | TX 15.7% CA 9.3% FL 8.3% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +44 bps−36bps | +45 bps | +80 bps | +68 bps | +80 bps | +80 bps |
| AAA % of pool | 22.5%−7.9pp | 32.2% | 30.3% | 28.4% | 27.9% | 30.8% |
| Subordination below AAA | 60.1%+7.3pp | 53.2% | 51.8% | 52.5% | 53.3% | 52.8% |
| OC (initial) | 7.55% | 5.65% | 7.60% | 7.85% | 7.60% | 8.50% |
| OC target | 17.55% | 12.65% | 16.20% | 19.15% | 17.85% | 19.10% |
| OC floor | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 7 | 7 | 7 | 7 |
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 2024-2 | DRIVE 2024-1 | BLAST 2024-1 | SDART 2024-1 | AMCAR 2023-2 | CRVNA 2021-N4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-04-05 | 2024-02-21 | 2024-01-24 | 2024-01-18 | 2023-09-20 | 2021-12-15 |
| Pool balance | $859.3MM | $1,642.6MM | $700.0MM | $1,731.8MM | $1,591.5MM | $460.0MM |
| WA Credit Score | 592+14 | 575 | 554 | 606 | 590 | 578 |
| WA APR | 21.29%+3.00pp | 18.29% | 19.10% | 17.63% | 12.20% | 18.82% |
| WA original term mo | 74.0+2.2 | 71.2 mo | 64.0 mo | 71.8 mo | 74.0 mo | 72.0 mo |
| % new vehicles | — | 19.1% | 0.1% | 31.1% | 51.8% | — |
| Reserve % | 1.00% | 1.00% | 1.50% | 1.00% | 2.00% | 0.35% |
| Geo top-3 | TX 15.7% CA 9.3% FL 8.3% | TX 21.2% FL 12.8% CA 8.2% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +44 bps−26bps | +62 bps | +70 bps | +72 bps | — | — |
| AAA % of pool | 22.5%−24.9pp | 34.7% | 35.0% | 47.4% | 54.2% | 51.4% |
| Subordination below AAA | 60.1%+30.4pp | 22.3% | 41.0% | 29.7% | 25.4% | 53.2% |
| OC (initial) | 7.55% | 33.10% | 15.50% | 9.50% | 5.75% | 0.00% |
| OC target | 17.55% | 42.35% | 20.80% | 15.20% | 14.75% | 3.00% |
| OC floor | 1.50% | 3.50% | 3.25% | 2.00% | — | 1.25% |
| YSOC | n.a. | n.a. | n.a. | n.a. | — | n.a. |
| Tranches | 7 | 5 | 7 | 6 | 7 | 7 |
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 (49 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.
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FICO sub-band and new/used stratification.