| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 79.0 | 8.5% | 85.5% | +21 bps | 0.13 | 2025-08-15 | A-1+ | P-1 |
| Class A-2 | 205.2 | 22.2% | 63.3% | +55 bps | 0.56 | 2027-05-17 | AAA | Aaa |
| Class A-3 | 110.5 | 11.9% | 51.4% | +60 bps | 1.28 | 2030-08-15 | AAA | Aaa |
| Class B | 108.3 | 11.7% | 39.7% | +85 bps | 1.88 | 2030-08-15 | AA | Aaa |
| Class C | 125.8 | 13.6% | 26.1% | +120 bps | 2.57 | 2030-08-15 | A | Aa1 |
| Class D | 128.6 | 13.9% | 12.2% | +165 bps | 3.43 | 2030-12-16 | BBB | Baa1 |
| Class E | 112.4 | 12.2% | 0.0% | +360 bps | 4.43 | 2032-02-17 | BB- | — |
Split-rated at the AAA level: Class B (Moody's Aaa / S&P 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 45.8%.
| 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 | Wells Fargo Securities, BNP Paribas Securities, J.P. Morgan Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2024-4 | EART 2024-3 | EART 2024-2 | EART 2024-1 | EART 2023-5 | EART 2023-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-07-30 | 2024-05-28 | 2024-04-05 | 2024-01-31 | 2023-11-15 | 2023-08-30 |
| Pool balance | $925.3MM | $869.8MM | $859.3MM | $702.3MM | $789.2MM | $675.8MM |
| WA Credit Score | 599+4 | 591 | 592 | 595 | 595 | 596 |
| WA APR | 20.25%−1.04pp | 21.76% | 21.29% | 21.48% | 20.65% | 20.53% |
| WA original term mo | 75.0+1.0 | 74.0 mo | 74.0 mo | 74.0 mo | 73.0 mo | 73.0 mo |
| % new vehicles | — | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.50% |
| Geo top-3 | TX 15.7% CA 10.3% FL 8.1% | TX 15.4% CA 9.6% FL 8.0% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +55 bps−1bps | +56 bps | +44 bps | +45 bps | +80 bps | +68 bps |
| AAA % of pool | 34.1%+3.8pp | 33.3% | 22.5% | 32.2% | 30.3% | 28.4% |
| Subordination below AAA | 51.4%−1.2pp | 50.5% | 60.1% | 53.2% | 51.8% | 52.5% |
| OC (initial) | 6.00% | 6.25% | 7.55% | 5.65% | 7.60% | 7.85% |
| OC target | 15.75% | 15.25% | 17.55% | 12.65% | 16.20% | 19.15% |
| 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 2024-4 | CMXS 2024-A | SDART 2024-3 | DRIVE 2024-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-07-30 | 2024-06-26 | 2024-06-20 | 2024-02-21 |
| Pool balance | $925.3MM | $666.7MM | $1,960.1MM | $1,642.6MM |
| WA Credit Score | 599−4 | 603 | 606 | 575 |
| WA APR | 20.25%+1.96pp | 16.06% | 18.38% | 18.29% |
| WA original term mo | 75.0+3.8 | 68.5 mo | 71.2 mo | 71.2 mo |
| % new vehicles | — | 0.0% | 28.0% | 19.1% |
| Reserve % | 1.00% | 6.25% | 1.00% | 1.00% |
| Geo top-3 | TX 15.7% CA 10.3% FL 8.1% | CA 15.2% TX 14.4% FL 9.4% | TX 15.8% FL 13.4% CA 8.6% | TX 21.2% FL 12.8% CA 8.2% |
| Structure (at issuance) | ||||
| AAA spread | +55 bps−13bps | +73 bps | +68 bps | +62 bps |
| AAA % of pool | 34.1%−16.8pp | 54.5% | 50.9% | 34.7% |
| Subordination below AAA | 51.4%+28.6pp | 22.8% | 32.4% | 22.3% |
| OC (initial) | 6.00% | 6.25% | 9.00% | 33.10% |
| OC target | 15.75% | 14.35% | 14.00% | 42.35% |
| OC floor | 1.50% | 0.50% | 2.00% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 6 | 5 |
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 (52 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.