| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 79.0 | 8.5% | 58.35% | 0.13 | 5.59% | +21 I-curve | 2025-08-15 | A-1+ | P-1 |
| Class A-2 | 205.2 | 22.2% | 58.35% | 0.56 | 5.60% | +55 I-curve | 2027-05-17 | AAA | Aaa |
| Class A-3 | 110.5 | 11.9% | 58.35% | 1.28 | 5.28% | +60 I-curve | 2030-08-15 | AAA | Aaa |
| Class B | 108.3 | 11.7% | 46.65% | 1.88 | 5.29% | +85 I-curve | 2030-08-15 | AA | Aaa |
| Class C | 125.8 | 13.6% | 33.05% | 2.57 | 5.48% | +120 I-curve | 2030-08-15 | A | Aa1 |
| Class D | 128.6 | 13.9% | 19.15% | 3.43 | 5.81% | +165 I-curve | 2030-12-16 | BBB | Baa1 |
| Class E | 112.4 | 12.2% | 7.00% | 4.43 | 7.65% | +360 I-curve | 2032-02-17 | BB- | — |
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 / S&P 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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $925.3MM | $869.8MM | $859.3MM | $702.3MM | $789.2MM | $675.8MM | 424B5 |
| WA Credit Score | 599+4 | 591 | 592 | 595 | 595 | 596 | 424B5 |
| WA APR | 22.00%−0.62pp | 22.92% | 22.62% | 22.72% | 22.35% | 21.77% | 424B5 |
| WA original term mo | 75.0+1.0 | 74.0 mo | 74.0 mo | 74.0 mo | 73.0 mo | 73.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 58.35%−2.00pp | 57.75% | 68.65% | 59.80% | 60.35% | 61.90% | calc |
| Enhancement, target | 68.10% | 66.75% | 78.65% | 66.80% | 68.95% | 73.20% | calc |
| Subordinate notes | 51.4%−1.2pp | 50.5% | 60.1% | 53.2% | 51.8% | 52.5% | calc |
| OC (initial) | 6.00% | 6.25% | 7.55% | 5.65% | 7.60% | 7.85% | 424B5 |
| OC target | 15.75% | 15.25% | 17.55% | 12.65% | 16.20% | 19.15% | 424B5 |
| OC floor | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.50% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +60 bps−10bps A-3 · 1.3y | +68 bps A-3 · 1.3y | +62 bps A-3 · 0.8y | +70 bps A-3 · 1.3y | +115 bps A-3 · 1.1y | +78 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 2024-4 | CMXS 2024-A | SDART 2024-3 | DRIVE 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-07-30 | 2024-06-26 | 2024-06-20 | 2024-02-21 | 424B5 |
| Pool balance | $925.3MM | $666.7MM | $1,960.1MM | $1,642.6MM | 424B5 |
| WA Credit Score | 599−4 | 603 | 606 | 586 | 424B5 |
| WA APR | 22.00%+3.46pp | 16.06% | 18.54% | 19.84% | 424B5 |
| WA original term mo | 75.0+3.8 | 68.5 mo | 71.2 mo | 71.2 mo | 424B5 |
| % new vehicles | — | 0.0% | 28.0% | 19.1% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 58.35%+15.95pp | 30.00% | 42.40% | 56.35% | calc |
| Enhancement, target | 68.10% | 38.10% | 47.40% | 65.60% | calc |
| Subordinate notes | 51.4%+28.6pp | 22.8% | 32.4% | 22.3% | calc |
| OC (initial) | 6.00% | 6.25% | 9.00% | 33.10% | 424B5 |
| OC target | 15.75% | 14.35% | 14.00% | 42.35% | 424B5 |
| OC floor | 1.50% | 0.50% | 2.00% | 3.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||
| AAA spread | +60 bps−16bps A-3 · 1.3y | — | +80 bps A-3 · 1.7y | +73 bps A-3 · 1.4y | FWP |
| Terms | |||||
| Tranches | 7 | 7 | 6 | 5 | 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 (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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.