| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 Notes | 99.0 | 10.1% | 60.95% | 0.14 | 4.86% | +17 I-curve | 2025-10-15 | P-1 | F1+ |
| Class A-2 Notes | 178.4 | 18.3% | 60.95% | 0.56 | 4.79% | +52 I-curve | 2027-04-15 | Aaa | AAA |
| Class A-3 Notes | 113.6 | 11.6% | 60.95% | 1.21 | 4.45% | +68 I-curve | 2028-03-15 | Aaa | AAA |
| Class B Notes | 155.7 | 16.0% | 45.00% | 1.89 | 4.48% | +95 I-curve | 2029-04-16 | Aaa | AA |
| Class C Notes | 133.3 | 13.6% | 31.35% | 2.68 | 4.64% | +120 I-curve | 2030-01-15 | Aa2 | A |
| Class D Notes | 133.8 | 13.7% | 17.65% | 3.55 | 5.06% | +165 I-curve | 2031-02-18 | Baa2 | BBB |
| Class E | 107.4 | 11.0% | 6.65% | 4.48 | 7.22% | +385 I-curve | — | NR | 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 Notes (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 | Barclays Capital, J.P. Morgan Securities, Deutsche Bank Securities, Wells Fargo Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2024-5 | EART 2024-4 | EART 2024-3 | EART 2024-2 | EART 2024-1 | EART 2023-5 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-09-30 | 2024-07-30 | 2024-05-28 | 2024-04-05 | 2024-01-31 | 2023-11-15 | 424B5 |
| Pool balance | $976.3MM | $925.3MM | $869.8MM | $859.3MM | $702.3MM | $789.2MM | 424B5 |
| WA Credit Score | 601+6 | 599 | 591 | 592 | 595 | 595 | 424B5 |
| WA APR | 21.62%−1.00pp | 22.00% | 22.92% | 22.62% | 22.72% | 22.35% | 424B5 |
| WA original term mo | 75.0+1.0 | 75.0 mo | 74.0 mo | 74.0 mo | 74.0 mo | 73.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| Geo top-3 | TX 16.4% CA 11.0% FL 8.1% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 60.95%+1.15pp | 58.35% | 57.75% | 68.65% | 59.80% | 60.35% | calc |
| Enhancement, target | 67.15% | 68.10% | 66.75% | 78.65% | 66.80% | 68.95% | calc |
| Subordinate notes | 54.3%+2.5pp | 51.4% | 50.5% | 60.1% | 53.2% | 51.8% | calc |
| OC (initial) | 5.65% | 6.00% | 6.25% | 7.55% | 5.65% | 7.60% | 424B5 |
| OC target | 11.85% | 15.75% | 15.25% | 17.55% | 12.65% | 16.20% | 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% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +68 bps0bps A-3 Notes · 1.2y | +60 bps 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 | 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 2024-5 | DRIVE 2024-2 | SDART 2024-4 | CMXS 2024-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-09-30 | 2024-09-25 | 2024-08-21 | 2024-06-26 | 424B5 |
| Pool balance | $976.3MM | $2,191.8MM | $1,989.0MM | $666.7MM | 424B5 |
| WA Credit Score | 601−2 | 586 | 604 | 603 | 424B5 |
| WA APR | 21.62%+3.05pp | 19.73% | 18.57% | 16.06% | 424B5 |
| WA original term mo | 75.0+3.7 | 71.7 mo | 71.3 mo | 68.5 mo | 424B5 |
| % new vehicles | — | 31.7% | 30.4% | 0.0% | 424B5 |
| Geo top-3 | TX 16.4% CA 11.0% FL 8.1% | TX 20.6% FL 12.7% CA 7.6% | TX 15.9% FL 11.8% CA 8.9% | CA 15.2% TX 14.4% FL 9.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 60.95%+19.30pp | 53.25% | 41.65% | 30.00% | calc |
| Enhancement, target | 67.15% | 58.00% | 46.65% | 38.10% | calc |
| Subordinate notes | 54.3%+24.0pp | 30.3% | 31.7% | 22.8% | calc |
| OC (initial) | 5.65% | 22.00% | 8.95% | 6.25% | 424B5 |
| OC target | 11.85% | 26.75% | 13.95% | 14.35% | 424B5 |
| OC floor | 1.50% | 3.50% | 2.00% | 0.50% | 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 | +68 bps−11bps A-3 Notes · 1.2y | +78 bps A-3 · 1.5y | +80 bps A-3 · 1.8y | — | FWP |
| Terms | |||||
| Tranches | 7 | 6 | 6 | 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.
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 (54 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.