| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 143.0 | 9.9% | 60.95% | 0.14 | 4.54% | +22 I-curve | 2026-02-17 | P-1 | F1+ |
| Class A-2 | 266.8 | 18.4% | 60.95% | 0.59 | 4.70% | +46 I-curve | 2027-09-15 | Aaa | AAA |
| Class A-3 | 170.6 | 11.8% | 60.95% | 1.25 | 4.67% | +50 I-curve | 2028-08-15 | Aaa | AAA |
| Class B | 227.5 | 15.7% | 45.25% | 1.91 | 4.91% | +68 I-curve | 2029-08-15 | Aaa | AA |
| Class C | 185.5 | 12.8% | 32.45% | 2.66 | 5.09% | +83 I-curve | 2031-05-15 | Aa2 | A |
| Class D | 199.3 | 13.8% | 18.70% | 3.48 | 5.49% | +120 I-curve | 2031-05-15 | Baa2 | BBB |
| Class E | 163.0 | 11.2% | 7.45% | 4.40 | 7.48% | +320 I-curve | 2032-09-15 | 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 (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, Deutsche Bank Securities, BNP Paribas Securities, Wells Fargo Securities, Citigroup Global Markets |
| EART 2025-1 | EART 2024-5 | EART 2024-4 | EART 2024-3 | EART 2024-2 | EART 2024-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-01-29 | 2024-09-30 | 2024-07-30 | 2024-05-28 | 2024-04-05 | 2024-01-31 | 424B5 |
| Pool balance | $1,449.1MM | $976.3MM | $925.3MM | $869.8MM | $859.3MM | $702.3MM | 424B5 |
| WA Credit Score | 602+7 | 601 | 599 | 591 | 592 | 595 | 424B5 |
| WA APR | 21.32%−1.30pp | 21.62% | 22.00% | 22.92% | 22.62% | 22.72% | 424B5 |
| WA original term mo | 75.0+1.0 | 75.0 mo | 75.0 mo | 74.0 mo | 74.0 mo | 74.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| Geo top-3 | TX 16.9% CA 10.8% FL 8.4% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 60.95%+1.15pp | 60.95% | 58.35% | 57.75% | 68.65% | 59.80% | calc |
| Enhancement, target | 66.50% | 67.15% | 68.10% | 66.75% | 78.65% | 66.80% | calc |
| Subordinate notes | 53.5%+0.3pp | 54.3% | 51.4% | 50.5% | 60.1% | 53.2% | calc |
| OC (initial) | 6.45% | 5.65% | 6.00% | 6.25% | 7.55% | 5.65% | 424B5 |
| OC target | 12.00% | 11.85% | 15.75% | 15.25% | 17.55% | 12.65% | 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 | +50 bps−18bps A-3 · 1.2y | +68 bps 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 | 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 2025-1 | SDART 2025-1 | DRIVE 2024-2 | CMXS 2024-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-01-29 | 2025-01-22 | 2024-09-25 | 2024-06-26 | 424B5 |
| Pool balance | $1,449.1MM | $2,248.8MM | $2,191.8MM | $666.7MM | 424B5 |
| WA Credit Score | 602−1 | 605 | 586 | 603 | 424B5 |
| WA APR | 21.32%+3.26pp | 18.06% | 19.73% | 16.06% | 424B5 |
| WA original term mo | 75.0+3.4 | 71.6 mo | 71.7 mo | 68.5 mo | 424B5 |
| % new vehicles | — | 30.7% | 31.7% | 0.0% | 424B5 |
| Geo top-3 | TX 16.9% CA 10.8% FL 8.4% | TX 17.2% CA 10.7% FL 8.2% | TX 20.6% FL 12.7% CA 7.6% | CA 15.2% TX 14.4% FL 9.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 60.95%+18.35pp | 42.60% | 53.25% | 30.00% | calc |
| Enhancement, target | 66.50% | 47.60% | 58.00% | 38.10% | calc |
| Subordinate notes | 53.5%+23.2pp | 36.4% | 30.3% | 22.8% | calc |
| OC (initial) | 6.45% | 5.15% | 22.00% | 6.25% | 424B5 |
| OC target | 12.00% | 10.15% | 26.75% | 14.35% | 424B5 |
| OC floor | 1.50% | 2.00% | 3.50% | 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 | +50 bps−16bps A-3 · 1.2y | +55 bps A-3 · 1.6y | +78 bps A-3 · 1.5y | — | FWP |
| Terms | |||||
| Tranches | 7 | 7 | 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 (57 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.