| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 143.0 | 9.9% | 83.7% | +22 bps | 0.14 | 2026-02-17 | P-1 | F1+ |
| Class A-2 | 266.8 | 18.4% | 65.3% | +46 bps | 0.59 | 2027-09-15 | Aaa | AAA |
| Class A-3 | 170.6 | 11.8% | 53.5% | +50 bps | 1.25 | 2028-08-15 | Aaa | AAA |
| Class B | 227.5 | 15.7% | 37.8% | +68 bps | 1.91 | 2029-08-15 | Aaa | AA |
| Class C | 185.5 | 12.8% | 25.0% | +83 bps | 2.66 | 2031-05-15 | Aa2 | A |
| Class D | 199.3 | 13.8% | 11.2% | +120 bps | 3.48 | 2031-05-15 | Baa2 | BBB |
| Class E | 163.0 | 11.2% | 0.0% | +320 bps | 4.40 | 2032-09-15 | 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 45.9%.
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,449.1MM | $976.3MM | $925.3MM | $869.8MM | $859.3MM | $702.3MM |
| WA Credit Score | 602+7 | 601 | 599 | 591 | 592 | 595 |
| WA APR | 18.89%−2.40pp | 18.94% | 20.25% | 21.76% | 21.29% | 21.48% |
| WA original term mo | 75.0+1.0 | 75.0 mo | 75.0 mo | 74.0 mo | 74.0 mo | 74.0 mo |
| % new vehicles | — | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +46 bps−4bps | — | +55 bps | +56 bps | +44 bps | +45 bps |
| AAA % of pool | 30.2%−2.0pp | 29.9% | 34.1% | 33.3% | 22.5% | 32.2% |
| Subordination below AAA | 53.5%+0.3pp | 54.3% | 51.4% | 50.5% | 60.1% | 53.2% |
| OC (initial) | 6.45% | 5.65% | 6.00% | 6.25% | 7.55% | 5.65% |
| OC target | 12.00% | 11.85% | 15.75% | 15.25% | 17.55% | 12.65% |
| 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 2025-1 | SDART 2025-1 | DRIVE 2024-2 | CMXS 2024-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-01-29 | 2025-01-22 | 2024-09-25 | 2024-06-26 |
| Pool balance | $1,449.1MM | $2,248.8MM | $2,191.8MM | $666.7MM |
| WA Credit Score | 602−1 | 605 | 586 | 603 |
| WA APR | 18.89%+1.18pp | 17.71% | 19.84% | 16.06% |
| WA original term mo | 75.0+3.4 | 71.6 mo | 71.7 mo | 68.5 mo |
| % new vehicles | — | 30.7% | 31.7% | 0.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 6.25% |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | +46 bps−14bps | +53 bps | +60 bps | +73 bps |
| AAA % of pool | 30.2%−20.1pp | 50.3% | 38.2% | 54.5% |
| Subordination below AAA | 53.5%+23.2pp | 36.4% | 30.3% | 22.8% |
| OC (initial) | 6.45% | 5.15% | 22.00% | 6.25% |
| OC target | 12.00% | 10.15% | 26.75% | 14.35% |
| OC floor | 1.50% | 2.00% | 3.50% | 0.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 6 | 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 (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.
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FICO sub-band and new/used stratification.