| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | Moody's |
|---|---|---|---|---|---|---|---|
| Class A-1 Notes | 104.5 | 9.9% | 86.9% | 4.54% fxd | 0.13 | 2026-04-15 | P-1 |
| Class A-2 Notes | 205.1 | 19.5% | 67.4% | 4.78% fxd | 0.48 | 2027-06-15 | Aaa |
| Class A-3 Notes | 210.8 | 20.1% | 47.3% | 4.74% fxd | 1.24 | 2029-01-16 | Aaa |
| Class B Notes | 109.8 | 10.5% | 36.8% | 4.92% fxd | 2.00 | 2029-09-17 | Aaa |
| Class C Notes | 118.7 | 11.3% | 25.5% | 5.16% fxd | 2.60 | 2031-07-15 | Aa3 |
| Class D Notes | 148.6 | 14.2% | 11.4% | 5.89% fxd | 3.40 | 2031-07-15 | Baa2 |
| Class E Notes | 119.7 | 11.4% | 0.0% | 7.81% fxd | 4.37 | 2032-10-15 | — |
| 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, Wells Fargo Securities, BNP Paribas Securities, Deutsche Bank Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2025-2 | EART 2025-1 | EART 2024-5 | EART 2024-4 | EART 2024-3 | EART 2024-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-03-26 | 2025-01-29 | 2024-09-30 | 2024-07-30 | 2024-05-28 | 2024-04-05 |
| Pool balance | $1,050.3MM | $1,449.1MM | $976.3MM | $925.3MM | $869.8MM | $859.3MM |
| WA Credit Score | 583−16 | 602 | 601 | 599 | 591 | 592 |
| WA APR | 19.36%−0.89pp | 18.89% | 18.94% | 20.25% | 21.76% | 21.29% |
| WA original term mo | 75.00.0 | 75.0 mo | 75.0 mo | 75.0 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 16.7% CA 11.2% FL 8.3% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | — | +46 bps | — | +55 bps | +56 bps | +44 bps |
| AAA % of pool | 50.1%+19.9pp | 30.2% | 29.9% | 34.1% | 33.3% | 22.5% |
| Subordination below AAA | 47.3%−6.2pp | 53.5% | 54.3% | 51.4% | 50.5% | 60.1% |
| OC (initial) | 3.15% | 6.45% | 5.65% | 6.00% | 6.25% | 7.55% |
| OC target | 13.45% | 12.00% | 11.85% | 15.75% | 15.25% | 17.55% |
| 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 2025-2 | SDART 2025-2 | CMXS 2025-A | DRIVE 2024-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-03-26 | 2025-03-26 | 2025-03-26 | 2024-09-25 |
| Pool balance | $1,050.3MM | $2,060.6MM | $826.9MM | $2,191.8MM |
| WA Credit Score | 583−21 | 604 | 608 | 586 |
| WA APR | 19.36%+1.30pp | 18.06% | 15.96% | 19.84% |
| WA original term mo | 75.0+3.4 | 71.6 mo | 68.9 mo | 71.7 mo |
| % new vehicles | — | 32.4% | 0.0% | 31.7% |
| Reserve % | 1.00% | 1.00% | 3.25% | 1.00% |
| Geo top-3 | TX 16.7% CA 11.2% FL 8.3% | FL 19.2% TX 14.9% CA 6.3% | CA 16.5% TX 13.9% FL 8.6% | TX 20.6% FL 12.7% CA 7.6% |
| Structure (at issuance) | ||||
| AAA spread | — | +60 bps | +68 bps | +60 bps |
| AAA % of pool | 50.1%−3.1pp | 53.2% | 54.3% | 38.2% |
| Subordination below AAA | 47.3%+17.0pp | 32.9% | 25.7% | 30.3% |
| OC (initial) | 3.15% | 3.75% | 3.25% | 22.00% |
| OC target | 13.45% | 5.25% | 9.50% | 26.75% |
| OC floor | 1.50% | 2.00% | 0.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 8 | 6 |
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.