| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 98.0 | 8.9% | 86.6% | +35 bps | 0.13 | 2026-06-15 | A-1+ | P-1 |
| Class A-2 | 227.0 | 20.7% | 65.9% | +63 bps | 0.57 | 2028-01-18 | AAA | Aaa |
| Class A-3 | 226.7 | 20.7% | 45.2% | +80 bps | 1.49 | 2029-07-16 | AAA | Aaa |
| Class B | 115.3 | 10.5% | 34.7% | +95 bps | 2.26 | 2030-02-15 | AA | Aa1 |
| Class C | 119.7 | 10.9% | 23.8% | +120 bps | 2.85 | 2031-10-15 | A | Aa3 |
| Class D | 156.5 | 14.2% | 9.6% | +165 bps | 3.66 | 2031-10-15 | BBB | Baa3 |
| Class E | 105.4 | 9.6% | 0.0% | +360 bps | 4.54 | 2032-12-15 | BB- | NR |
| 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 | BNP Paribas Securities, Barclays Capital, J.P. Morgan Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2025-3 | EART 2025-2 | EART 2025-1 | EART 2024-5 | EART 2024-4 | EART 2024-3 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-28 | 2025-03-26 | 2025-01-29 | 2024-09-30 | 2024-07-30 | 2024-05-28 |
| Pool balance | $1,098.0MM | $1,050.3MM | $1,449.1MM | $976.3MM | $925.3MM | $869.8MM |
| WA Credit Score | 583−16 | 583 | 602 | 601 | 599 | 591 |
| WA APR | 18.95%−0.41pp | 19.36% | 18.89% | 18.94% | 20.25% | 21.76% |
| WA original term mo | 75.00.0 | 75.0 mo | 75.0 mo | 75.0 mo | 75.0 mo | 74.0 mo |
| % new vehicles | — | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 17.5% CA 11.0% FL 8.0% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +63 bps+8bps | — | +46 bps | — | +55 bps | +56 bps |
| AAA % of pool | 41.3%+8.1pp | 50.1% | 30.2% | 29.9% | 34.1% | 33.3% |
| Subordination below AAA | 45.2%−6.1pp | 47.3% | 53.5% | 54.3% | 51.4% | 50.5% |
| OC (initial) | 4.50% | 3.15% | 6.45% | 5.65% | 6.00% | 6.25% |
| OC target | 11.80% | 13.45% | 12.00% | 11.85% | 15.75% | 15.25% |
| 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 2025-3 | DRIVE 2025-1 | CMXS 2025-A | SDART 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-05-28 | 2025-05-28 | 2025-03-26 | 2025-03-26 |
| Pool balance | $1,098.0MM | $1,522.1MM | $826.9MM | $2,060.6MM |
| WA Credit Score | 583−21 | 586 | 608 | 604 |
| WA APR | 18.95%+0.89pp | 19.73% | 15.96% | 18.06% |
| WA original term mo | 75.0+3.4 | 71.9 mo | 68.9 mo | 71.6 mo |
| % new vehicles | — | 29.0% | 0.0% | 32.4% |
| Reserve % | 1.00% | 1.00% | 3.25% | 1.00% |
| Geo top-3 | TX 17.5% CA 11.0% FL 8.0% | TX 20.1% FL 13.7% CA 7.3% | CA 16.5% TX 13.9% FL 8.6% | FL 19.2% TX 14.9% CA 6.3% |
| Structure (at issuance) | ||||
| AAA spread | +63 bps−5bps | +68 bps | +68 bps | +60 bps |
| AAA % of pool | 41.3%−11.8pp | 39.4% | 54.3% | 53.2% |
| Subordination below AAA | 45.2%+12.3pp | 33.5% | 25.7% | 32.9% |
| OC (initial) | 4.50% | 17.50% | 3.25% | 3.75% |
| OC target | 11.80% | 22.00% | 9.50% | 5.25% |
| OC floor | 1.50% | 3.00% | 0.50% | 2.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 6 | 8 | 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 (58 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.