| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 118.0 | 9.1% | 86.7% | +19 bps | 0.12 | — | A-1+ | P-1 |
| Class A-2 | 266.5 | 20.5% | 66.2% | +54 bps | 0.54 | — | AAA | Aaa |
| Class A-3 | 266.5 | 20.5% | 45.7% | +60 bps | 1.44 | — | AAA | Aaa |
| Class B | 138.3 | 10.6% | 35.0% | +70 bps | 2.21 | — | AA | Aaa |
| Class C | 143.2 | 11.0% | 24.0% | +90 bps | 2.81 | — | A | Aa3 |
| Class D | 190.3 | 14.7% | 9.3% | +155 bps | 3.63 | — | BBB | Baa3 |
| Class E | 121.0 | 9.3% | 0.0% | +330 bps | 4.53 | — | — | — |
Split-rated at the AAA level: Class B (Moody's Aaa / S&P 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 51.7%.
| 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 | Deutsche Bank Securities, Barclays Capital, Wells Fargo Securities, BNP Paribas Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2025-4 | EART 2025-3 | EART 2025-2 | EART 2025-1 | EART 2024-5 | EART 2024-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-08-27 | 2025-05-28 | 2025-03-26 | 2025-01-29 | 2024-09-30 | 2024-07-30 |
| Pool balance | $1,298.2MM | $1,098.0MM | $1,050.3MM | $1,449.1MM | $976.3MM | $925.3MM |
| WA Credit Score | 585−14 | 583 | 583 | 602 | 601 | 599 |
| WA APR | 18.46%−0.49pp | 18.95% | 19.36% | 18.89% | 18.94% | 20.25% |
| WA original term mo | 76.0+1.0 | 75.0 mo | 75.0 mo | 75.0 mo | 75.0 mo | 75.0 mo |
| % new vehicles | — | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 19.6% CA 10.8% FL 8.0% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +54 bps−1bps | +63 bps | — | +46 bps | — | +55 bps |
| AAA % of pool | 41.1%+6.9pp | 41.3% | 50.1% | 30.2% | 29.9% | 34.1% |
| Subordination below AAA | 45.7%−5.7pp | 45.2% | 47.3% | 53.5% | 54.3% | 51.4% |
| OC (initial) | 4.20% | 4.50% | 3.15% | 6.45% | 5.65% | 6.00% |
| OC target | 11.20% | 11.80% | 13.45% | 12.00% | 11.85% | 15.75% |
| 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 2025-4 | SDART 2025-3 | DRIVE 2025-1 | CMXS 2025-A | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-08-27 | 2025-07-30 | 2025-05-28 | 2025-03-26 |
| Pool balance | $1,298.2MM | $2,150.3MM | $1,522.1MM | $826.9MM |
| WA Credit Score | 585−19 | 604 | 586 | 608 |
| WA APR | 18.46%+0.34pp | 18.12% | 19.73% | 15.96% |
| WA original term mo | 76.0+4.4 | 71.6 mo | 71.9 mo | 68.9 mo |
| % new vehicles | — | 27.7% | 29.0% | 0.0% |
| Reserve % | 1.00% | 1.00% | 1.00% | 3.25% |
| Geo top-3 | TX 19.6% CA 10.8% FL 8.0% | TX 15.8% FL 12.8% CA 9.2% | TX 20.1% FL 13.7% CA 7.3% | CA 16.5% TX 13.9% FL 8.6% |
| Structure (at issuance) | ||||
| AAA spread | +54 bps−14bps | +56 bps | +68 bps | +68 bps |
| AAA % of pool | 41.1%−11.9pp | 52.9% | 39.4% | 54.3% |
| Subordination below AAA | 45.7%+13.2pp | 32.4% | 33.5% | 25.7% |
| OC (initial) | 4.20% | 4.40% | 17.50% | 3.25% |
| OC target | 11.20% | 5.90% | 22.00% | 9.50% |
| OC floor | 1.50% | 2.00% | 3.00% | 0.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 6 | 8 |
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 (61 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.