| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 118.0 | 9.1% | 50.86% | 0.12 | 4.50% | +19 I-curve | — | A-1+ | P-1 |
| Class A-2 | 266.5 | 20.5% | 50.86% | 0.54 | 4.53% | +54 I-curve | — | AAA | Aaa |
| Class A-3 | 266.5 | 20.5% | 50.86% | 1.44 | 4.39% | +60 I-curve | — | AAA | Aaa |
| Class B | 138.3 | 10.6% | 40.21% | 2.21 | 4.40% | +70 I-curve | — | AA | Aaa |
| Class C | 143.2 | 11.0% | 29.18% | 2.81 | 4.57% | +90 I-curve | — | A | Aa3 |
| Class D | 190.3 | 14.7% | 14.52% | 3.63 | 5.23% | +155 I-curve | — | BBB | Baa3 |
| Class E | 121.0 | 9.3% | 5.20% | 4.53 | 6.99% | +330 I-curve | — | BB- | NR |
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 / S&P 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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,298.2MM | $1,098.0MM | $1,050.3MM | $1,449.1MM | $976.3MM | $925.3MM | 424B5 |
| WA Credit Score | 585−14 | 583 | 583 | 602 | 601 | 599 | 424B5 |
| WA APR | 21.55%−0.36pp | 21.91% | 22.01% | 21.32% | 21.62% | 22.00% | 424B5 |
| WA original term mo | 76.0+1.0 | 75.0 mo | 75.0 mo | 75.0 mo | 75.0 mo | 75.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 50.86%−7.49pp | 50.75% | 51.45% | 60.95% | 60.95% | 58.35% | calc |
| Enhancement, target | 57.86% | 58.05% | 61.75% | 66.50% | 67.15% | 68.10% | calc |
| Subordinate notes | 45.7%−5.7pp | 45.2% | 47.3% | 53.5% | 54.3% | 51.4% | calc |
| OC (initial) | 4.20% | 4.50% | 3.15% | 6.45% | 5.65% | 6.00% | 424B5 |
| OC target | 11.20% | 11.80% | 13.45% | 12.00% | 11.85% | 15.75% | 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 | +60 bps−7bps A-3 · 1.4y | +80 bps A-3 · 1.5y | +67 bps A-3 Notes · 1.2y | +50 bps A-3 · 1.2y | +68 bps A-3 Notes · 1.2y | +60 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 2025-4 | SDART 2025-3 | DRIVE 2025-1 | CMXS 2025-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-08-27 | 2025-07-30 | 2025-05-28 | 2025-03-26 | 424B5 |
| Pool balance | $1,298.2MM | $2,150.3MM | $1,522.1MM | $826.9MM | 424B5 |
| WA Credit Score | 585−19 | 604 | 586 | 608 | 424B5 |
| WA APR | 21.55%+3.56pp | 17.99% | 19.81% | 15.96% | 424B5 |
| WA original term mo | 76.0+4.4 | 71.6 mo | 71.9 mo | 68.9 mo | 424B5 |
| % new vehicles | — | 27.7% | 29.0% | 0.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 50.86%+13.01pp | 37.85% | 52.00% | 30.00% | calc |
| Enhancement, target | 57.86% | 39.35% | 56.50% | 36.25% | calc |
| Subordinate notes | 45.7%+13.2pp | 32.4% | 33.5% | 25.7% | calc |
| OC (initial) | 4.20% | 4.40% | 17.50% | 3.25% | 424B5 |
| OC target | 11.20% | 5.90% | 22.00% | 9.50% | 424B5 |
| OC floor | 1.50% | 2.00% | 3.00% | 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 | +60 bps−15bps A-3 · 1.4y | +60 bps A-3 · 1.9y | +75 bps A-3 · 1.5y | +78 bps A-3 · 2.0y | FWP |
| Terms | |||||
| Tranches | 7 | 7 | 6 | 8 | 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 (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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.