| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 122.0 | 9.6% | 85.9% | 4.20% fxd | 0.13 | 2026-11-16 | A-1+ | P-1 |
| Class A-2 | 264.3 | 20.8% | 65.1% | 4.38% fxd | 0.54 | 2028-06-15 | AAA | Aaa |
| Class A-3 | 245.5 | 19.3% | 45.8% | 4.24% fxd | 1.41 | 2029-11-15 | AAA | Aaa |
| Class B | 132.3 | 10.4% | 35.4% | 4.28% fxd | 2.15 | 2030-07-15 | AA | Aaa |
| Class C | 135.5 | 10.6% | 24.8% | 4.68% fxd | 2.74 | 2032-03-15 | A | Aa3 |
| Class D | 173.7 | 13.7% | 11.1% | 5.16% fxd | 3.52 | 2032-03-15 | BBB | Baa3 |
| Class E | 141.9 | 11.1% | 0.0% | 7.15% fxd | 4.44 | 2033-06-15 | BB- | — |
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 50.5%.
| 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 | Wells Fargo Securities, Barclays Capital, Deutsche Bank Securities, BNP Paribas Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2025-5 | EART 2025-4 | EART 2025-3 | EART 2025-2 | EART 2025-1 | EART 2024-5 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-11-17 | 2025-08-27 | 2025-05-28 | 2025-03-26 | 2025-01-29 | 2024-09-30 |
| Pool balance | $1,272.4MM | $1,298.2MM | $1,098.0MM | $1,050.3MM | $1,449.1MM | $976.3MM |
| WA Credit Score | 584−1 | 585 | 583 | 583 | 602 | 601 |
| WA APR | 18.71%−0.23pp | 18.46% | 18.95% | 19.36% | 18.89% | 18.94% |
| WA original term mo | 76.0+1.0 | 76.0 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 20.1% CA 10.5% FL 7.9% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | — | +54 bps | +63 bps | — | +46 bps | — |
| AAA % of pool | 40.1%−1.0pp | 41.1% | 41.3% | 50.1% | 30.2% | 29.9% |
| Subordination below AAA | 45.8%−1.5pp | 45.7% | 45.2% | 47.3% | 53.5% | 54.3% |
| OC (initial) | 4.50% | 4.20% | 4.50% | 3.15% | 6.45% | 5.65% |
| OC target | 12.45% | 11.20% | 11.80% | 13.45% | 12.00% | 11.85% |
| 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 2025-5 | CMXS 2025-B | DRIVE 2025-2 | SDART 2025-3 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-11-17 | 2025-09-24 | 2025-09-24 | 2025-07-30 |
| Pool balance | $1,272.4MM | $923.1MM | $1,866.5MM | $2,150.3MM |
| WA Credit Score | 584−20 | 612 | 585 | 604 |
| WA APR | 18.71%+0.59pp | 16.05% | 19.81% | 18.12% |
| WA original term mo | 76.0+4.4 | 69.4 mo | 71.7 mo | 71.6 mo |
| % new vehicles | — | 0.0% | 28.1% | 27.7% |
| Reserve % | 1.00% | 2.50% | 1.00% | 1.00% |
| Geo top-3 | TX 20.1% CA 10.5% FL 7.9% | CA 16.3% TX 12.8% FL 9.2% | TX 17.7% FL 12.4% CA 7.8% | TX 15.8% FL 12.8% CA 9.2% |
| Structure (at issuance) | ||||
| AAA spread | — | +63 bps | +56 bps | +56 bps |
| AAA % of pool | 40.1%−12.0pp | 52.0% | 42.2% | 52.9% |
| Subordination below AAA | 45.8%+13.4pp | 23.4% | 32.8% | 32.4% |
| OC (initial) | 4.50% | 2.50% | 14.50% | 4.40% |
| OC target | 12.45% | 8.50% | 19.00% | 5.90% |
| OC floor | 1.50% | 0.50% | 3.00% | 2.00% |
| 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 (62 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.