| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 122.0 | 9.6% | 51.35% | 0.13 | 4.20% | — | 2026-11-16 | A-1+ | P-1 |
| Class A-2 | 264.3 | 20.8% | 51.35% | 0.54 | 4.38% | — | 2028-06-15 | AAA | Aaa |
| Class A-3 | 245.5 | 19.3% | 51.35% | 1.41 | 4.24% | — | 2029-11-15 | AAA | Aaa |
| Class B | 132.3 | 10.4% | 40.95% | 2.15 | 4.28% | — | 2030-07-15 | AA | Aaa |
| Class C | 135.5 | 10.6% | 30.30% | 2.74 | 4.68% | — | 2032-03-15 | A | Aa3 |
| Class D | 173.7 | 13.7% | 16.65% | 3.52 | 5.16% | — | 2032-03-15 | BBB | Baa3 |
| Class E | 141.9 | 11.1% | 5.50% | 4.44 | 7.15% | — | 2033-06-15 | BB- | — |
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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,272.4MM | $1,298.2MM | $1,098.0MM | $1,050.3MM | $1,449.1MM | $976.3MM | 424B5 |
| WA Credit Score | 584−1 | 585 | 583 | 583 | 602 | 601 | 424B5 |
| WA APR | 21.29%−0.33pp | 21.55% | 21.91% | 22.01% | 21.32% | 21.62% | 424B5 |
| WA original term mo | 76.0+1.0 | 76.0 mo | 75.0 mo | 75.0 mo | 75.0 mo | 75.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 51.35%−0.10pp | 50.86% | 50.75% | 51.45% | 60.95% | 60.95% | calc |
| Enhancement, target | 59.30% | 57.86% | 58.05% | 61.75% | 66.50% | 67.15% | calc |
| Subordinate notes | 45.8%−1.5pp | 45.7% | 45.2% | 47.3% | 53.5% | 54.3% | calc |
| OC (initial) | 4.50% | 4.20% | 4.50% | 3.15% | 6.45% | 5.65% | 424B5 |
| OC target | 12.45% | 11.20% | 11.80% | 13.45% | 12.00% | 11.85% | 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 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 | 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 2025-5 | CMXS 2025-B | DRIVE 2025-2 | SDART 2025-3 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-11-17 | 2025-09-24 | 2025-09-24 | 2025-07-30 | 424B5 |
| Pool balance | $1,272.4MM | $923.1MM | $1,866.5MM | $2,150.3MM | 424B5 |
| WA Credit Score | 584−20 | 612 | 585 | 604 | 424B5 |
| WA APR | 21.29%+3.30pp | 16.03% | 19.76% | 17.99% | 424B5 |
| WA original term mo | 76.0+4.4 | 69.4 mo | 71.7 mo | 71.6 mo | 424B5 |
| % new vehicles | — | 0.0% | 28.1% | 27.7% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 51.35%+13.50pp | 26.90% | 48.35% | 37.85% | calc |
| Enhancement, target | 59.30% | 32.90% | 52.85% | 39.35% | calc |
| Subordinate notes | 45.8%+13.4pp | 23.4% | 32.8% | 32.4% | calc |
| OC (initial) | 4.50% | 2.50% | 14.50% | 4.40% | 424B5 |
| OC target | 12.45% | 8.50% | 19.00% | 5.90% | 424B5 |
| OC floor | 1.50% | 0.50% | 3.00% | 2.00% | 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 | — | +63 bps A-3 · 2.2y | +62 bps A-3 · 1.5y | +60 bps A-3 · 1.9y | FWP |
| Terms | |||||
| Tranches | 7 | 7 | 6 | 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.
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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.