| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 65.0 | 8.6% | 89.0% | +30 bps | 0.13 | 2027-04-15 | A-1+ | P-1 |
| Class A-2 | 149.7 | 19.8% | 69.2% | +60 bps | 0.55 | 2028-11-15 | AAA | Aaa |
| Class A-3 | 156.2 | 20.6% | 48.6% | +68 bps | 1.44 | 2030-05-15 | AAA | Aaa |
| Class B | 82.2 | 10.9% | 37.8% | +90 bps | 2.23 | 2031-01-15 | AA | Aaa |
| Class C | 85.2 | 11.2% | 26.5% | +130 bps | 2.83 | 2032-08-16 | A | Aa3 |
| Class D | 110.6 | 14.6% | 11.9% | +190 bps | 3.66 | 2032-08-16 | BBB | Baa3 |
| Class E | 75.4 | 10.0% | 2.0% | +380 bps | 4.58 | 2033-11-15 | BB- | — |
| Class N | 14.8 | 2.0% | 0.0% | +320 bps | 0.87 | 2033-11-15 | — | — |
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 51.2%.
| 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 | Barclays Capital, BNP Paribas Securities, Deutsche Bank Securities, Wells Fargo Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2026-2 | EART 2026-1 | EART 2025-5 | EART 2025-4 | EART 2025-3 | EART 2025-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-03-31 | 2026-01-28 | 2025-11-17 | 2025-08-27 | 2025-05-28 | 2025-03-26 |
| Pool balance | $757.7MM | $1,123.3MM | $1,272.4MM | $1,298.2MM | $1,098.0MM | $1,050.3MM |
| WA Credit Score | 582−2 | 598 | 584 | 585 | 583 | 583 |
| WA APR | 19.41%+0.70pp | 18.71% | 18.71% | 18.46% | 18.95% | 19.36% |
| WA original term mo | 76.00.0 | 76.0 mo | 76.0 mo | 76.0 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 20.6% CA 11.3% FL 8.0% | TX 22.2% CA 10.9% FL 7.9% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +60 bps+6bps | +49 bps | — | +54 bps | +63 bps | — |
| AAA % of pool | 40.4%−1.0pp | 41.6% | 40.1% | 41.1% | 41.3% | 50.1% |
| Subordination below AAA | 48.6%+2.8pp | 47.8% | 45.8% | 45.7% | 45.2% | 47.3% |
| OC (initial) | 4.40% | 4.85% | 4.50% | 4.20% | 4.50% | 3.15% |
| OC target | 11.70% | 12.25% | 12.45% | 11.20% | 11.80% | 13.45% |
| 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 | 8 | 8 | 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 2026-2 | CMXS 2026-A | SDART 2026-1 | DRIVE 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-03-31 | 2026-02-25 | 2026-02-25 | 2025-09-24 |
| Pool balance | $757.7MM | $769.2MM | $1,936.2MM | $1,866.5MM |
| WA Credit Score | 582−23 | 612 | 605 | 585 |
| WA APR | 19.41%+1.37pp | 16.49% | 18.04% | 19.81% |
| WA original term mo | 76.0+4.3 | 70.1 mo | 71.8 mo | 71.7 mo |
| % new vehicles | — | 0.0% | 26.7% | 28.1% |
| Reserve % | 1.00% | 2.50% | 1.00% | 1.00% |
| Geo top-3 | TX 20.6% CA 11.3% FL 8.0% | CA 15.0% TX 13.2% FL 8.6% | TX 15.6% FL 13.2% CA 9.3% | TX 17.7% FL 12.4% CA 7.8% |
| Structure (at issuance) | ||||
| AAA spread | +60 bps+4bps | +58 bps | +53 bps | +56 bps |
| AAA % of pool | 40.4%−13.3pp | 55.3% | 53.7% | 42.2% |
| Subordination below AAA | 48.6%+15.8pp | 23.7% | 33.9% | 32.8% |
| OC (initial) | 4.40% | 2.50% | 2.20% | 14.50% |
| OC target | 11.70% | 8.65% | 3.65% | 19.00% |
| OC floor | 1.50% | 0.50% | 2.00% | 3.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 8 | 8 | 7 | 6 |
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 (65 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.