| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 142.0 | 10.5% | 53.15% | 0.13 | 4.05% | +38 I-curve | 2027-07-15 | A-1+ | P-1 |
| Class A-2 | 236.2 | 17.5% | 53.15% | 0.54 | 4.36% | +60 I-curve | 2028-12-15 | AAA | Aaa |
| Class A-3 | 267.5 | 19.8% | 53.15% | 1.38 | 4.47% | +59 I-curve | 2030-07-15 | AAA | Aaa |
| Class B | 140.3 | 10.4% | 42.75% | 2.15 | 4.70% | +70 I-curve | 2031-03-17 | AA | Aaa |
| Class C | 146.4 | 10.9% | 31.90% | 2.75 | 4.92% | +90 I-curve | 2032-10-15 | A | Aa3 |
| Class D | 194.3 | 14.4% | 17.50% | 3.59 | 5.44% | +140 I-curve | 2032-10-15 | BBB | Baa3 |
| Class E | 130.9 | 9.7% | 7.80% | 4.52 | 7.42% | +340 I-curve | 2034-07-17 | BB- | — |
| Class N | 34.4 | 2.5% | — | 0.57 | 6.66% | +295 I-curve | 2034-07-17 | — | — |
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, J.P. Morgan Securities, Deutsche Bank Securities, Citigroup Global Markets |
| EART 2026-3 | EART 2026-2 | EART 2026-1 | EART 2025-5 | EART 2025-4 | EART 2025-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-06-24 | 2026-03-31 | 2026-01-28 | 2025-11-17 | 2025-08-27 | 2025-05-28 | 424B5 |
| Pool balance | $1,349.4MM | $757.7MM | $1,123.3MM | $1,272.4MM | $1,298.2MM | $1,098.0MM | 424B5 |
| WA Credit Score | 5840 | 582 | 598 | 584 | 585 | 583 | 424B5 |
| WA APR | 20.75%−0.80pp | 21.65% | 21.10% | 21.29% | 21.55% | 21.91% | 424B5 |
| WA original term mo | 77.0+1.0 | 76.0 mo | 76.0 mo | 76.0 mo | 76.0 mo | 75.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| Geo top-3 | TX 20.3% CA 10.8% FL 8.2% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 53.15%+2.15pp | 52.05% | 51.00% | 51.35% | 50.86% | 50.75% | calc |
| Enhancement, target | 58.60% | 59.35% | 58.40% | 59.30% | 57.86% | 58.05% | calc |
| Subordinate notes | 45.4%−0.3pp | 46.7% | 45.2% | 45.8% | 45.7% | 45.2% | calc |
| OC (initial) | 6.80% | 4.40% | 4.85% | 4.50% | 4.20% | 4.50% | 424B5 |
| OC target | 12.25% | 11.70% | 12.25% | 12.45% | 11.20% | 11.80% | 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 | +59 bps−5bps A-3 · 1.4y | +68 bps A-3 · 1.4y | +51 bps A-3 · 1.5y | — | +60 bps A-3 · 1.4y | +80 bps A-3 · 1.5y | FWP |
| Terms | |||||||
| Tranches | 8 | 8 | 8 | 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 2026-3 | CMXS 2026-B | SDART 2026-1 | DRIVE 2025-2 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-06-24 | 2026-06-16 | 2026-02-25 | 2025-09-24 | 424B5 |
| Pool balance | $1,349.4MM | $621.8MM | $1,936.2MM | $1,866.5MM | 424B5 |
| WA Credit Score | 584−21 | 613 | 605 | 585 | 424B5 |
| WA APR | 20.75%+2.50pp | 16.30% | 18.25% | 19.76% | 424B5 |
| WA original term mo | 77.0+5.3 | 70.1 mo | 71.8 mo | 71.7 mo | 424B5 |
| % new vehicles | — | 0.0% | 26.7% | 28.1% | 424B5 |
| Geo top-3 | TX 20.3% CA 10.8% FL 8.2% | CA 16.9% TX 13.5% FL 8.3% | TX 15.6% FL 13.2% CA 9.3% | TX 17.7% FL 12.4% CA 7.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 53.15%+16.05pp | 31.75% | 37.10% | 48.35% | calc |
| Enhancement, target | 58.60% | 38.25% | 38.55% | 52.85% | calc |
| Subordinate notes | 45.4%+12.5pp | 27.2% | 33.9% | 32.8% | calc |
| OC (initial) | 6.80% | 3.50% | 2.20% | 14.50% | 424B5 |
| OC target | 12.25% | 10.00% | 3.65% | 19.00% | 424B5 |
| OC floor | 1.50% | 0.50% | 2.00% | 3.00% | 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 | +59 bps+2bps A-3 · 1.4y | +57 bps A-3 · 1.9y | +51 bps A3 · 1.9y | +62 bps A-3 · 1.5y | FWP |
| Terms | |||||
| Tranches | 8 | 7 | 7 | 6 | 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 (67 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.