| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 142.0 | 10.5% | 85.2% | +38 bps | 0.13 | 2027-07-15 | A-1+ | P-1 |
| Class A-2 | 236.2 | 17.5% | 67.7% | +60 bps | 0.54 | 2028-12-15 | AAA | Aaa |
| Class A-3 | 267.5 | 19.8% | 47.9% | +59 bps | 1.38 | 2030-07-15 | AAA | Aaa |
| Class B | 140.3 | 10.4% | 37.5% | +70 bps | 2.15 | 2031-03-17 | AA | Aaa |
| Class C | 146.4 | 10.9% | 26.6% | +90 bps | 2.75 | 2032-10-15 | A | Aa3 |
| Class D | 194.3 | 14.4% | 12.3% | +140 bps | 3.59 | 2032-10-15 | BBB | Baa3 |
| Class E | 130.9 | 9.7% | 2.5% | +340 bps | 4.52 | 2034-07-17 | BB- | — |
| Class N | 34.4 | 2.5% | 0.0% | +295 bps | 0.57 | 2034-07-17 | — | — |
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 47.7%.
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,349.4MM | $757.7MM | $1,123.3MM | $1,272.4MM | $1,298.2MM | $1,098.0MM |
| WA Credit Score | 5840 | 582 | 598 | 584 | 585 | 583 |
| WA APR | 18.58%−0.13pp | 19.41% | 18.71% | 18.71% | 18.46% | 18.95% |
| WA original term mo | 77.0+1.0 | 76.0 mo | 76.0 mo | 76.0 mo | 76.0 mo | 75.0 mo |
| % new vehicles | — | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 20.3% 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% |
| Structure (at issuance) | ||||||
| AAA spread | +60 bps+3bps | +60 bps | +49 bps | — | +54 bps | +63 bps |
| AAA % of pool | 37.3%−3.7pp | 40.4% | 41.6% | 40.1% | 41.1% | 41.3% |
| Subordination below AAA | 47.9%+2.1pp | 48.6% | 47.8% | 45.8% | 45.7% | 45.2% |
| OC (initial) | 6.80% | 4.40% | 4.85% | 4.50% | 4.20% | 4.50% |
| OC target | 12.25% | 11.70% | 12.25% | 12.45% | 11.20% | 11.80% |
| 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 | 8 | 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 2026-3 | CMXS 2026-B | SDART 2026-1 | DRIVE 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-06-24 | 2026-06-16 | 2026-02-25 | 2025-09-24 |
| Pool balance | $1,349.4MM | $621.8MM | $1,936.2MM | $1,866.5MM |
| WA Credit Score | 584−21 | 613 | 605 | 585 |
| WA APR | 18.58%+0.54pp | 16.30% | 18.04% | 19.81% |
| WA original term mo | 77.0+5.3 | 70.1 mo | 71.8 mo | 71.7 mo |
| % new vehicles | — | 0.0% | 26.7% | 28.1% |
| Reserve % | 1.00% | 3.50% | 1.00% | 1.00% |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | +60 bps+4bps | +58 bps | +53 bps | +56 bps |
| AAA % of pool | 37.3%−16.4pp | 54.8% | 53.7% | 42.2% |
| Subordination below AAA | 47.9%+15.1pp | 27.2% | 33.9% | 32.8% |
| OC (initial) | 6.80% | 3.50% | 2.20% | 14.50% |
| OC target | 12.25% | 10.00% | 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 | 7 | 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 (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.
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FICO sub-band and new/used stratification.