| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 119.0 | 10.7% | 85.0% | +30 bps | 0.14 | 2027-08-16 | A-1+ | P-1 |
| Class A-2 | 164.6 | 14.9% | 70.2% | +50 bps | 0.54 | 2028-12-15 | AAA | Aaa |
| Class A-3 | 246.6 | 22.3% | 47.9% | +52 bps | 1.37 | 2030-10-15 | AAA | Aaa |
| Class B | 115.2 | 10.4% | 37.5% | +70 bps | 2.20 | 2031-06-16 | AA | Aaa |
| Class C | 118.5 | 10.7% | 26.8% | +95 bps | 2.81 | 2033-02-15 | A | Aa3 |
| Class D | 159.6 | 14.4% | 12.4% | +140 bps | 3.64 | 2033-02-15 | BBB | Baa3 |
| Class E | 107.5 | 9.7% | 2.7% | +335 bps | 4.58 | 2034-10-16 | BB- | NR |
| Class N | 29.9 | 2.7% | 0.0% | +285 bps | 0.58 | 2034-10-16 | — | — |
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 47.5%.
| 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, BMO Capital Markets, Deutsche Bank Securities, J.P. Morgan Securities, Citigroup Global Markets, Mizuho Securities |
| EART 2026-4 | EART 2026-3 | EART 2026-2 | EART 2026-1 | EART 2025-5 | EART 2025-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-08-31 | 2026-06-24 | 2026-03-31 | 2026-01-28 | 2025-11-17 | 2025-08-27 |
| Pool balance | $1,108.0MM | $1,349.4MM | $757.7MM | $1,123.3MM | $1,272.4MM | $1,298.2MM |
| WA Credit Score | 585+1 | 584 | 582 | 598 | 584 | 585 |
| WA APR | 18.28%−0.43pp | 18.58% | 19.41% | 18.71% | 18.71% | 18.46% |
| WA original term mo | 78.0+2.0 | 77.0 mo | 76.0 mo | 76.0 mo | 76.0 mo | 76.0 mo |
| % new vehicles | — | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 21.0% CA 11.1% FL 8.1% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +50 bps−7bps | +60 bps | +60 bps | +49 bps | — | +54 bps |
| AAA % of pool | 37.1%−3.3pp | 37.3% | 40.4% | 41.6% | 40.1% | 41.1% |
| Subordination below AAA | 47.9%+0.1pp | 47.9% | 48.6% | 47.8% | 45.8% | 45.7% |
| OC (initial) | 6.95% | 6.80% | 4.40% | 4.85% | 4.50% | 4.20% |
| OC target | 11.65% | 12.25% | 11.70% | 12.25% | 12.45% | 11.20% |
| 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 | 8 | 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 2026-4 | CMXS 2026-B | SDART 2026-1 | DRIVE 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-08-31 | 2026-06-16 | 2026-02-25 | 2025-09-24 |
| Pool balance | $1,108.0MM | $621.8MM | $1,936.2MM | $1,866.5MM |
| WA Credit Score | 585−20 | 613 | 605 | 585 |
| WA APR | 18.28%+0.24pp | 16.30% | 18.04% | 19.81% |
| WA original term mo | 78.0+6.3 | 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 21.0% CA 11.1% FL 8.1% | 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 | +50 bps−6bps | +58 bps | +53 bps | +56 bps |
| AAA % of pool | 37.1%−16.6pp | 54.8% | 53.7% | 42.2% |
| Subordination below AAA | 47.9%+15.0pp | 27.2% | 33.9% | 32.8% |
| OC (initial) | 6.95% | 3.50% | 2.20% | 14.50% |
| OC target | 11.65% | 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.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.