| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 30.0 | 8.9% | 34.25% | 0.14 | 4.61% | +31 I-curve | 2026-05-15 | A-1+ |
| Class A-2 | 105.3 | 31.3% | 34.25% | 0.89 | 4.83% | +88 I-curve | 2028-10-16 | AAA |
| Class A-3 | 89.5 | 26.6% | 34.25% | 2.23 | 4.69% | +98 I-curve | 2030-04-15 | AAA |
| Class B | 23.4 | 7.0% | 27.30% | 3.14 | 4.87% | +115 I-curve | 2031-08-15 | AA |
| Class C | 37.5 | 11.1% | 16.15% | 3.71 | 5.40% | +165 I-curve | 2031-08-15 | A |
| Class D | 35.0 | 10.4% | 5.75% | 4.52 | 6.14% | +235 I-curve | 2031-09-15 | BBB |
| Class E | 6.7 | 2.0% | 3.75% | 4.89 | 8.44% | — | 2032-12-15 | 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.
| 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 | Deutsche Bank Securities, Wells Fargo Securities, Barclays Capital, Citigroup Global Markets |
Earliest Exeter Select Automobile Receivables Trust transaction in our coverage — no prior issuance to compare.
| EARTS 2025-1 | CRVNA 2025-P1 | WOSAT 2024-A | CAOT 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-04-23 | 2025-03-17 | 2024-07-24 | 2024-01-24 | 424B5 |
| Pool balance | $336.8MM | $602.8MM | $797.9MM | $1,565.7MM | 424B5 |
| WA Credit Score | 669−33 | 702 | 655 | 719 | 424B5 |
| WA APR | 17.96%+7.06pp | 14.06% | 10.80% | 10.90% | 424B5 |
| WA original term mo | 77.0+4.0 | 73.0 mo | 74.5 mo | 65.4 mo | 424B5 |
| % new vehicles | — | — | 90.7% | 0.0% | 424B5 |
| Geo top-3 | TX 21.1% FL 10.8% CA 9.1% | TX 11.7% CA 8.3% FL 7.2% | FL 54.1% GA 19.9% AL 10.6% | CA 16.4% TX 11.3% FL 8.1% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 34.25%+25.00pp | 7.00% | 24.00% | 9.25% | calc |
| Enhancement, target | 38.30% | 7.20% | 27.00% | 9.25% | calc |
| Subordinate notes | 30.5%+22.5pp | 6.5% | 20.5% | 8.0% | calc |
| OC (initial) | 2.75% | 0.00% | 3.00% | 1.00% | 424B5 |
| OC target | 6.80% | 0.20% | 6.00% | 1.00% | 424B5 |
| OC floor | 1.50% | 0.20% | 1.00% | 1.00% | 424B5 |
| Reserve account | 1.00% | 0.50% | 0.50% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | — | n.a. | 424B5 |
| Pricing | |||||
| AAA spread | +98 bps+28bps A-3 · 2.2y | +65 bps A-3 · 2.4y | +70 bps A-3 · 2.4y | +75 bps A-3 · 2.6y | FWP |
| Terms | |||||
| Tranches | 7 | 8 | 8 | 8 | 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.
No performance data available for this issuer.
Interactive view: Performance ↗