| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 47.0 | 12.4% | 34.30% | 0.18 | 4.53% | +19 I-curve | 2026-08-17 | A-1+ |
| Class A-2 | 131.5 | 34.8% | 34.30% | 1.11 | 4.54% | +57 I-curve | 2029-06-15 | AAA |
| Class A-3 | 73.7 | 19.5% | 34.30% | 2.39 | 4.43% | +67 I-curve | 2030-08-15 | AAA |
| Class B | 26.8 | 7.1% | 27.20% | 3.12 | 4.63% | +90 I-curve | 2031-11-17 | AA |
| Class C | 43.7 | 11.5% | 15.65% | 3.70 | 4.91% | +115 I-curve | 2031-12-15 | A |
| Class D | 38.6 | 10.2% | 5.45% | 4.52 | 5.34% | +155 I-curve | 2032-01-15 | BBB |
| Class E | 7.0 | 1.8% | 3.60% | 4.88 | 6.87% | +310 I-curve | 2033-02-15 | 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 | J.P. Morgan Securities, Wells Fargo Securities, Deutsche Bank Securities, Citigroup Global Markets, Mizuho Securities |
| EARTS 2025-2 | EARTS 2025-1 | Source | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-07-30 | 2025-04-23 | 424B5 |
| Pool balance | $378.0MM | $336.8MM | 424B5 |
| WA Credit Score | 669 | 669 | 424B5 |
| WA APR | 17.82% | 17.96% | 424B5 |
| WA original term mo | 77.0 | 77.0 mo | 424B5 |
| % new vehicles | — | — | 424B5 |
| Geo top-3 | TX 21.3% FL 9.1% CA 8.8% | TX 21.1% FL 10.8% CA 9.1% | 424B5 |
| Enhancement beneath the AAA term notes | |||
| Enhancement, initial | 34.30% | 34.25% | calc |
| Enhancement, target | 38.10% | 38.30% | calc |
| Subordinate notes | 30.7% | 30.5% | calc |
| OC (initial) | 2.60% | 2.75% | 424B5 |
| OC target | 6.40% | 6.80% | 424B5 |
| OC floor | 1.50% | 1.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | 424B5 |
| Pricing | |||
| AAA spread | +67 bps A-3 · 2.4y | +98 bps A-3 · 2.2y | FWP |
| Terms | |||
| Tranches | 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.
| EARTS 2025-2 | CRVNA 2025-P2 | WOSAT 2024-A | CAOT 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-07-30 | 2025-06-17 | 2024-07-24 | 2024-01-24 | 424B5 |
| Pool balance | $378.0MM | $650.3MM | $797.9MM | $1,565.7MM | 424B5 |
| WA Credit Score | 669−32 | 701 | 655 | 719 | 424B5 |
| WA APR | 17.82%+6.92pp | 12.80% | 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 21.3% FL 9.1% CA 8.8% | TX 10.8% CA 8.0% FL 6.2% | 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 | 34.30%+23.65pp | 10.65% | 24.00% | 9.25% | calc |
| Enhancement, target | 38.10% | 10.85% | 27.00% | 9.25% | calc |
| Subordinate notes | 30.7%+20.5pp | 10.1% | 20.5% | 8.0% | calc |
| OC (initial) | 2.60% | 0.00% | 3.00% | 1.00% | 424B5 |
| OC target | 6.40% | 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 | +67 bps−3bps A-3 · 2.4y | +60 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.
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 (39 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 EARTS.
Peer tier: near-prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.