| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P |
|---|---|---|---|---|---|---|---|
| Class A-1 | 47.0 | 12.4% | 85.0% | 4.53% fxd | 0.18 | 2026-08-17 | A-1+ |
| Class A-2 | 131.5 | 34.8% | 50.2% | 4.54% fxd | 1.11 | 2029-06-15 | AAA |
| Class A-3 | 73.7 | 19.5% | 30.7% | 4.43% fxd | 2.39 | 2030-08-15 | AAA |
| Class B | 26.8 | 7.1% | 23.6% | 4.63% fxd | 3.12 | 2031-11-17 | AA |
| Class C | 43.7 | 11.5% | 12.0% | 4.91% fxd | 3.70 | 2031-12-15 | A |
| Class D | 38.6 | 10.2% | 1.8% | 5.34% fxd | 4.52 | 2032-01-15 | BBB |
| Class E | 7.0 | 1.8% | 0.0% | 6.87% fxd | 4.88 | 2033-02-15 | BB |
| 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 | |
|---|---|---|
| Collateral (pool at cut-off) | ||
| Closing date | 2025-07-30 | 2025-04-23 |
| Pool balance | $378.0MM | $336.8MM |
| WA Credit Score | 669 | 669 |
| WA APR | 15.82% | 15.86% |
| WA original term mo | 77.0 | 77.0 mo |
| % new vehicles | — | — |
| Reserve % | 1.00% | 1.00% |
| Geo top-3 | TX 21.3% FL 9.1% CA 8.8% | TX 21.1% FL 10.8% CA 9.1% |
| Structure (at issuance) | ||
| AAA spread | — | +88 bps |
| AAA % of pool | 54.3% | 57.8% |
| Subordination below AAA | 30.7% | 30.5% |
| OC (initial) | 2.60% | 2.75% |
| OC target | 6.40% | 6.80% |
| OC floor | 1.50% | 1.50% |
| YSOC | n.a. | n.a. |
| Tranches | 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.
| EARTS 2025-2 | CRVNA 2025-P2 | WOSAT 2024-A | CAOT 2024-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-07-30 | 2025-06-17 | 2024-07-24 | 2024-01-24 |
| Pool balance | $378.0MM | $650.3MM | $797.9MM | $1,565.7MM |
| WA Credit Score | 669−32 | 701 | 655 | 719 |
| WA APR | 15.82%+4.92pp | 12.80% | 10.80% | 10.90% |
| WA original term mo | 77.0+4.0 | 73.0 mo | 74.5 mo | 65.4 mo |
| % new vehicles | — | — | 90.7% | 0.0% |
| Reserve % | 1.00% | 0.20% | 0.50% | 1.00% |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | — | +50 bps | +62 bps | +62 bps |
| AAA % of pool | 54.3%−19.2pp | 78.6% | 59.6% | 73.4% |
| Subordination below AAA | 30.7%+17.7pp | 13.0% | 20.5% | 8.0% |
| OC (initial) | 2.60% | 0.00% | 3.00% | 1.00% |
| OC target | 6.40% | 0.20% | 6.00% | 1.00% |
| OC floor | 1.50% | 0.20% | 1.00% | 1.00% |
| YSOC | n.a. | n.a. | — | n.a. |
| Tranches | 7 | 8 | 8 | 8 |
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 (38 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.
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FICO sub-band and new/used stratification.