| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P |
|---|---|---|---|---|---|---|---|
| Class A-1 | 40.0 | 10.9% | 86.3% | 4.23% fxd | 0.18 | 2026-10-15 | — |
| Class A-2 | 111.4 | 30.3% | 56.0% | 4.24% fxd | 0.97 | 2029-05-15 | AAA |
| Class A-3 | 94.9 | 25.9% | 30.1% | 4.18% fxd | 2.30 | 2030-12-16 | AAA |
| Class B | 25.7 | 7.0% | 23.1% | 4.42% fxd | 3.20 | 2032-03-15 | AA |
| Class C | 41.7 | 11.4% | 11.8% | 5.00% fxd | 3.79 | 2032-03-15 | A |
| Class D | 37.3 | 10.1% | 1.6% | 5.54% fxd | 4.62 | 2032-05-17 | BBB |
| Class E | 5.9 | 1.6% | 0.0% | 7.50% fxd | 4.98 | 2033-06-15 | 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 | Barclays Capital, J.P. Morgan Securities, BMO Capital Markets, Citigroup Global Markets, Mizuho Securities |
| EARTS 2025-3 | EARTS 2025-2 | EARTS 2025-1 | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-10-22 | 2025-07-30 | 2025-04-23 |
| Pool balance | $367.1MM | $378.0MM | $336.8MM |
| WA Credit Score | 670+1 | 669 | 669 |
| WA APR | 15.49%−0.35pp | 15.82% | 15.86% |
| WA original term mo | 77.00.0 | 77.0 mo | 77.0 mo |
| % new vehicles | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 23.1% FL 9.0% CA 8.7% | 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 | 56.2%+0.1pp | 54.3% | 57.8% |
| Subordination below AAA | 30.1%−0.5pp | 30.7% | 30.5% |
| OC (initial) | 2.80% | 2.60% | 2.75% |
| OC target | 7.00% | 6.40% | 6.80% |
| OC floor | 1.50% | 1.50% | 1.50% |
| YSOC | n.a. | n.a. | n.a. |
| Tranches | 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.
| EARTS 2025-3 | WOSAT 2025-A | CRVNA 2025-P3 | CAOT 2024-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-10-22 | 2025-09-24 | 2025-09-23 | 2024-01-24 |
| Pool balance | $367.1MM | $835.7MM | $1,011.7MM | $1,565.7MM |
| WA Credit Score | 670−32 | 650 | 702 | 719 |
| WA APR | 15.49%+4.59pp | 10.75% | 12.11% | 10.90% |
| WA original term mo | 77.0+4.0 | 74.5 mo | 73.0 mo | 65.4 mo |
| % new vehicles | — | 94.0% | — | 0.0% |
| Reserve % | 1.00% | 0.50% | 0.20% | 1.00% |
| Geo top-3 | TX 23.1% FL 9.0% CA 8.7% | FL 57.3% GA 18.5% AL 10.0% | TX 10.4% CA 7.7% FL 5.7% | CA 16.4% TX 11.3% FL 8.1% |
| Structure (at issuance) | ||||
| AAA spread | — | +60 bps | +50 bps | +62 bps |
| AAA % of pool | 56.2%−17.2pp | 64.2% | 79.5% | 73.4% |
| Subordination below AAA | 30.1%+19.1pp | 11.0% | 12.3% | 8.0% |
| OC (initial) | 2.80% | 9.25% | 0.00% | 1.00% |
| OC target | 7.00% | 11.75% | 0.20% | 1.00% |
| OC floor | 1.50% | 1.00% | 0.20% | 1.00% |
| YSOC | n.a. | — | n.a. | n.a. |
| Tranches | 7 | 6 | 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 (40 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.