| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 40.0 | 10.9% | 33.90% | 0.18 | 4.23% | +21 I-curve | 2026-10-15 | — |
| Class A-2 | 111.4 | 30.3% | 33.90% | 0.97 | 4.24% | +67 I-curve | 2029-05-15 | AAA |
| Class A-3 | 94.9 | 25.9% | 33.90% | 2.30 | 4.18% | +72 I-curve | 2030-12-16 | AAA |
| Class B | 25.7 | 7.0% | 26.90% | 3.20 | 4.42% | +95 I-curve | 2032-03-15 | AA |
| Class C | 41.7 | 11.4% | 15.55% | 3.79 | 5.00% | +150 I-curve | 2032-03-15 | A |
| Class D | 37.3 | 10.1% | 5.40% | 4.62 | 5.54% | +200 I-curve | 2032-05-17 | BBB |
| Class E | 5.9 | 1.6% | 3.80% | 4.98 | 7.50% | +400 I-curve | 2033-06-15 | 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 | Barclays Capital, J.P. Morgan Securities, BMO Capital Markets, Citigroup Global Markets, Mizuho Securities |
| EARTS 2025-3 | EARTS 2025-2 | EARTS 2025-1 | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-10-22 | 2025-07-30 | 2025-04-23 | 424B5 |
| Pool balance | $367.1MM | $378.0MM | $336.8MM | 424B5 |
| WA Credit Score | 670+1 | 669 | 669 | 424B5 |
| WA APR | 17.20%−0.69pp | 17.82% | 17.96% | 424B5 |
| WA original term mo | 77.00.0 | 77.0 mo | 77.0 mo | 424B5 |
| % new vehicles | — | — | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | ||||
| Enhancement, initial | 33.90%−0.37pp | 34.30% | 34.25% | calc |
| Enhancement, target | 38.10% | 38.10% | 38.30% | calc |
| Subordinate notes | 30.1%−0.5pp | 30.7% | 30.5% | calc |
| OC (initial) | 2.80% | 2.60% | 2.75% | 424B5 |
| OC target | 7.00% | 6.40% | 6.80% | 424B5 |
| OC floor | 1.50% | 1.50% | 1.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | 424B5 |
| Pricing | ||||
| AAA spread | +72 bps−10bps A-3 · 2.3y | +67 bps A-3 · 2.4y | +98 bps A-3 · 2.2y | FWP |
| Terms | ||||
| Tranches | 7 | 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 2025-3 | WOSAT 2025-A | CRVNA 2025-P3 | CAOT 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-10-22 | 2025-09-24 | 2025-09-23 | 2024-01-24 | 424B5 |
| Pool balance | $367.1MM | $835.7MM | $1,011.7MM | $1,565.7MM | 424B5 |
| WA Credit Score | 670−32 | 650 | 702 | 719 | 424B5 |
| WA APR | 17.20%+6.30pp | 10.75% | 12.11% | 10.90% | 424B5 |
| WA original term mo | 77.0+4.0 | 74.5 mo | 73.0 mo | 65.4 mo | 424B5 |
| % new vehicles | — | 94.0% | — | 0.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 33.90%+24.00pp | 20.75% | 9.90% | 9.25% | calc |
| Enhancement, target | 38.10% | 23.25% | 10.10% | 9.25% | calc |
| Subordinate notes | 30.1%+20.7pp | 11.0% | 9.4% | 8.0% | calc |
| OC (initial) | 2.80% | 9.25% | 0.00% | 1.00% | 424B5 |
| OC target | 7.00% | 11.75% | 0.20% | 1.00% | 424B5 |
| OC floor | 1.50% | 1.00% | 0.20% | 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 | +72 bps+12bps A-3 · 2.3y | +60 bps A-2a · 1.4y | +58 bps A-3 · 2.5y | +75 bps A-3 · 2.6y | FWP |
| Terms | |||||
| Tranches | 7 | 6 | 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 (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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.