| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P |
|---|---|---|---|---|---|---|---|
| Class A-1 | 48.0 | 12.9% | 90.7% | — | — | 2027-06-15 | A-1+ |
| Class A-2 | 97.4 | 26.3% | 64.4% | — | — | 2029-10-15 | AAA |
| Class A-3 | 97.4 | 26.3% | 38.1% | — | — | 2031-06-16 | AAA |
| Class B | 26.4 | 7.1% | 31.0% | — | — | 2032-10-15 | AA |
| Class C | 42.7 | 11.5% | 19.5% | — | — | 2032-10-15 | A |
| Class D | 39.0 | 10.5% | 9.0% | — | — | 2032-11-15 | BBB |
| Class E | 8.2 | 2.2% | 6.8% | — | — | — | — |
| Class N | 25.4 | 6.8% | 0.0% | — | — | — | — |
| 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, Barclays Capital, Citigroup Global Markets, Mizuho Securities |
| EARTS 2026-1 | EARTS 2025-3 | EARTS 2025-2 | EARTS 2025-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-05-15 | 2025-10-22 | 2025-07-30 | 2025-04-23 |
| Pool balance | $371.1MM | $367.1MM | $378.0MM | $336.8MM |
| WA Credit Score | 670+1 | 670 | 669 | 669 |
| WA APR | 15.74%−0.08pp | 15.49% | 15.82% | 15.86% |
| WA original term mo | 78.0+1.0 | 77.0 mo | 77.0 mo | 77.0 mo |
| % new vehicles | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 21.6% CA 9.9% FL 8.4% | 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 | 52.5%−3.7pp | 56.2% | 54.3% | 57.8% |
| Subordination below AAA | 38.1%+7.6pp | 30.1% | 30.7% | 30.5% |
| OC (initial) | 3.25% | 2.80% | 2.60% | 2.75% |
| OC target | 7.10% | 7.00% | 6.40% | 6.80% |
| OC floor | 1.50% | 1.50% | 1.50% | 1.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 8 | 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 2026-1 | CRVNA 2026-P1 | WOSAT 2025-A | CAOT 2024-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-05-15 | 2026-03-17 | 2025-09-24 | 2024-01-24 |
| Pool balance | $371.1MM | $1,050.7MM | $835.7MM | $1,565.7MM |
| WA Credit Score | 670−43 | 713 | 650 | 719 |
| WA APR | 15.74%+4.99pp | 10.67% | 10.75% | 10.90% |
| WA original term mo | 78.0+3.5 | 75.0 mo | 74.5 mo | 65.4 mo |
| % new vehicles | — | 2.7% | 94.0% | 0.0% |
| Reserve % | 1.00% | 0.40% | 0.50% | 1.00% |
| Geo top-3 | TX 21.6% CA 9.9% FL 8.4% | TX 10.2% CA 8.5% FL 6.7% | FL 57.3% GA 18.5% AL 10.0% | CA 16.4% TX 11.3% FL 8.1% |
| Structure (at issuance) | ||||
| AAA spread | — | +58 bps | +60 bps | +62 bps |
| AAA % of pool | 52.5%−20.9pp | 77.9% | 64.2% | 73.4% |
| Subordination below AAA | 38.1%+27.1pp | 12.7% | 11.0% | 8.0% |
| OC (initial) | 3.25% | 0.00% | 9.25% | 1.00% |
| OC target | 7.10% | 0.40% | 11.75% | 1.00% |
| OC floor | 1.50% | 0.40% | 1.00% | 1.00% |
| YSOC | n.a. | n.a. | — | n.a. |
| Tranches | 8 | 8 | 6 | 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 (43 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.