| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 48.0 | 12.9% | 35.55% | 0.19 | 3.98% | +33 I-curve | 2027-06-15 | A-1+ |
| Class A-2 | 97.4 | 26.3% | 35.55% | 0.94 | 4.37% | +60 I-curve | 2029-10-15 | AAA |
| Class A-3 | 97.4 | 26.3% | 35.55% | 2.18 | 4.67% | +60 I-curve | 2031-06-16 | AAA |
| Class B | 26.4 | 7.1% | 28.45% | 3.09 | 4.99% | +85 I-curve | 2032-10-15 | AA |
| Class C | 42.7 | 11.5% | 16.95% | 3.69 | 5.37% | +120 I-curve | 2032-10-15 | A |
| Class D | 39.0 | 10.5% | 6.45% | 4.54 | 6.10% | +190 I-curve | 2032-11-15 | BBB |
| Class E | 8.2 | 2.2% | 4.25% | 7.76 | 7.69% | +350 I-curve | — | BB |
| Class N | 25.4 | 6.8% | — | 1.01 | — | — | — | — |
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 | Deutsche Bank Securities, Barclays Capital, Citigroup Global Markets, Mizuho Securities |
| EARTS 2026-1 | EARTS 2025-3 | EARTS 2025-2 | EARTS 2025-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-05-15 | 2025-10-22 | 2025-07-30 | 2025-04-23 | 424B5 |
| Pool balance | $371.1MM | $367.1MM | $378.0MM | $336.8MM | 424B5 |
| WA Credit Score | 670+1 | 670 | 669 | 669 | 424B5 |
| WA APR | 17.16%−0.66pp | 17.20% | 17.82% | 17.96% | 424B5 |
| WA original term mo | 78.0+1.0 | 77.0 mo | 77.0 mo | 77.0 mo | 424B5 |
| % new vehicles | — | — | — | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 35.55%+1.30pp | 33.90% | 34.30% | 34.25% | calc |
| Enhancement, target | 39.40% | 38.10% | 38.10% | 38.30% | calc |
| Subordinate notes | 31.3%+0.8pp | 30.1% | 30.7% | 30.5% | calc |
| OC (initial) | 3.25% | 2.80% | 2.60% | 2.75% | 424B5 |
| OC target | 7.10% | 7.00% | 6.40% | 6.80% | 424B5 |
| OC floor | 1.50% | 1.50% | 1.50% | 1.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||
| AAA spread | +60 bps−12bps A-3 · 2.2y | +72 bps A-3 · 2.3y | +67 bps A-3 · 2.4y | +98 bps A-3 · 2.2y | FWP |
| Terms | |||||
| Tranches | 8 | 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 2026-1 | CRVNA 2026-P1 | WOSAT 2025-A | CAOT 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-05-15 | 2026-03-17 | 2025-09-24 | 2024-01-24 | 424B5 |
| Pool balance | $371.1MM | $1,050.7MM | $835.7MM | $1,565.7MM | 424B5 |
| WA Credit Score | 670−43 | 713 | 650 | 719 | 424B5 |
| WA APR | 17.16%+6.41pp | 10.67% | 10.75% | 10.90% | 424B5 |
| WA original term mo | 78.0+3.5 | 75.0 mo | 74.5 mo | 65.4 mo | 424B5 |
| % new vehicles | — | 2.7% | 94.0% | 0.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 35.55%+24.35pp | 11.20% | 20.75% | 9.25% | calc |
| Enhancement, target | 39.40% | 11.60% | 23.25% | 9.25% | calc |
| Subordinate notes | 31.3%+20.6pp | 10.7% | 11.0% | 8.0% | calc |
| OC (initial) | 3.25% | 0.00% | 9.25% | 1.00% | 424B5 |
| OC target | 7.10% | 0.40% | 11.75% | 1.00% | 424B5 |
| OC floor | 1.50% | 0.40% | 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 | +60 bps−11bps A-3 · 2.2y | +71 bps A-3 · 2.3y | +60 bps A-2a · 1.4y | +75 bps A-3 · 2.6y | FWP |
| Terms | |||||
| Tranches | 8 | 8 | 6 | 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 (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.
Open the performance page ↗ for
FICO sub-band and new/used stratification.