| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P |
|---|---|---|---|---|---|---|---|
| Class A-1 Notes | 64.0 | 12.9% | 89.0% | — | — | 2027-10-15 | A-1+ |
| Class A-2 Notes | 130.2 | 26.3% | 62.7% | — | — | 2030-02-15 | AAA |
| Class A-3 Notes | 130.2 | 26.3% | 36.5% | — | — | 2031-10-15 | AAA |
| Class B Notes | 33.1 | 6.7% | 29.8% | — | — | 2033-05-16 | AA |
| Class C Notes | 55.2 | 11.1% | 18.6% | — | — | 2033-05-16 | A |
| Class D Notes | 49.0 | 9.9% | 8.7% | — | — | 2033-05-16 | BBB |
| Class E | 11.3 | 2.3% | 6.5% | — | — | — | — |
| Class N | 32.0 | 6.5% | 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 | Wells Fargo Securities, J.P. Morgan Securities, Citigroup Global Markets, Mizuho Securities |
| EARTS 2026-2 | EARTS 2026-1 | EARTS 2025-3 | EARTS 2025-2 | EARTS 2025-1 | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-09-30 | 2026-05-15 | 2025-10-22 | 2025-07-30 | 2025-04-23 |
| Pool balance | $495.4MM | $371.1MM | $367.1MM | $378.0MM | $336.8MM |
| WA Credit Score | 671+2 | 670 | 670 | 669 | 669 |
| WA APR | 15.19%−0.59pp | 15.74% | 15.49% | 15.82% | 15.86% |
| WA original term mo | 82.0+5.0 | 78.0 mo | 77.0 mo | 77.0 mo | 77.0 mo |
| % new vehicles | — | — | — | — | — |
| Reserve % | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | TX 21.8% CA 11.2% FL 8.8% | 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 | 52.6%−2.7pp | 52.5% | 56.2% | 54.3% | 57.8% |
| Subordination below AAA | 36.5%+5.9pp | 38.1% | 30.1% | 30.7% | 30.5% |
| OC (initial) | 4.50% | 3.25% | 2.80% | 2.60% | 2.75% |
| OC target | 9.00% | 7.10% | 7.00% | 6.40% | 6.80% |
| OC floor | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 8 | 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 2026-2 | CRVNA 2026-P3 | WOSAT 2026-A | CAOT 2024-1 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-09-30 | 2026-08-25 | 2026-07-29 | 2024-01-24 |
| Pool balance | $495.4MM | $1,550.3MM | $688.5MM | $1,565.7MM |
| WA Credit Score | 671−31 | 702 | 647 | 719 |
| WA APR | 15.19%+4.42pp | 10.77% | 9.84% | 10.90% |
| WA original term mo | 82.0+7.5 | 75.0 mo | 74.5 mo | 65.4 mo |
| % new vehicles | — | 4.5% | 97.0% | 0.0% |
| Reserve % | 1.00% | 1.00% | 0.50% | 1.00% |
| Geo top-3 | TX 21.8% CA 11.2% FL 8.8% | TX 10.8% CA 7.2% FL 6.0% | FL 55.5% GA 18.8% AL 11.0% | CA 16.4% TX 11.3% FL 8.1% |
| Structure (at issuance) | ||||
| AAA spread | — | +60 bps | +56 bps | +62 bps |
| AAA % of pool | 52.6%−20.8pp | 78.5% | 63.0% | 73.4% |
| Subordination below AAA | 36.5%+27.2pp | 12.0% | 9.3% | 8.0% |
| OC (initial) | 4.50% | 0.00% | 10.65% | 1.00% |
| OC target | 9.00% | 1.00% | 13.50% | 1.00% |
| OC floor | 1.50% | 1.00% | 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.