| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 64.0 | 12.9% | 35.50% | 0.18 | 4.31% | +30 I-curve | 2027-10-15 | A-1+ |
| Class A-2 | 130.2 | 26.3% | 35.50% | 0.92 | 4.82% | +48 I-curve | 2030-02-15 | AAA |
| Class A-3 | 130.2 | 26.3% | 35.50% | 2.18 | 5.26% | +55 I-curve | 2031-10-15 | AAA |
| Class B | 33.1 | 6.7% | 28.81% | 3.10 | 5.40% | +65 I-curve | 2033-05-16 | AA |
| Class C | 55.2 | 11.1% | 17.67% | 3.69 | 5.75% | +100 I-curve | 2033-05-16 | A |
| Class D | 49.0 | 9.9% | 7.78% | 4.51 | 6.34% | +160 I-curve | 2033-05-16 | BBB |
| Class E | 11.3 | 2.3% | 5.50% | 4.88 | 7.85% | +315 I-curve | 2034-11-15 | BB |
| Class N | 32.0 | 6.5% | — | 1.11 | 7.34% | — | 2034-11-15 | — |
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 | Mizuho Securities, Citigroup Global Markets |
| EARTS 2026-2 | EARTS 2026-1 | EARTS 2025-3 | EARTS 2025-2 | EARTS 2025-1 | Source | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-09-28 | 2026-05-15 | 2025-10-22 | 2025-07-30 | 2025-04-23 | 424B5 |
| Pool balance | $495.4MM | $371.1MM | $367.1MM | $378.0MM | $336.8MM | 424B5 |
| WA Credit Score | 671+2 | 670 | 670 | 669 | 669 | 424B5 |
| WA APR | 16.69%−0.82pp | 17.16% | 17.20% | 17.82% | 17.96% | 424B5 |
| WA original term mo | 82.0+5.0 | 78.0 mo | 77.0 mo | 77.0 mo | 77.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | ||||||
| Enhancement, initial | 35.50%+1.22pp | 35.55% | 33.90% | 34.30% | 34.25% | calc |
| Enhancement, target | 40.00% | 39.40% | 38.10% | 38.10% | 38.30% | calc |
| Subordinate notes | 30.0%−0.6pp | 31.3% | 30.1% | 30.7% | 30.5% | calc |
| OC (initial) | 4.50% | 3.25% | 2.80% | 2.60% | 2.75% | 424B5 |
| OC target | 9.00% | 7.10% | 7.00% | 6.40% | 6.80% | 424B5 |
| OC floor | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | ||||||
| AAA spread | +55 bps−14bps A-3 · 2.2y | +60 bps 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 | 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 2026-2 | CRVNA 2026-P3 | WOSAT 2026-A | CAOT 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-09-28 | 2026-08-25 | 2026-07-29 | 2024-01-24 | 424B5 |
| Pool balance | $495.4MM | $1,550.3MM | $688.5MM | $1,565.7MM | 424B5 |
| WA Credit Score | 671−31 | 702 | 647 | 719 | 424B5 |
| WA APR | 16.69%+5.92pp | 10.77% | 9.84% | 10.90% | 424B5 |
| WA original term mo | 82.0+7.5 | 75.0 mo | 74.5 mo | 65.4 mo | 424B5 |
| % new vehicles | — | 4.5% | 97.0% | 0.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 35.50%+24.30pp | 11.20% | 20.40% | 9.25% | calc |
| Enhancement, target | 40.00% | 12.20% | 23.25% | 9.25% | calc |
| Subordinate notes | 30.0%+20.7pp | 10.7% | 9.3% | 8.0% | calc |
| OC (initial) | 4.50% | 0.00% | 10.65% | 1.00% | 424B5 |
| OC target | 9.00% | 1.00% | 13.50% | 1.00% | 424B5 |
| OC floor | 1.50% | 1.00% | 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 | +55 bps−7bps A-3 · 2.2y | +62 bps A-3 · 2.3y | +56 bps A-2a · 1.2y | +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 (44 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.