{"schema_version":"secwatch.filing_event.v1","accession":"0000929638-26-000387","form_type":"8-K","ticker":null,"cik":"0001654238","company_name":"EFCAR, LLC","filed_at":"2026-01-28T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.776819+00:00","generated_at":"2026-05-16T07:02:23.762666+00:00","sec_items":["1.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Exeter closes ~$1.1B subprime auto ABS (Exeter Automobile Receivables Trust 2026-1)","bullets":["Trust issued 8 classes of Notes totaling ~$1.1B: A-1 $94.2M, A-2 $241M, A-3 $226.4M, B $118.5M, C $123M, D $162.3M, E $103.3M, N $30M.","Backed by subprime auto loan contracts transferred from Exeter Finance LLC; Exeter remains servicer.","Closing date Jan 28, 2026; Citibank N.A. as indenture trustee; Wilmington Trust as owner trustee.","Underwriting agreement dated Jan 21, 2026 with Citigroup, Deutsche Bank, and Wells Fargo as representatives."],"urls":{"canonical":"https://secwatch.observer/filing/0000929638-26-000387","json":"https://secwatch.observer/filing/0000929638-26-000387.json","markdown":"https://secwatch.observer/filing/0000929638-26-000387.md","text":"https://secwatch.observer/filing/0000929638-26-000387.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/eart2026-1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T07:02:23.762666+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0e317403b47871977892fc9863e5e6f1f44b03d6","claim":"EFCAR, LLC entered into Sale and Servicing Agreement with Exeter Automobile Receivables Trust 2026-1, Citibank, N.A. valued at Transfer of Receivables to Trust and servicing arrangement (effective 2026-01-28).","evidence_excerpt":"a Sale and Servicing Agreement, dated as of January 4, 2026 (the “Sale and Servicing Agreement”), among the Holdings Trust, EFCAR, as seller, Exeter, as servicer (in such capacity, the “Servicer”), the Trust, the Indenture Trustee and Citibank, N.A., as backup servicer (in such capacity, the “Backup Servicer”), pursuant to which EFCAR transferred the Receivables to the Trust and the Receivables are serviced by the Servicer","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Exeter Automobile Receivables Trust 2026-1, Citibank, N.A."},{"label":"Value","value":"Transfer of Receivables to Trust and servicing arrangement"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"432c6dbd57ac47ae28f38452f76a9d9b08a91243","claim":"EFCAR, LLC entered into Amended and Restated Trust Agreement of the Holdings Trust with Wilmington Trust Company valued at Amendment and restatement of trust agreement for Exeter Holdings Trust 2026-1 (effective 2026-01-28).","evidence_excerpt":"an Amended and Restated Trust Agreement of the Holdings Trust, dated as of January 4, 2026, between the Trust and Wilmington Trust Company, as owner trustee","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Wilmington Trust Company"},{"label":"Value","value":"Amendment and restatement of trust agreement for Exeter Holdings Trust 2026-1"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"43beeb7e81f7c9e0cec9874370215b9fad377666","claim":"EFCAR, LLC entered into Contribution Agreement with Exeter Holdings Trust 2026-1 valued at Contribution of Receivables from Trust to Holdings Trust (effective 2026-01-28).","evidence_excerpt":"a Contribution Agreement, dated as of January 4, 2026 (the “Contribution Agreement”), between the Holdings Trust, as transferee, and the Trust, as transferor, pursuant to which the Receivables were contributed by the Trust to the Holdings Trust","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Exeter Holdings Trust 2026-1"},{"label":"Value","value":"Contribution of Receivables from Trust to Holdings Trust"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"4b668b2688aec5b4cea09ab4ed4af4ed6aaca3d8","claim":"EFCAR, LLC entered into Amended and Restated Trust Agreement of the Trust with Wilmington Trust Company valued at Amendment and restatement of trust agreement for Exeter Automobile Receivables Trust 2026-1 (effective 2026-01-28).","evidence_excerpt":"an Amended and Restated Trust Agreement of the Trust, dated as of January 4, 2026, between EFCAR and Wilmington Trust Company, as owner trustee","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Wilmington Trust Company"},{"label":"Value","value":"Amendment and restatement of trust agreement for Exeter Automobile Receivables Trust 2026-1"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"710552206e18128c492a760a36a312d306ab871d","claim":"EFCAR, LLC entered into Custodian Agreement with Exeter, Citibank, N.A. valued at Custody of files related to the Receivables (effective 2026-01-28).","evidence_excerpt":"a Custodian Agreement, dated as of January 4, 2026 (the “Custodian Agreement”), among Exeter, as custodian (in such capacity, the “Custodian”), the Servicer and the Indenture Trustee, pursuant to which the Custodian maintains custody of certain files related to the Receivables","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Exeter, Citibank, N.A."},{"label":"Value","value":"Custody of files related to the Receivables"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"7a77dff9c3166600557b03c420cf42164bfcde3e","claim":"EFCAR, LLC entered into Indenture with Citibank, N.A. valued at Issuance of eight classes of Asset-Backed Notes totaling $1,098,780,000 and grant of security intere (effective 2026-01-28).","evidence_excerpt":"an Indenture, dated as of January 4, 2026 (the “Indenture”), among the Trust, the Holdings Trust and the Indenture Trustee, pursuant to which the Notes were issued and a security interest in certain collateral was granted to the Indenture Trustee","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Citibank, N.A."},{"label":"Value","value":"Issuance of eight classes of Asset-Backed Notes totaling $1,098,780,000 and grant of security intere"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"8480cb0d6112febe9251dd5fa95c63ed47f97a6b","claim":"EFCAR, LLC entered into Purchase Agreement with Exeter Finance LLC valued at Transfer of sub-prime automobile loan contracts (effective 2026-01-28).","evidence_excerpt":"On January 28, 2026 (the “Closing Date”), EFCAR, LLC (“EFCAR”) transferred certain sub-prime automobile loan contracts (the “Receivables”) to Exeter Automobile Receivables Trust 2026-1, a Delaware statutory trust (the “Trust”), which were then transferred by the Trust to Exeter Holdings Trust 2026-1 (the “Holdings Trust”) in exchange for 100% of the beneficial ownership interests in the Holdings Trust.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Exeter Finance LLC"},{"label":"Value","value":"Transfer of sub-prime automobile loan contracts"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"ce19fd7852b04ddcdaaccea8a4c1be00c13d7eb7","claim":"EFCAR, LLC entered into Asset Representations Review Agreement with Clayton Fixed Income Services LLC valued at Asset representations review agreement regarding Receivables (effective 2026-01-28).","evidence_excerpt":"an Asset Representations Review Agreement, dated as of January 4, 2026 (the “Asset Representations Review Agreement”), among the Trust, the Servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (the “Asset Representations Reviewer”), pursuant to which the Asset Representations Reviewer agrees to review certain representations regarding the Receivables in certain circumstances","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Clayton Fixed Income Services LLC"},{"label":"Value","value":"Asset representations review agreement regarding Receivables"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"},{"claim_id":"d12dcd7ad2a8b59234f5ebfbc7b75242af3154d5","claim":"EFCAR, LLC entered into Accession Agreement with Intercreditor Agent (Citibank, N.A.) valued at Accession to Intercreditor Agreement dated December 9, 2022 (effective 2026-01-28).","evidence_excerpt":"an Accession Agreement, dated as of January 28, 2026 (the “Accession Agreement”), between the Trust and the Indenture Trustee, pursuant to which the Trust and the Indenture Trustee became parties to the Intercreditor Agreement, dated December 9, 2022 (the “Intercreditor Agreement”), among the Servicer, Citibank, N.A., as intercreditor agent (in such capacity, the “Intercreditor Agent”), and each other party that becomes a party thereto from time to time pursuant to an accession agreement, related to one or more accounts which are the subject of the Deposit Account Control Agreement, dated December 9, 2022 (the “Deposit Account Control Agreement”), among the Servicer, the Intercreditor Agent, and Wells Fargo Bank, National Association, as lockbox bank (the “Lockbox Bank”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826000387/0000929638-26-000387-index.htm","confidence":0.85,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Intercreditor Agent (Citibank, N.A.)"},{"label":"Value","value":"Accession to Intercreditor Agreement dated December 9, 2022"},{"label":"Effective","value":"2026-01-28"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}