{"schema_version":"secwatch.filing_event.v1","accession":"0000929638-26-001316","form_type":"8-K","ticker":null,"cik":"0001654238","company_name":"EFCAR, LLC","filed_at":"2026-03-31T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.777464+00:00","generated_at":"2026-05-15T08:10:55.869717+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 $739M subprime auto ABS issuance with eight note classes","bullets":["Exeter Automobile Receivables Trust 2026-2 closed on March 31, issuing $739.17M in asset-backed notes.","Eight note classes: A-1 ($65M), A-2 ($149.65M), A-3 ($156.22M), B ($82.21M), C ($85.23M), D ($110.62M), E ($75.39M), N ($14.85M).","Securitization backed by subprime auto loan contracts transferred from sponsor Exeter Finance LLC.","Citibank, N.A. is indenture trustee; agreements include Purchase, Sale & Servicing, and Indenture."],"urls":{"canonical":"https://secwatch.observer/filing/0000929638-26-001316","json":"https://secwatch.observer/filing/0000929638-26-001316.json","markdown":"https://secwatch.observer/filing/0000929638-26-001316.md","text":"https://secwatch.observer/filing/0000929638-26-001316.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/0000929638-26-001316-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/eart2026-2_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T08:10:55.869717+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":"254b9ae2d61281d963ffb90017f723e48c30980c","claim":"EFCAR, LLC entered into Purchase Agreement with Exeter Finance LLC (effective 2026-03-31).","evidence_excerpt":"(a) a Purchase Agreement, dated as of March 9, 2026 (the “Purchase Agreement”), between Exeter Finance LLC (“Exeter”), as seller, and EFCAR, as purchaser, pursuant to which Exeter transferred certain sub-prime automobile loan contracts (the “Receivables”) to EFCAR;","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/0000929638-26-001316-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"asset purchase"},{"label":"Counterparty","value":"Exeter Finance LLC"},{"label":"Effective","value":"2026-03-31"}]},{"claim_id":"6a5716d9a91f0a561055cc6625ae82555102cb8f","claim":"EFCAR, LLC entered into Contribution Agreement with the Holdings Trust and the Trust (effective 2026-03-31).","evidence_excerpt":"(c) a Contribution Agreement, dated as of March 9, 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/1654238/000092963826001316/0000929638-26-001316-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"asset purchase"},{"label":"Counterparty","value":"the Holdings Trust and the Trust"},{"label":"Effective","value":"2026-03-31"}]},{"claim_id":"8b2a0fe4772af4ca51c4ed7b9104e148c14dc7a8","claim":"EFCAR, LLC entered into Sale and Servicing Agreement with the Holdings Trust, the Trust, Exeter Finance LLC, and Citibank, N.A. (effective 2026-03-31).","evidence_excerpt":"(b) a Sale and Servicing Agreement, dated as of March 9, 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/1654238/000092963826001316/0000929638-26-001316-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"asset purchase"},{"label":"Counterparty","value":"the Holdings Trust, the Trust, Exeter Finance LLC, and Citibank, N.A."},{"label":"Effective","value":"2026-03-31"}]},{"claim_id":"c6515be396adc112e9c587eb5a6a3405003dc0df","claim":"EFCAR, LLC entered into Indenture with the Trust, the Holdings Trust, and Citibank, N.A., as indenture trustee (effective 2026-03-31).","evidence_excerpt":"(g) an Indenture, dated as of March 9, 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/1654238/000092963826001316/0000929638-26-001316-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"the Trust, the Holdings Trust, and Citibank, N.A., as indenture trustee"},{"label":"Effective","value":"2026-03-31"}]},{"claim_id":"e4125fdef722c78e1b0ea980ea5288c5809f2f2d","claim":"EFCAR, LLC entered into Asset Representations Review Agreement with the Trust, the Servicer, and Clayton Fixed Income Services LLC (effective 2026-03-31).","evidence_excerpt":"(f) an Asset Representations Review Agreement, dated as of March 9, 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/1654238/000092963826001316/0000929638-26-001316-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"the Trust, the Servicer, and Clayton Fixed Income Services LLC"},{"label":"Effective","value":"2026-03-31"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}