---
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"
generated_at: "2026-05-15T08:10:55.869717+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Exeter closes $739M subprime auto ABS issuance with eight note classes

## Summary
- 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.

## SEC filing metadata
- accession: 0000929638-26-001316
- form_type: 8-K
- cik: 0001654238
- company_name: EFCAR, LLC
- filed_at: 2026-03-31T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000929638-26-001316
- JSON: https://secwatch.observer/filing/0000929638-26-001316.json
- Plain text: https://secwatch.observer/filing/0000929638-26-001316.txt

## Key facts
- Material Agreements
  EFCAR, LLC entered into Purchase Agreement with Exeter Finance LLC (effective 2026-03-31).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Exeter Finance LLC
  - Effective: 2026-03-31
  source text: (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_url: https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/0000929638-26-001316-index.htm
- Material Agreements
  EFCAR, LLC entered into Contribution Agreement with the Holdings Trust and the Trust (effective 2026-03-31).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: the Holdings Trust and the Trust
  - Effective: 2026-03-31
  source text: (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_url: https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/0000929638-26-001316-index.htm
- Material Agreements
  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).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: the Holdings Trust, the Trust, Exeter Finance LLC, and Citibank, N.A.
  - Effective: 2026-03-31
  source text: (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_url: https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/0000929638-26-001316-index.htm
- Material Agreements
  EFCAR, LLC entered into Indenture with the Trust, the Holdings Trust, and Citibank, N.A., as indenture trustee (effective 2026-03-31).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: the Trust, the Holdings Trust, and Citibank, N.A., as indenture trustee
  - Effective: 2026-03-31
  source text: (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_url: https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/0000929638-26-001316-index.htm
- Material Agreements
  EFCAR, LLC entered into Asset Representations Review Agreement with the Trust, the Servicer, and Clayton Fixed Income Services LLC (effective 2026-03-31).
  - Action: entry
  - Counterparty: the Trust, the Servicer, and Clayton Fixed Income Services LLC
  - Effective: 2026-03-31
  source text: (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_url: https://www.sec.gov/Archives/edgar/data/1654238/000092963826001316/0000929638-26-001316-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.