UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): ~~November~~January 1721, ~~2025~~2026

Exeter Automobile Receivables Trust ~~2025~~2026-51

(Exact name of Issuing Entity as specified in its charter)

EFCAR, LLC

(Exact name of Depositor / Registrant as specified in its charter)

Exeter Finance LLC

(Exact name of Sponsor as specified in its charter)

Delaware

(State or Other Jurisdiction of Incorporation)

333-268757 333-268757-18		45-2673519 39-6988318
333-268757 333-268757-19		45-2673519 39-7258617
(Commission File Number)		(IRS Employer Identification No.)

2101 W. John Carpenter Freeway, Irving, Texas		75063
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (469) 754-4396

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Not applicable	Not applicable	Not applicable

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 1.01

Entry into a Material Definitive Agreement.

On ~~November~~or 17about January 28, ~~2025~~2026 (the “Closing Date”), ~~EFCAR, LLC (“EFCAR”) transferred certain sub-prime automobile loan contracts (the “Receivables”) to~~ Exeter Automobile Receivables Trust ~~2025~~2026-51, a Delaware statutory trust (the “Trust”), ~~which~~will ~~were~~issue ~~then transferred by~~ the ~~Trust~~following toclasses ~~Exeter Holdings Trust 2025-5 (the “Holdings Trust”) in exchange for 100%~~ of ~~the~~notes ~~beneficial ownership interests~~ in the ~~Holdings~~following Trust. On the Closing Date, the Trust granted a security interest in such beneficial ownership interest to Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), and issued itsamounts: (i) Class A-1 Asset-Backed Notes in the aggregate original principal amount of $~~122~~94,~~000~~200,000; (ii) Class A-2 Asset-Backed Notes in the aggregate original principal amount of $~~264~~241,~~280~~000,000; (iii) Class A-3 Asset-Backed Notes in the aggregate original principal amount of $~~245~~226,~~480~~420,000; (iv) Class B Asset-Backed Notes in the aggregate original principal amount of $~~132~~118,~~330~~510,000; (v) Class C Asset-Backed Notes in the aggregate original principal amount of $~~135~~123,~~510~~000,000; (vi) Class D Asset-Backed Notes in the aggregate original principal amount of $~~173~~162,~~690~~310,000; ~~and~~ (vii) Class E Asset-Backed Notes in the aggregate original principal amount of $~~141~~103,~~870~~340,000; ~~(collectively, the “Notes”). In connection with the issuance~~ and ~~sale of certain of the Notes, EFCAR is filing the agreements listed below, which were entered into on the Closing Date:~~ (aviii) aClass ~~Purchase~~N Agreement, dated as of October 21, 2025 (the “Purchase Agreement”), between Exeter Finance LLC (“Exeter”), as seller, and EFCAR, as purchaser, pursuant to which Exeter transferred certain subAsset-~~prime~~Backed ~~automobile~~Notes ~~loan~~in ~~contracts (~~the ~~“Receivables”)~~aggregate tooriginal ~~EFCAR;~~principal ~~(b)~~amount ~~a Sale and Servicing Agreement, dated as~~ of ~~October 21~~$30, ~~2025 (the “Sale and Servicing Agreement”)~~000,000 ~~among the Holdings Trust, EFCAR, as seller, Exeter, as servicer~~ (~~in such capacity~~collectively, the “~~Servicer~~Notes”)~~, the Trust, the Indenture Trustee and Citibank, N~~.~~A.,~~ Certain asof ~~backup servicer (in such capacity,~~ the ~~“Backup~~Notes ~~Servicer”),~~will ~~pursuant~~be toregistered ~~which~~under ~~EFCAR transferred~~ the ~~Receivables~~Registration toStatement ~~the~~filed ~~Trust and the Receivables are serviced~~ by ~~the~~ ~~Servicer; (c) a Contribution Agreement~~EFCAR, ~~dated~~LLC ~~as of October 21, 2025~~ (~~the~~ “~~Contribution Agreement~~EFCAR”), ~~between~~with the ~~Holdings~~Securities ~~Trust, as transferee,~~ and ~~the~~Exchange ~~Trust,~~Commission asunder ~~transferor,~~file ~~pursuant~~number to333-268757 ~~which the Receivables were contributed by the Trust to the Holdings Trust;~~ (~~d) an Amended and Restated Trust Agreement of~~ the ~~Trust,~~“Registration ~~dated as of October 21, 2025, between EFCAR and Wilmington Trust Company, as owner trustee; (e~~Statement”) an Amended and Restated Trust Agreement of the Holdings Trust, dated as of October 21, 2025, between the Trust and Wilmington Trust Company, as owner trustee; (f) an Asset Representations Review.

~~Agreement,~~On ~~dated~~January ~~as of October~~ 21, ~~2025 (the “Asset Representations Review Agreement”)~~2026, ~~among~~EFCAR ~~the Trust, the Servicer,~~ and ~~Clayton~~Exeter ~~Fixed~~Finance ~~Income Services~~ LLC, ~~as asset representations reviewer~~ (~~the~~ “~~Asset Representations Reviewer~~Exeter”), ~~pursuant~~entered tointo ~~which the Asset Representations Reviewer agrees to review certain representations regarding the Receivables in certain circumstances; (g)~~ an ~~Indenture,~~Underwriting dated as of October 21, 2025 (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; (h) a Custodian Agreement, dated as of ~~October~~ January 21, ~~2025~~2026 (the “~~Custodian~~Underwriting Agreement”), ~~among~~with ~~Exeter,~~Citigroup asGlobal ~~custodian~~Markets ~~(in such capacity~~Inc., ~~the~~Deutsche ~~“Custodian”),~~Bank Securities ~~the~~Inc. ~~Servicer~~ and ~~the~~Wells ~~Indenture~~Fargo ~~Trustee~~Securities, ~~pursuant~~LLC, toacting ~~which~~on ~~the~~behalf ~~Custodian maintains custody~~ of ~~certain~~themselves ~~files related to the Receivables;~~ and ~~(i) an Accession Agreement, dated~~ as representatives of ~~November 17, 2025 (~~the ~~“Accession~~several ~~Agreement”),~~underwriters ~~between~~named ~~the Trust and the Indenture Trustee~~therein, ~~pursuant~~for ~~to which~~ the ~~Trust~~sale ~~and~~of ~~the~~certain ~~Indenture~~of ~~Trustee became parties to~~ the ~~Intercreditor Agreement, dated December 9, 2022 (the “Intercreditor Agreement”), among the Servicer, Citibank, N~~Notes.~~A.,~~ Attached as ~~intercreditor~~Exhibit ~~agent~~1.1 ~~(in~~is ~~such capacity,~~ the ~~“Intercreditor~~Underwriting 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”).

~~Attached~~Item ~~as Exhibit 4~~8.201 isOther ~~the Indenture, as Exhibit 4~~Events.3 is the Amended and Restated Trust Agreement of the Trust, as Exhibit 4.4 is the Amended and Restated Trust Agreement of the Holdings Trust, as Exhibit 4.5 is the Sale and Servicing Agreement, as Exhibit 10.1 is the Purchase Agreement, as Exhibit 10.2 is the Contribution Agreement, as Exhibit 10.4 is the Asset Representations Review Agreement, as Exhibit 10.5 is the Custodian Agreement and as Exhibit 10.7 is the Accession Agreement.

On the Closing Date: (a) Exeter, as seller, and EFCAR, as purchaser, will enter into a Purchase Agreement, to be dated as of January 4, 2026 (the “Purchase Agreement”), pursuant to which Exeter will transfer certain sub-prime automobile loan contracts (the “Receivables”) to EFCAR; (b) Exeter Holdings Trust 2026-1 (the “Holdings Trust”), EFCAR, as seller, Exeter, as servicer (in such capacity, the “Servicer”), the Trust and Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”) and as backup servicer (in such capacity, the “Backup Servicer”), will enter into a Sale and Servicing Agreement, to be dated as of January 4, 2026 (the “Sale and Servicing Agreement”), pursuant to which EFCAR will transfer the Receivables to the Trust and the Receivables will be serviced by the Servicer; (c) the Holdings Trust, as transferee,

and the Trust, as transferor, will enter into a Contribution Agreement, to be dated as of January 4, 2026 (the “Contribution Agreement), pursuant to which the Receivables will be contributed by the Trust to the Holdings Trust; (d) EFCAR and Wilmington Trust Company, as owner trustee, will enter into an Amended and Restated Trust Agreement of the Trust, to be dated as of January 4, 2026; (e) the Trust and Wilmington Trust Company, as owner trustee, will enter into an Amended and Restated Trust Agreement of the Holdings Trust, to be dated as of January 4, 2026; (f) the Trust, the Servicer and Clayton Fixed Income Services LLC, as asset representations reviewer (the “Asset Representations Reviewer”), will enter into an Asset Representations Review Agreement, to be dated as of January 4, 2026 (the “Asset Representations Review Agreement”), pursuant to which the Asset Representations Reviewer will agree to review certain representations regarding the Receivables in certain circumstances; (g) the Trust, the Holdings Trust and the Indenture Trustee will enter into an Indenture, to be dated as of January 4, 2026 (the “Indenture”), pursuant to which the Notes will be issued and a security interest in the Receivables will be granted to the Indenture Trustee; (h) Exeter, as custodian (in such capacity, the “Custodian”), the Servicer and the Indenture Trustee will enter into a Custodian Agreement, to be dated as of January 4, 2026 (the “Custodian Agreement”), pursuant to which the Custodian will maintain custody of certain files related to the Receivables; and (j) the Trust and the Indenture Trustee will enter into an Accession Agreement, to be dated as of January 28, 2026 (the “Accession Agreement”), pursuant to which the Trust and the Indenture Trustee will become 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”).

This Current Report on Form 8-K is being filed to satisfy an undertaking to file copies of certain agreements to be executed in connection with the issuance of the Notes, the forms of which were filed as Exhibits to the Registration Statement. Attached as Exhibit 4.2 is the form of the Indenture, as Exhibit 4.3 is the form of the Amended and Restated Trust Agreement of the Trust, as Exhibit 4.4 is the form of the Amended and Restated Trust Agreement of the Holdings Trust, as Exhibit 4.5 is the form of the Sale and Servicing Agreement, as Exhibit 10.1 is the form of the Purchase Agreement, as Exhibit 10.2 is the form of the Contribution Agreement, as Exhibit 10.3 is the Deposit Account Control Agreement, as Exhibit 10.4 is the form of the Asset Representations Review Agreement, as Exhibit 10.5 is the form of the Custodian Agreement, as Exhibit 10.6 is the form of the Intercreditor Agreement and as Exhibit 10.7 is the form of the Accession Agreement.

In connection with the offering of certain of the Notes, the chief executive officer of EFCAR has made the certifications required by Paragraph I.B.1(a) of Form SF-3. The certifications are included in the Depositor Certification attached as Exhibit 36.1, which is being filed as an exhibit to this Current Report on Form 8-K in order to satisfy the requirements of Item 601(b)(36) of Regulation S-K.

Item 9.01.

Financial Statements and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Not applicable.

(d)

Exhibits:

Exhibit No.

Description

1.1* Underwriting Agreement, dated ~~November~~January 421, ~~2025~~2026, among EFCAR, Exeter, and ~~Wells~~Citigroup ~~Fargo~~Global ~~Securities,~~Markets ~~LLC, Barclays Capital~~ Inc., Deutsche Bank Securities Inc. and ~~Mizuho~~Wells Fargo Securities, ~~USA~~ LLC, acting on behalf of themselves and as representatives of the several underwriters named therein.

4.2 Indenture, to be dated as of ~~October~~January 214, ~~2025~~2026, among the Trust, the Holdings Trust and the Indenture Trustee.

4.3 Amended and Restated Trust Agreement of the Trust, to be dated as of ~~October~~January 214, ~~2025~~2026, between EFCAR and Wilmington Trust Company, as owner trustee.

4.4 Amended and Restated Trust Agreement of the Holdings Trust, to be dated as of ~~October~~January 214, ~~2025~~2026, between the Trust and Wilmington Trust Company, as owner trustee.

4.5 Sale and Servicing Agreement, to be dated as of ~~October~~January 214, ~~2025~~2026, among the Holdings Trust, EFCAR, the Servicer, the Trust, the Indenture Trustee and the Backup Servicer.

10.1 Purchase Agreement, to be dated as of ~~October~~January 214, ~~2025~~2026, between EFCAR, as purchaser, and Exeter, as seller.

10.2 Contribution Agreement, to be dated as of ~~October~~January 214, ~~2025~~2026, between the Holdings Trust, as transferee, and the Trust, as transferor.

10.3

Deposit Account Control Agreement, dated December 9, 2022, among the Servicer, the Intercreditor Agent and the Lockbox Bank (included in Exhibit 10.3 to the Form 8-K filed with the Commission by EFCAR on December 9, 2022, which is incorporated herein by reference).

10.4 Asset Representations Review Agreement, to be dated as of ~~October~~January 214, ~~2025~~2026, among the Trust, the Servicer and the Asset Representations Reviewer.

10.5 Custodian Agreement, to be dated as of ~~October~~January 214, ~~2025~~2026, among the Custodian, the Servicer and the Indenture Trustee.

10.6

Intercreditor Agreement, dated December 9, 2022, among the Servicer, the Intercreditor Agent and each other party that becomes a party thereto from time to time pursuant to an accession agreement (included in Exhibit 10.6 to the Form 8-K filed with the Commission by EFCAR on December 9, 2022, which is incorporated herein by reference).

10.7 Accession Agreement, to be dated as of ~~November~~January 1728, ~~2025~~2026, entered into by the Trust and the Indenture Trustee.

36.1* Depositor Certification, dated ~~November~~January 421, ~~2025~~2026, for shelf offerings of asset-backed securities.

_______________

* Previously filed on Form 8-K on November 6, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EFCAR, LLC


By:	/s/ Jeff Briggs
	Name:	Jeff Briggs
	Title:	Assistant Vice President

Date: ~~November~~January 1723, ~~2025~~2026

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