EFCAR, LLC 8-K

What Happened

• EFCAR, LLC announced that on January 28, 2026 (the “Closing Date”) it transferred certain sub‑prime automobile loan contracts (the “Receivables”) into Exeter Automobile Receivables Trust 2026‑1, which then contributed the Receivables to Exeter Holdings Trust 2026‑1 in exchange for 100% of the beneficial interests in the Holdings Trust.
• The Trust granted a security interest in those beneficial interests to Citibank, N.A., as indenture trustee, and issued multi‑class asset‑backed notes with an aggregate original principal of $1,098,780,000 (Classes A‑1, A‑2, A‑3, B, C, D, E and N).
• Several related agreements executed in connection with the transaction include the Purchase Agreement (Exeter Finance LLC to EFCAR), Sale and Servicing Agreement (servicing by Exeter), Contribution Agreement, Indenture, trust agreements, an Asset Representations Review Agreement, a Custodian Agreement, and an Accession Agreement. Many agreements are dated January 4, 2026, with the transfer/closing on January 28, 2026.

Key Details

• Total notes issued: $1,098,780,000 across eight classes (A‑1 through N).
• Closing Date: January 28, 2026; primary agreements dated January 4, 2026.
• Trustee/secured party: Citibank, N.A. (Indenture Trustee); servicer: Exeter Finance LLC; underlying assets: sub‑prime auto loan receivables.
• Underwriting/placement involved investment banks including Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC (Underwriting Agreement filed as Exhibit 1.1).

Why It Matters

• This filing documents a securitization: EFCAR moved sub‑prime auto loan receivables into trust structures and financed them by issuing secured asset‑backed notes. That converts loans into cash funding and creates note holders with claims on the collateral.
• For investors, the material facts are the size (~$1.099B), the underlying asset class (sub‑prime auto loans), the secured nature of the notes (indenture and security interest with Citibank as trustee), and the servicing/administration arrangements. The 8‑K does not report earnings or management changes—it reports a financing/transaction (Item 1.01) and lists related agreements and exhibits.