EFCAR, LLC 8-K

What Happened

• EFCAR, LLC filed an 8-K (dated March 24, 2026) reporting that Exeter Automobile Receivables Trust 2026-2 will issue eight classes of asset-backed notes on the anticipated Closing Date of March 31, 2026. The aggregate original principal amounts total $739,170,000 across Classes A-1 through E and Class N (see breakdown below).
• EFCAR and Exeter Finance LLC entered into an Underwriting Agreement dated March 20, 2026, with Barclays Capital Inc., BNP Paribas Securities Corp. and Mizuho Securities USA LLC acting as representatives of the underwriters for the sale of certain of the Notes. Certain of the Notes will be registered under EFCAR’s Registration Statement (File No. 333-268757).
• On the Closing Date, EFCAR and multiple counterparties will execute transaction documents (purchase agreement, sale and servicing agreement, contribution agreement, indenture, trust agreements, custodian agreement, asset representations review agreement, accession to an intercreditor agreement, etc.) to transfer sub-prime automobile loan receivables into the Trust and establish the security and servicing structure for the notes.

Key Details

• Total principal of Notes to be issued: $739,170,000 (Classes and amounts: A-1 $65.0M; A-2 $149.65M; A-3 $156.22M; B $82.21M; C $85.23M; D $110.62M; E $75.39M; N $14.85M).
• Closing Date: on or about March 31, 2026; Underwriting Agreement executed March 20, 2026.
• Underwriters’ representatives: Barclays Capital Inc., BNP Paribas Securities Corp., Mizuho Securities USA LLC.
• Transaction collateral: transfer of sub-prime automobile loan contracts (the “Receivables”) from Exeter to EFCAR and then into the Trust; Indenture will grant a security interest in the Receivables to the Indenture Trustee.
• Depositor certification: EFCAR’s CEO provided the required depositor certification (Exhibit 36.1) dated March 20, 2026.

Why It Matters

• This 8-K documents a securitization that funds roughly $739 million of sub-prime auto loans by issuing multiple tranches of asset-backed notes. For investors, the filing indicates a transfer of receivables out of Exeter/EFCAR into a bankruptcy-remote trust and the creation of rated (or potentially rated) note classes with varying seniority and cash‑flow priority.
• The detailed transaction documents (purchase agreement, indenture, trust agreements, servicing arrangement, intercreditor and deposit-account controls) set the legal and payment structure that determines how principal and interest flow to noteholders and how credit losses on the receivables are allocated.
• The filing is procedural in part (it files forms of the agreements and certifications required by the securitization registration), but it is material for investors who track EFCAR’s issuance activity, the size and composition of its securitizations, and the credit exposure to sub-prime auto loans.