EFCAR, LLC 8-K

What Happened
EFCAR, LLC announced that on March 31, 2026 (the “Closing Date”) it transferred certain sub‑prime automobile loan contracts (the “Receivables”) into Exeter Automobile Receivables Trust 2026‑2 and then to Exeter Holdings Trust 2026‑2 in exchange for 100% beneficial ownership of the Holdings Trust. The Trust granted a security interest in that ownership to Citibank, N.A., as Indenture Trustee, and issued eight classes of asset‑backed notes with an aggregate original principal amount of $739.17 million. Related agreements entered into (dated largely March 9, 2026, with an Accession Agreement dated March 31, 2026) include the Purchase Agreement with Exeter Finance LLC, the Sale and Servicing Agreement, Contribution Agreement, Indenture, trust agreements, Asset Representations Review Agreement, Custodian Agreement, and Accession to an existing Intercreditor/Deposit Account Control structure.

Key Details

• Total principal issued: $739,170,000 across eight note classes (Class A‑1 through A‑3, B, C, D, E, and N).
• Closing Date: March 31, 2026; many governing documents dated March 9, 2026; Accession Agreement dated March 31, 2026.
• Indenture Trustee / security interest: Citibank, N.A.; Lockbox Bank referenced in related account control agreements: Wells Fargo Bank, N.A.
• Servicer and other parties: Exeter acts as servicer and seller in related agreements; underwriters (per a previously filed Underwriting Agreement) include Barclays Capital Inc., BNP Paribas Securities Corp. and Mizuho Securities USA LLC.

Why It Matters
This filing documents a securitization transaction that moves sub‑prime auto loan receivables off EFCAR’s balance sheet into a trust and funds those assets by issuing notes to investors. For retail investors, the deal is material because it represents a significant financing event ($739.17M) and shifts credit exposure on the receivables to the trust and noteholders under the terms of the Indenture and related agreements. The filing also shows established trustee, servicer and account‑control arrangements designed to govern cash flow and protect noteholders, which are important when evaluating the structure and potential performance of the securitized assets.