EFCAR, LLC 8-K

What Happened

• EFCAR, LLC announced a securitization transaction closing on May 27, 2026: certain sub‑prime automobile loan contracts (“Receivables”) were transferred into Exeter Select Automobile Receivables Trust 2026‑1 (the “Trust”) and then contributed to Exeter Select Holding Trust 2026‑1 (the “Holding Trust”) in exchange for 100% of the beneficial ownership interests in the Holding Trust.
• The Trust issued eight classes of asset‑backed notes with an aggregate original principal amount of $384,410,000 (Classes A‑1 through A‑3, B, C, D, E and N). Citibank, N.A. serves as indenture trustee and received a security interest in the beneficial ownership interest. Key agreements (Purchase Agreement, Sale and Servicing Agreement, Contribution Agreement, Indenture, trust agreements, and related documents) were entered into or filed in connection with the transaction.

Key Details

• Total notes issued: $384,410,000 aggregate original principal across eight classes (A‑1: $48.0M; A‑2: $97.43M; A‑3: $97.43M; B: $26.35M; C: $42.67M; D: $38.96M; E: $8.17M; N: $25.40M).
• Closing Date: May 27, 2026; relevant agreements dated May 3, 2026 (with an Accession Agreement dated May 27, 2026).
• Exeter Finance LLC acted as seller/servicer; Wilmington Trust Company is owner trustee; Citibank, N.A. is indenture trustee and backup servicer is named in the Sale and Servicing Agreement.
• The Trust accessioned to an existing intercreditor/deposit account control framework involving the servicer, an intercreditor agent and a lockbox bank (Wells Fargo).

Why It Matters

• This filing documents a funded securitization that converts a pool of sub‑prime auto loans into cash flow to back newly issued asset‑backed notes—providing financing/liquidity tied to the performance of those receivables.
• For investors, the notes are secured by the transferred receivables and governed by the Indenture and related agreements; payments on the notes will depend on collections from the underlying loan pool and the servicing arrangements. The filing does not disclose earnings or changes to executive management.