EFCAR, LLC 8-K

What Happened

• EFCAR, LLC filed an 8-K (June 18, 2026) reporting that Exeter Automobile Receivables Trust 2026-3 will issue eight classes of asset‑backed notes totaling $1,292,070,000 on or about June 24, 2026 (the “Closing Date”). The offering is being underwritten under an Underwriting Agreement dated June 16, 2026 with Wells Fargo Securities, Barclays Capital and J.P. Morgan acting as lead underwriters.
• The transaction funds the purchase and transfer of certain sub‑prime automobile loan contracts (the “Receivables”). Related agreements to be entered or amended as of May 31, 2026 include a Purchase Agreement (EFCAR purchases the Receivables from Exeter), Sale & Servicing Agreement (Receivables transferred to the Trust and serviced by Exeter), Contribution Agreement, amended Trust Agreements, an Indenture granting a security interest in the Receivables, an Asset Representations Review Agreement, and a Custodian Agreement. The Trust will also enter an Accession Agreement (dated June 24, 2026) to join an existing Intercreditor Agreement.
• EFCAR’s CEO provided the required depositor certifications for the shelf offering (filed as Exhibit 36.1).

Key Details

• Total principal amount: $1,292,070,000 across eight classes (A‑1 $142M; A‑2 $236.22M; A‑3 $267.47M; B $140.34M; C $146.42M; D $194.31M; E $130.9M; N $34.41M).
• Closing Date: on or about June 24, 2026; many of the operative agreements are dated May 31, 2026.
• Lead underwriters: Wells Fargo Securities, Barclays Capital Inc., and J.P. Morgan Securities LLC (Underwriting Agreement filed as Exhibit 1.1).
• Forms of the Indenture, amended trust agreements, Purchase Agreement, Sale & Servicing Agreement and other transaction documents are being filed as exhibits to the 8‑K.

Why It Matters

• This is a securitization: EFCAR is using the Trust to fund and transfer sub‑prime auto loans and issue secured notes backed by those receivables. That provides liquidity to the seller (Exeter) and creates a new set of collateralized debt securities for investors.
• For note investors, the Indenture creates a security interest in the Receivables; the structure and servicing arrangements (and accession to the intercreditor regime) determine payment priority and protections. For EFCAR, the filing and depositor certification fulfill shelf registration and disclosure requirements for the offering.