EFCAR, LLC Announces Issuance of Asset‑Backed Notes for 2026‑4 Trust

What Happened

• EFCAR filed an 8‑K reporting that Exeter Automobile Receivables Trust 2026‑4 (the “Trust”) will issue multiple classes of asset‑backed notes on or about August 31, 2026. The notes are being sold under an Underwriting Agreement dated August 26, 2026 with Wells Fargo Securities, BMO Capital Markets, Deutsche Bank Securities and J.P. Morgan Securities acting as representatives of the underwriters.
• Concurrently, EFCAR and related parties will enter a series of transactions and agreements (Purchase Agreement, Sale and Servicing Agreement, Contribution Agreement, Indenture, trust agreements, custodian and asset‑review agreements, and an accession to an intercreditor agreement) to transfer and securitize certain sub‑prime automobile loan contracts (the “Receivables”) into the Trust. EFCAR included the required depositor certification (Exhibit 36.1).

Key Details

• Note classes and original principal amounts: Class A‑1 $119,000,000; A‑2 $164,550,000; A‑3 $246,630,000; B $115,230,000; C $118,550,000; D $159,560,000; E $107,470,000; N $29,916,000.
• Expected Closing Date for issuance and transfers: on or about August 31, 2026; Underwriting Agreement executed August 26, 2026.
• The transaction transfers sub‑prime auto loan receivables from Exeter to EFCAR and then into the Trust; Citibank, N.A. is named as indenture trustee and backup servicer; Wilmington Trust Company serves as owner trustee.
• Forms of the primary transaction documents and the depositor certification were filed as exhibits to this 8‑K to satisfy filing undertakings.

Why It Matters

• This 8‑K documents a material securitization: EFCAR is facilitating the pooling and sale of sub‑prime automobile loans through a Trust and issuing sizable asset‑backed notes (totaling about $1.061 billion across classes). For investors, the filing signals a funding and asset‑transfer event that affects how these receivables are held, serviced and financed.
• The agreements and underwriting arrangement set the legal and payment structure for investors in the notes; the depositor certification indicates required officer sign‑offs for the shelf offering. The filing is procedural but material to holders or prospective buyers of the notes and to parties monitoring EFCAR’s securitization activity.