EFCAR, LLC Announces $1.06B Asset-Backed Note Issuance

What Happened
On August 31, 2026, EFCAR, LLC transferred a pool of sub‑prime automobile loan contracts (the “Receivables”) into Exeter Automobile Receivables Trust 2026‑4 and then to Exeter Holdings Trust 2026‑4 in exchange for 100% of the beneficial ownership interests in the Holdings Trust. The Trust issued multiple classes of asset‑backed notes (Classes A‑1, A‑2, A‑3, B, C, D, E and N) with an aggregate original principal amount of $1,060,906,000. Citibank, N.A. serves as indenture trustee and a security interest in the beneficial ownership interests was granted to the Indenture Trustee. Related transaction documents (purchase, sale and servicing, contribution, indenture, trust agreements, and others) were entered into in August 2026 and filed as exhibits to the 8‑K.

Key Details

• Total original principal issued across all note classes: $1,060,906,000.
• Closing Date: August 31, 2026; many governing agreements dated August 9, 2026.
• Transaction parties include EFCAR (seller/depositor), Exeter Finance LLC (seller/servicer), Citibank, N.A. (Indenture Trustee) and Wilmington Trust Company (owner trustee).
• EFCAR transferred Receivables to the trusts, received 100% beneficial ownership interests in the Holdings Trust, and those interests were pledged as collateral to the Indenture Trustee.

Why It Matters
This filing documents a securitization transaction that converts a pool of sub‑prime auto loan receivables into tradable, asset‑backed notes totaling roughly $1.06 billion. For investors, the deal creates secured note classes backed by those receivables and establishes the legal framework (indenture, trust agreements, servicing arrangements) that governs repayment and collateral rights. The 8‑K provides the key contracts and dates investors and analysts use to assess the structure, parties, and scale of the financing.