EFCAR, LLC Announces $505.1M Asset‑Backed Note Issuance

What Happened

• EFCAR, LLC filed an 8‑K reporting that Exeter Select Automobile Receivables Trust 2026‑2 will issue eight classes of asset‑backed notes totaling $505,100,000 on or about September 28, 2026. The classes include Class A‑1 ($64.0M), A‑2 ($130.25M), A‑3 ($130.25M), B ($33.1M), C ($55.2M), D ($49.0M), E ($11.3M) and N ($32.0M).
• EFCAR and Exeter Finance LLC entered into an Underwriting Agreement dated September 22, 2026, with Mizuho Securities USA, Citigroup Global Markets and Wells Fargo Securities acting as representatives of the underwriters. Certain notes will be registered under EFCAR’s SEC registration statement (File No. 333‑292293).
• The 8‑K also discloses related transaction documents to take effect at closing: a Purchase Agreement for transfer of sub‑prime auto loan receivables from Exeter to EFCAR, a Sale and Servicing Agreement to move receivables into the Trust (to be serviced by Exeter), contribution and trust agreements, an Indenture granting a security interest in the receivables, and related custodian, asset‑review and intercreditor agreements. The CEO’s depositor certification required for the offering is filed as Exhibit 36.1.

Key Details

• Total original principal amount: $505,100,000 across eight note classes (closing on or about Sept. 28, 2026).
• Underwriting Agreement dated Sept. 22, 2026 with Mizuho, Citigroup and Wells Fargo as lead underwriters.
• Transaction transfers sub‑prime automobile loan receivables from Exeter to EFCAR, then into the Trust with Exeter as servicer; security interest in receivables will back the notes.
• Forms of the Indenture, trust agreements, Purchase Agreement, Sale & Servicing Agreement and other transaction documents are filed as exhibits to the 8‑K.

Why It Matters

• This is a securitization funding transaction: EFCAR is using the Trust to package and sell rights to sub‑prime auto loan receivables to investors via rated notes, which provides financing/liquidity to the originator and shifts payment risk to the Trust structure.
• Investors should note the size ($505.1M), the sub‑prime nature of the underlying loans, and that the financing relies on multiple legal agreements (indenture, trust agreements, servicing arrangements) filed with the 8‑K. The filing does not include new earnings or executive changes.