EFCAR, LLC 8-K

What Happened

• EFCAR filed an 8‑K reporting that Exeter Automobile Receivables Trust 2026‑1 will issue eight classes of asset‑backed notes with an aggregate original principal of $1,098,780,000. The notes issuance is expected to close on or about January 28, 2026.
• EFCAR and Exeter Finance LLC entered into an Underwriting Agreement (dated January 21, 2026) with Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC as representatives of the underwriters. EFCAR will acquire and transfer certain sub‑prime automobile loan receivables into the trust structure via a series of sale, contribution and trust agreements to be dated January 4, 2026 (with an accession agreement dated January 28, 2026). The depositor (CEO) certification required for the offering was filed as Exhibit 36.1.

Key Details

• Total principal: $1,098,780,000 across eight classes:
  • Class A‑1: $94,200,000; A‑2: $241,000,000; A‑3: $226,420,000; B: $118,510,000; C: $123,000,000; D: $162,310,000; E: $103,340,000; N: $30,000,000.
• Expected closing date for the issuance: on or about January 28, 2026; key transaction documents dated January 4, 2026 (purchase, sale & servicing, contribution and trust agreements).
• Underwriters (agents): Citigroup, Deutsche Bank and Wells Fargo (Underwriting Agreement dated January 21, 2026). Forms of the Indenture, trust agreements, sale/servicing, purchase and related agreements were filed as exhibits.

Why It Matters

• This filing documents a securitization transaction in which EFCAR is issuing asset‑backed securities backed by sub‑prime auto loans. For investors, the transaction establishes the funding structure (the notes) and the legal flow of the receivables into the trust, and identifies the parties responsible for servicing and trustee duties.
• The size ($~1.099 billion) and the use of multiple note classes indicate a tiered risk/return structure customary in securitizations; investors should review the deal documents, credit enhancement and servicer arrangements (filed as exhibits) to assess credit exposure and payment priority.