Exeter Trust 2025-3 Enters Auto Loan Securitization Agreement

TL;DR

Exeter Trust 2025-3 just inked a deal for new auto loan-backed securities.

AI Summary

Exeter Select Automobile Receivables Trust 2025-3, a securitization vehicle, entered into a material definitive agreement on October 15, 2025, related to its auto loan asset-backed securities. The filing details the structure and terms of this agreement, which is crucial for the issuance and servicing of these securities.

Why It Matters

This filing outlines the terms of a new auto loan securitization, impacting investors in asset-backed securities and the availability of auto financing.

Risk Assessment

Risk Level: medium — Securitization filings can involve complex financial structures and market risks associated with asset-backed securities.

Key Players & Entities

• Exeter Select Automobile Receivables Trust 2025-3 (company) — Securitization vehicle
• EFCAR, LLC (company) — Filer of the report
• October 15, 2025 (date) — Date of earliest event reported

FAQ

Filing Documents

• esart2025-3_8k.htm (8-K) — 38KB
• exhibit1-1.htm (EX-1.1) — 235KB
• exhibit4-2.htm (EX-4.2) — 942KB
• exhibit4-3.htm (EX-4.3) — 354KB
• exhibit4-4.htm (EX-4.4) — 312KB
• exhibit4-5.htm (EX-4.5) — 978KB
• exhibit10-1.htm (EX-10.1) — 140KB
• exhibit10-2.htm (EX-10.2) — 99KB
• exhibit10-4.htm (EX-10.4) — 191KB
• exhibit10-5.htm (EX-10.5) — 75KB
• exhibit10-7.htm (EX-10.7) — 16KB
• exhibit36-1.htm (EX-36.1) — 5KB
• 0000929638-25-003926.txt ( ) — 3386KB

01

Item 1.01 Entry into a Material Definitive Agreement . On or about October 22, 2025 (the "Closing Date"), Exeter Select Automobile Receivables Trust 2025-3, a Delaware statutory trust (the "Trust"), will issue the following classes of notes in the following amounts: (i) Class A-1 Asset-Backed Notes in the aggregate original principal amount of $ 40,000,000 ; (ii) Class A-2 Asset-Backed Notes in the aggregate original principal amount of $ 111,420,000 ; (iii) Class A-3 Asset-Backed Notes in the aggregate original principal amount of $ 94,910,000 ; (iv) Class B Asset-Backed Notes in the aggregate original principal amount of $ 25,700,000 ; (v) Class C Asset-Backed Notes in the aggregate original principal amount of $ 41,670,000 ; (vi) Class D Asset-Backed Notes in the aggregate original principal amount of $ 37,260,000 ; and (vii) Class E Asset-Backed Notes in the aggregate original principal amount of $ 5,880,000 (collectively, the "Notes"). Certain of the Notes will be registered under the Registration Statement filed by EFCAR, LLC ("EFCAR") with the Securities and Exchange Commission under file number 333-268757 (the "Registration Statement"). On October 15, 2025, EFCAR and Exeter Finance LLC ("Exeter") entered into an Underwriting Agreement, dated as of October 15, 2025 (the "Underwriting Agreement"), with Barclays Capital Inc. and J.P. Morgan Securities LLC, acting on behalf of themselves and as representatives of the several underwriters named therein, for the sale of certain of the Notes. Attached as Exhibit 1.1 is the Underwriting Agreement.

01

Item 8.01 Other Events . On the Closing Date: (a) Exeter, as seller, and EFCAR, as purchaser, will enter into a Purchase Agreement, to be dated as of October 5, 2025 (the "Purchase Agreement"), pursuant to which Exeter will transfer certain sub-prime automobile loan contracts (the "Receivables") to EFCAR; (b) Exeter Select Holding Trust 2025-3 (the "Holding Trust"), EFCAR, as seller, Exeter, as servicer (in such capacity, the "Servicer"), the Trust and Citibank, N.A., as indenture trustee (in such capacity, the "Indenture Trustee") and as backup servicer (in such capacity, the "Backup Servicer"), will enter into a Sale and Servicing Agreement, to be dated as of October 5, 2025 (the "Sale and Servicing Agreement"), pursuant to which EFCAR will transfer the Receivables to the Trust and the Receivables will be serviced by the Servicer; (c) the Holding Trust, as transferee, and the Trust, as transferor, will enter into a Contribution Agreement, to be dated as of October 5, 2025 (the "Contribution Agreement), pursuant to which the Receivables will be contributed by the Trust to the Holding Trust; (d) EFCAR and Wilmington Trust Company, as owner trustee, will enter into an Amended and Restated Trust Agreement of the Trust, to be dated as of October 5, 2025; (e) the Trust and Wilmington Trust Company, as owner trustee, will enter into an Amended and Restated Trust Agreement of the Holding Trust, to be dated as of October 5, 2025; (f) the Trust, the Servicer and Clayton Fixed Income Services LLC, as asset representations reviewer (the "Asset Representations Reviewer"), will enter into an Asset Representations Review Agreement, to be dated as of October 5, 2025 (the "Asset Representations Review Agreement"), pursuant to which the Asset Representations Reviewer will agree to review certain representations regarding the Receivables in certain circumstances; (g) the Trust, the Holding Trust and the Indenture Trustee will enter into an Indenture, to be dated as of October 5,

Financial Statements and Exhibits

Financial Statements and Exhibits . (a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits: Exhibit No. Description 1.1 Underwriting Agreement, dated October 15, 2025, among EFCAR, Exeter, and J.P. Morgan Securities LLC and Wells Fargo Securities, LLC , acting on behalf of themselves and as representatives of the several underwriters named therein. 4.2 Indenture, to be dated as of October 5, 2025, among the Trust, the Holding Trust and the Indenture Trustee. 4.3 Amended and Restated Trust Agreement of the Trust, to be dated as of October 5, 2025, between EFCAR and Wilmington Trust Company, as owner trustee. 4.4 Amended and Restated Trust Agreement of the Holding Trust, to be dated as of October 5, 2025, between the Trust and Wilmington Trust Company, as owner trustee. 4.5 Sale and Servicing Agreement, to be dated as of October 5, 2025, among the Holding Trust, EFCAR, the Servicer, the Trust, the Indenture Trustee and the Backup Servicer. 10.1 Purchase Agreement, to be dated as of October 5, 2025, between EFCAR, as purchaser, and Exeter, as seller. 10.2 Contribution Agreement, to be dated as of October 5, 2025, between the Holding Trust, as transferee, and the Trust, as transferor. 10.3 Deposit Account Control Agreement, dated December 9, 2022, among the Servicer, the Intercreditor Agent and the Lockbox Bank (included in Exhibit 10.3 to the Form 8-K filed with the Commission by EFCAR on December 9, 2022, which is incorporated herein by reference). 10.4 Asset Representations Review Agreement, to be dated as of October 5, 2025, among the Trust, the Servicer and the Asset Representations Reviewer. 10.5 Custodian Agreement, to be dated as of October 5, 2025, among the Custodian, the Servicer and the Indenture Trustee. 10.6 Intercreditor Agreement, dated December 9, 2022, among the Servicer, the Intercreditor Agent and each other party that becomes a party thereto from time to time pursuant to a

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EFCAR, LLC By: /s/ Jeff Briggs Name: Jeff Briggs Title: Assistant Vice President Date: October 17, 2025

View Full Filing

View this 8-K filing on SEC EDGAR