Exeter Trust 2025-5 Enters Material Agreement

TL;DR

Exeter Trust 2025-5 signed a big deal on Nov 4th.

AI Summary

Exeter Automobile Receivables Trust 2025-5, a securitization trust, entered into a material definitive agreement on November 4, 2025. This filing also includes other events and financial statements/exhibits related to the trust's operations. EFCAR, LLC is identified as the filer.

Why It Matters

This filing indicates a significant contractual event for the Exeter Automobile Receivables Trust 2025-5, likely related to its ongoing operations in auto loan securitization.

Risk Assessment

Risk Level: low — The filing is a standard 8-K reporting a material definitive agreement, which is a routine event for securitization trusts.

Key Players & Entities

• Exeter Automobile Receivables Trust 2025-5 (company) — Securitization trust
• EFCAR, LLC (company) — Filer
• November 4, 2025 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $122,000,000 — aggregate original principal amount of $122,000,000; (ii) Class A-2 Asset-Backed Notes in t
• $264,280,000 — aggregate original principal amount of $264,280,000; (iii) Class A-3 Asset-Backed Notes in
• $245,480,000 — aggregate original principal amount of $245,480,000; (iv) Class B Asset-Backed Notes in the
• $132,330,000 — aggregate original principal amount of $132,330,000; (v) Class C Asset-Backed Notes in the
• $135,510,000 — aggregate original principal amount of $135,510,000; (vi) Class D Asset-Backed Notes in the
• $173,690,000 — aggregate original principal amount of $173,690,000; and (vii) Class E Asset-Backed Notes i
• $141,870,000 — aggregate original principal amount of $141,870,000 (collectively, the "Notes"). Certain of

Filing Documents

• eart2025-5_8k.htm (8-K) — 39KB
• exhibit1-1.htm (EX-1.1) — 294KB
• exhibit4-2.htm (EX-4.2) — 1056KB
• exhibit4-3.htm (EX-4.3) — 389KB
• exhibit4-4.htm (EX-4.4) — 371KB
• exhibit4-5.htm (EX-4.5) — 937KB
• exhibit10-1.htm (EX-10.1) — 167KB
• exhibit10-2.htm (EX-10.2) — 120KB
• exhibit10-4.htm (EX-10.4) — 222KB
• exhibit10-5.htm (EX-10.5) — 80KB
• exhibit10-7.htm (EX-10.7) — 16KB
• exhibit36-1.htm (EX-36.1) — 6KB
• 0000929638-25-004173.txt ( ) — 3698KB

01

Item 1.01 Entry into a Material Definitive Agreement . On or about November 17, 2025 (the "Closing Date"), Exeter Automobile Receivables Trust 2025-5, 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 $122,000,000; (ii) Class A-2 Asset-Backed Notes in the aggregate original principal amount of $264,280,000; (iii) Class A-3 Asset-Backed Notes in the aggregate original principal amount of $245,480,000; (iv) Class B Asset-Backed Notes in the aggregate original principal amount of $132,330,000; (v) Class C Asset-Backed Notes in the aggregate original principal amount of $135,510,000; (vi) Class D Asset-Backed Notes in the aggregate original principal amount of $173,690,000; and (vii) Class E Asset-Backed Notes in the aggregate original principal amount of $141,870,000 (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 November 4, 2025, EFCAR and Exeter Finance LLC ("Exeter") entered into an Underwriting Agreement, dated as of November 4, 2025 (the "Underwriting Agreement"), with Wells Fargo Securities, LLC, Barclays Capital Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA 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 21, 2025 (the "Purchase Agreement"), pursuant to which Exeter will transfer certain sub-prime automobile loan contracts (the "Receivables") to EFCAR; (b) Exeter Holdings Trust 2025-5 (the "Holdings 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 21, 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 Holdings Trust, as transferee, and the Trust, as transferor, will enter into a Contribution Agreement, to be dated as of October 21, 2025 (the "Contribution Agreement), pursuant to which the Receivables will be contributed by the Trust to the Holdings 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 21, 2025; (e) the Trust and Wilmington Trust Company, as owner trustee, will enter into an Amended and Restated Trust Agreement of the Holdings Trust, to be dated as of October 21, 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 21, 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 Holdings Trust and the Indenture Trustee will enter into an Indenture, to be dated as of Octo

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 November 4, 2025, among EFCAR, Exeter, and Wells Fargo Securities, LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., and Mizuho Securities USA LLC, acting on behalf of themselves and as representatives of the several underwriters named therein. 4.2 Indenture, to be dated as of October 21, 2025, among the Trust, the Holdings Trust and the Indenture Trustee. 4.3 Amended and Restated Trust Agreement of the Trust, to be dated as of October 21, 2025, between EFCAR and Wilmington Trust Company, as owner trustee. 4.4 Amended and Restated Trust Agreement of the Holdings Trust, to be dated as of October 21, 2025, between the Trust and Wilmington Trust Company, as owner trustee. 4.5 Sale and Servicing Agreement, to be dated as of October 21, 2025, among the Holdings Trust, EFCAR, the Servicer, the Trust, the Indenture Trustee and the Backup Servicer. 10.1 Purchase Agreement, to be dated as of October 21, 2025, between EFCAR, as purchaser, and Exeter, as seller. 10.2 Contribution Agreement, to be dated as of October 21, 2025, between the Holdings 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 21, 2025, among the Trust, the Servicer and the Asset Representations Reviewer. 10.5 Custodian Agreement, to be dated as of October 21, 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 par

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: November 6, 2025

View Full Filing

View this 8-K filing on SEC EDGAR