Exeter Auto Trust 2026-2 Finalizes Key Securitization Agreements

TL;DR

**Exeter Auto Trust 2026-2 just locked in major deals for its new asset-backed securities.**

AI Summary

Exeter Automobile Receivables Trust 2026-2, along with EFCAR, LLC, filed an 8-K on March 24, 2026, detailing the entry into several material definitive agreements related to asset-backed securities. These agreements, including an Underwriting Agreement, Indenture, and Sale and Servicing Agreement, were entered into on March 20, 2026. This matters to investors because it signifies the formalization of a new securitization deal, potentially impacting the trust's financial performance and the stability of its asset-backed securities.

Why It Matters

This filing indicates the completion of a new securitization, which is the core business of Exeter Automobile Receivables Trust 2026-2, providing clarity on the structure and terms of its asset-backed securities.

Risk Assessment

Risk Level: low — This filing is primarily administrative, announcing the execution of expected agreements for a securitization, which is a routine event for this type of entity.

Analyst Insight

A smart investor would view this filing as a routine operational update for an asset-backed securities trust, confirming the formal establishment of its latest securitization. No immediate action is typically warranted unless the terms of these agreements reveal unexpected risks or opportunities, which are not detailed in this summary 8-K.

Key Players & Entities

• Exeter Automobile Receivables Trust 2026-2 (company) — Filer of the 8-K
• EFCAR, LLC (company) — Co-filer of the 8-K
• March 24, 2026 (date) — Filing Date
• March 20, 2026 (date) — Period of Report

FAQ

Key Financial Figures

• $65,000,000 — aggregate original principal amount of $65,000,000; (ii) Class A-2 Asset-Backed Notes in t
• $149,650,000 — aggregate original principal amount of $149,650,000; (iii) Class A-3 Asset-Backed Notes in
• $156,220,000 — aggregate original principal amount of $156,220,000; (iv) Class B Asset-Backed Notes in the
• $82,210,000 — aggregate original principal amount of $82,210,000; (v) Class C Asset-Backed Notes in the
• $85,230,000 — aggregate original principal amount of $85,230,000; (vi) Class D Asset-Backed Notes in the
• $110,620,000 — aggregate original principal amount of $110,620,000; (vii) Class E Asset-Backed Notes in th
• $75,390,000 — aggregate original principal amount of $75,390,000; and (viii) Class N Asset-Backed Notes
• $14,850,000 — aggregate original principal amount of $14,850,000 (collectively, the "Notes"). Certain of

Filing Documents

• eart2026-2_8k.htm (8-K) — 38KB
• exhibit1-1.htm (EX-1.1) — 246KB
• exhibit4-2.htm (EX-4.2) — 1014KB
• exhibit4-3.htm (EX-4.3) — 360KB
• exhibit4-4.htm (EX-4.4) — 304KB
• exhibit4-5.htm (EX-4.5) — 967KB
• exhibit10-1.htm (EX-10.1) — 140KB
• exhibit10-2.htm (EX-10.2) — 105KB
• exhibit10-4.htm (EX-10.4) — 190KB
• exhibit10-5.htm (EX-10.5) — 78KB
• exhibit10-7.htm (EX-10.7) — 17KB
• exhibit36-1.htm (EX-36.1) — 5KB
• 0000929638-26-001121.txt ( ) — 3466KB

01

Item 1.01 Entry into a Material Definitive Agreement . On or about March 31, 2026 (the "Closing Date"), Exeter Automobile Receivables Trust 2026-2, 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 $65,000,000; (ii) Class A-2 Asset-Backed Notes in the aggregate original principal amount of $149,650,000; (iii) Class A-3 Asset-Backed Notes in the aggregate original principal amount of $156,220,000; (iv) Class B Asset-Backed Notes in the aggregate original principal amount of $82,210,000; (v) Class C Asset-Backed Notes in the aggregate original principal amount of $85,230,000; (vi) Class D Asset-Backed Notes in the aggregate original principal amount of $110,620,000; (vii) Class E Asset-Backed Notes in the aggregate original principal amount of $75,390,000; and (viii) Class N Asset-Backed Notes in the aggregate original principal amount of $14,850,000 (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 March 20, 2026, EFCAR and Exeter Finance LLC ("Exeter") entered into an Underwriting Agreement, dated as of March 20, 2026 (the "Underwriting Agreement"), with Barclays Capital Inc., BNP Paribas Securities Corp. 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 March 9, 2026 (the "Purchase Agreement"), pursuant to which Exeter will transfer certain sub-prime automobile loan contracts (the "Receivables") to EFCAR; (b) Exeter Holdings Trust 2026-2 (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 March 9, 2026 (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 March 9, 2026 (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 March 9, 2026; (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 March 9, 2026; (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 March 9, 2026 (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 March 9, 2026 (the "Ind

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 March 20, 2026, among EFCAR, Exeter, and Barclays Capital Inc., BNP Paribas Securities Corp. 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 March 9, 2026, 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 March 9, 2026, 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 March 9, 2026, between the Trust and Wilmington Trust Company, as owner trustee. 4.5 Sale and Servicing Agreement, to be dated as of March 9, 2026, 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 March 9, 2026, between EFCAR, as purchaser, and Exeter, as seller. 10.2 Contribution Agreement, to be dated as of March 9, 2026, 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 March 9, 2026, among the Trust, the Servicer and the Asset Representations Reviewer. 10.5 Custodian Agreement, to be dated as of March 9, 2026, 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 pursua

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: March 24, 2026

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View this 8-K filing on SEC EDGAR