Exeter Auto Trust 2026-2 Files Prospectus for Asset-Backed Securities

TL;DR

**Exeter Auto Trust 2026-2 is selling new bonds backed by car loans.**

AI Summary

Exeter Automobile Receivables Trust 2026-2 filed a 424B5 prospectus on March 24, 2026, for an offering of asset-backed securities. This filing details the terms for selling bonds backed by auto loans, allowing the trust to raise capital. For investors, this means a new opportunity to invest in a relatively stable asset class, but also signals the trust's ongoing strategy to securitize its loan portfolio, which could impact future earnings if loan performance deteriorates.

Why It Matters

This filing outlines the terms for a new offering of bonds backed by auto loans, providing a new investment opportunity and indicating the trust's strategy for funding its operations.

Risk Assessment

Risk Level: medium — Asset-backed securities carry moderate risk due to potential defaults on the underlying auto loans, which could impact investor returns.

Analyst Insight

Investors interested in fixed-income opportunities backed by consumer credit should review the full prospectus for details on yield, credit enhancements, and underlying loan performance before considering an investment.

Key Numbers

• 2026-03-24 — Filing Date (The date the 424B5 prospectus was filed and accepted by the SEC.)
• 333-268757-20 — File Number (The specific SEC file number for Exeter Automobile Receivables Trust 2026-2's registration statement.)
• 3857669 — Document Size (bytes) (The size of the primary 424B5 HTML document, indicating the detail of the prospectus.)

Key Players & Entities

• Exeter Automobile Receivables Trust 2026-2 (company) — Filer of the 424B5 prospectus for asset-backed securities
• EFCAR, LLC (company) — Related entity with CIK 0001654238, also located at 2101 W. John Carpenter Freeway, Irving, TX 75063
• March 24, 2026 (date) — Filing Date and Accepted Date of the 424B5 prospectus
• 0002114382 (person) — CIK for Exeter Automobile Receivables Trust 2026-2
• 0001654238 (person) — CIK for EFCAR, LLC

Forward-Looking Statements

• Exeter Automobile Receivables Trust 2026-2 will successfully issue the asset-backed securities outlined in this prospectus. (Exeter Automobile Receivables Trust 2026-2) — medium confidence, target: 2026-06-24

FAQ

Key Financial Figures

• $648,930,000 — ment Nos. 333-268757 and 333-268757-20 $648,930,000 (1) Automobile Receivables Backed Notes
• $65,000,000 — stribution Date Class A-1 Notes (1) $65,000,000 3.984% Actual/360 April 15, 2027 Cl
• $149,650,000 — April 15, 2027 Class A-2 Notes (1) $149,650,000 4.31% 30/360 November 15, 2028 Clas
• $156,220,000 — ovember 15, 2028 Class A-3 Notes (1) $156,220,000 4.45% 30/360 May 15, 2030 Class B N
• $82,210,000 — /360 May 15, 2030 Class B Notes (1) $82,210,000 4.66% 30/360 January 15, 2031 Class
• $85,230,000 — January 15, 2031 Class C Notes (1) $85,230,000 4.91% 30/360 August 16, 2032 Class
• $110,620,000 — 0 August 16, 2032 Class D Notes (1) $110,620,000 5.51% 30/360 August 16, 2032 Class
• $75,390,000 — August 16, 2032 Class E Notes (1)(2) $75,390,000 7.54% 30/360 November 15, 2033 Clas
• $14,850,000 — vember 15, 2033 Class N Notes (1)(2) $14,850,000 6.89% 30/360 November 15, 2033 Pric
• $614,838,860.96 — 99.13154% 0.25000% 98.88154% Total $614,838,860.96 (4) $1,314,758.70 (4) $613,524,102.
• $1,314,758.70 — 98.88154% Total $614,838,860.96 (4) $1,314,758.70 (4) $613,524,102.26 (4) (1) Appro
• $613,524,102.26 — 14,838,860.96 (4) $1,314,758.70 (4) $613,524,102.26 (4) (1) Approximately, but not less
• $1,000 — l be issued in minimum denominations of $1,000 and multiples of $1,000. The notes wil

Filing Documents

• eart2026-2_424b5.htm (424B5) — 3767KB
• exhibit107.htm (EX-FILING FEES) — 1KB
• exeter_backcover.jpg (GRAPHIC) — 4KB
• exeter_cover.jpg (GRAPHIC) — 2KB
• p6.jpg (GRAPHIC) — 47KB
• p7.jpg (GRAPHIC) — 127KB
• pa7.jpg (GRAPHIC) — 54KB
• pa12.jpg (GRAPHIC) — 58KB
• pa17.jpg (GRAPHIC) — 50KB
• pa22.jpg (GRAPHIC) — 51KB
• pa27.jpg (GRAPHIC) — 60KB
• pa32.jpg (GRAPHIC) — 53KB
• pa37.jpg (GRAPHIC) — 44KB
• 0000929638-26-001122.txt ( ) — 4532KB

Use of Proceeds

Use of Proceeds 44 The Sponsor, the Servicer and the Custodian 44 The Depositor 46 The Backup Servicer 47 The Holding Trust 47 The Issuing Entity 49 The Owner Trustee 51 The Indenture Trustee 52 The Asset Representations Reviewer 53 Exeter's Automobile Financing Program 54 Exeter's Securitization Program 58 Exeter's Static Pool Information 59 The Trust Property and the Holding Trust Property 60 Depositor Review of Automobile Loan Contracts 61 The Automobile Loan Contracts 62 Yield and Prepayment Considerations 75 Description of the Notes 86 Description of the Transaction Documents 95 U.S. Tax Matters 124 131 ERISA Considerations 131

Legal Proceedings

Legal Proceedings 133 Certain Relationships and Related Transactions 134 Volcker Rule Considerations 134 U.S. Credit Risk Retention 135

Underwriting

Underwriting 135 Legal Opinions 138 Incorporation by Reference 138 Financial Information 138 Glossary 139 Annex A Static Pool Information A-1 Annex B Clearance, Settlement and Tax Documentation Procedures B-1 i IMPORTANT NOTICE ABOUT THE INFORMATION PRESENTED IN THIS PROSPECTUS You should rely only on information provided or referenced in this prospectus. We have not authorized anyone to provide you with different information. We include cross-references in this prospectus to captions in these materials where you can find further related discussions. The table of contents on the previous page provides the pages on which these captions are located. WHERE YOU CAN FIND MORE INFORMATION The depositor, EFCAR, LLC, as registrant, filed with the Securities and Exchange Commission, or the SEC , under the SEC file number 333-268757, a registration statement under the Securities Act of 1933, as amended, or the Securities Act , with respect to the notes offered pursuant to this prospectus. This prospectus, which forms a part of the registration statement, omits certain information contained in such registration statement pursuant to the rules and regulations of the SEC. As long as the issuing entity is required to report under the Securities Exchange Act of 1934, as amended, or the Exchange Act , the servicer or the depositor will file for the issuing entity, annual reports on Form 10-K and distribution reports on Form 10-D, monthly asset-level data files and related documents on Form ABS-EE, any current reports on Form 8-K, and amendments to those reports with the SEC under the file number 333-268757-20. The SEC maintains a website containing reports, proxy materials, information statements and other items. The address is http://www.sec.gov. The issuing entity's annual reports on Form 10-K and distribution reports on Form 10-D, monthly asset-level data files and related documents on Form ABS-EE, current reports on Form 8-K, and any amendments to those re

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Whenever words like "intends," "anticipates" or "expects" or other similar words are used in this prospectus, we are making a forward-looking statement, or a projection of what we think will happen in the future. Any projections, expectations and estimates in this prospectus are not historical in nature but are forward-looking statements based on information and assumptions the sponsor and the depositor consider reasonable. Forward-looking required by the federal securities laws, neither the sponsor nor the depositor assumes any responsibility to update or revise any forward-looking statements, including changes in economic conditions, portfolio or asset pool performance or other circumstances or developments, after the date of this prospectus. For the avoidance of doubt, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in this prospectus. NOTICE TO RESIDENTS OF CANADA THE NOTES MAY BE SOLD ONLY TO PURCHASERS IN THE PROVINCES OF ALBERTA, BRITISH COLUMBIA, ONTARIO AND QUEBEC PURCHASING, OR DEEMED TO BE PURCHASING, AS PRINCIPALS THAT ARE ACCREDITED INVESTORS, AS DEFINED IN NATIONAL INSTRUMENT 45-106 PROSPECTUS 1 EXEMPTIONS OR SUBSECTION 73.3(1) OF THE SECURITIES ACT (ONTARIO), AND ARE PERMITTED CLIENTS, AS DEFINED IN NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS . ANY RESALE OF THE NOTES MUST BE MADE IN ACCORDANCE WITH AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE PROSPECTUS REQUIREMENTS OF APPLICABLE SECURITIES LAWS. SECURITIES LEGISLATION IN CERTAIN PROVINCES OR TERRITORIES OF CANADA MAY PROVIDE A PURCHASER WITH REMEDIES FOR RESCISSION OR

View Full Filing

View this 424B5 filing on SEC EDGAR