Exeter Auto Trust 2021-4 Reports Clean Servicing Compliance

TL;DR

**Exeter Auto Trust 2021-4's clean 10-K signals stable performance and strong servicing, making it a reliable hold for ABS investors.**

AI Summary

Exeter Automobile Receivables Trust 2021-4, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no material changes in its operational structure or financial performance metrics typically associated with a traditional operating company. The Trust, sponsored by Exeter Finance LLC, confirmed that no single obligor represents 10% or more of its asset pool, mitigating concentration risk. Furthermore, no external credit enhancement or derivative instruments were utilized for the pool assets or the Notes and Certificates issued by the Trust. Both Exeter Finance LLC and Citibank, N.A., as Servicing Participants, reported no material instances of noncompliance with applicable servicing criteria for the 2025 Reporting Period, as attested by Ernst & Young LLP and KPMG LLP, respectively. Exeter Finance LLC, as the servicer, also provided a compliance statement signed by an authorized officer. The filing explicitly states the registrant has no voting or non-voting common equity outstanding held by non-affiliates, and no securities are registered under Section 12(b) or 12(g) of the Act.

Why It Matters

This 10-K filing provides crucial transparency for investors holding asset-backed securities from Exeter Automobile Receivables Trust 2021-4, confirming the continued operational integrity of the securitization. The absence of material noncompliance from both Exeter Finance LLC and Citibank, N.A. in their servicing roles, as independently attested, reinforces confidence in the underlying auto loan portfolio's management. This stability is vital in the competitive auto finance market, where servicing quality directly impacts asset performance and investor returns. For the broader market, it signals consistent performance within the subprime auto ABS sector, a key indicator for consumer credit health.

Risk Assessment

Risk Level: low — The risk level is low because the filing explicitly states that no single obligor represents 10% or more of the asset pool, reducing concentration risk. Additionally, both Exeter Finance LLC and Citibank, N.A. reported no material instances of noncompliance with servicing criteria for the 2025 Reporting Period, as confirmed by independent auditors Ernst & Young LLP and KPMG LLP, respectively, indicating robust operational controls.

Analyst Insight

Investors should maintain their positions in Exeter Automobile Receivables Trust 2021-4 notes, given the confirmed operational stability and strong servicing compliance. The absence of material issues in this 10-K suggests the underlying auto loan portfolio is being managed effectively, supporting predictable cash flows for bondholders.

Financial Highlights

debt To Equity

N/A

revenue

$N/A

operating Margin

N/A

total Assets

$N/A

total Debt

$N/A

net Income

$N/A

eps

$N/A

gross Margin

N/A

cash Position

$N/A

revenue Growth

N/A

Key Numbers

• 10% — maximum percentage of asset pool represented by a single obligor (No single obligor represents 10% or more of the asset pool, indicating diversified risk.)
• 2025 — fiscal year ended (The report covers the fiscal year ended December 31, 2025, providing current operational status.)

Key Players & Entities

• Exeter Automobile Receivables Trust 2021-4 (company) — issuing entity
• Exeter Finance LLC (company) — sponsor and servicer
• EFCAR, LLC (company) — depositor and registrant
• Citibank, N.A. (company) — servicing participant and indenture trustee
• Wilmington Trust Company (company) — owner trustee
• Ernst & Young LLP (company) — independent registered public accounting firm for Exeter Finance LLC
• KPMG LLP (company) — independent registered public accounting firm for Citibank, N.A.
• Jason Kulas (person) — Chief Executive Officer of EFCAR, LLC
• Federal Reserve (regulator) — government agency overseeing Exeter Finance LLC
• Consumer Financial Protection Bureau (regulator) — government agency overseeing Exeter Finance LLC

FAQ

Risk Factors

• Servicing Compliance [low — operational]: Both Exeter Finance LLC and Citibank, N.A., as Servicing Participants, reported no material instances of noncompliance with applicable servicing criteria for the 2025 Reporting Period. This attestation was provided by Ernst & Young LLP and KPMG LLP, respectively, indicating a low risk of operational disruption due to servicing failures.
• Concentration Risk [low — financial]: The Trust confirmed that no single obligor represents 10% or more of its asset pool. This diversification mitigates the risk of significant financial impact should a single borrower default.
• Lack of External Credit Enhancement [medium — financial]: No external credit enhancement or derivative instruments were utilized for the pool assets or the Notes and Certificates issued by the Trust. This means that the credit risk of the underlying auto loans is directly borne by the investors, with no third-party guarantees to absorb losses.

Industry Context

The auto finance industry, particularly within the subprime and non-prime segments served by Exeter Finance, is characterized by sensitivity to economic cycles and interest rate fluctuations. Securitization remains a critical funding mechanism for originators like Exeter, allowing them to access capital markets for ongoing origination. Competition is robust, with traditional banks, credit unions, and specialized finance companies vying for market share.

Regulatory Implications

As a securitization trust, Exeter Automobile Receivables Trust 2021-4 operates within a framework governed by securities laws and specific regulations related to asset-backed securities. While this filing indicates no material non-compliance with servicing criteria, ongoing adherence to regulations concerning disclosure, consumer protection, and financial reporting is crucial. The absence of complex derivatives or credit enhancements simplifies regulatory oversight but places direct risk on investors.

What Investors Should Do

1. Review underlying loan pool characteristics
2. Monitor servicer performance and compliance
3. Assess economic sensitivity

Key Dates

• 2021-10-24: Indenture, Trust Agreements, Sale and Servicing Agreement, and Purchase Agreement executed — These foundational documents established the structure and operational framework for the Exeter Automobile Receivables Trust 2021-4 securitization.
• 2021-11-17: Form 8-K filed with incorporated agreements — Publicly disclosed key legal and operational agreements governing the Trust, providing transparency to investors.
• 2025-12-31: Fiscal year end — Marks the end of the reporting period for the 10-K filing, providing the latest financial and operational data.

Glossary

Securitization Entity

A legal entity created to pool assets (like auto loans) and issue securities backed by the cash flows from those assets. (Exeter Automobile Receivables Trust 2021-4 is a securitization entity, meaning its primary function is to facilitate the transfer of risk and cash flows from auto loans to investors.)

Obligor

A party that owes an obligation, typically a debt, to another party. In this context, it refers to the individual borrowers of auto loans. (Understanding obligor concentration is key to assessing the diversification and risk within the underlying asset pool.)

External Credit Enhancement

Third-party guarantees or mechanisms used to improve the credit quality of securitized assets or the securities issued, thereby reducing risk for investors. (The absence of external credit enhancement means investors bear the full credit risk of the underlying auto loan pool.)

Servicing Criteria

A set of standards and procedures that a servicer must follow when managing the underlying assets of a securitization, including collecting payments, managing delinquencies, and reporting. Compliance is often attested by independent auditors. (Attestations on compliance with servicing criteria by Exeter Finance LLC and Citibank, N.A. provide assurance regarding the operational integrity of the asset management.)

Form 10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive summary of a company's financial performance and condition. (This document is the primary source of detailed financial and operational information for the Exeter Automobile Receivables Trust 2021-4.)

EFCAR, LLC

The entity that serves as the depositor for the securitization, typically responsible for originating or acquiring the assets and transferring them to the trust. (EFCAR, LLC is a key legal entity in the structure, involved in the formation and operation of the Trust.)

Year-Over-Year Comparison

This analysis is based on the 2025 10-K filing. As the provided text does not contain comparative data from a prior year's filing, a direct comparison of key metrics such as revenue growth, margin changes, or the emergence of new risks cannot be made. The filing focuses on the current state of the Trust, confirming operational stability and the absence of significant structural changes or credit enhancements.

Filing Documents

• a10k.htm (10-K) — 64KB
• exhibit31-1.htm (EX-31.1) — 8KB
• exhibit33-1.htm (EX-33.1) — 167KB
• exhibit33-2.htm (EX-33.2) — 15KB
• exhibit34-1.htm (EX-34.1) — 11KB
• exhibit34-2.htm (EX-34.2) — 8KB
• exhibit35-1.htm (EX-35.1) — 3KB
• logo_kpmg.jpg (GRAPHIC) — 7KB
• picture1.jpg (GRAPHIC) — 4KB
• 0000929638-26-001212.txt ( ) — 293KB

(b) of Regulation AB. Significant Obligors of Pool Assets

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets. No single obligor represents 10% or more of the asset pool owned by Exeter Automobile Receivables Trust 2021-4 (the "Trust").

(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments. No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment on the pool assets owned by the Trust or payments on the notes (the "Notes") or the certificates (the "Certificates") issued by the Trust.

(b) of Regulation AB. Certain Derivatives Instruments

Item 1115(b) of Regulation AB. Certain Derivatives Instruments. No entity or group of affiliated entities provides any external derivative instruments to either payment on the pool assets owned by the Trust or payments on the Notes or the Certificates.

of Regulation AB. Legal Proceedings

Item 1117 of Regulation AB. Legal Proceedings. As a consumer finance company, Exeter Finance LLC ("Exeter") is subject to various consumer claims and litigation seeking damages and statutory penalties, based upon, among other things, usury, disclosure inaccuracies, wrongful repossession, violations of bankruptcy stay provisions, certificate of title disputes, fraud, breach of contract, improper collection practices, credit bureau reporting and discriminatory treatment of credit applicants. Some litigation against Exeter could take the form of class action complaints by consumers. As the assignee or purchaser of automobile loan contracts originated indirectly by dealers or originated directly by the direct lenders, in each case for sale or assignment to Exeter, Exeter also may be named as a co-defendant in lawsuits filed by consumers principally against such dealers or such direct lenders. The damages and penalties claimed by consumers in these types of matters can be substantial. The relief requested by plaintiffs varies but can include requests for compensatory, statutory and punitive damages. Exeter is also party to, or is periodically otherwise involved in, reviews, investigations, examinations and proceedings (both formal and informal), and information-gathering requests, by government and self-regulatory agencies, including the Federal Reserve, the Consumer Financial Protection Bureau, the United States Department of Justice, the U.S. Securities and Exchange Commission, the Federal Trade Commission and various state regulatory and enforcement agencies. The penalties and remedies sought by government and self-regulatory agencies in these types of matters can be substantial. Exeter believes that it has taken prudent steps to address and mitigate the litigation and regulatory risks associated with its business activities. As of the date hereof, Exeter is not subject to litigation or reviews, investigations, examinations or proceedings by government or self-regula

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Item 9A.

Controls and Procedures

Controls and Procedures.

Other Information

Item 9B. Other Information. Nothing to report.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III The following Items have been omitted in accordance with General Instruction J to Form 10-K: Item 10. Directors, Executive Officers and Corporate Governance. Item 11.

Executive Compensation

Executive Compensation. Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Item 13. Certain Relationships and Related Transactions, and Director Independence. Item 14. Principal Accountant Fees and Services. The following substitute information is provided in accordance with General Instruction J to Form 10-K:

of Regulation AB. Affiliations and Certain Relationships and Related Transactions

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions. Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

of Regulation AB. Compliance with Applicable Servicing Criteria

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria. Each of Exeter and Citibank, N.A. ("Citibank") (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function during the year ended December 31, 2025 (the "2025 Reporting Period") with respect to the pool assets owned by the Trust. Each of the Servicing Participants has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of December 31, 2025, and for the 2025 Reporting Period. In addition, each of the Servicing Participants has provided an attestation report (each, an "Attestation Report") by a registered public accounting firm regarding its Report on Assessment. Each Report on Assessment and Attestation Report is attached as an exhibit to this Form 10-K. Neither the Report on Assessment nor the Attestation Report for Exeter has identified any material instance of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to Exeter. Neither the Report on Assessment nor the Attestation Report for Citibank has identified any material instance of noncompliance with the servicing criteria described in such Report on Assessment as being applicable to Citibank.

of Regulation AB. Servicer Compliance Statement

Item 1123 of Regulation AB. Servicer Compliance Statement. Exeter has been identified by the registrant as a servicer during the 2025 Reporting Period with respect to the pool assets owned by the Trust. Exeter has provided a statement of compliance for the 2025 Reporting Period, signed by an authorized officer, and such compliance statement is attached as an exhibit to this Form 10-K. PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules. (a) The following documents are filed as part of this report: (1) Not applicable. (2) Not applicable. (3) See Item 15(b) below. (b) Exhibits Required by Item 601 of Regulation S-K. Exhibit Number Description 3.1 Certificate of Formation of EFCAR, LLC ("EFCAR") (included in Exhibit 3.1 to Registration Statement on Form SF-3 (333-213381), as filed by the registrant with the Commission on August 30, 2016, which is incorporated herein by reference). 3.2 Limited Liability Company Agreement of EFCAR (included in Exhibit 3.2 to Registration 4.2 Indenture, dated as of October 24, 2021, among the Trust, Exeter Holdings Trust 2021-4 and Citibank, N.A., as indenture trustee (the "Indenture Trustee") (included in Exhibit 4.2 to the Trust's Form 8-K, as filed with the Commission on November 17, 2021, which is incorporated herein by reference). 4.3 Amended & Restated Trust Agreement for the Trust, dated as of October 24, 2021, between EFCAR and Wilmington Trust Company, as owner trustee (included in Exhibit 4.3 to the Trust's Form 8-K, as filed with the Commission on November 17, 2021, which is incorporated herein by reference). 4.4 Amended & Restated Trust Agreement for Exeter Holdings Trust 2021-4, dated as of October 24, 2021, between the Trust and Wilmington Trust Company, as owner trustee (included in Exhibit 4.4 to the Trust's Form 8-K, as filed with the Commission on November 17, 2021, which is incorporated herein by reference). 4.5 Sale and Servicing Agreement, dated as of October 24, 2021, among Exeter Select Holdings Trust 2021-4, EFCAR, Exeter, as servicer, the Trust, and Citibank, N.A., as Indenture Trustee and backup servicer (included in Exhibit 4.5 to the Trust's Form 8-K, as filed with the Commission on November 17, 2021, which

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EFCAR, LLC (Depositor) Date: March 27, 2026 By: /s/ Jason Kulas Jason Kulas Chief Executive Officer (Senior officer in charge of securitization of the depositor) SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

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View this 10-K filing on SEC EDGAR