Exeter Auto Trust 2022-1 Reports Clean Servicing Compliance

TL;DR

**Exeter Auto Trust 2022-1's clean 10-K signals stable operations and strong servicing, making it a reliable hold for ABS investors.**

AI Summary

Exeter Automobile Receivables Trust 2022-1, 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 as a pass-through entity. The Trust, sponsored by Exeter Finance LLC, confirmed that no single obligor represents 10% or more of its asset pool, maintaining a diversified risk profile for its automobile receivables. Furthermore, the filing explicitly states that no external credit enhancement or derivative instruments are provided by any entity or group of affiliated entities for the Notes or 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. The Trust's primary function remains the securitization of automobile loan contracts, with Exeter Finance LLC managing potential litigation and regulatory risks, which it believes are prudently addressed and do not materially adversely affect noteholders.

Why It Matters

This 10-K filing provides crucial transparency for investors in asset-backed securities, particularly those holding Notes or Certificates from Exeter Automobile Receivables Trust 2022-1. The confirmation of no material servicing noncompliance by Exeter Finance LLC and Citibank, N.A. offers reassurance regarding the operational integrity of the securitization. In a competitive auto finance market, consistent compliance and robust servicing are vital for maintaining investor confidence and the stability of the underlying asset pool. This also signals to the broader market that the sponsor, Exeter Finance LLC, is effectively managing its obligations and associated risks, which can influence future securitization issuances and pricing.

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, diversifying credit risk. Additionally, both Exeter Finance LLC and Citibank, N.A. reported no material instances of noncompliance with servicing criteria for the 2025 Reporting Period, indicating robust operational controls and compliance.

Analyst Insight

Investors should maintain their positions in Exeter Automobile Receivables Trust 2022-1, as the filing indicates stable operations and strong compliance. This report reinforces the reliability of the servicing and the diversified nature of the underlying assets, suggesting continued performance as expected.

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 diversification.)
• 2025 — fiscal year ended (The report covers the fiscal year ended December 31, 2025, providing current operational status.)
• 2026-03-27 — filing date (The 10-K was filed on March 27, 2026, providing timely disclosure.)

Key Players & Entities

• Exeter Automobile Receivables Trust 2022-1 (company) — issuing entity
• Exeter Finance LLC (company) — sponsor and servicer
• Citibank, N.A. (company) — servicing participant and indenture trustee
• EFCAR, LLC (company) — depositor and registrant
• Jason Kulas (person) — Chief Executive Officer of EFCAR, LLC
• Ernst & Young LLP (company) — registered public accounting firm for Exeter Finance LLC's compliance assessment
• KPMG LLP (company) — registered public accounting firm for Citibank, N.A.'s compliance assessment
• Wilmington Trust Company (company) — owner trustee
• Clayton Fixed Income Services LLC (company) — asset representations reviewer
• Wells Fargo Bank (company) — lockbox bank

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 by Ernst & Young LLP and KPMG LLP indicates a stable operational framework for the Trust's assets.
• Asset Pool Diversification [low — financial]: The Trust confirmed that no single obligor represents 10% or more of its asset pool. This diversification mitigates concentration risk, ensuring that the performance of a single borrower does not disproportionately impact the overall pool.
• Absence of External Credit Enhancement [medium — financial]: The filing explicitly states that no external credit enhancement or derivative instruments are provided by any entity or group of affiliated entities for the Notes or Certificates. This means investors rely solely on the performance of the underlying auto receivables for repayment.
• Litigation and Regulatory Risks [medium — legal]: Exeter Finance LLC manages potential litigation and regulatory risks associated with the automobile loan contracts. The company believes these risks are prudently addressed and do not materially adversely affect noteholders.

Industry Context

The automobile finance industry is characterized by its reliance on consumer credit and the cyclical nature of vehicle sales. Securitization, as employed by Exeter, is a common practice to provide liquidity and funding for auto loan originators. The industry is sensitive to interest rate changes, economic downturns affecting consumer spending, and evolving regulatory landscapes concerning lending practices.

Regulatory Implications

The automotive receivables securitization market is subject to various regulations, including those related to consumer protection, data privacy, and financial reporting. The attestation on servicing criteria by independent auditors addresses compliance with operational standards. Exeter Finance LLC's management of litigation and regulatory risks is crucial for maintaining investor confidence and ensuring the Trust's continued operation.

What Investors Should Do

1. Review Servicing Attestations
2. Assess Concentration Risk
3. Understand Credit Enhancement Structure
4. Monitor Litigation and Regulatory Risk Disclosures

Key Dates

• 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.
• 2026-03-27: 10-K Filing Date — Indicates the timeliness of the disclosure to investors and the market.
• 2023-02-10: Omnibus Amendment to Trust Agreement and Indenture — Reflects potential structural or operational adjustments made to the Trust's governing documents.
• 2023-02-10: Capital Contribution Agreement — Shows ongoing capital flow and potential expansion or restructuring involving multiple Exeter trusts.
• 2022-01-23: Indenture and Trust Agreements Established — Defines the foundational legal and operational framework for the Exeter Automobile Receivables Trust 2022-1.

Glossary

Securitization Entity

A legal entity created to pool assets, such as automobile loans, and issue securities backed by the cash flows from those assets. (Exeter Automobile Receivables Trust 2022-1 is a securitization entity, its primary function is to facilitate the securitization of auto loan contracts.)

Pass-through entity

An entity that passes income, gains, losses, deductions, and credits through to its investors for tax purposes. In this context, it implies the Trust's primary role is to distribute payments from the underlying assets to noteholders. (The Trust operates as a pass-through entity, meaning its financial performance is directly tied to the performance of the underlying automobile receivables.)

Obligor

A party that owes an obligation, typically a debt, to another party. In this case, it refers to the individual borrowers of the automobile loans. (The diversification of obligors is a key risk mitigation factor, ensuring no single borrower's default significantly impacts the Trust.)

Credit Enhancement

Mechanisms used in securitization to reduce the credit risk associated with the underlying assets, thereby improving the credit rating and marketability of the issued securities. (The absence of external credit enhancement means investors bear the full credit risk of the 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 handling defaults. (Attestations on compliance with servicing criteria by independent auditors provide assurance on the operational integrity of the asset management.)

Indenture Trustee

A trustee appointed under an indenture (a legal contract) to represent the interests of bondholders or noteholders. (Citibank, N.A. acts as the Indenture Trustee, overseeing the Trust's obligations to its noteholders as per the Indenture.)

Year-Over-Year Comparison

As this is the initial deep structural analysis of the 2022-1 filing, a direct comparison to a prior year's filing for this specific trust is not feasible. However, the filing indicates no material changes in the Trust's operational structure or financial performance as a pass-through entity for the fiscal year ended December 31, 2025. The absence of new risks or significant changes in servicing compliance suggests a stable operational period.

Filing Documents

• a10k.htm (10-K) — 65KB
• 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
• 0000929638-26-001213.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 2022-1 (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 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). 4.2 Indenture, dated as of January 23, 2022, among the Trust, Exeter Holdings Trust 2022-1 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 February 23, 2022, which is incorporated herein by reference). 4.3 Amended & Restated Trust Agreement for the Trust, dated as of January 23, 2022, 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 February 23, 2022, which is incorporated herein by reference). 4.4 Amended & Restated Trust Agreement for Exeter Holdings Trust 2022-1, dated as of January 23, 2022, 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 February 23, 2022, which is incorporated herein by reference). 4.5 Sale and Servicing Agreement, dated as of January 23, 2022, among Exeter Holdings Trust 2022-1, 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 February 23, 2022, which is inco

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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