Exeter Select Automobile Receivables Trust 2026-2, a Delaware statutory trust, filed a Current Report on Form 8-K with the Securities and Exchange Commission on September 22, 2026, to announce the terms of a new asset-backed securities issuance. The Trust is managed by EFCAR, LLC, and sponsored by Exeter Finance LLC.
The offering is scheduled to close on or about September 28, 2026. The Trust intends to issue eight classes of Asset-Backed Notes with a total original principal amount of $473,100,000. The specific classes and their respective amounts are as follows:
- Class A-1: $64,000,000
- Class A-2: $130,250,000
- Class A-3: $130,250,000
- Class B: $33,100,000
- Class C: $55,200,000
- Class D: $49,000,000
- Class E: $11,300,000
- Class N: $32,000,000
Certain of these Notes will be registered under a Registration Statement filed by EFCAR, LLC with the SEC under file number 333-292293. On September 22, 2026, EFCAR and Exeter Finance LLC entered into an Underwriting Agreement with Mizuho Securities USA LLC, Citigroup Global Markets Inc., and Wells Fargo Securities, LLC to sell the Notes.
The issuance will be supported by a series of agreements executed on or about August 31, 2026, and finalized on the Closing Date. These agreements include a Purchase Agreement transferring sub-prime automobile loan contracts from Exeter to EFCAR, and a Sale and Servicing Agreement transferring the receivables to the Trust. The Trust will be overseen by Wilmington Trust Company as owner trustee, and Citibank, N.A. will serve as indenture trustee and backup servicer. Clayton Fixed Income Services LLC has been engaged as the asset representations reviewer.
