0000929638-24-001752.txt : 20240510 0000929638-24-001752.hdr.sgml : 20240510 20240510105026 ACCESSION NUMBER: 0000929638-24-001752 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240510 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20240510 DATE AS OF CHANGE: 20240510 ABS RULE: RULE-15GA2 REGISTERED ENTITY: Y ABS ASSET CLASS: Auto loans FILER: COMPANY DATA: COMPANY CONFORMED NAME: EFCAR, LLC CENTRAL INDEX KEY: 0001654238 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 453969432 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-02288 FILM NUMBER: 24933381 BUSINESS ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 BUSINESS PHONE: (214) 572-8276 MAIL ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: EFCAR, LLC CENTRAL INDEX KEY: 0001654238 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 453969432 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 333-268757 BUSINESS ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 BUSINESS PHONE: (214) 572-8276 MAIL ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: EFCAR, LLC CENTRAL INDEX KEY: 0001654238 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance IRS NUMBER: 453969432 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-02288 BUSINESS ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 BUSINESS PHONE: (214) 572-8276 MAIL ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 ISSUING ENTITY: COMPANY DATA: COMPANY CONFORMED NAME: Exeter Automobile Receivables Trust 2024-3 CENTRAL INDEX KEY: 0002021010 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 BUSINESS PHONE: (214) 572-8276 MAIL ADDRESS: STREET 1: 2101 W. JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75063 ABS-15G 1 abs15g.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM ABS-15G
ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:
 
☐
Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period
__________ to __________
 
Date of Report (Date of earliest event reported):  ____________

Commission File Number of securitizer:  ____________

Central Index Key Number of securitizer:  ____________


____________________________________________________________________________________________________________________________________________________________________________________
Name and telephone number, including area code, of the person to
contact in connection with this filing.
 
Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga‑1(c)(1)  ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i)  ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga‑1(c)(2)(ii)  ☐

☒
Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001654238

Exeter Automobile Receivables Trust 2024-3
____________________________________________________________________________________________________________________________________________________________________________________
(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable):  0002021010

Central Index Key Number of underwriter (if applicable):  __________

Jodi Blanton, (469) 754-4396
____________________________________________________________________________________________________________________________________________________________________________________
Name and telephone number, including area code, of the person to
contact in connection with this filing.
 
Item 2.01.  Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer.
 
See Report of Independent Accountants on Applying Agreed-Upon Procedures, dated May 6, 2024, attached as Exhibit 99.1 to this Form ABS-15G.
 


INDEX OF EXHIBITS
 
Exhibit No.
Description
 
 
Exhibit 99.1
Report of Independent Accountants on Applying Agreed-Upon Procedures, dated May 6, 2024.



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: May 10, 2024
 
 
EFCAR, LLC
 
(Depositor)
       
       
 
By:   
/s/ Ben Miller                                                            
   
Name:  
Ben Miller
   
Title:
Chief Executive Officer



EX-99.1 2 exhibit99-1.htm REPORT OF INDEPENDENT ACCOUNTANTS ON APPLYING AGREED-UPON PROCEDURES
Exhibit 99.1

Ernst & Young LLP
One Manhattan West
New York, NY 10001
  
Tel: +1 212 773 3000
Fax: +1 212 773 6350
ey.com
  


Report of Independent Accountants on Applying Agreed-Upon Procedures


EFCAR, LLC (the “Depositor”)
Exeter Finance LLC (the “Sponsor”)
2101 W. John Carpenter Freeway
Irving, Texas 75063
6 May 2024
 


Re:
Exeter Automobile Receivables Trust 2024-3 (the “Issuing Entity”)
Automobile Receivables Backed Notes (the “Notes”)
Sample Automobile Loan Contract Agreed-Upon Procedures


We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Depositor, Sponsor, Deutsche Bank Securities Inc.,
J.P. Morgan Securities LLC and Mizuho Securities USA LLC (collectively, the “Specified Parties”), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool of sub‑prime automobile loan contracts secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles (the “Automobile Loan Contracts”) relating to the Issuing Entity’s securitization transaction.  This report may not be suitable for any other purpose.  The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.  The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report.  No other party acknowledged the appropriateness of the procedures.  Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

Page 2 of 4


For the purpose of the procedures described in this report, the Sponsor, on behalf of the Depositor, provided us with:
a.
An electronic data file labeled “EART 2024-3 Stat Pool - EY.xlsx” and the corresponding record layout and decode information, as applicable (the “Preliminary Data File”), that the Sponsor, on behalf of the Depositor, indicated contains information relating to certain sub‑prime automobile loan contracts secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles (the “Preliminary Automobile Loan Contracts”) as of 7 April 2024 (the “Preliminary Cutoff Date”) that are expected to be representative of the Automobile Loan Contracts,
b.
Imaged copies of the following documents (collectively, the “Source Documents”):

i.
Certain printed screen shots from the Sponsor’s customer acquisition and life cycle management system (the “CALMS System Screen Shots”) and

ii.
Certain printed screen shots from the Sponsor’s global search imaging system (the “GS System Screen Shots”),
that the Sponsor, on behalf of the Depositor, indicated relate to the Sample Automobile Loan Contracts (as defined in Attachment A),
c.
An electronic data file labeled “EART 2024-3 Stat Bureau Validation.xlsx” and the corresponding record layout and decode information, as applicable (the “FICO Schedule,” together with the Source Documents, the “Sources”), that the Sponsor, on behalf of the Depositor, indicated contains FICO score information as of the Preliminary Cutoff Date, relating to each Sample Automobile Loan Contract,
d.
The list of relevant characteristics (the “Sample Characteristics”) on the Preliminary Data File, which is shown on Exhibit 1 to Attachment A, and
e.
Instructions, assumptions and methodologies, which are described in Attachment A.

For the purpose of the procedures described in this report, certain information contained on the Preliminary Data File is the “Subject Matter” as of the date of this report.

Page 3 of 4


The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A.  The Depositor is responsible for the Subject Matter, Preliminary Data File, Sources, Sample Characteristics and the determination of the instructions, assumptions and methodologies that are described herein.  We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A.  We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Sources or any other information provided to us, or that we were instructed to obtain, as applicable, by the Sponsor, on behalf of the Depositor, upon which we relied in forming our findings.  Accordingly, we make no representation and express no opinion or conclusion as to (a) the existence of the Preliminary Automobile Loan Contracts or Automobile Loan Contracts, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Sponsor, on behalf of the Depositor, that are described in this report.  We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”).  An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein.  Accordingly, we do not express such an opinion or conclusion.  Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

The agreed-upon procedures described in this report were not performed for the purpose of:
a.
Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or
b.
Making any findings with respect to:

i.
Whether the origination of the Automobile Loan Contracts conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

ii.
The value of the collateral securing the Automobile Loan Contracts,

iii.
Whether the originator(s) of the Automobile Loan Contracts complied with federal, state or local laws or regulations or

iv.
Any other factor or characteristic of the Automobile Loan Contracts that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions.

Page 4 of 4


We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA.  Independence requirements for agreed‑upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties.  It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

6 May 2024



Attachment A 


Procedures performed and our associated findings

1.
As instructed by the Sponsor, on behalf of the Depositor, we randomly selected a sample of 150 Preliminary Automobile Loan Contracts from the Preliminary Data File (the “Sample Automobile Loan Contracts”).  For the purpose of this procedure, the Sponsor, on behalf of the Depositor, did not inform us as to the basis for how they determined the number of Sample Automobile Loan Contracts or the methodology they instructed us to use to select the Sample Automobile Loan Contracts from the Preliminary Data File.

For the purpose of the procedures described in this report, the 150 Sample Automobile Loan Contracts are referred to as Sample Automobile Loan Contract Numbers 1 through 150.

2.
For each Sample Automobile Loan Contract, we compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Sources, subject to the instructions, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes to Exhibit 1 to Attachment A.  The Source(s) that we were instructed by the Sponsor, on behalf of the Depositor, to use for each Sample Characteristic are shown on Exhibit 1 to Attachment A.  All such compared information was found to be in agreement.


Exhibit 1 to Attachment A
Page 1 of 3

Sample Characteristics and Sources

Sample Characteristic
  
Preliminary
Data File Field Name
  
Source(s)
  
Note(s)
             
Application number
  
ApplicationNumber
  
CALMS System Screen Shots
  
i.
             
Vehicle identification number (VIN)
  
VIN
  
CALMS System Screen Shots
    
             
Origination date
  
NoteDate
  
CALMS System Screen Shots or GS System Screen Shots
  
ii.
             
Monthly P&I payment
  
MonthlyPaymentAmount
  
CALMS System Screen Shots or GS System Screen Shots
  
iii., iv.
             
Original amount financed
  
OriginalLoanBalanceAmount
  
CALMS System Screen Shots or GS System Screen Shots
  
iii., v.
             
Original term to maturity
  
ContractTermInMonths
  
CALMS System Screen Shots
    
             
Annual percentage rate (APR)
  
CurrentInterestRate
  
CALMS System Screen Shots or GS System Screen Shots
  
vi.
             
Model type (new/used)
  
VehicleNewUsedCode
  
CALMS System Screen Shots
    
             
Vehicle model year
  
VehicleModelYear
  
CALMS System Screen Shots
    
             
Vehicle make
  
VehicleMakeName
  
CALMS System Screen Shots
  
vii.
             
Vehicle model (excluding trim or engine type)
  
VehicleModelName
  
CALMS System Screen Shots
  
vii.
             
Borrower state (current)
  
BorrowerPrimaryStateCode
  
CALMS System Screen Shots
    


Exhibit 1 to Attachment A
Page 2 of 3

Sample Characteristic
  
Preliminary
Data File Field Name
  
Source(s)
  
Note(s)
             
FICO score
  
FICO Score
  
FICO Schedule
    
             
Custom score
  
CustomScore
  
CALMS System Screen Shots
    

Notes:

i.
For identification purposes only.

ii.
For the purpose of comparing the origination date Sample Characteristic for each Sample Automobile Loan Contract (except for Sample Automobile Loan Contract Numbers 2 and 115) the Sponsor, on behalf of the Depositor, instructed us to use the CALMS System Screen Shots as the Source.

For the purpose of comparing the origination date Sample Characteristic for Sample Automobile Loan Contract Numbers 2 and 115, the Sponsor, on behalf of the Depositor, instructed us to use the GS System Screen Shots as the Source.

iii.
For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/- $1.00 or less (and in accordance with any other applicable note(s)).

iv.
For the purpose of comparing the monthly P&I payment Sample Characteristic for each Sample Automobile Loan Contract (except for Sample Automobile Loan Contract Numbers 2, 88 and 115), the Sponsor, on behalf of the Depositor, instructed us to use the CALMS System Screen Shots as the Source (and in accordance with any other applicable note(s)).

For the purpose of comparing the monthly P&I payment Sample Characteristic for Sample Automobile Loan Contract Numbers 2, 88 and 115, the Sponsor, on behalf of the Depositor, instructed us to use the GS System Screen Shots as the Source (and in accordance with any other applicable note(s)).






Exhibit 1 to Attachment A
Page 3 of 3


Notes:  (continued)

v.
For the purpose of comparing the original amount financed Sample Characteristic for each Sample Automobile Loan Contract (except for Sample Automobile Loan Contract Number 2), the Sponsor, on behalf of the Depositor, instructed us to use the CALMS System Screen Shots as the Source (and in accordance with any other applicable note(s)).

For the purpose of comparing the original amount financed Sample Characteristic for Sample Automobile Loan Contract Number 2, the Sponsor, on behalf of the Depositor, instructed us to use the GS System Screen Shots as the Source (and in accordance with any other applicable note(s)).

vi.
For the purpose of comparing the annual percentage rate (APR) Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/- 0.10% or less.

Additionally, for the purpose of comparing the annual percentage rate (APR) Sample Characteristic for each Sample Automobile Loan Contract (except for Sample Automobile Loan Contract Numbers 88 and 115), the Sponsor, on behalf of the Depositor, instructed us to use the CALMS System Screen Shots as the Source.

For the purpose of comparing the annual percentage rate (APR) Sample Characteristic for Sample Automobile Loan Contract Numbers 88 and 115, on behalf of the Depositor, instructed us to use the GS System Screen Shots as the Source.

vii.
For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to ignore differences that appear to be due to abbreviation, truncation or spelling errors.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes above.






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