10-D 1 eart2020-3_10d.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-D
 
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the monthly distribution period from June 1, 2023 to June 30, 2023
 
Commission File Number of issuing entity:  333-233850-01
Central Index Key Number of issuing entity:  0001823046
 
EXETER AUTOMOBILE RECEIVABLES TRUST 2020-3
(Exact name of issuing entity as specified in its charter)
 
Commission File Number of depositor:  333-233850
Central Index Key Number of depositor:  0001654238
 
EFCAR, LLC
(Exact name of depositor as specified in its charter)
 
Central Index Key Number of sponsor (if applicable):  0001541713
 
EXETER FINANCE LLC
(Exact name of sponsor as specified in its charter)
 
Jodi Blanton, (469) 754-4396
(Name and telephone number, including area code, of the person to contact in connection with this filing)
 
Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)
 
84-7089010
45-2673519
(I.R.S. Employer Identification No.)
 
c/o Exeter Finance LLC
2101 W. John Carpenter Freeway
Irving, Texas
(Address of principal executive offices of the issuing entity)
 
 
75063
(Zip Code)
 
(469) 754-4396
(Telephone number, including area code)
 
Not Applicable
(Former name, former address, if changed since last report)
 
Registered/reporting pursuant to (check one)
               
Name of exchange
Title of class
  
Section 12(b)
  
Section 12(g)
  
Section 15(d)
  
(If Section 12(b))
Class A-1 Notes
   ☐
   ☐
   ☒
    
Class A-2 Notes
   ☐
   ☐
   ☒
    
Class A-3 Notes
   ☐
   ☐
   ☒
    
Class B Notes
   ☐
   ☐
   ☒
    
Class C Notes
   ☐
   ☐
   ☒
    
Class D Notes
   ☐
   ☐
   ☒
    
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes  ☒   No  ☐
PART I — DISTRIBUTION INFORMATION
Item 1.  Distribution and Pool Performance Information.
The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.
 
No assets securitized by Exeter Finance LLC (the “Securitizer”) and held by Exeter Automobile Receivables Trust 2020-3 were the subject of a demand to repurchase for breach of the representations and warranties during the distribution period from June 1, 2023 to June 30, 2023.
 
The Securitizer (Central Index Key Number: 0001541713) most recently filed a Form ABS-15G on February 2, 2023.

Item 1A.    Asset-Level Information.

The Asset Data File and Asset Related Document filed as Exhibit 102 and Exhibit 103, respectively, to the Form ABS-EE filed by Exeter Automobile Receivables Trust 2020-3 on July 27, 2023 with respect to the distribution period commencing on June 1, 2023 and ending on June 30, 2023 are hereby incorporated by reference into this Form 10-D.

Item 1B.    Asset Representations Reviewer and Investor Communication.

None.
PART II — OTHER INFORMATION
Item 2.  Legal Proceedings.
None.
Item 3.  Sales of Securities and Use of Proceeds.
On June 6, 2023, EFCAR, LLC sold Asset Backed Certificates issued by Exeter Automobile Receivables Trust 2020-3 with a nominal principal amount of $62,950 (the “Certificates”) pursuant to the terms of a Certificate Purchase Agreement, dated as of June 5, 2023, among EFCAR, LLC, Exeter Finance LLC and a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  The Certificates were offered and sold by EFCAR, LLC in a transaction not involving any public offering, in reliance upon the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.  Asset Backed Certificates with an aggregate nominal principal amount of $100,000 were originally issued by Exeter Automobile Receivables Trust 2020-3 pursuant to an Amended and Restated Trust Agreement, dated as of August 31, 2020, as amended, between EFCAR, LLC, as seller, and Wilmington Trust Company, as owner trustee, and were initially retained by EFCAR, LLC on September 23, 2020.
Item 4.  Defaults Upon Senior Securities.
None.
Item 5.  [Reserved].
None.
Item 6.  Significant Obligors of Pool Assets.
None.
Item 7.  Change in Sponsor Interest in the Securities.
After giving effect to the sale of the Certificates described under Item 3 above, EFCAR, LLC, a wholly-owned subsidiary of Exeter Finance LLC, will no longer retain any interest in the Asset Backed Certificates issued by Exeter Automobile Receivables Trust 2020-3.
Item 8.  Significant Enhancement Provider Information.
None.
Item 9.  Other Information.
None.
Item 10.  Exhibits.
 
(a)  Documents filed as part of this report:
 
 
(b)  Exhibits required by this Form and Item 601 of Regulation S-K (17 CFR 229.601).
SIGNATURES
 
Pursuant to the requirements 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.
 
Date:  July 27, 2023
 
EXETER AUTOMOBILE RECEIVABLES TRUST 2020-3
       (Issuing Entity)
 
By:      Exeter Finance LLC, as Servicer
 

By:      /s/ Ben Miller                                                             
           Name:    Ben Miller
           Title:      Executive Vice President and Treasurer