0000929638-25-002772.txt : 20250725 0000929638-25-002772.hdr.sgml : 20250725 20250725142724 ACCESSION NUMBER: 0000929638-25-002772 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20250630 0001654238 0001541713 FILED AS OF DATE: 20250725 DATE AS OF CHANGE: 20250725 ABS ASSET CLASS: Auto loans FILER: COMPANY DATA: COMPANY CONFORMED NAME: Exeter Automobile Receivables Trust 2022-3 CENTRAL INDEX KEY: 0001931330 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance EIN: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-233850-08 FILM NUMBER: 251151184 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 10-D 1 eart2022-3_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, 2025 to June 30, 2025
 
Commission File Number of issuing entity:  333-233850-08
Central Index Key Number of issuing entity:  0001931330
 
EXETER AUTOMOBILE RECEIVABLES TRUST 2022-3
(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)

88-6197873
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 2022-3 were the subject of a demand to repurchase for breach of the representations and warranties during the distribution period from June 1, 2025 to June 30, 2025.
 
The Securitizer (Central Index Key Number: 0001541713) most recently filed a Form ABS-15G on February 3, 2025.
 
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 2022-3 on July 25, 2025 with respect to the distribution period commencing on June 1, 2025 and ending on June 30, 2025 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.
 
None.
 
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.
 
None.
 
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).
 

 102.1
 

 103.1


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 25, 2025
 
EXETER AUTOMOBILE RECEIVABLES TRUST 2022-3
(Issuing Entity)
By:       Exeter Finance LLC, as Servicer
By:      /s/ Jeff Briggs                                  
Name:   Jeff Briggs
Title:       Executive Vice President & Treasurer
EX-99.1 2 eart2022-3_exhibit991.htm MONTHLY SERVICER'S CERTIFICATE
                             
Exeter Automobile Receivables Trust 2022-3
  
                             
Class A-1 1.865% Asset Backed Notes
  
Class A-2 3.45% Asset Backed Notes
  
Class A-3 4.21% Asset Backed Notes
  
Class B 4.86% Asset Backed Notes
  
Class C 5.30% Asset Backed Notes
  
Class D 6.76% Asset Backed Notes
  
Class E 9.09% Asset Backed Notes
  
                             
 Servicer's Certificate
  
                             
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among Exeter Holdings Trust 2022-3, as Holding Trust, Exeter Automobile Receivables Trust 2022-3, as Issuer, Exeter Finance LLC, as Servicer, EFCAR, LLC, as Seller, and Citibank, N.A., as the Indenture Trustee and Backup Servicer, dated as of May 30, 2022. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.
  
 
 
                             
                             
Collection Period Beginning:
    
06/01/2025
                  
Original
  
Collection Period Ending:
    
06/30/2025
          
Purchases
Units
Cutoff Date
Closing Date
Pool Balance
  
Prev. Distribution Date (or Closing Date):
    
06/16/2025
          
Initial Purchase
48,961
05/30/2022
06/22/2022
$1,073,768,791.83
  
Distribution Date:
    
07/15/2025
                      
Days of Interest for Period:
29
          
Total
48,961
05/30/2022
06/22/2022
$1,073,768,791.83
  
Days in Collection Period:
30
                      
Months Seasoned:
  
37
                      

                             
I.
RECEIVABLES PRINCIPAL BALANCE CALCULATION:
                    
                       
{1}
Beginning of period Aggregate Principal Balance
              
{1}
$311,069,256.93
  
                       
 
Collection Period principal amounts
                    
                             
 
{2}
Collections on Receivables
          
{2}
$10,514,264.91
    
 
{3}
Less amounts allocable to interest and fees
          
{3}
-$4,273,755.01
    
                       
 
{4}
Total cash principal amounts
            
{4}
$6,240,509.90
  
                       
 
{5}
Receivables becoming Liquidated Receivables during period (including Cram Down Losses)
          
{5}
$5,655,902.35
    
 
{6}
Receivables becoming Purchased Receivables during period
          
{6}
$33,817.13
    
 
{7}
Other Receivables adjustments
          
{7}
-$245.13
    
                       
 
{8}
Total non-cash principal amounts
            
{8}
$5,689,474.35
  
                             
                             
{9}
End of period Aggregate Principal Balance
              
{9}
$299,139,272.68
  
                       
{10}
Pool factor ({9} / Original Pool Balance)
              
{10}
27.8588161%
  

                       
II.
NOTE BALANCE CALCULATION:
                    
                             
           
Class A-1
Class A-2
Class A-3
Class B
Class C
Class D
Class E
Total
  
{11}
Original Note Balance
    
{11}
$76,300,000.00
$229,000,000.00
$187,020,000.00
$147,640,000.00
$137,440,000.00
$133,690,000.00
$104,690,000.00
$1,015,780,000.00
  
                             
{12}
Beginning of period Notes Balance
      
{12}
$0.00
$0.00
$0.00
$0.00
$66,205,211.95
$133,690,000.00
$104,690,000.00
$304,585,211.95
  
{13}
First Allocation of Principal
      
{13}
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
  
{14}
Second Allocation of Principal
      
{14}
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
  
{15}
Third Allocation of Principal
      
{15}
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
  
{16}
Fourth Allocation of Principal
      
{16}
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
  
{17}
Fifth Allocation of Principal
      
{17}
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
  
{18}
Regular Allocation of Principal
      
{18}
$0.00
$0.00
$0.00
$0.00
$9,435,153.38
$0.00
$0.00
$9,435,153.38
  
{19}
Optional Purchase payment amount
      
{19}
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
  
{20}
End of period Note Balance
      
{20}
$0.00
$0.00
$0.00
$0.00
$56,770,058.57
$133,690,000.00
$104,690,000.00
$295,150,058.57
  
{21}
Note Pool Factor
      
{21}
0.0000000%
0.0000000%
0.0000000%
0.0000000%
41.3053395%
100.0000000%
100.0000000%
29.0564944%
  

                             
III.
CALCULATION OF INTEREST DISTRIBUTABLE AMOUNTS:
                    
                             
   
Beginning
Interest
Interest
    
Calculated
              
 
Class
Note Balance
Carryover
Rate
Days
Days Basis
Interest
              
{22}
Class A-1
$0.00
$0.00
1.865%
29
Actual / 360
$0.00


       
{23}
Class A-2
$0.00
$0.00
3.45%
30
30/360
$0.00


       
{24}
Class A-3
$0.00
$0.00
4.21%
30
30/360
$0.00


       
{25}
Class B
$0.00
$0.00
4.86%
30
30/360
$0.00


       
{26}
Class C
$66,205,211.95
$0.00
5.30%
30
30/360
$292,406.35


       
{27}
Class D
$133,690,000.00
$0.00
6.76%
30
30/360
$753,120.33


       
{28}
Class E
$104,690,000.00
$0.00
9.09%
30
30/360
$793,026.75


       

                             
IV.
RECONCILIATION OF COLLECTION ACCOUNT:
                    
                       
Available Funds:
                      
{29}
Collections during period (excluding Liquidation Proceeds and Fees)
            
{29}
$10,452,739.34
    
{30}
Liquidation Proceeds collected during period
            
{30}
$1,886,985.64
    
{31}
Purchase Amounts or amounts from Servicer deposited in Collection Account
            
{31}
$34,164.22
    
{32}
Investment Earnings - Collection Account
            
{32}
$36,698.30
    
{33}
Transfer From Reserve Account
            
{33}
$70,571.68
    
{34}
Fees collected during period
            
{34}
$58,352.99
    
{35}
Other Amounts Received
            
{35}
-$245.13
    
{36}
Reserve Account Withdrawal Amount
          
{36}
$0.00
    
{37}
Total Available Funds
              
{37}
$12,539,267.04
  
                       
Distributions:
                      
{38}
Base Servicing Fee
            
{38}
$777,673.14
    
{39}
Recovery fees reimbursed to Servicer as Supplemental Servicing Fees
            
{39}
$408,166.34
    
{40}
Fee collections (excluding extension fees) reimbursed to Servicer as Supplemental Servicing Fees
            
{40}
$58,352.99
    
{41}
Other amounts due to Servicer
          
{41}
$11,051.95
    
{42}
Transition Fees to the successor Servicer
          
{42}
$0.00
    
{43}
Indenture Trustee Fees
            
{43}
$416.67
    
{44}
Backup Servicing Fees
            
{44}
$3,500.00
    
{45}
Custodian Fees
            
{45}
$0.00
    
{46}
Asset Representations Reviewer Fees
            
{46}
$5,000.00
    
{47}
Lockbox Bank Fees
            
{47}
$1,190.80
    
{48}
Owner Trustee Fees
            
{48}
$208.33
    
{49}
Class A Noteholders' Monthly Interest Distributable Amount
            
{49}
$0.00
    
{50}
Class A Parity & Class A on Legal Final
            
{50}
$0.00
    
{51}
Class B Noteholders' Monthly Interest Distributable Amount
            
{51}
$0.00
    
{52}
Class A and B Parity & Class B on Legal Final
            
{52}
$0.00
    
{53}
Class C Noteholders' Monthly Interest Distributable Amount
            
{53}
$292,406.35
    
{54}
Class A, B and C Parity & Class C on Legal Final
            
{54}
$0.00
    
{55}
Class D Noteholders' Monthly Interest Distributable Amount
            
{55}
$753,120.33
    
{56}
Class A, B, C and D Parity & Class D on Legal Final
            
{56}
$0.00
    
{57}
Class E Noteholders' Monthly Interest Distributable Amount
            
{57}
$793,026.75
    
{58}
Class A, B, C, D and E Parity & Class E on Legal Final
            
{58}
$0.00
    
{59}
To the Reserve Account, the Reserve Account Deposit
        
{59}
$0.00
    
{60}
Principal Payment Amount
            
{60}
$9,435,153.38
    
{61}
Additional fees due to parties in excess of related limits
            
{61}
$0.00
    
{62}
To the Certificateholders, the aggregate amount remaining
            
{62}
$0.00
    
{63}
Total Distributions
              
{63}
$12,539,267.04
  

                       
V.
CALCULATION OF PRINCIPAL PARITY AMOUNT:
                    
                             
   
(X)
(Y)
  
(I)
(II)
                
   
Cumulative
Pool
  
Excess of
Available Funds
Lesser of
              
 
Class
Note Balance
Balance
  
(X) - (Y)
in Waterfall
(I) or (II)
              
{64}
Class A
$0.00
$299,139,272.68
  
$0.00
$11,273,706.82
$0.00
              
{65}
Class B
$0.00
$299,139,272.68
  
$0.00
$11,273,706.82
$0.00
              
{66}
Class C
$66,205,211.95
$299,139,272.68
  
$0.00
$10,981,300.46
$0.00
              
{67}
Class D
$199,895,211.95
$299,139,272.68
  
$0.00
$10,228,180.13
$0.00
              
{68}
Class E
$304,585,211.95
$299,139,272.68
  
$5,445,939.27
$9,435,153.38
$5,445,939.27
              
{69}
Total
                          

                             
VI.
RECONCILIATION OF RESERVE ACCOUNT:
                
Initial
  
{70}
Specified Reserve Balance (1.90% of the Pool Balance as of the Cutoff Date)
              
{70}
$20,401,607.04
  
                       
{71}
Beginning of period Reserve Account balance
              
{71}
$20,401,607.04
  
                       
{72}
Reserve Account deposit from EFCAR, LLC
            
{72}
$0.00
    
{73}
Investment Earnings - Reserve Account
            
{73}
$70,571.68
    
{74}
Total amount transferred to Collection Account Available Funds
            
{74}
-$70,571.68
    
{75}
Reserve Account Withdrawal Amount
            
{75}
$0.00
    
                       
{76}
End of period Reserve Account balance
              
{76}
$20,401,607.04
  
                       
{77}
Reserve Account deficiency
              
{77}
$0.00
  
{78}
Reserve Account draw amount
              
{78}
$0.00
  

                       
VII.
OVERCOLLATERALIZATION:
                    
                       
{79}
Target Overcollateralization Amount: (greater of)
              
{79}
$52,349,372.72
  
                       
{80}
(i)
17.50% of the Pool Balance as of the end of the Collection Period
          
{80}
$52,349,372.72
    
 
and
                    
{81}
(ii)
1.50% of the Pool Balance as of the Cutoff Date
        
{81}
$16,106,531.88
    
                             
{82}
End of period Pool Balance of the Receivables
          
{82}
$299,139,272.68
    
{83}
End of period Note Balance
          
{83}
$295,150,058.57
    
{84}
Overcollateralization amount
            
{84}
$3,989,214.11
  
{85}
Overcollateralization percentage
            
{85}
1.33%
  

                       
VIII.
STATISTICAL DATA:
                    
                       
               
 Original
 Previous
Current
  
{86}
Average Principal Balance of the Receivables
          
{86}
$21,931.10
$15,972.75
$15,768.24
  
{87}
Weighted average APR of the Receivables
          
{87}
20.27%
19.40%
19.38%
  
{88}
Weighted average original term of the Receivables
          
{88}
72.51
72.80
                        72.80
  
{89}
Weighted average remaining term of the Receivables
          
{89}
71.61
43.71
                        43.03
  
{90}
Number of Receivables
          
{90}
48,961
19,475
18,971
  

                       
IX.
CUMULATIVE NET LOSS RATIO:
                    
                       
{91}
Receivables becoming Liquidated Receivables during period  (including Cram Down Losses)
    
{91}
$5,655,902.35
    
{92}
Net Liquidation Proceeds collected during period
        
{92}
$1,478,819.30
    
{93}
Net losses during period
            
{93}
$4,177,083.05
  
                       
{94}
Net losses since Cutoff Date (end of period)
            
{94}
$251,611,434.36
  
{95}
Cumulative net loss ratio
            
{95}
23.43%
  

                       
X.
DELINQUENCY:
                    
                             
Receivables with scheduled payment delinquent
              
Units
Dollars
Percentage
  
{96}
31-60 days
                
{96}
2,335
$43,033,678.54
14.39%
  
{97}
61-90 days
                
{97}
1,151
$21,656,382.97
7.24%
  
{98}
91-120 days
                
{98}
510
$9,414,285.96
3.15%
  
{99}
over 120 days
                
{99}
294
$5,793,218.06
1.94%
  
{100}
Total
                
{100}
4,290
$79,897,565.53
26.71%
  
                             
{101}
Aggregate Principal Balance of all Receivables that are more than 60 days delinquent
              
{101}
$36,863,886.99
  
{102}
Delinquency Rate as of the end of the Collection Period
              
{102}
12.32%
  
{103}
Delinquency Trigger
              
{103}
40.00%
  
{104}
Delinquency Trigger occurred
              
{104}
No
  

                       
XI.
EXTENSIONS:
                    
                       
{105}
Principal Balance of Receivables extended during current period
            
{105}
$19,003,235.87
    
{106}
Beginning of Period Aggregate Principal Balance
            
{106}
$311,069,256.93
    
{107}
Extension Rate
              
{107}
6.11%
  
                             
                             
                             
                             
By:
  
/s/Jeff Briggs
                        
Name:
  
Jeff Briggs
                        
Title:
  
Senior Vice President
                        
Date:
  
July 11, 2025