Exeter Automobile Receivables Trust 2021-1
Filed: 27 Jan 21, 5:21pm
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 25, 2021
EXETER AUTOMOBILE RECEIVABLES TRUST 2021-1
(Exact name of Issuing Entity as specified in its charter)
(Exact name of Depositor / Registrant as specified in its charter)
EXETER FINANCE LLC
(Exact name of Sponsor as specified in its charter)
|(State or Other Jurisdiction of Incorporation)|
|(Commission File Number)||(IRS Employer Identification No.)|
2101 W. John Carpenter Freeway, Irving, Texas
|(Address of Principal Executive Offices)|
|Registrant’s telephone number, including area code: (214) 572-8256|
|(Former Name or Former Address, if Changed Since Last Report)|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|[ ]||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|[ ]||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|[ ]||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|[ ]||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
|Not applicable||Not applicable||Not applicable|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement.
On or about February 3, 2021, EFCAR, LLC will transfer certain sub-prime automobile loan contracts (the “Receivables”) to Exeter Automobile Receivables Trust 2021-1 (the “Trust”). The Trust will grant a security interest in the Receivables to Citibank, N.A., as indenture trustee (the “Indenture Trustee”), and will issue: (i) Class A-1 Asset-Backed Notes in the aggregate original principal amount of $108,000,000; (ii) Class A-2 Asset-Backed Notes in the aggregate original principal amount of $313,050,000; (iii) Class A-3 Asset-Backed Notes in the aggregate original principal amount of $107,480,000; (iv) Class B Asset-Backed Notes in the aggregate original principal amount of $158,090,000; (v) Class C Asset-Backed Notes in the aggregate original principal amount of $182,870,000; (vi) Class D Asset-Backed Notes in the aggregate original principal amount of $135,670,000; and (vii) Class E Asset-Backed Notes in the aggregate original principal amount of $108,540,000 (collectively, the “Notes”). This Current Report on Form 8-K is being filed to file executed copies of the Underwriting Agreement and the Depositor Certification and forms of the Indenture, Amended and Restated Trust Agreement for the Trust, Amended and Restated Trust Agreement for Exeter Holdings Trust 2021-1, Sale and Servicing Agreement, Purchase Agreement, Sale Agreement, Contribution Agreement, Deposit Account Control Agreement, Asset Representations Review Agreement and Custodian Agreement (as listed below) to be executed.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
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 hereunto duly authorized.
/s/ Ben Miller
Chief Executive Officer
Date: January 25, 2021