Filed Pursuant to Rule 424(b)(5)

Registration Statement Nos. 333-233850 and 333-233850-05

$928,200,000 Automobile Receivables Backed Notes

Exeter Automobile Receivables Trust 2021-4 Issuing Entity (CIK Number: 0001891012)
Exeter Finance LLC Sponsor and Servicer (CIK Number: 0001541713)	EFCAR, LLC Depositor (CIK Number: 0001654238)

You should carefully review the risk factors beginning on page 19 of this prospectus.

The notes are asset-backed securities issued by the issuing entity and will be paid only from the assets of the issuing entity, including related credit enhancement. The notes represent the obligations of the issuing entity only and do not represent the obligations of or interests in Exeter Finance LLC, EFCAR, LLC or any of their affiliates.

Neither the notes nor the automobile loan contracts will be insured or guaranteed by any governmental agency or instrumentality.

The issuing entity will issue:

• Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes and Class D Notes, which are offered by this prospectus; and

• two classes of subordinated notes, which are not offered by this prospectus.

The notes:

• are backed by a pledge of assets of the issuing entity and the holding trust. The assets of the issuing entity securing the notes will consist primarily of a non-interest bearing certificate representing 100% of the equity interest in the holding trust. The assets of the holding trust will include a pool of sub-prime automobile loan contracts secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles. These sub-prime automobile loan contracts are contracts made to borrowers who have experienced prior credit difficulties;

• will receive monthly distributions of interest and principal on the fifteenth day of each month, or, if not a business day, then on the next business day, beginning on December 15, 2021; and

• currently have no trading market.

Credit enhancement for the notes offered by this prospectus will consist of:

• excess cashflow collected on the pool of automobile loan contracts;

• overcollateralization resulting from the excess of the principal amount of the automobile loan contracts over the aggregate principal amount of the notes;

• the subordination of each class of notes to those classes senior to it, including the subordination of the two classes of notes which are not being offered by this prospectus, to each class of notes being offered by this prospectus; and

• a reserve account that can be used to cover payments of timely interest, parity payments and ultimate principal of the notes.

	Initial Principal Amount	Interest Rate	Accrual Method	Final Scheduled Distribution Date
Class A-1 Notes⁽¹⁾	$84,340,000	0.18521%	Actual/360	November 15, 2022
Class A-2 Notes⁽¹⁾	$209,000,000	0.40%	30/360	April 15, 2024
Class A-3 Notes⁽¹⁾	$196,370,000	0.68%	30/360	July 15, 2025
Class B Notes⁽¹⁾	$162,020,000	1.05%	30/360	May 15, 2026
Class C Notes⁽¹⁾	$140,590,000	1.46%	30/360	October 15, 2027
Class D Notes⁽¹⁾	$135,880,000	1.96%	30/360	January 17, 2028
Class E Notes⁽²⁾	$98,260,000	4.02%	30/360	January 17, 2028
Class F Notes⁽²⁾	$18,810,000	4.66%	30/360	February 15, 2029
	Price to Public⁽³⁾	Underwriting Discounts and Commissions		Proceeds to Depositor
Class A-1 Notes	100.00000%	0.15000%		99.85000%
Class A-2 Notes	99.99531%	0.15500%		99.84031%
Class A-3 Notes	99.99865%	0.17000%		99.82865%
Class B Notes	99.98628%	0.24500%		99.74128%
Class C Notes	99.99029%	0.26500%		99.72529%
Class D Notes	99.99320%	0.28500%		99.70820%
Total	$881,734,305.36⁽⁴⁾	$1,844,004.35⁽⁴⁾		$879,890,301.01⁽⁴⁾

⁽¹⁾	Approximately, but not less than, 5% of the initial principal amount of each class of notes will be retained by the sponsor or a majority-owned affiliate of the sponsor to satisfy the U.S. credit risk retention obligations of the sponsor, as described under “U.S. Credit Risk Retention” in this prospectus.
⁽²⁾	The Class E Notes and Class F Notes are not being publicly registered and are not offered hereby. The depositor expects that the Class E Notes will be privately placed, and that the Class F Notes will be retained initially by the depositor or an affiliate of the depositor.
⁽³⁾	Plus accrued interest, if any, from the closing date.
⁽⁴⁾	Calculated using the aggregate initial principal amount of the underwritten notes.

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

The notes will be delivered in book-entry form through the facilities of The Depository Trust Company on or about November 17, 2021, which is the “closing date,” against payment in immediately available funds.

The holding trust and the issuing entity will be relying on an exclusion or exemption from the definition of “investment company” contained in Section 3(c)(5) of the 1940 Act and Section 3(c)(6) of the Investment Company Act of 1940, as amended, respectively, although there may be additional exclusions or exemptions available to the holding trust and the issuing entity. Each of the holding trust and the issuing entity is being structured so as not to constitute a “covered fund” for purposes of the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Joint Bookrunners
Citigroup		Deutsche Bank Securities
Co-Managers
Barclays	Citizens Capital Markets		Wells Fargo Securities
The date of this prospectus is November 10, 2021.

TABLE OF CONTENTS

	Page
Summary	6
Summary of Risk Factors	16
Risk Factors	19
Use of Proceeds	41
The Sponsor, the Servicer and the Custodian	41
The Depositor	44
The Backup Servicer	44
The Holding Trust	45
The Issuing Entity	46
The Owner Trustee	48
The Indenture Trustee	49
The Asset Representations Reviewer	50
Exeter’s Automobile Financing Program	51
Exeter’s Securitization Program	56
Exeter’s Static Pool Information	56
The Trust Property and the Holding Trust Property	57
Depositor Review of Automobile Loan Contracts	58
The Automobile Loan Contracts	59

	Page
Yield and Prepayment Considerations	71
Description of the Notes	82
Description of the Transaction Documents	91
U.S. Tax Matters	119
State and Local Tax Consequences	126
ERISA Considerations	126
Legal Proceedings	129
Certain Relationships and Related Transactions	129
Volcker Rule Considerations	129
U.S. Credit Risk Retention	130
Underwriting	130
Legal Opinions	133
Incorporation by Reference	133
Financial Information	133
Glossary	134
Annex A Static Pool Information	A-1
Annex B Clearance, Settlement and Tax Documentation Procedures	B-1

IMPORTANT NOTICE ABOUT THE INFORMATION PRESENTED IN THIS PROSPECTUS

•

You should rely only on information provided or referenced in this prospectus. We have not authorized anyone to provide you with different information.

•

We include cross-references in this prospectus to captions in these materials where you can find further related discussions. The table of contents on the previous page provides the pages on which these captions are located.

WHERE YOU CAN FIND MORE INFORMATION

The depositor, EFCAR, LLC, as registrant, filed with the Securities and Exchange Commission, or the SEC, under the SEC file number 333-233850, a registration statement under the Securities Act of 1933, as amended, or the Securities Act, with respect to the notes offered pursuant to this prospectus. This prospectus, which forms a part of the registration statement, omits certain information contained in such registration statement pursuant to the rules and regulations of the SEC.

As long as the issuing entity is required to report under the Securities Exchange Act of 1934, as amended, or the Exchange Act, the servicer or the depositor will file for the issuing entity, annual reports on Form 10-K and distribution reports on Form 10-D, monthly asset-level data files and related documents on Form ABS-EE, any current reports on Form 8-K, and amendments to those reports with the SEC under the file number 333-233850-05.

The SEC maintains a website containing reports, proxy materials, information statements and other items. The address is http://www.sec.gov. The issuing entity’s annual reports on Form 10-K and distribution reports on Form 10-D, monthly asset-level data files and related documents on Form ABS-EE, current reports on Form 8-K, and any amendments to those reports filed with, or otherwise furnished to, the SEC will not be made available on the sponsor’s website because those reports and amendments will be made available to the public on the SEC website as described above. You may request a free copy of any of the filings incorporated by reference into this prospectus by writing or calling: Exeter Finance LLC, 2101 W. John Carpenter Freeway, Irving, Texas 75063; telephone (214) 572-8276.

The depositor engaged a third party to assist in certain components of the review of the automobile loan contracts, as described under “Depositor Review of Automobile Loan Contracts.” The report produced by that third party is a “third-party due diligence report” pursuant to Rule 15Ga-2 of the Exchange Act, and the findings and conclusions of that report were therefore filed with the SEC on a Form ABS-15G on October 29, 2021 under file number 333-233850.

A number of items are incorporated by reference into this prospectus. See “Incorporation by Reference” for a description of incorporation by reference.

FORWARD-LOOKING STATEMENTS

Whenever words like “intends,” “anticipates” or “expects” or other similar words are used in this prospectus, we are making a forward-looking statement, or a projection of what we think will happen in the future. Any projections, expectations and estimates in this prospectus are not historical in nature but are forward-looking statements based on information and assumptions the sponsor and the depositor consider reasonable. Forward-looking statements are about circumstances and events that have not yet taken place, so they are uncertain and may vary materially from actual events. Any forward-looking statements in this prospectus speak only as of the date of this prospectus. Except as required by the federal securities laws, neither the sponsor nor the depositor assumes any responsibility to update or revise any forward-looking statements, including changes in economic conditions, portfolio or asset pool performance or other circumstances or developments, after the date of this prospectus. For the avoidance of doubt, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in this prospectus.

NOTICE TO RESIDENTS OF CANADA

THE NOTES MAY BE SOLD ONLY TO PURCHASERS IN THE PROVINCES OF ALBERTA, BRITISH COLUMBIA, ONTARIO AND QUEBEC PURCHASING, OR DEEMED TO BE PURCHASING, AS PRINCIPALS THAT ARE ACCREDITED INVESTORS, AS DEFINED IN NATIONAL INSTRUMENT 45-106 PROSPECTUS EXEMPTIONS OR SUBSECTION 73.3(1) OF THE SECURITIES ACT (ONTARIO), AND ARE PERMITTED CLIENTS, AS DEFINED IN NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS. ANY RESALE OF THE NOTES MUST BE MADE IN ACCORDANCE WITH AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE PROSPECTUS REQUIREMENTS OF APPLICABLE SECURITIES LAWS.

SECURITIES LEGISLATION IN CERTAIN PROVINCES OR TERRITORIES OF CANADA MAY PROVIDE A PURCHASER WITH REMEDIES FOR RESCISSION OR DAMAGES IF THIS PROSPECTUS (INCLUDING ANY AMENDMENTS THERETO) CONTAINS A MISREPRESENTATION, PROVIDED THAT THE REMEDIES FOR RESCISSION OR DAMAGES ARE EXERCISED BY THE PURCHASER WITHIN THE TIME LIMIT PRESCRIBED BY THE SECURITIES LEGISLATION OF THE PURCHASER’S PROVINCE OR TERRITORY. THE PURCHASER SHOULD REFER TO ANY APPLICABLE PROVISIONS OF THE SECURITIES LEGISLATION OF THE PURCHASER’S PROVINCE OR TERRITORY FOR PARTICULARS OF THESE RIGHTS OR CONSULT WITH A LEGAL ADVISOR.

PURSUANT TO SECTION 3A.3 (OR, IN THE CASE OF SECURITIES ISSUED OR GUARANTEED BY THE GOVERNMENT OF A NON-CANADIAN JURISDICTION, SECTION 3A.4) OF NATIONAL INSTRUMENT 33-105 UNDERWRITING CONFLICTS (NI 33-105), THE UNDERWRITERS ARE NOT REQUIRED TO COMPLY WITH THE DISCLOSURE REQUIREMENTS OF NI 33-105 REGARDING UNDERWRITER CONFLICTS OF INTEREST IN CONNECTION WITH THIS OFFERING.

NOTICE TO RESIDENTS OF THE UNITED KINGDOM

THIS PROSPECTUS MAY ONLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED IN THE UNITED KINGDOM (1) TO PERSONS HAVING PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND QUALIFYING AS INVESTMENT PROFESSIONALS UNDER ARTICLE 19(5) (INVESTMENT PROFESSIONALS) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE “ORDER”), OR (2) TO PERSONS FALLING WITHIN ARTICLE 49(2) (A)-(D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, PARTNERSHIPS OR TRUSTEES) OF THE ORDER OR (3) TO ANY OTHER PERSON TO WHOM THIS PROSPECTUS MAY OTHERWISE LAWFULLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED WITHOUT THE NEED FOR SUCH DOCUMENT TO BE APPROVED, MADE OR DIRECTED BY AN “AUTHORISED PERSON” (AS DEFINED BY SECTION 31(2) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (AS AMENDED, THE “FSMA”) (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). NEITHER THIS PROSPECTUS NOR THE NOTES ARE OR WILL BE AVAILABLE TO PERSONS IN THE UNITED KINGDOM WHO ARE NOT RELEVANT PERSONS AND THIS PROSPECTUS MUST NOT BE ACTED ON OR RELIED ON IN THE UNITED KINGDOM BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PROSPECTUS RELATES, INCLUDING THE NOTES, IS AVAILABLE IN THE UNITED KINGDOM ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN THE UNITED KINGDOM ONLY WITH RELEVANT PERSONS. THE COMMUNICATION OF THIS PROSPECTUS TO ANY PERSON IN THE UNITED KINGDOM WHO IS NOT A RELEVANT PERSON IS UNAUTHORIZED AND MAY CONTRAVENE THE FSMA.

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UNITED KINGDOM. FOR THESE PURPOSES, A “UK RETAIL INVESTOR” MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING (I) A RETAIL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2 OF REGULATION (EU) NO 2017/565 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (“EUWA”); OR (II) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FSMA AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA TO IMPLEMENT DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT

CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF REGULATION (EU) 2017/1129, AS AMENDED, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA (THE “UK PROSPECTUS REGULATION”).

CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUWA (THE “UK PRIIPS REGULATION”) FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UK HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UK MAY BE UNLAWFUL UNDER THE UK PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE UK PROSPECTUS REGULATION.

THE CLASS A-1 NOTES HAVE NOT BEEN AND WILL NOT BE OFFERED IN THE UNITED KINGDOM OR TO UNITED KINGDOM PERSONS, AND NO PROCEEDS OF ANY CLASS A-1 NOTES WILL BE RECEIVED IN THE UNITED KINGDOM.

NOTICE TO RESIDENTS OF THE EUROPEAN ECONOMIC AREA

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY EU RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA. FOR THESE PURPOSES, AN “EU RETAIL INVESTOR” MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU, AS AMENDED (“MIFID II”); OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97, AS AMENDED, WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN REGULATION (EU) 2017/1129 (AS AMENDED) (THE “EU PROSPECTUS REGULATION”).

CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 (AS AMENDED, THE “EU PRIIPS REGULATION”) FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO EU RETAIL INVESTORS IN THE EUROPEAN ECONOMIC AREA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY EU RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA MAY BE UNLAWFUL UNDER THE EU PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE EU PROSPECTUS REGULATION.

SUMMARY OF TRANSACTION PARTIES⁽¹⁾

__________________________

⁽¹⁾	This chart provides only a simplified overview of the relationships between the key parties to the transaction. Refer to this prospectus for a further description of the relationships between the key parties.

⁽²⁾	The Class E Notes and Class F Notes are not being offered hereby.

⁽³⁾	The Certificates, which will represent equity interests in the issuing entity, are not being offered hereby.

⁽⁴⁾	The Holding Trust Certificate, which will represent 100% of the equity interest in the holding trust, is not being offered hereby.

FLOW OF FUNDS⁽¹⁾

__________________________

⁽¹⁾

This chart provides only a simplified overview of the priority of the monthly distributions. The order in which funds will flow each month as indicated above is applicable for so long as no event of default has occurred. For more detailed information or for information regarding the flow of funds upon the occurrence of an event of default, please refer to the prospectus for a further description.

Summary

•	This summary highlights selected information from this prospectus and does not contain all of the information that you need to consider in making your investment decision. To understand all of the terms of the offering of the notes, read carefully this entire prospectus.

•	This summary provides an overview of certain calculations, cash flows and other information to aid your understanding and is qualified by the full description of these calculations, cash flows and other information in this prospectus.

•	There are material risks associated with an investment in the notes. You should read the section entitled “Risk Factors” beginning on page 19 of this prospectus and consider the risk factors described in that section before making a decision to invest in the notes.

The Issuing Entity

Exeter Automobile Receivables Trust 2021-4, or the issuing entity, is a Delaware statutory trust. The issuing entity will issue the notes and be liable for their payment. The issuing entity’s principal asset will be the holding trust certificate, which represents 100% of the equity interest in the holding trust.

The Holding Trust

Exeter Holdings Trust 2021-4, or the holding trust, is a Delaware statutory trust. The holding trust will issue a non-interest bearing certificate, or the holding trust certificate, which represents 100% of the equity interest in the holding trust, to the issuing entity on the closing date. The principal assets of the holding trust will be a pool of sub-prime automobile loan contracts secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles, which the issuing entity will transfer to the holding trust on the closing date.

The Depositor

EFCAR, LLC, or the depositor, is a Delaware limited liability company which is a wholly owned special purpose subsidiary of Exeter. The depositor’s principal offices are located at 2101 W. John Carpenter Freeway, Irving, Texas 75063 and its main telephone number is (214) 572-8276. The depositor will purchase the pool of sub-prime automobile loan contracts from the sponsor. The depositor will then sell the pool of sub-prime automobile loan contracts to the issuing entity.

The Sponsor, the Servicer and the Custodian

Exeter Finance LLC, or Exeter, or the sponsor, or the servicer, or the custodian, is a Delaware limited liability company. Exeter’s principal offices are located at 2101 W. John Carpenter Freeway, Irving, Texas 75063 and its main telephone number is (214) 572-8276. Exeter purchased the pool of sub-prime

automobile loan contracts generally without recourse from automobile dealers and a third-party direct lender, or the direct lender. Exeter will sell the automobile loan contracts to the depositor and Exeter will service the automobile loan contracts on behalf of the holding trust. Exeter will serve as custodian with respect to the automobile loan contracts and the related automobile loan contract files pursuant to the custodian agreement

The Indenture Trustee and Backup Servicer

Citibank, N.A., or the indenture trustee or the backup servicer, is a national banking association. Citibank, N.A. will serve as indenture trustee pursuant to the indenture and as indenture trustee and backup servicer pursuant to the sale and servicing agreement. The backup servicer will receive monthly pool data, confirm certain data on the monthly servicer reports and become successor servicer if Exeter is terminated as servicer for any reason.

The Owner Trustee

Wilmington Trust Company, or the owner trustee, is a Delaware trust company. Wilmington Trust Company serves not in its individual capacity but solely as owner trustee of the issuing entity and the holding trust, pursuant to the trust agreement and the holding trust agreement, respectively.

The Asset Representations Reviewer

Clayton Fixed Income Services LLC, or the asset representations reviewer, is a Delaware limited liability company. Clayton will serve as asset representations reviewer pursuant to the asset representations review agreement.

Cutoff Date

October 24, 2021. This is the date on which the pool of automobile loan contracts that will be sold to the issuing entity and transferred to the holding trust was selected. The holding trust will receive amounts

collected on the automobile loan contracts after this date.

Closing Date

On or about November 17, 2021.

Description of the Securities

Pursuant to the indenture, the issuing entity will issue asset-backed notes designated as the “Class A-1 Notes,” the “Class A-2 Notes,” the “Class A-3 Notes,” the “Class B Notes,” the “Class C Notes,” the “Class D Notes,” the “Class E Notes” and the “Class F Notes.” The “Class A Notes” will consist of the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes.

The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are being offered by this prospectus and are sometimes referred to as the publicly offered notes. The Class E Notes and the Class F Notes are not being offered by this prospectus. The depositor expects that the Class E Notes will be privately placed, and that the Class F Notes will be retained initially by the depositor or an affiliate of the depositor. The Class E Notes and the Class F Notes are sometimes referred to as the non-offered notes and, collectively with the publicly offered notes, the notes.

Certificates representing the residual interest in the issuing entity will also be issued pursuant to the trust agreement, but the certificates will be retained initially by the depositor or an affiliate of the depositor and are not being offered pursuant to this prospectus. The depositor may, at its discretion, except with respect to that portion of its certificates that the sponsor or a majority-owned affiliate of the sponsor is required to retain in accordance with the requirements of Regulation RR of the Exchange Act, retain its certificates, transfer them to one or more affiliates or sell its certificates to independent third parties in one or more negotiated transactions or otherwise at varying prices to be determined at the time of sale.

Publicly Offered Notes

Class	Initial Principal Amount⁽¹⁾	Interest Rate	Final Scheduled Distribution Date
A-1	$ 84,340,000	0.18521%	November 15, 2022
A-2	$209,000,000	0.40%	April 15, 2024
A-3	$196,370,000	0.68%	July 15, 2025
B	$162,020,000	1.05%	May 15, 2026
C	$140,590,000	1.46%	October 15, 2027
D	$135,880,000	1.96%	January 17, 2028

Non-Offered Notes

Class	Initial Principal Amount⁽¹⁾	Interest Rate	Final Scheduled Distribution Date
E	$ 98,260,000	4.02%	January 17, 2028
F	$ 18,810,000	4.66%	February 15, 2029

Interest on each class of notes will accrue during each interest period at the applicable interest rate.

The publicly offered notes will initially be issued in book-entry form only and will be issued in minimum denominations of $1,000 and multiples of $1,000 (except for one note of each class, which may be issued in a denomination other than an integral of $1,000).

The notes will not be listed on any securities exchange.

You may hold your book-entry notes through The Depository Trust Company in the United States or through Clearstream Banking, société anonyme or the Euroclear System in Europe.

The notes will be secured by a pledge by the issuing entity of the holding trust certificate, which will be backed solely by the pool of sub-prime automobile loan contracts and the other assets of the holding trust which are described under the section of this summary entitled “The Trust Property and the Holding Trust Property.” The notes will also be secured by a pledge by the holding trust of its assets.

Distribution Dates

•	The distribution date will be the fifteenth day of each month, subject to the business day rule set forth below, commencing on December 15, 2021.

•	Business day rule:

If any distribution date is not a business day, then the distribution due on that date will be made on the next business day.

•	Record dates:

The record date for each distribution date is the close of business on the business day immediately preceding that distribution date.

•	Collection periods:

The collection period for each distribution date will be the calendar month immediately preceding the calendar month in which that

distribution date occurs or, for the first distribution date, the period after the cutoff date to the close of business on November 30, 2021 (the collection period). Amounts received on the trust property during each collection period will be used to make the payments described under “—Payments” on the related distribution date.

•	Final scheduled distribution dates:

The final principal payment for each class of notes is due on the related final scheduled distribution date specified on the front cover of this prospectus.

Payments

As further described under the section of this prospectus entitled “Description of the Transaction Documents—Distributions—Distribution Date Payments,” the servicer will instruct the indenture trustee to make the distributions from available funds on each distribution date in the following order of priority (except in those circumstances when a priority of payments set forth in “Events of Default” below is applicable):

to the servicer, the servicing fee for the related collection period, any supplemental servicing fees for the related collection period, any reimbursements for mistaken deposits and other related amounts and certain other amounts due on the automobile loan contracts that the servicer is entitled to retain; to Exeter, amounts paid by obligors during the related collection period but not related to interest, principal or extension fees due on the automobile loan contracts; and to any successor servicer, transition fees not to exceed the aggregate limit specified under “Description of the Transaction Documents—Distributions—Distribution Date Payments” in this prospectus;

to the indenture trustee, the custodian, the owner trustee, the asset representations reviewer, the backup servicer (including the backup servicer in its capacity as successor servicer if so appointed) and the lockbox bank, any accrued and unpaid fees, expenses and indemnities then due to each of them (to the extent Exeter has not previously paid those fees, expenses and indemnities), in each case subject to the maximum aggregate annual limit described under “Description of the Transaction Documents—Distributions—Distribution Date Payments” in this prospectus;

3.	to pay interest due on the Class A Notes, pro rata, based upon the aggregate amount of interest due to each class of the Class A Notes;

4.	to pay principal to the extent necessary to reduce the aggregate principal amount of the Class A Notes to the pool balance, which amount will be paid out as described below under “Principal”;

5.	to pay the remaining principal amount of each class of Class A Notes on its respective final scheduled distribution date;

6.	to pay interest due on the Class B Notes;

7.	to pay principal to the extent necessary, after giving effect to any payments made under clauses 4 and 5 above, to reduce the combined principal amount of the Class A Notes and Class B Notes to the pool balance, which amount will be paid out as described below under “Principal”;

8.	to pay the remaining principal amount of the Class B Notes on its final scheduled distribution date;

9.	to pay interest due on the Class C Notes;

10.

to pay principal to the extent necessary, after giving effect to any payments made under clauses 4, 5, 7 and 8 above, to reduce the combined principal amount of the Class A Notes, Class B Notes and Class C Notes to the pool balance, which amount will be paid out as described below under “Principal;”

11.	to pay the remaining principal amount of the Class C Notes on its final scheduled distribution date;

12.	to pay interest due on the Class D Notes;

13.

to pay principal to the extent necessary, after giving effect to any payments made under clauses 4, 5, 7, 8, 10 and 11 above, to reduce the combined principal amount of the Class A Notes, Class B Notes, Class C Notes and Class D Notes to the pool balance, which amount will be paid out as described below under “Principal”;

14.	to pay the remaining principal amount of the Class D Notes on its final scheduled distribution date;

15.	to pay interest due on the Class E Notes;

16.

to pay principal to the extent necessary, after giving effect to any payments made under clauses 4, 5, 7, 8, 10, 11, 13 and 14 above, to reduce the combined principal amount of the Class A Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes to the pool balance, which amount will be paid out as described below under “Principal”;

17.	to pay the remaining principal amount of the Class E Notes on its final scheduled distribution date;

18.	to pay interest due on the Class F Notes;

19.

to pay principal to the extent necessary, after giving effect to any payments made under clauses 4, 5, 7, 8, 10, 11, 13, 14, 16 and 17 above, to reduce the combined principal amount of the Class A Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes to the pool balance, which amount will be paid out as described below under “Principal”;

20.	to pay the remaining principal amount of the Class F Notes on its final scheduled distribution date;

21.	to the reserve account, the amount necessary to cause the amount deposited therein to equal the specified reserve account amount;

22.	to pay principal to achieve the specified amount of overcollateralization, which amount will be paid out as described below under “Principal”;

23.

to pay each of the indenture trustee, the custodian, the owner trustee, the asset representations reviewer, the backup servicer (including the backup servicer in its capacity as successor servicer if so appointed), the lockbox bank and any successor servicer, any fees, expenses and indemnities then due to such party that are in excess of the aggregate limit or maximum aggregate annual limit described in clause 1 or clause 2 above, as applicable; and

24.	to pay all remaining amounts to the certificateholders.

On any distribution date that the amount on deposit in the reserve account, together with available funds, is sufficient to pay all amounts due pursuant to

priorities 1 through 20 set forth above and the note principal amount of all outstanding classes of notes, such amounts will be used to pay the outstanding notes and applicable fees and expenses in full on such distribution date.

Interest

Interest on the notes will be payable on each distribution date. The interest period relating to each distribution date will be (i) for the Class A-1 Notes, the period from and including the distribution date occurring in the preceding calendar month—or, in the case of the first distribution date, from and including the closing date—to but excluding the distribution date occurring in the current calendar month and (ii) for all other classes of notes, the period from and including the fifteenth day of the preceding calendar month—or, in the case of the first distribution date, from and including the closing date—to but excluding the fifteenth day of the current calendar month. Interest on the notes of each class will accrue at the interest rate for that class during each interest period.

Interest on (i) the Class A-1 Notes will be calculated on an “actual/360” basis and (ii) all other classes of notes will be calculated on a “30/360” basis.

Principal

•	Principal of the notes will be payable on each distribution date:

(1)

as necessary to prevent undercollateralization or to cause the remaining principal amount of a class of notes to be repaid on its final scheduled distribution date, and

(2)

as necessary to build or maintain overcollateralization at its required amount.

•

The classes of notes are “sequential pay” classes. On each distribution date, all amounts allocated to the payment of principal as described in clauses 4, 5, 7, 8, 10, 11, 13, 14, 16, 17, 19, 20 and 22 of “—Payments” above will be aggregated and will be paid out in the following order (except in those circumstances when a priority of payments set forth below in “Events of Default—Post-Default Application of Funds” is applicable):

−

first, the Class A-1 Notes will amortize, until they are paid in full;

−

once the Class A-1 Notes are paid in full, the Class A-2 Notes will begin to amortize, until they are paid in full;

−

once the Class A-2 Notes are paid in full, the Class A-3 Notes will begin to amortize, until they are paid in full;

−

once the Class A-3 Notes are paid in full, the Class B Notes will begin to amortize, until they are paid in full;

−

once the Class B Notes are paid in full, the Class C Notes will begin to amortize, until they are paid in full;

−

once the Class C Notes are paid in full, the Class D Notes will begin to amortize, until they are paid in full;

−

once the Class D Notes are paid in full, the Class E Notes will begin to amortize, until they are paid in full; and

−

once the Class E Notes are paid in full, the Class F Notes will begin to amortize, until they are paid in full.

•

Because the notes are “sequential pay,” if due to losses, insufficient liquidation proceeds or otherwise, the holding trust property and the trust property, in the aggregate, prove to be insufficient to repay the principal of the notes in full, it is possible that certain earlier maturing classes of notes will be paid in full and that the losses will be fully borne by the later maturing classes of notes. In that case, losses would be borne in reverse order of payment priority (i.e. beginning with the most junior class then outstanding).

The Holding Trust Property and the Trust Property

The holding trust’s assets, or the holding trust property, will principally include:

•	a pool consisting of primarily sub-prime automobile loan contracts, which are secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles;

•	collections on the automobile loan contracts received after the cutoff date;

•	the security interests in the automobiles securing the automobile loan contracts;

•	the automobile loan contract files;

•	an assignment of all rights to receive proceeds from claims on insurance policies covering the automobiles or the obligors;

•	an assignment of all rights to proceeds from liquidating the automobile loan contracts;

•	any proceeds from any automobile loan contract repurchased by a dealer or the direct lender pursuant to an agreement between Exeter and such dealer or the direct lender, as applicable, as a result of a breach of representation or warranty in such agreement;

•	all rights under any service contracts on the financed vehicles;

•	other rights under the transaction documents; and

•	all proceeds from the items described above.

The issuing entity’s assets, or the trust property, will principally include:

•	the holding trust certificate;

•	all distributions on or in respect of the holding trust certificate and any other rights granted to the holder of the holding trust certificate;

•	amounts held in the collection account, the lockbox account, the note distribution account and the reserve account;

•	other rights under the transaction documents; and

•	all proceeds from the items described above.

The Automobile Loan Contract Pool

•

The automobile loan contracts consist of motor vehicle retail installment sale contracts indirectly originated by dealers for assignment to Exeter and auto loans originated by the direct lender, in connection with the refinancing of existing auto loans, for sale or assignment to Exeter. All of the automobile loan contracts were originated in accordance with Exeter’s credit policies. The automobile loan contracts are contracts made primarily to borrowers who have experienced prior credit difficulties.

•	The depositor will purchase the automobile loan contracts directly from Exeter.

•

Upon discovery of a breach by the depositor of any of the eligibility representations and warranties with respect to the automobile loan contracts under the sale and servicing agreement in which the interests of any noteholder are materially and adversely affected by the breach, the depositor shall have the obligation to

repurchase from the holding trust any related automobile loan contract affected by the breach, unless such breach has been cured in all material respects. Any such breach will be deemed not to have a material and adverse effect on the interests of the noteholders in the affected automobile loan contract if such breach has not affected the ability of the holding trust or noteholders to receive and retain timely payment in full of all amounts due on such automobile loan contract.

•

Exeter will sell the automobile loan contracts to the depositor pursuant to the purchase agreement. Exeter will make representations and warranties with respect to those automobile loan contracts sold to the depositor under the purchase agreement. Upon the discovery of a breach by Exeter of any of the eligibility representations and warranties with respect to the automobile loan contracts under the purchase agreement in which the interests of any noteholder are materially and adversely affected by the breach, or of any other event which requires the repurchase of an automobile loan contract by the depositor under the sale and servicing agreement, Exeter shall have the obligation to repurchase from the depositor any related automobile loan contract affected by the breach, unless such breach has been cured in all material respects. Any such breach will be deemed not to have a material and adverse effect on the interests of the noteholders in the affected automobile loan contract if such breach has not affected the ability of the holding trust or noteholders to receive and retain timely payment in full of all amounts due on such automobile loan contract.

•

Upon discovery of a breach by Exeter, as servicer, of certain covenants with respect to the automobile loan contracts under the sale and servicing agreement in which the interests of any noteholder are materially and adversely affected by the breach, Exeter shall have the obligation to purchase from the holding trust any related automobile loan contract affected by the breach, unless such breach has been cured in all material respects. Any such breach will be deemed not to have a material and adverse effect on the interests of the noteholders in the affected automobile loan contract if such breach has not affected the ability of the holding trust or noteholders to receive and retain timely payment in full of all amounts due on such automobile loan contract.

Asset Representations Review

The asset representations reviewer will perform a review of certain of the automobile loan contracts for compliance with the representations made about the automobile loan contracts if:

•	a delinquency trigger is reached, and

•	the required percentage of noteholders vote to direct the review.

For additional information about the asset representations review, the delinquency trigger, voting requirements for a review, the representations and warranties to be reviewed and the cost of the review, see “Description of the Transaction Documents—Asset Representations Review” in this prospectus.

Dispute Resolution

If a request is made for the repurchase of an automobile loan contract due to a breach of a representation or warranty, and the request is not resolved within 180 days of the receipt by the sponsor or the depositor of such request, the party submitting the request will have the right to refer the matter to either mediation (including non-binding arbitration) or third-party binding arbitration. See “Description of the Transaction Documents—Dispute Resolution” in this prospectus.

Servicing Fee

The servicer will be paid on each distribution date from available funds prior to any payments on the notes. The servicer will receive the following fees as payment for its services on each distribution date:

•	For so long as Exeter or the backup servicer is the servicer:

−

A servicing fee, equal to 3.00% times the aggregate principal balance of the automobile loan contracts as of the beginning of the related collection period times one-twelfth (or, in the case of the first distribution date, a fraction, the numerator of which is 36 and the denominator of which is 360); and

−

A supplemental servicing fee, equal to all administrative fees, expenses and charges paid by or on behalf of obligors, including late fees, prepayment fees and liquidation fees collected on the automobile loan contracts during the related collection period

(but excluding any fees or expenses related to extensions and any fees, expenses or charges paid by obligors and in respect of which the servicer was previously reimbursed as supplemental servicing fees).

•

If any entity other than Exeter or the backup servicer becomes the servicer, the servicing fee may be adjusted by agreement of the majority noteholders of the most senior class outstanding (with the Class A Notes voting together as a single class), the depositor and the successor servicer, as set forth in the sale and servicing agreement.

Pool Information

•	The pool information in this prospectus is based on the automobile loan contracts in the pool as of the cutoff date, which is October 24, 2021.

•	As of the cutoff date, the automobile loan contracts in the pool had:

−

an aggregate principal balance of $1,045,279,734.01;

−

a weighted average annual percentage rate of approximately 20.48%;

−

a weighted average original term to maturity of approximately 71 months;

−

a weighted average remaining term to maturity of approximately 69 months;

−

an individual remaining term to maturity of not more than 75 months and not less than 3 months;

−

a weighted average proprietary credit score of 235 and a weighted average non-zero credit bureau score of 577; and

−

a weighted average post-funding score of 217.

Review of Pool Assets

In connection with the offering of the notes, the depositor has performed a review of the pool of automobile loan contracts and certain disclosure in this prospectus relating to the pool of automobile loan contracts and certain asset-level data disclosures incorporated by reference into this prospectus, and has concluded that it has reasonable assurance that such disclosure is accurate in all material respects, as described under “Review of Pool Assets” in this prospectus.

Credit Enhancement

Credit enhancement for the notes will consist of excess cashflow, overcollateralization, subordination and a reserve account.

If available funds together with amounts available under any credit enhancement are insufficient to make required payments of principal of the notes, it is possible that the most senior class of notes outstanding will be paid in full and that the losses will be fully borne in reverse order of payment priority (i.e. starting with the most junior class then outstanding). In addition, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes will only receive principal payments after each class of notes senior to that class of notes has been paid in full, exposing those noteholders to losses.

Excess Cashflow

It is anticipated that more interest will be paid by the obligors on the automobile loan contracts each month than is necessary to pay the interest earned on the notes each month and the issuing entity’s monthly fees and expenses (including fees paid to the servicer, backup servicer, indenture trustee, custodian, asset representations reviewer, lockbox bank and owner trustee), resulting in excess cashflow. In any month, excess cashflow, if any, will be available to maintain the reserve account at its target amount, to make principal payments on the notes to build and maintain a target level of overcollateralization, and to make principal payments to cause the remaining principal amount of each class of notes to be repaid on its final scheduled distribution date. See “Description of the Transaction Documents—Credit Enhancement—Application of Excess Cashflow” in this prospectus for more information regarding the application of excess cashflow.

Overcollateralization

The overcollateralization amount represents the amount by which the aggregate principal balance of the automobile loan contracts exceeds the aggregate principal amount of the notes. On the closing date, the initial amount of overcollateralization will be approximately 0.00% of the aggregate principal balance of the automobile loan contracts as of the cutoff date.

On each distribution date, excess cashflow, if any, will be available after any required deposit to the reserve account to build and maintain a target level of overcollateralization as described in “Description of the Transaction Documents—Credit Enhancement—Overcollateralization” of this prospectus.

The target overcollateralization amount will equal 4.25% of the aggregate principal balance of the automobile loan contracts as of the end of the related collection period.

See “Description of the Transaction Documents—Credit Enhancement—Overcollateralization” for more information regarding overcollateralization.

Subordination

A class of notes that is lower in priority of payment provides credit support to those classes of notes having higher priority of payment relative to that class. Consequently, to the extent that the holding trust property and the trust property, in the aggregate, do not generate enough cash to satisfy all of the issuing entity’s obligations, payments will be made in accordance with “Description of the Transaction Documents—Distributions—Distribution Date Payments” in this prospectus, and any shortfalls or losses will then be absorbed as follows:

•	first, by the holders of the Class F Notes, to the extent amounts are due to them;

•	second, by the holders of the Class E Notes, to the extent amounts are due to them;

•	third, by the holders of the Class D Notes, to the extent amounts are due to them;

•	fourth, by the holders of the Class C Notes, to the extent amounts are due to them;

•	fifth, by the holders of the Class B Notes, to the extent amounts are due to them;

•	sixth, by the holders of the Class A-3 Notes, to the extent amounts are due to them;

•	seventh, by the holders of the Class A-2 Notes, to the extent amounts are due to them; and

•	eighth, by the holders of the Class A-1 Notes, to the extent amounts are due to them.

Reserve Account

Approximately $10,452,797 will be deposited into the reserve account on the closing date, which is at least 1.00% of the expected aggregate principal balance of the automobile loan contracts as of the cutoff date.

If, on any distribution date, collections on the automobile loan contracts are insufficient to cover the payments of certain fees and expenses of the issuing entity, interest on the notes, principal payments on the notes that are necessary to maintain parity, or

principal payments on each class of notes that are necessary to pay off any class of notes on its final scheduled distribution date, amounts on deposit in the reserve account will be withdrawn to cover such shortfalls and distributed in accordance with the priorities set forth under “—Payments” above.

On each distribution date, any excess cashflow will be deposited to the reserve account to maintain the amount on deposit at 1.00% or more of the aggregate principal balance of the automobile loan contracts as of the cutoff date; provided that the amount on deposit in the reserve account will not exceed the aggregate principal amount of the notes after giving effect to the payments described in clauses 1 through 20 under “—Payments” above. If the amount on deposit in the reserve account on any distribution date, after giving effect to any withdrawals on that distribution date, exceeds the lesser of (i) at least 1.00% of the aggregate principal balance of the automobile loan contracts as of the cutoff date and (ii) the aggregate principal amount of the notes after giving effect to all payments on that distribution date, excess amounts will be added to available funds and distributed in accordance with the priorities set forth under “—Payments” above.

Optional Redemption

On any distribution date on which the aggregate principal balance of the automobile loan contracts declines to 10% or less of the aggregate principal balance of the automobile loan contracts as of the cutoff date, the notes then outstanding may be redeemed in whole, but not in part, if the servicer or the depositor exercises its “clean-up call” option to purchase the automobile loan contract pool. The redemption price paid in respect of the notes by the servicer or the depositor, as the case may be, will equal the greater of (i) the amount necessary to pay the full amount of principal and interest then due and payable on the notes and (ii) the fair market value of the Trust Estate (as defined in the Glossary) other than the reserve account.

Substitution

The servicer may permit the substitution of the vehicle financed by an automobile loan contract if the vehicle (i) is insured under a qualifying insurance policy at the time of a casualty loss that is treated as a total loss under such insurance policy, (ii) is deemed to be a “lemon” pursuant to applicable state law and repurchased by the related dealer or (iii) is the subject of an order by a court of competent jurisdiction directing the servicer to substitute another vehicle under the related automobile loan contract and certain other conditions are satisfied, so long as the original

aggregate principal balance of automobile loan contracts secured by a substituted vehicle (each, a Substitution Receivable) does not exceed two percent of the initial pool balance (the Substitution Limit). If this Substitution Limit is exceeded for any reason, the servicer is obligated to repurchase a sufficient number of such automobile loan contracts to cause the aggregate original principal balances of such Substitution Receivables to be less than the Substitution Limit.

Events of Default

The following are events of default under the indenture:

•

default in the payment of any interest when it becomes due and payable on (i) any class of the Class A Notes, (ii) if no Class A Notes are outstanding, the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, the Class D Notes, (v) if no Class A Notes, Class B Notes, Class C Notes or Class D Notes are outstanding, the Class E Notes or (vi) if no Class A Notes, Class B Notes, Class C Notes, Class D Notes or Class E Notes are outstanding, the Class F Notes (which default, in each case, remains uncured for five days); provided, however, that if such payment default shall have been caused by a Force Majeure Event (as defined in the Glossary), the five day cure period shall be extended for an additional 60 calendar days;

•	default in the payment of the principal of any note on its final scheduled distribution date; provided, however, that if such payment default shall have been caused by a Force Majeure Event, such default shall not constitute an “event of default” for an additional 60 calendar days;

•	certain breaches of representations, warranties and covenants by the issuing entity (subject to any applicable cure period); provided, however, that if such breach shall have been caused by a Force Majeure Event, the applicable cure period shall be extended for an additional 60 calendar days; and

•	certain events of bankruptcy relating to the issuing entity or the issuing entity’s property (subject to any applicable cure period).

If an event of default under the indenture has occurred and is continuing, the notes may be accelerated and subject to immediate payment at par,

plus accrued interest. If an event of default under the indenture has occurred and is continuing and the notes are accelerated, the indenture trustee may be directed to sell the holding trust property or the trust property, or any portion of the holding trust property or the trust property, at one or more private or public sales. Any such liquidation may occur only subject to certain provisions that are set forth under “Description of the Notes—Events of Default” in this prospectus.

Post-Default Application of Funds

Amounts collected (i) following the occurrence of an event of default (other than an event of default related to a breach of a covenant or a representation and warranty) or (ii) upon liquidation of the trust assets, will not be distributed in accordance with the priorities set forth under “—Payments” above but will instead be distributed in accordance with the following priorities:

to the servicer, the custodian, the owner trustee, the indenture trustee, the lockbox bank, the asset representations reviewer and the backup servicer (including the backup servicer in its capacity as successor servicer if so appointed), certain amounts due and owing to such entities, pursuant to the priorities in clauses 1 and 2, and without regard to the caps set forth in clauses 1 and 2, under “—Payments,” above;

2.	to the Class A noteholders, pro rata, based upon the aggregate amount of interest due to each class of the Class A notes, for amounts due and unpaid on the notes for interest;

first, to the Class A-1 noteholders, for amounts due and unpaid on the Class A-1 Notes for principal, until the Class A-1 Notes are paid in full, and second, to the Class A-2 noteholders and Class A-3 noteholders for amounts due and unpaid on the Class A-2 Notes and Class A-3 Notes for principal, pro rata, based upon their respective unpaid principal amounts, until the Class A-2 Notes and the Class A-3 Notes are paid in full;

4.	to the Class B noteholders, for amounts due and unpaid on the notes for interest;

5.	to the Class B noteholders, for amounts due and unpaid on the notes for principal, until the Class B Notes are paid in full;

6.	to the Class C noteholders, for amounts due and unpaid on the notes for interest;

7.	to the Class C noteholders, for amounts due and unpaid on the notes for principal, until the Class C Notes are paid in full;

8.	to the Class D noteholders, for amounts due and unpaid on the notes for interest;

9.	to the Class D noteholders, for amounts due and unpaid on the notes for principal, until the Class D Notes are paid in full;

10.	to the Class E noteholders, for amounts due and unpaid on the notes for interest;

11.	to the Class E noteholders, for amounts due and unpaid on the notes for principal, until the Class E Notes are paid in full;

12.	to the Class F noteholders, for amounts due and unpaid on the notes for interest;

13.	to the Class F noteholders, for amounts due and unpaid on the notes for principal, until the Class F Notes are paid in full; and

14.	to pay all remaining amounts to the certificateholders.

Post-Default Application of Funds – Representation, Warranty or Covenant Breach

Amounts collected following the occurrence of an event of default related to a breach of a covenant or a representation and warranty will be distributed in accordance with the priorities set forth under “—Payments” above, except that (a) the amounts to be distributed pursuant to clauses 1 and 2 under “—Payments” above shall be made without regard to the caps set forth therein and (b) the amount of principal to be distributed pursuant to clause 19 under “—Payments” above shall instead be used to pay principal in the order and priority set forth under “Principal” above.

Tax Status

Morgan, Lewis & Bockius LLP, special U.S. federal income tax counsel to the issuing entity, will deliver an opinion, subject to the assumptions and qualifications therein, on the closing date to the effect that, for U.S. federal income tax purposes: (i) the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes will, and the Class E Notes should, be characterized as indebtedness if held by persons other than a beneficial owner of the equity in the issuing entity or its affiliates; (ii) the issuing

entity will not be treated as an association (or publicly traded partnership) taxable as a corporation; (iii) the holding trust will be treated as a “grantor trust” within the meaning of subtitle A, Chapter 1, subchapter J, Part I, subpart E of the Code; and (iv) while the matter is not free from doubt, the activities of the issuing entity will not cause it to be considered to be engaged in a U.S. trade or business.

Morgan, Lewis & Bockius LLP will express no opinion as to the characterization of the Class F Notes as indebtedness for U.S. federal income tax purposes.

Each noteholder, by its acceptance of a note (and each noteholder, by its acceptance of an interest in the applicable book-entry note), agrees to treat the notes as indebtedness for U.S. federal income tax purposes. See “U.S. Tax Matters” in this prospectus. Each prospective investor in the notes should consult with its tax advisors before purchasing the notes.

ERISA Considerations

Subject to the important considerations described under “ERISA Considerations” in this prospectus, pension, profit-sharing and other employee benefit plans may purchase the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. Fiduciaries of such plans should consult with counsel regarding the applicability of the provisions of ERISA before purchasing the notes.

Rating of the Notes

The depositor has engaged four nationally recognized statistical rating organizations, each an NRSRO, to assign credit ratings to the publicly offered notes.

The ratings of the publicly offered notes will address the likelihood of the payment of principal and interest on the notes according to their terms. Each engaged NRSRO rating the publicly offered notes will monitor the ratings using its normal surveillance procedures. Each engaged NRSRO may change or withdraw an assigned rating at any time. Any rating action taken by one NRSRO may not necessarily be taken by another NRSRO. No transaction party will be responsible for monitoring any changes to the ratings on the publicly offered notes.

Static Pool Information

Static pool information for Exeter’s securitized asset pools is contained in Annex A to this prospectus.

1940 Act Registration

The holding trust and the issuing entity will be relying on an exclusion or exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended or the 1940 Act, contained in Section 3(c)(5) of the 1940 Act and Section 3(c)(6) of the 1940 Act, respectively, although there may be additional exclusions or exemptions available to the holding trust and the issuing entity. Each of the holding trust and the issuing entity is being structured so as not to constitute a “covered fund” for purposes of the Volcker Rule under the Dodd‑Frank Act (both as defined under “Volcker Rule Considerations” in this prospectus).

U.S. Credit Risk Retention

The risk retention regulations in Regulation RR of the Exchange Act, or Regulation RR, require the sponsor, either directly or through its majority-owned affiliates, to retain an economic interest of at least 5% in the credit risk of the automobile loan contracts. This credit risk retention requirement will be achieved by the depositor retaining an “eligible vertical interest” consisting of at least 5% of the initial principal amount of each class of notes and the certificates. The depositor is a wholly-owned subsidiary of the sponsor and will initially retain the eligible vertical interest.

The sponsor will agree that it will not, and will cause the depositor and each affiliate of the sponsor not to, sell, transfer, finance or hedge the eligible vertical interest, except to the extent permitted by Regulation RR.

See “U.S. Credit Risk Retention” in this prospectus for more information regarding the manner in which the risk retention regulations will be satisfied.

EU Securitization Regulation and UK Securitization Regulation

documents to retain a material net economic interest in the securitization constituted by the issuance of the notes in a manner that would satisfy the risk retention requirements of the EU Securitization Regulation or the UK Securitization Regulation.

The arrangements described under “U.S. Credit Risk Retention” have not been structured with the objective of ensuring compliance with the requirements of the EU Securitization Regulation or the UK Securitization Regulation by any person.

Consequently, the notes may not be a suitable investment for investors subject to the EU Securitization Regulation or the UK Securitization Regulation. As a result, the price and liquidity of the notes in the secondary market may be adversely affected. For more information regarding the EU Securitization Regulation and the UK Securitization Regulation, see “Risk Factors—EU risk retention requirements may affect liquidity of the Notes” and “Risk Factors—UK risk retention requirements may affect liquidity of the Notes” in this prospectus.

Eligibility for Purchase by Money Market Funds

The Class A-1 Notes have been structured to be “eligible securities” as defined in paragraph (a)(11) of Rule 2a-7 under the 1940 Act. Rule 2a-7 includes additional criteria for investments by money market funds, including requirements relating to portfolio maturity, liquidity and risk diversification. A money market fund should consult its legal advisers regarding the eligibility of the Class A-1 Notes under Rule 2a-7 and whether an investment in the Class A-1 Notes satisfies the fund’s investment policies, ratings requirements and objectives.

CUSIP Numbers

Class A-1 Notes: 30165JAA4

Class A-2 Notes: 30165JAB2

Class A-3 Notes: 30165JAC0

Class B Notes: 30165JAD8

Class C Notes: 30165JAE6

Class D Notes: 30165JAF3

Summary of Risk Factors

The following summary is a concise description of certain of the material risk factors that you should consider in making your decision to purchase any notes. This summary does not purport to summarize all of the risks that you should consider in making your decision to purchase any notes. You should carefully read the risks factors set forth under “Risk Factors,” as well as the other information contained in this prospectus.

Risks primarily related to the nature of the notes and the structure of the transaction.

The notes are subject to certain risks related to their nature as asset-backed securities and the structure of the transaction, which could lead to payment delays, shortfalls in payments or losses on your notes, including due to factors such as, but not limited to:

•

the limited pool of automobile loan contracts and other funds available to make payments on the notes;

•

the subordination of certain classes of the notes to other more senior classes of the notes;

•

unpredictability of the rate at which the notes will amortize, and the potential acceleration of payments on the notes due to the occurrence of an event of default;

•

conflicts of interest among classes of noteholders and related to the underwriters;

•

the potential retention by the depositor of some or all of one or more classes of notes; and

•

potential tax implications for certain noteholders.

Risks primarily related to the automobile loan contracts, economic conditions and other factors.

The notes are subject to certain risks related to the automobile loan contracts, economic conditions and other factors, which could lead to payment delays, shortfalls in payments or losses on your notes, including due to factors such as, but not limited to:

•

the effect of the COVID-19 pandemic, and related measures taken in response to the pandemic, on the obligors of the automobile loan contracts, the transaction parties and the abilities of the transaction parties to perform their respective obligations under the transaction agreements;

•

the pool of automobile loan contracts, substantially all of which are obligations of sub-prime obligors;

•

periods of economic downturn and any associated negative effects on the obligors of the automobile loan contracts and the values of the related financed vehicles;

•

the geographic concentrations of the automobile loan contracts in specific geographic areas;

•

limitations on the obligations of certain transaction parties to repurchase automobile loan contracts in certain circumstances; and

•

potential failures by obligors of the automobile loan contracts to maintain required insurance coverage.

Risks primarily related to legal and regulatory matters.

The notes are subject to certain risks related to legal and regulatory matters, which could lead to payment delays, shortfalls in payments or losses on your notes, including due to factors such as, but not limited to:

•

the Dodd-Frank Act, other similar legislation or future legislation, and risk retention rules and related requirements;

•

federal and state consumer protection laws regulating the creation, collection and enforcement of the automobile loan contracts;

•

the Servicemembers Civil Relief Act and other similar state legislation potentially limiting the ability of the servicer to collect from certain obligors of the automobile loan contracts; and

•

the regulatory environment in which the consumer finance industry operates, and potential litigation or governmental proceedings that could affect the transaction parties.

Risks primarily related to bankruptcy and insolvency of transaction parties and perfection of security interests.

The notes are subject to certain risks related to the potential bankruptcy and insolvency of transaction parties and perfection of security interests, which could lead to payment delays, shortfalls in payments or losses on your notes, including due to factors such as, but not limited to:

•

interests of other persons or competing claims in the automobile loan contracts or the related financed vehicles which could be superior to the interests of the indenture trustee therein;

•

the bankruptcy or insolvency of Exeter or certain other transaction parties; and

•

the ability of the servicer to commingle collections on the automobile loan contracts for a limited time.

Risks primarily related to servicing.

The notes are subject to certain risks related to the servicing of the automobile loan contracts, which could lead to payment delays, shortfalls in payments or losses on your notes, including due to factors such as, but not limited to:

•

the servicer being paid a fee based on a percentage of the outstanding principal balance of the automobile loan contracts;

•

the servicer’s authority to exercise discretion in the servicing of the automobile loan contracts; and

•

the potential occurrence of adverse events with respect to the servicer or its vendors, and any disruption in collection activity.

Risks primarily related to Exeter’s business.

The notes are subject to certain risks related to Exeter’s business, which could lead to payment delays, shortfalls in payments or losses on your notes, including due to factors such as, but not limited to:

•

misrepresented information from automobile loan contract applications;

•

any failure by Exeter to comply with licensing or permit requirements and other local regulatory requirements; and

•

security threats or failures in its business continuity plan.

General risks relating to the transaction.

The notes are subject to certain general risks applicable to transactions of this nature, which could lead to payment delays, shortfalls in payments or losses on your notes, including due to factors such as, but not limited to:

•

the complexity of the transaction structure, and the potential volatility of the market for the notes;

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the potential absence of a secondary market for the notes;

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limitations on your ability to exercise rights directly, due to the absence of physical notes;

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potential delays in receiving payments as the result of the notes being held in book-entry form; and

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withdrawal or downgrade of the ratings on the notes, potential issuance of unsolicited ratings on the notes, rating agency conflicts of interest and related regulatory scrutiny.

Risk Factors

You should consider the following risk factors in connection with the purchase of the notes:

RISKS PRIMARILY RELATED TO THE NATURE OF THE NOTES AND THE STRUCTURE OF THE TRANSACTION

The notes are asset-backed debt and the issuing entity and the holding trust have only limited assets, which may not be sufficient to make full payments on your notes.

The sole sources for repayment of the notes are payments on the trust property (which will principally consist a certificate representing the beneficial interest in the holding trust) and the holding trust property (which will principally consist of a pool of sub-prime automobile loan contracts) and amounts (if any) on deposit in the cash accounts held by the indenture trustee. No noteholder will have recourse for payment of its notes to any assets of any person other than the issuing entity and the holding trust. The notes represent obligations solely of the issuing entity, and no person other than the issuing entity is obligated to make any payments on the notes, provided that the holding trust has pledged the automobile loan contracts to secure the notes. The notes are not insured by any financial guaranty insurance policy. None of any governmental agency or instrumentality, the sponsor, the servicer, the underwriters or any of their respective affiliates will guarantee or insure either the notes or the automobile loan contracts. Consequently, noteholders must generally rely upon the automobile loan contracts owned by the holding trust and collections thereon for the payment of principal of and interest on the notes. Should the notes not be paid in full on a timely basis, noteholders may not look to, or draw upon, any assets of any person other than the issuing entity and the holding trust to satisfy their claims. See “Distributions—Distribution Date Payments” in this prospectus.

If the issuing entity does not have sufficient assets to pay the full amount due and payable on the notes, then you may suffer a loss without having recourse to anyone else. Furthermore, certain assets of the issuing entity or the holding trust may be released and paid out to other persons, such as service providers, or any other person entitled to payments from the issuing entity or the holding trust prior to making payment on the notes. Those assets will no longer be available to make payments to you.

Credit enhancement is limited and may be reduced, and may result in shortfalls on your notes.

The right to receive payments and distributions on the certificates is subordinate to payments and distributions on the notes, the funding requirements of the reserve account and the funding requirements with respect to the target overcollateralization amount. The right to receive payments in respect of principal and interest on the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes is subordinate to the right to receive such payments on the class or classes of notes senior to such class. Protection against loss on the notes is provided by the subordination of the certificates, the Class F Notes, the Class E Notes, the Class D Notes, the Class C Notes and the Class B Notes, the overcollateralization amount and any amounts held in the reserve account. However, such credit enhancement is limited and may not be sufficient to cover all losses on the automobile loan contracts. Additionally, such credit enhancement could be reduced or eliminated, and in such event, the certificateholders and each class of noteholders would bear the risk of loss on the automobile loan contracts and delays in payment or losses will be suffered by the most junior outstanding class or classes of notes even as payment may be made in full to more senior classes.

Because certain classes of the notes are subordinated, payments on those classes are more sensitive to losses on the automobile loan contracts.

Certain classes of the notes are subordinated, which means that (i) principal paid on those classes as part of monthly distributions or, in the event of a default, upon acceleration, will be made only once payments of principal have been made in full to all classes of notes senior to those classes and (ii) interest paid on those classes as part of monthly distributions or, in the event of a default, upon acceleration, will be made only once payments of interest have been made in full to all classes of notes senior to those classes. The Class A Notes have the highest priority of payment with respect to payments of principal and interest, followed in descending order of priority of payment by the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes and the Class F Notes. The Class A-1 Notes have the highest priority of payment with respect to payments of principal, both before and after the occurrence of an

event of default. With respect to the Class A-2 Notes and the Class A-3 Notes, except with respect to the priority of payments following the occurrence of an event of default, the Class A-2 Notes have a higher priority of payment with respect to payments of principal than the Class A-3 Notes. Therefore, if there are insufficient amounts available to pay all classes of notes the amounts they are owed on any distribution date or following acceleration, delays in payment or losses will be suffered by the most junior outstanding class or classes even as payment may be made in full to more senior classes.

Principal may be paid on certain classes of notes before interest is paid on other classes.

If on any distribution date the outstanding principal amount of the notes exceeds the principal balance of the pool of automobile loan contracts, a payment of principal, to the extent available, will be made to the holders of the most senior outstanding class or classes of notes to eliminate that undercollateralization. Furthermore, if any class of notes has an outstanding principal amount on its final scheduled distribution date, a payment of principal, to the extent available, will be made to the holders of that class of notes on that distribution date to reduce their outstanding principal amount to zero. Certain of these principal payments will be made before interest payments are made on certain subordinated classes of notes on that distribution date. Furthermore, following certain events of default, payment of interest on certain subordinated classes of notes will be made only once payments of principal have been made in full to all classes of notes senior to those classes. As a result, there may not be enough cash available to pay the interest on certain subordinated classes of notes on that distribution date.

The failure to make principal payments on any class of notes will generally not result in an event of default under the indenture until the applicable final scheduled distribution date or redemption date.

The amount of principal required to be paid to investors prior to the applicable final scheduled distribution date will be limited to amounts available for those purposes. Therefore, the failure to pay principal of a note generally will not result in an event of default under the indenture until the applicable final scheduled distribution date or redemption date for that class of notes.

We cannot predict the rate at which the notes will amortize.

Your notes may amortize more quickly than expected for a variety of reasons. First, obligors can prepay their automobile loan contracts without penalty. The rate of prepayments may be influenced by a variety of factors, including changes in economic and social conditions. The fact that consumer obligors generally may not sell or transfer their financed vehicles securing the automobile loan contracts without the servicer’s consent may also influence the rate of prepayments.

Second, under certain circumstances, the depositor and Exeter are obligated to purchase automobile loan contracts as a result of breaches of eligibility representations and warranties. As a result of such breach, the outstanding principal balance of the affected automobile loan contracts would be paid by the depositor and subsequently by Exeter, as applicable, and the automobile loan contracts would be removed from the automobile loan contract pool.

Third, the notes contain an overcollateralization feature that could result in accelerated principal payments to noteholders, which would cause faster amortization of the notes than of the automobile loan contract pool.

Finally, the servicer or the depositor has the right to purchase the automobile loan contracts remaining in the automobile loan contract pool when the outstanding principal balance of the automobile loan contract pool is 10% or less of the aggregate principal balance of the automobile loan contract pool as of the cutoff date. If this right is exercised by the servicer or the depositor, you may be paid principal of the notes earlier than you expected.

In any of these cases, you may be repaid principal of the notes at a different rate than you expect and you may not be able to reinvest the principal repaid to you at a rate of return that is at least equal to the rate of return on your notes.

Your yield to maturity may be reduced by prepayments or slower than expected prepayments.

The pre-tax yield to maturity is uncertain and will depend on a number of factors including the following:

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The rate of return of principal is uncertain. The amount of payments of principal of your notes and the time when you receive those payments depends on the amount and times at which obligors make principal payments on the automobile loan contracts. Those principal payments may be regularly scheduled payments or unscheduled payments resulting from prepayments or defaults on the automobile loan contracts. For example, the servicer may engage in marketing practices or promotions, including refinancing, which may indirectly result in faster than expected payments on the automobile loan contracts. In addition, prepayments of principal on the automobile loan contracts may increase when market conditions cause third party lending companies that specialize in sub-prime lending to lower their underwriting standards to give obligors on the automobile loan contracts access to more financing options.

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You may be unable to reinvest distributions in comparable investments. Asset-backed notes, like the notes, usually produce a faster return of principal to investors if market interest rates fall below the interest rates on the related automobile loan contracts and produce a slower return of principal if market interest rates rise above the interest rates on the related automobile loan contracts. As a result, you are likely to receive a greater amount of money on your notes to reinvest at a time when other investments generally are producing a lower yield than that on your notes, and are likely to receive a lesser amount of money on your notes when other investments generally are producing a higher yield than that on your notes. You will bear the risk that the timing and amount of payments on your notes will prevent you from attaining your desired yield.

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An optional redemption of the notes will shorten the life of your investment which may reduce your yield to maturity. If the automobile loan contracts are purchased by the servicer or the depositor upon exercise of a “clean-up call,” the issuing entity will redeem all notes then outstanding and you will receive the remaining principal amount of your notes plus accrued interest through the related distribution date. Following payment to you of the remaining principal amount of your notes, plus accrued interest, your notes will no longer be outstanding and you will not receive the additional interest payments that you would have received had the notes remained outstanding. If you bought your notes at a premium, your yield to maturity will be lower than it would have been if the optional redemption had not been exercised. See “Description of the Notes—Optional Redemption” in this prospectus.

Decrement tables are based upon assumptions and models, and therefore, the actual weighted average lives of the notes may differ from the weighted average lives shown in the decrement tables.

The decrement tables appearing under “Yield and Prepayment Considerations” in this prospectus have been prepared on the basis of the modeling assumptions set forth under “Yield and Prepayment Considerations” in this prospectus. The model used in this prospectus for prepayments does not purport to be a historical description of prepayment experience or a prediction of the anticipated rate of prepayment of any pool of automobile loan contracts, including the automobile loan contracts in the pool. It is highly unlikely that the automobile loan contracts will prepay at the rates specified. The prepayment assumptions are for illustrative purposes only. For these reasons, the actual weighted average lives of the notes may differ from the weighted average lives shown in the decrement tables.

You may suffer a loss if the final scheduled distribution date of the notes is accelerated.

If a default occurs under the indenture and the final scheduled distribution dates of the outstanding notes are accelerated, the indenture trustee may, under certain circumstances specified in the indenture, sell the automobile loan contracts and prepay those notes in advance of their final scheduled distribution date. The proceeds from such a sale of the automobile loan contracts may be insufficient to pay the aggregate principal amount of the outstanding notes and accrued interest on those notes in full. If this occurs, you may suffer a loss due to such an acceleration.

The issuing entity cannot predict the length of time that will be required for liquidation of the assets of the issuing entity and holding trust to be completed. In addition, liquidation proceeds may not be sufficient to repay the notes in full. Even if liquidation proceeds are sufficient to repay the notes in full, any liquidation that causes the outstanding

principal amount of the notes to be paid before the related final scheduled distribution date will involve the prepayment risks described above.

There may be a conflict of interest among classes of notes.

As described elsewhere in this prospectus, if an event of default occurs under the indenture, only the majority noteholders of the most senior class outstanding (with the Class A Notes voting together as a single class) will be able to waive that event of default, accelerate the applicable final scheduled distribution dates of the notes or direct any remedial action under the indenture (although a consent of all noteholders is required for sale or liquidation of the collateral in certain circumstances set forth in the indenture). Because the holders of different classes of notes may have varying interests when it comes to these matters, you may find that courses of action determined by other noteholders do not reflect your interests but that you are nonetheless bound by the decisions of these other noteholders.

There may be conflicts of interest among classes of notes due to differing priorities of payment and terms. Investors in the notes should consider that certain decisions may not be in the best interests of each class of noteholders and that any conflict of interest among different noteholders may not be resolved in favor of investors in a particular class of notes. Any disputes that arise between noteholders may not be resolved without substantial delay, which may cause delays in payment on the notes. The economic interests of the holders of a class of notes may not coincide with those of other holders of the same class or holders of other classes of notes. The holders of notes will not be required to consider any possible adverse effect of their actions on other holders of the same class or holders of other classes of notes.

There are potential conflicts of interest relating to the underwriters.

One or more of the underwriters or their affiliates may from time to time perform investment banking services for, or solicit investment banking business from, any person named in this prospectus. The underwriters and/or their employees or customers may from time to time enter into hedging positions with respect to one or more classes of notes.

The underwriters and their affiliates may invest or take long or short positions in securities or instruments, including the notes, that may be different from positions held by other noteholders. The activities of the underwriters and their affiliates may not align with the interests of the noteholders and may result in certain conflicts of interest. Any voting or consent rights could be exercised by them in a manner that could adversely affect your investment in the notes. Also, the ownership of any notes by the underwriters or their affiliates could adversely affect the development of a market for such notes. If any of this were to occur, the interests of the underwriters and their affiliates may not be aligned with the interests of other noteholders.

One or more of the underwriters or their affiliates has entered into, and may from time to time enter into, credit facilities or other financial transactions with Exeter or its affiliates. Actions taken by the underwriters and/or their affiliates in connection with such transactions, which may include the exercise of remedies against Exeter, could adversely affect Exeter. If this were to occur, Exeter’s ability to service the automobile loan contracts could be adversely affected, in which event payments on the notes could be delayed or reduced.

Retention of some or all of one or more classes of notes by the depositor or an affiliate of the depositor may reduce the liquidity of the notes.

The depositor expects that the Class F Notes and approximately, but not less than, 5% (by aggregate initial principal amount) of each other class of the notes will be retained by the depositor or an affiliate of the depositor on the closing date. Accordingly, the market for such a retained class of notes may be less liquid than would otherwise be the case. In addition, if any retained notes are subsequently sold in the secondary market, demand and market price for notes already in the market could be adversely affected. Additionally, if any retained notes are subsequently sold in the secondary market, the voting power of the noteholders of the outstanding notes may be diluted.

Original issue discount for the notes.

One or more classes of the notes may be issued with original issue discount, or OID, for U.S. federal income tax purposes. If a note is issued with OID, a U.S. holder (as defined under “U.S. Tax Matters” in this prospectus) generally will be required to accrue OID with respect to such note on a current basis as ordinary income and pay tax accordingly, regardless of whether such U.S. holder receives cash attributable to that income and regardless of such U.S. holder’s usual method of tax accounting. For further discussion of the computation and reporting of OID, see “U.S. Tax Matters—Tax Consequences to U.S. Holders of the Notes—Original Issue Discount” in this prospectus.

No IRS Form W-8ECI (or IRS Form W-8IMY with an IRS Form W-8ECI attached) is permitted for non-U.S. holders of Class E Notes and Class F Notes.

The indenture provides that no non-U.S. holder (as defined under “U.S. Tax Matters” in this prospectus) is permitted to deliver an IRS Form W-8ECI (or IRS Form W-8IMY with an IRS Form W-8ECI attached) in connection with such person’s acquisition or ownership of the Class E Notes and Class F Notes. If, in contravention of such restrictions, a non-U.S. holder provides an IRS Form W-8ECI (or an IRS Form W-8IMY with an IRS Form W-8ECI attached) in connection with its acquisition or ownership of Class E Notes and Class F Notes and such notes were to be characterized by the IRS as equity in the issuing entity, interest payments to a non-U.S. holder of such notes would be subject to U.S. withholding tax and the issuing entity could be liable for such tax if it failed to withhold, which may reduce the cash flow available to make payments on all classes of notes. See “U.S. Tax Matters—Tax Consequences to Non-U.S. Holders of the Notes” in this prospectus.

Possible recharacterization of the Class E Notes and the Class F Notes may have tax implications on noteholders.

The opinion of Special Income Tax Counsel will reflect some uncertainty as to the U.S. federal income tax classification of the Class E Notes. In addition, Special Income Tax Counsel will express no opinion as to the U.S. federal income tax classification of the Class F Notes. If the Internal Revenue Service, or the IRS, were to successfully contend that the Class E Notes or the Class F Notes were not classified as indebtedness for U.S. federal income tax purposes (any such note, a recharacterized note), such notes may be treated as equity interests in the issuing entity for U.S. federal income tax purposes. If that were the case, it is expected that, for U.S. federal income tax purposes, the certificateholders and the holders of the recharacterized notes would be treated as owners of the equity in the issuing entity. As a result, if there were more than one beneficial owner of the certificates and any recharacterized notes, for U.S. federal income tax purposes, the issuing entity would be treated as a partnership and the certificateholders and the holders of the recharacterized notes would be treated as partners in such partnership.

An entity treated as a partnership (other than a publicly traded partnership taxable as a corporation) would annually file IRS Form 1065, Return of Partnership Income, and it and its partners would be required to comply with the requirements of subchapter K and the other provisions of the Code that apply to entities treated as partnerships for U.S. federal income tax purposes and to the partners of such partnerships. An entity treated as a partnership may be subject to limitations on the amount of interest deductions that it may take in each year. Deductions for business interest are limited to the issuing entity’s business interest income plus 30% of a business’s taxable income (before interest, depreciation, and depletion). Because the limitation on interest is based upon income before depletion, the significance of the limitation is difficult to predict. However, it is possible that the issuing entity will not be able to deduct all of its interest expense in the year accrued. If this occurs, the excess interest expense could be carried forward to subsequent years, but the tax allocable to the issuing entity’s beneficial owners in the year the expense is accrued could increase.

Amendments to the timing of income rules may have tax implications on noteholders.

A noteholder using the accrual method of accounting generally will be required to include amounts in income with respect to a note no later than the time such amounts are reflected on certain financial statements of such holder. The application of this rule thus may require the accrual of income earlier than as described below, under the heading “U.S. Tax Matters—Tax Consequences to U.S. Holders of the Notes” in this prospectus. Prospective purchasers of notes using the accrual method of accounting are advised to consult their own tax advisors regarding the application of these rules to income in respect of a purchased note. For further discussion of the application of this rule, see “U.S. Tax Matters—Tax Consequences to U.S. Holders of the Notes—Potential Acceleration of Items of Income” in this prospectus.

RISKS PRIMARILY RELATED TO THE AUTOMOBILE LOAN CONTRACTS, ECONOMIC CONDITIONS AND OTHER FACTORS

Adverse events arising from the coronavirus outbreak could result in delays in payment or losses on your notes.

An outbreak of infectious disease caused by a recently discovered coronavirus and related variants, or COVID-19, has spread throughout the world, including in the United States. A significant number of countries and U.S. state governments made emergency declarations related to the outbreak, in an attempt to slow community spread of COVID-19 by providing social distancing guidelines, issuing stay-at-home orders and mandating the closure of certain non-essential businesses, which, in many jurisdictions, initially included automotive dealers. The outbreak has led, and will likely continue to lead, to disruptions in global financial markets and the economies of many nations. In the United States, the outbreak has caused an unprecedented level of unemployment claims, economic volatility, and resulted in a decline in consumer confidence and spending. The long-term and ultimate impacts of the social, economic and financial disruptions caused by the outbreak of COVID-19 are unknown. The ultimate duration and the effect of any resurgence of the COVID-19 outbreak or similar public health issues are also uncertain. See “—During periods of economic downturn, losses may increase and loans used to finance vehicles may incur greater losses,” below.

It is unclear how many obligors have been and will continue to be adversely affected by the outbreak and related efforts by the government to slow the spread of COVID-19 throughout the nation, which could have a negative impact on the ability of obligors to make timely payments on their automobile loan contracts and may result in increased losses on the automobile loan contracts. In addition, many automotive dealers were required to temporarily close or restrict their operations due to being classified as non-essential businesses.

Further, federal, state or local governments could enact, and in some cases have enacted, laws, regulations, executive orders or other guidance that allow obligors to stop making scheduled payments on certain obligations for some period of time, require modifications to the related contracts (e.g., waiving accrued interest), or preclude creditors from exercising certain rights or taking certain actions with respect to collateral securing such obligations, including repossession or liquidation of financed vehicles. As a result of the COVID-19 outbreak, Exeter temporarily suspended repossession activities in certain jurisdictions. Although Exeter has resumed repossession activities in all but a limited number of such jurisdictions (where allowed by law), there can be no assurance that repossession activity will not be further restricted as the result of changes in applicable laws and guidance, the resurgence of COVID-19 or for other reasons. Any delay in repossession activity may extend the timing of expected cashflow from the automobile loan contracts, increase the weighted average life of any class of notes, reduce the yield on your notes and adversely affect the market value of the notes.

The continued spread of COVID-19 could result in staffing problems in various industries and businesses and may also result in the further adjustment of business continuity plans to potentially change how and from where staff members work. Such staffing problems and adjustments could result from any additional or reinstated laws, regulations, orders or other guidance issued by governmental authorities in an attempt to slow ongoing community spread of COVID-19, and may cause changes in historical obligor behavior, potentially resulting in less timely payments on automobile loan contracts. Any such staffing problems could adversely affect the ability of Exeter and the other transaction parties to perform their respective obligations under the transaction documents. As discussed under “—Adverse events with respect to the servicer or certain of its vendors may increase the risk of loss on your investment”, the outbreak could also adversely affect Exeter’s business.

As discussed under “Exeter’s Automobile Financing Program—Loan Servicing,” to the extent the outbreak and related economic conditions results in increased delinquencies and defaults by obligors on the automobile loan contracts, the servicer may implement a range of actions to extend or modify the payment terms on the automobile loan contracts, but the extensions or modifications will remain consistent with the servicer’s customary servicing practices. In the early months of the COVID-19 outbreak, the servicer experienced an increase in the number of extensions requested by obligors related to COVID-19, although the volume of such requests subsequently declined. Absent a breach by Exeter or the depositor of certain representations and warranties regarding the automobile loan contracts, or a breach by the servicer of certain covenants with respect to the servicing of the automobile loan contracts (and, in each case, only if such breach materially and adversely affects the interests of the noteholders in the related automobile loan contracts and is not remedied within any applicable cure period), Exeter and the

depositor will have no obligation to repurchase automobile loan contracts for which the related obligor was adversely affected by the outbreak of COVID-19 (including any automobile loan contracts extended or modified after the cutoff date), except that the servicer will be obligated to purchase any automobile loan contract the term of which is extended beyond the last day of the collection period immediately prior to the final scheduled distribution date for the Class F Notes. An increase in extensions of the automobile loan contracts will affect the timing of expected collections thereon, and could increase the weighted average life of any class of notes and reduce the yield on your notes.

Initial restrictions imposed by state and local governments in response to COVID-19 resulted in the cessation of most, if not all, physical auctions of used vehicles and significantly reduced the volume and prices in the auction market for used vehicles in the United States. There can be no assurance that a resurgence of COVID-19 or another public health issue will not result in the imposition of additional or reinstated restrictions in the future. Any such restrictions could adversely affect the servicer’s ability to liquidate repossessed vehicles and the price to be received from the liquidation of such vehicles, which could adversely affect the timing and amount of proceeds of any defaulted automobile loan contract and the performance and market value of the notes.

Because a pandemic such as the COVID-19 outbreak has not occurred in recent years, the sponsor’s historical delinquency and loan loss experience described in this prospectus may not accurately predict the performance of the automobile loan contracts in this transaction. The extent to which the COVID-19 outbreak impacts the notes will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 outbreak and the actions taken to contain it or treat its impact. There can be no assurance that any measures undertaken by the federal government, or by state or local governments, will be effective to mitigate the negative near-term and potentially longer-term impact of the COVID-19 outbreak. To the extent the COVID-19 pandemic continues to adversely affect the United States economy, including the ability of obligors to make timely payments on the automobile loan contracts, financial markets, and the business and operations of the sponsor and the servicer, it may also have the effect of heightening many of the other risks described in this “Risk Factors” section, such as those related to the ability of obligors to make timely payments on the automobile loan contracts, used vehicle values, the performance, market value, credit ratings and secondary market liquidity of your notes, and risks of geographic concentration of the obligors.

An automobile loan contract pool that includes substantially all automobile loan contracts that are the obligations of sub-prime obligors will have higher default rates than a pool comprised of the obligations of prime obligors.

The automobile loan contracts in the automobile loan contract pool are substantially all sub-prime automobile loan contracts and generally were made to obligors who do not qualify for conventional motor vehicle financing as a result of, among other things, a lack of or adverse credit history, low income levels and/or the inability to provide adequate down payments. While Exeter’s underwriting guidelines, pricing of the automobile loan contracts and collection methods are designed to negate, to a degree, the higher risks inherent in automobile loan contracts with sub-prime obligors, no assurance can be given that such pricing, underwriting guidelines and collection methods will afford adequate protection against such risks or that such methods will enable the holding trust (and the issuing entity, in turn, as holder of the holding trust certificate) to avoid higher than expected charge-off rates or that Exeter’s allowance for credit losses for the next twelve months will be sufficient to cover actual losses.

In the event of an automobile loan contract default, generally, the most practical alternative is repossession of the financed vehicle. The collateral value of the vehicle securing the automobile loan contract realized in a repossession will generally not cover the outstanding principal balance on that automobile loan contract and the related costs of recovery. Other factors that may affect the ability of the issuing entity to realize the full amount due on an automobile loan contract include whether endorsements or amendments to certificates of title relating to the automobiles had been filed or such certificates have been delivered to the custodian; whether financing statements to perfect the security interest in the automobile loan contracts had been filed; depreciation, obsolescence, damage or loss of any vehicle; a market deterioration for recoveries from repossessed automobiles; and the application of federal and state bankruptcy and insolvency laws. As a result, losses on the automobile loan contracts are anticipated from repossessions and foreclosure sales that do not yield sufficient proceeds to repay the automobile loan contracts in full. See “Material Legal Aspects of the Automobile Loan Contracts” in this prospectus.

During periods of economic downturn, losses may increase and loans used to finance vehicles may incur greater losses.

Recently, the United States experienced a period of severe and unprecedented economic slowdown that may adversely affect the performance and market value of your notes. It is possible that a higher percentage of obligors will seek protection under bankruptcy or debtor relief laws as a result of financial and economic disruptions related to the COVID-19 outbreak than is reflected in the sponsor’s historical experience. See “—Adverse events arising from the coronavirus outbreak could result in delays in payment or losses on your notes,” above. Ongoing deterioration in economic conditions, including elevated unemployment and lack of available credit, as well as other factors, may lead to increased delinquencies, defaults, repossessions and losses on the automobile loan contracts. Such periods of slowdown or recession may also be accompanied by decreased consumer demand for automobiles and declining values of automobiles securing outstanding automobile loan contracts, which could weaken collateral coverage and increase the amount of a loss in the event of default. Also, any increases in the inventory of used automobiles during a period of economic slowdown or recession will typically depress the prices at which repossessed automobiles may be sold. Motor vehicle finance companies, including Exeter, experienced an increase in requests for extensions with respect to their automobile loan contracts, and there can be no assurance that such requests may increase in the future as a result of the COVID-19 pandemic. Motor vehicle finance companies, including Exeter, may experience an increase in delinquencies at the expiration of the term of any such extensions granted.

Additionally, higher and unstable energy prices, unstable real estate values, reset of adjustable rate mortgages to higher interest rates, declining stock market values and other factors can impact consumer confidence and disposable income. Moreover, the recent partial shutdown of the U.S. federal government, and any similar shutdowns that may occur in the future, could have a negative economic impact on obligors who are employees of the federal government or who otherwise rely upon federal government assistance (including, for example, obligors living in disaster areas). The servicer may grant payment extensions on an automobile loan contract with respect to which the obligor’s ability to make on-time payments was adversely affected by a major disaster (as declared by the President of the United States). These conditions increased loss frequency, decreased consumer demand for automobiles and weakened collateral values on certain types of automobiles during previous periods of economic slowdown or recession and may have similar effects in any future periods of economic slowdown or recession.

Because Exeter focuses predominately on sub-prime borrowers, the actual rates of delinquencies, defaults, repossessions and losses on these automobile loan contracts are higher than those experienced in the general automobile finance industry and may be impacted to a greater extent during an economic downturn. Sub-prime obligors generally have lower collection rates and higher loan loss rates than prime obligors. Sub-prime obligors have historically been, and may in the future become, more likely to be affected, or more severely affected, by adverse macroeconomic conditions, particularly unemployment. If the obligor on an automobile loan contract defaults, the owner of the automobile loan contract will bear the risk of any deficiency between the value of the collateral and the balance owed on the automobile loan contract, including accrued and unpaid interest, or the full amount in certain cases where the collateral does not get repossessed. Accordingly, consumer defaults could adversely affect Exeter’s results from operations and could materially and adversely affect payments on the notes. See “Delinquency and Loan Loss Information,” “Delinquency Experience” and “Loan Loss Experience” in this prospectus for delinquency, default, loan loss and repossession information regarding the automobile loans originated indirectly by Exeter through dealers and directly by the direct lender and serviced by Exeter.

In addition to an economic slowdown or recession, the asset-backed securities market, along with credit markets in general, may experience disruptions from time to time. For example, credit markets (including the market for asset-backed securities) have recently experienced disruptions as the result of the COVID-19 outbreak. Any such disruption could result in a reduction in the general availability of credit which may slow the expected rate of prepayment of automobile loan contracts. If losses on the automobile loan contracts increase, recovery rates on repossessed automobile loan contracts decrease or the expected rate of prepayment decreases, then the yields on the notes will be relatively more sensitive to losses on the automobile loan contracts. If the actual rate and amount of losses exceed your expectations, the yield to maturity on your notes may be lower than anticipated, and you may suffer a loss on your investment.

No prediction or assurance can be made as to the effect of economic developments on the rate of delinquencies, prepayments and/or losses on the automobile loan contracts or the market value of your notes.

Geographic concentrations of automobile loan contracts may increase concentration risks.

The concentration of the automobile loan contracts in specific geographic areas may increase the risk of loss. Adverse economic conditions or other factors affecting any state or region, including those resulting from public health concerns (such as the COVID-19 outbreak), could increase the delinquency or loan loss experience of the automobile loan contracts whose obligors reside in that state or region. As a result, you may experience payment delays and losses on your notes. However, an improvement in economic conditions could result in prepayments by the obligors of their payment obligations under the automobile loan contracts. As a result, you may receive principal payments of your notes earlier than anticipated. No prediction can be made and no assurance can be given as to the effect of an economic downturn or economic growth on the rate of delinquencies, prepayments and/or losses on the automobile loan contracts.

As of the cutoff date, the four states with the highest concentration levels of automobile loan contract originations, based on the automobile loan contracts’ principal balance as of such date, were in the states of Texas (14.53%), California (10.51%), Georgia (8.36%) and Florida (7.67%). No other state accounts for more than 5.00% of the aggregate principal balance of the automobile loan contracts in the pool as of the cutoff date.

The effect of economic factors, as described under “—During periods of economic downturn, losses may increase and loans used to finance vehicles may incur greater losses” and the effect of natural disasters, such as hurricanes, tornadoes, fires, drought, earthquakes, floods and other extreme weather conditions, on the performance of the automobile loan contracts is unclear, but there may be a significant adverse effect on general economic conditions, consumer confidence and general market liquidity. Because of the concentration of the obligors in certain states, any adverse economic factors or natural disasters in those states may have a greater effect on the performance of the notes and the collections on the automobile loan contracts than if the concentration did not exist.

The eligibility representations and warranties that Exeter and the depositor will make about the automobile loan contracts, and Exeter and the depositor’s obligations to repurchase automobile loan contracts with respect to which there is a breach of any such representation and warranty, are limited.

Exeter will make eligibility representations and warranties to the depositor about the automobile loan contracts and the depositor will make the same eligibility representations and warranties to the issuing entity about the automobile loan contracts. If there is a breach of any such eligibility representations or warranties regarding the automobile loan contracts made by Exeter to the depositor or by the depositor to the issuing entity, respectively, if the related breach is not cured and if the related breach materially and adversely affects the interest of the noteholders in such automobile loan contract, Exeter or the depositor, respectively, will be obligated to repurchase the affected automobile loan contract. Any such breach will be deemed not to have a material and adverse effect on the interests of the noteholders in an automobile loan contract if such breach has not affected the ability of the holding trust or noteholders to receive and retain timely payment in full of all amounts due on such automobile loan contract.

Certain of the eligibility representations and warranties that Exeter and the depositor will make about each automobile loan contract are subject to important qualifications or limitations, such as knowledge qualifiers, or relate to actions taken by a third-party, such as the related dealer or the direct lender. Therefore, certain of these eligibility representations and warranties are included principally to allocate risk among the parties to the related agreements rather than to state matters of fact regarding the automobile loan contracts that Exeter or the depositor, as applicable, is able to independently verify.

While the eligibility representations and warranties that are made by Exeter and the depositor cover a number of potential defects with respect to each automobile loan contract, they do not cover every potential defect which may result in a realized loss on the automobile loan contracts. Furthermore, while the depositor and Exeter are obligated to repurchase any automobile loan contract if there is a breach of any of their respective eligibility representations and warranties (and if such breach is not cured and materially and adversely affects the interest of the noteholders in such automobile loan contract), there can be no assurance given that Exeter or the depositor, respectively, will financially be in a position to fund its repurchase obligation.

Inadequate insurance on automobiles may cause losses on your investment.

Each automobile loan contract requires the obligor to maintain insurance covering physical loss and damage to the vehicle. Since the obligors select their own insurers to provide the required coverage, the specific terms and conditions of their policies vary. If an obligor ceases to maintain such insurance, it is the sponsor’s policy not to force-place such insurance. In the event insurance coverage ceases to be maintained by obligors then insurance recoveries may be limited in the event of losses or casualties to automobiles included in the holding trust property, and you could suffer a loss on your investment.

RISKS PRIMARILY RELATED TO LEGAL AND REGULATORY MATTERS

Financial regulatory reform could have a significant impact on the servicer, the sponsor, the depositor, the holding trust or the issuing entity.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173), or the Dodd-Frank Act, was signed into law on July 21, 2010. Many of its provisions had delayed implementation dates or required implementing regulations to be issued. Some of these regulations still have not been issued. In addition, there have been various proposals regarding repealing or modifying various provisions of the Dodd-Frank Act. The Dodd‑Frank Act is extensive and significant legislation that, among other things:

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creates a liquidation framework under which the Federal Deposit Insurance Corporation, or FDIC, may be appointed as receiver following a “systemic risk determination” by the Secretary of Treasury (in consultation with the President) for the resolution of certain nonbank financial companies and other entities, defined as “covered financial companies,” and commonly referred to as “systemically important entities,” in the event such a company is in default or in danger of default and the resolution of such a company under other applicable law would have serious adverse effects on financial stability in the United States, and also for the resolution of certain of their subsidiaries;

•	creates a framework for the regulation of over-the-counter derivatives activities;

•	strengthens the regulatory oversight of securities and capital markets activities by the SEC;

•	creates the Consumer Financial Protection Bureau, or Bureau, an agency responsible for administering and enforcing the laws and regulations for consumer financial products and services; and

•	increases the regulation of the securitization markets through, among other things, a mandated risk retention requirement for securitizers and a direction to the SEC to regulate credit rating agencies and adopt regulations governing these organizations and their activities.

The various requirements of the Dodd-Frank Act, including the implementing regulations which have yet to be released, may substantially impact the origination, servicing and securitization program of the sponsor and its subsidiaries.

With respect to the liquidation framework for systemically important entities, no assurances can be given that such framework would not apply to the sponsor or its subsidiaries, including the issuing entity and the depositor, although the expectation embedded in the Dodd-Frank Act is that the framework will be invoked only very rarely. Guidance from the FDIC indicates that such new framework will largely be exercised in a manner consistent with the existing bankruptcy laws, which is the insolvency regime which would otherwise apply to the sponsor, the depositor, the holding trust and the issuing entity. Any attempt by the FDIC to recharacterize the transfer of the automobile loan contracts as a security interest to secure debt that the FDIC then repudiates would cause delays in payments or losses on the notes. In addition, if the issuing entity were to become subject to the orderly liquidation framework, the FDIC could repudiate the debt of the issuing entity and the noteholders would have a secured claim in the receivership of the issuing entity. Also, if the issuing entity were subject to the orderly liquidation framework, noteholders would not be permitted to accelerate the debt, exercise remedies against the collateral or replace the servicer without the FDIC’s consent for 90 days after the receiver is appointed. As a result of any of these events, delays in payments on the notes would occur and possible reductions in the amount of those payments could occur.

In October 2014, various federal regulators adopted rules under the Dodd-Frank Act regarding credit risk retention that, among other things, require securitizers of asset-backed securities (or their majority-owned affiliates) to retain, on an unhedged basis, at least 5% of the credit risk of the assets underlying the securities, subject to certain exemptions and exceptions. Under the Dodd-Frank Act, the final rules became effective for securitizers and originators of asset-backed securities backed by automobile loans, including the sponsor, on December 24, 2016. No assurance can be given as to the impact that these risk retention regulations may have on the market value of the notes or the operating results of the sponsor or its affiliates. See “U.S. Credit Risk Retention” in this prospectus for more information regarding the manner in which the risk retention regulations are expected to be satisfied.

Many provisions of the Dodd-Frank Act are required to be implemented through rulemaking by the applicable federal regulatory agencies, not all of which has yet occurred. Therefore, the full impact of financial regulatory reform on the financial markets and its participants and on the asset-backed securities market in particular will not be known for some time. We cannot assure you that the Dodd-Frank Act and its implementing regulations, or the imposition of additional regulations, will not have a significant adverse impact on the value of the notes, on the servicing of the assets or on the sponsor, the depositor, the holding trust, the issuing entity, the indenture trustee, the owner trustee, the asset representations reviewer or the servicer. Under some interpretations of these new provisions, the potential may exist for the performance of the notes to be negatively impacted.

The Bureau and the Federal Trade Commission, or FTC, have, from time to time, investigated the products, services and operations of credit providers, including banks and other finance companies engaged in auto finance activities, such as Exeter. The Bureau has indicated an intention to review the actions of indirect auto finance companies such as Exeter with regard to pricing activities and issued a bulletin to such lenders on how to limit fair lending risk under the Equal Credit Opportunity Act. Additionally, the Bureau has also recently begun reviews concerning certain other automobile lending practices, including the sale of extended warranties, credit insurance and other add-on products. Both the FTC and the Bureau have announced various enforcement actions against lenders beginning in 2012 involving significant penalties, cease and desist orders, and similar remedies that, if applicable to auto finance providers and to products, services and operations of the nature offered by Exeter, may require it to cease or alter certain business practices, which could have a material effect on its financial condition and results of operations.

Furthermore, on June 10, 2015, the Bureau issued a rule that expands its supervisory and examination authority to now include the largest nonbank auto lenders such as Exeter. This supervisory power over nonbank lenders such as Exeter will allow the agency to conduct comprehensive and rigorous on-site examinations that could result in enforcement actions, fines, regulatory mandated process, procedure or product-related changes or consumer refunds if violations of law are found.

On March 25, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was signed into law. The CARES Act is extensive and significant legislation adopted to address the COVID-19 pandemic, and it includes various provisions intended to help consumers, such as new requirements affecting credit reporting, direct payments to workers, and unemployment relief. The potential impact of the CARES Act on the sponsor and its affiliates or on the obligors for the automobile loan contracts is not fully known. Furthermore, it is unknown what effect, if any, the expiration or modification of certain of these governmental measures (including, without limitation, with respect to unemployment relief) may have on the ability of the obligors to make timely payments on the receivables. It is possible that compliance with the implementing regulations under the CARES Act may impose costs on, or create operational constraints for, the sponsor and may have an adverse impact on the ability of the servicer to effectively service the automobile loan contracts. For example, the servicer could be required to limit its operations, or the servicer and its vendors may need to close temporarily due to its potential classification as a “non-essential businesses” or otherwise. Further, certain governmental authorities, including federal, state or local governments, could enact, and in some cases have enacted, laws, regulations, executive orders or other guidance that allow obligors to stop making scheduled payments on certain obligations for some period of time, require modifications to the related contracts (e.g., waiving accrued interest), or preclude creditors from exercising certain rights or taking certain actions with respect to collateral securing such obligations, including repossession or liquidation of financed vehicles.

In general, compliance with applicable law and regulations may be costly because new processes, forms, controls and additional infrastructure may be required to comply with new requirements. Any failure to comply with these laws and regulations could result in significant statutory civil and criminal penalties, monetary damages, attorneys’ fees and costs, possible revocation of licenses and damage to reputation, brand and valued customer relationships,

and which, in turn, could materially and adversely affect payments on the notes. No assurance can be given that the ultimate outcome of the investigations or any resulting proceedings would not materially and adversely affect Exeter or any of its subsidiaries and affiliates, including the servicer, or the interests of the noteholders or the servicer’s ability to perform its duties under the transaction documents. Additionally, any such outcome could adversely affect the ratings, marketability or liquidity of your notes.

EU risk retention requirements may affect the liquidity of the notes.

Pursuant to Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017, as amended, or the EU Securitization Regulation, EU Institutional Investors investing in a “securitisation” (as defined in that regulation) must, amongst other things, verify (a) certain credit-granting requirements are satisfied (b) that the originator, sponsor or original lender retains on an ongoing basis a material net economic interest which, in any event, shall not be less than 5%, determined in accordance with Article 6 of the EU Securitization Regulation, and discloses that risk retention and (c) that the originator, sponsor or relevant securitization special purpose entity has, where applicable, made available information as required by Article 7 of the EU Securitization Regulation. The EU Securitization Regulation has direct effect in member states of the European Union and is expected to be implemented by national legislation in other countries in the European Economic Area. EU Institutional Investors include certain types of EU regulated investors, including credit institutions and investment firms (and in each case certain consolidated affiliates thereof), institutions for occupational retirement, alternative investment fund managers who manage or market alternative investment funds in the EU, insurance and reinsurance undertakings and management companies of UCITS funds (or internally managed UCITS).

None of the sponsor, the depositor, the servicer, the issuing entity, their respective affiliates nor any other party to the transactions described in this prospectus intends or is required under the transaction documents to retain a material net economic interest in the securitization constituted by the issuance of the notes in a manner that would satisfy the requirements of the EU Securitization Regulation. In addition, no such person undertakes to take any other action or refrain from taking any action prescribed or contemplated in, or for purposes of, or in connection with, compliance by any investor with any applicable requirement of, the EU Securitization Regulation. The arrangements described under “U.S. Credit Risk Retention” of this prospectus have not been structured with the objective of ensuring compliance with the requirements of the EU Securitization Regulation by any person. Consequently, the notes may not be a suitable investment for EU Institutional Investors. As a result, the price and liquidity of the notes in the secondary market may be adversely affected.

Failure by an EU Institutional Investor to comply with any applicable EU Securitization Regulation with respect to an investment in the notes may result in the imposition of a penalty regulatory capital charge or other regulatory sanctions and remedial measures.

Prospective investors are responsible for analyzing their own legal and regulatory position and are advised to consult with their own advisors regarding the suitability of the notes for investment and the scope, applicability and compliance requirements of the EU Securitization Regulation.

UK risk retention requirements may affect the liquidity of the notes.

The EU Securitization Regulation has been transposed into the UK law by virtue of the EUWA, as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019/660, or, together, the UK Securitization Regulation. UK Institutional Investors investing in a “securitisation” (as defined in that regulation) must, amongst other things, verify (a) certain credit-granting requirements are satisfied (b) that the originator, sponsor or original lender retains on an ongoing basis a material net economic interest which, in any event, shall not be less than 5%, determined in accordance with Article 6 of the UK Securitization Regulation, and discloses that risk retention and (c) (if established outside of the UK) the originator, sponsor or securitization special purpose entity issuer, where applicable (i) has made available information which is substantially the same as that which it would have made available if it had been established in the UK and (ii) has done so with such frequency and modalities as are substantially the same as those with which it would have made information available if it had been established in the UK. UK Institutional Investors include various types of UK regulated investors, including credit institutions and investment firms (and in each case certain affiliates thereof), institutions for occupational retirement, alternative investment fund managers who manage or market alternative investment funds in the UK, insurance and reinsurance undertakings and management companies of UCITS funds (or internally managed UCITS), each as set out in the UK Securitization Regulation.

None of the sponsor, the depositor, the servicer, the issuing entity, their respective affiliates nor any other party to the transactions described in this prospectus intends or is required under the transaction documents to retain a material net economic interest in the securitization constituted by the issuance of the notes in a manner that would satisfy the requirements of the UK Securitization Regulation. In addition, no such person undertakes to take any other action or refrain from taking any action prescribed or contemplated in, or for purposes of, or in connection with, compliance by any investor with any applicable requirement of, the UK Securitization Regulation. The arrangements described under “U.S. Credit Risk Retention” of this prospectus have not been structured with the objective of ensuring compliance with the requirements of the UK Securitization Regulation by any person. Consequently, the notes may not be a suitable investment for UK Institutional Investors. As a result, the price and liquidity of the notes in the secondary market may be adversely affected.

Failure by a UK Institutional Investor to comply with the UK Securitization Regulation with respect to an investment in the notes may result in the imposition of a penalty regulatory capital charge or other regulatory sanctions and remedial measures.

Failure to comply with consumer protection laws may adversely affect the ability to collect amounts due on the automobile loan contracts.

Federal and state consumer protection laws regulate the creation, collection and enforcement of consumer contracts such as the automobile loan contracts. These laws impose specific statutory liabilities upon creditors who fail to comply with the provisions of these laws. Although the liability of the issuing entity or the holding trust to the obligor for violations of applicable federal and state consumer laws may be limited, these laws may make an assignee of an automobile loan contract, such as the issuing entity or the holding trust, liable to the obligor for any violation by the lender. Under certain circumstances, the liability of the issuing entity or the holding trust to the obligor for violations of applicable federal and state consumer protection laws may be limited by the applicable law. In some cases, this liability could affect an assignee’s ability to enforce its rights related to secured loans such as the automobile loan contracts.

Additionally, the CARES Act includes various provisions, such as new requirements affecting credit reporting, designed to protect consumers.

The depositor or the sponsor may be obligated to repurchase from the holding trust any automobile loan contract that failed to comply in all material respects with federal and state consumer protection laws at the time such automobile loan contract was originated or made. To the extent that the depositor or the sponsor fail to make such a repurchase, or to the extent that a court holds the issuing entity or the holding trust liable for violating consumer protection laws regardless of such a repurchase, a failure to comply with consumer protection laws could result in required payments by the issuing entity or the holding trust, as applicable. As a result, you may suffer loss of your investment in the notes. For a discussion of federal and state consumer protection laws which may affect the automobile loan contracts, see “Material Legal Aspects of the Automobile Loan Contract—Consumer Protection Laws” in this prospectus.

Limitations on interest payments and repossessions may cause losses on your investment.

Generally, under the terms of the Servicemembers Civil Relief Act and similar state legislation, a lender may not charge an obligor who enters military service after the origination of the automobile loan contract interest, including fees and charges, above an annual rate of 6% during the period of the obligor’s active duty status, unless a court orders otherwise upon application of the lender. It is possible that this action could affect the servicer’s ability to collect full amounts of interest on some of the automobile loan contracts. In addition, this legislation imposes limitations that would impair the servicer’s ability to repossess an affected automobile loan contract during the obligor’s period of active duty status. Thus, in the event that these automobile loan contracts go into default, there may be delays in receiving payments and losses on your investment in the notes.

The regulatory environment in which the consumer finance industry operates could have a material adverse effect on the sponsor’s business and operating results.

Since September 2014, Exeter and/or its affiliates have received civil subpoenas and civil investigative demands from various federal and state agencies, including from the U.S. Department of Justice under the Financial Institutions Reform, Recovery and Enforcement Act, the SEC and several state attorneys general, requesting documents and communications and other information that, among other things, relate to Exeter’s origination, underwriting and securitization of auto loans. In the future, Exeter may be served with additional subpoenas or requests relating to similar or related topics. Exeter investigates any such matters internally and attempts to cooperate with all such requests. Such investigations could in the future result in the imposition of damages, fines or civil or criminal claims and/or penalties.

Additionally, because Exeter’s portfolio predominantly consists of sub-prime automobile loan contracts, which are associated with higher than average delinquency rates and charge-offs than prime automobile loan contracts, Exeter has significant involvement with credit bureau reporting and the collection and recovery of delinquent and charged-off debt, primarily through customer communications, the periodic sale of charged-off debt and vehicle repossession. Exeter is subject to enhanced legal and regulatory scrutiny regarding credit bureau reporting and debt collection practices from regulators, courts and legislators. Any future changes to Exeter’s business practices in these areas, including its debt collection practices, whether mandated by regulators, courts, legislators or otherwise, or any legal liabilities resulting from Exeter’s business practices, including its debt collection practices, could materially and adversely affect Exeter’s business, financial condition and results of operations, and which, in turn, could materially and adversely affect payments on the notes.

Transaction parties may become subject to litigation or governmental proceedings, resulting in significant fines, penalties, judgments, requirements and other expense increases.

Since the financial crisis, there has been an increase in litigation against, and governmental proceedings involving, sponsors, depositors and servicers of asset-backed securities. Additionally, as an automobile financing company, Exeter currently is, and in the future may be, subject to various consumer claims and litigation seeking damages and statutory penalties and other relief, including individual and class action lawsuits under consumer credit, consumer protection, including under the Telephone Consumer Protection Act of 1991, or the TCPA, theft, privacy, data security, automated dialing equipment, debt collections and other laws. As the assignee or purchaser of automobile loan contracts originated indirectly by dealers or originated directly by the direct lender, in each case for sale or assignment to Exeter, Exeter also may be named as a co-defendant in lawsuits filed by consumers principally against such dealers or the direct lender. Calls and/or text messages originated to Exeter’s consumers may subject Exeter to potential specific risks. For example, the TCPA restricts telemarketing and the use of technologies that enable automatic calling and/or SMS text messages to a consumer’s mobile phone without proper consent. Many of these cases present novel issues on which there is no clear legal precedent, which increases the difficulty in predicting both the potential outcomes and costs of defending these cases. The outcome of future matters could materially adversely affect Exeter’s business, results of operations and financial condition, which in turn, could materially and adversely affect payments on the notes.

Furthermore, defending lawsuits and responding to governmental inquiries or investigations, regardless of their merit, could be costly and such costs and expenses could be payable by, or subject to reimbursement by, the issuing entity. Unfavorable outcomes in any such current or future proceedings could materially and adversely affect Exeter’s business, results of operations and financial condition, and may affect the ability of Exeter to perform its obligations to repurchase assets from the holding trust with respect to which there has been a breach of eligibility representations and warranties and satisfaction of the conditions to repurchase. This could result in a delay in or reduction of payments on the notes. The damages and penalties claimed by consumers and governmental regulators in these types of matters can be substantial. The relief requested by the plaintiffs varies but includes requests for compensatory, statutory and punitive damages. In addition, if the servicer is subject to litigation or a governmental proceeding, this may affect the ability of the servicer to perform its servicing obligations, even if such litigation or a governmental proceeding is not related to the automobile loan contracts owned by the holding trust.

While Exeter intends to vigorously defend itself against such proceedings, there is a chance that Exeter’s results of operations, financial condition and cash flows could be materially and adversely affected by unfavorable outcomes. Additionally, negative publicity associated with litigation, governmental investigations, regulatory actions, and other

public statements could damage Exeter’s reputation. We cannot assure you as to the effect any such proceeding or litigation, if any, may have on payments in respect of the assets or yield on the notes.

RISKS PRIMARILY RELATED TO BANKRUPTCY AND INSOLVENCY OF TRANSACTION PARTIES AND PERFECTION OF SECURITY INTERESTS

Interests of other persons in the automobile loan contracts or the related financed vehicles could reduce funds available to pay the notes.

Exeter, in its capacity as custodian, and not the indenture trustee, will hold the automobile loan contracts that are “tangible chattel paper” and any certificates of title (or electronic evidence of certificates of title) in its possession on behalf of the indenture trustee. Exeter, in its capacity as custodian, and not the indenture trustee, will maintain or cause to be maintained “control” (within the meaning of the UCC) over the automobile loan contracts that are “electronic chattel paper” through one or more third-party vendors.

If another person acquires an interest in an automobile loan contract or a related financed vehicle that is superior to the indenture trustee’s interest, the collections on that automobile loan contract or the proceeds from the sale of that financed vehicle may not be available which could reduce or delay the funds available to make payments on your notes. If the indenture trustee, as secured party, does not have a perfected security interest in an automobile loan contract or a financed vehicle, its ability to repossess and sell the financed vehicle securing a defaulted automobile loan contract may be adversely affected. Another person could acquire an interest in an automobile loan contract or a financed vehicle that is superior to the indenture trustee’s interest if:

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the indenture trustee does not have a perfected security interest in the automobile loan contract or the financed vehicle because the sponsor’s security interest in the automobile loan contract or in the financed vehicle was not properly perfected,

•

the indenture trustee does not have a perfected security interest in the financed vehicle in some states because the servicer will not amend the certificate of title to identify the holding trust as the new secured party, or

•

the indenture trustee’s security interest in the automobile loan contract or the financed vehicle is impaired because holders of some types of liens, such as tax liens or mechanic’s liens, may have priority over the indenture trustee’s security interest or a financed vehicle is confiscated by a government agency.

With respect to the “control” of electronic contracts, we note that the systems maintained by one or more third-party vendors are designed to enable Exeter, as custodian, to perfect its interest in the automobile loan contracts evidenced by electronic contracts by satisfying the requirements for “control” of “electronic chattel paper” under the UCC. There can be no assurances, however, that the third-party vendors’ technology systems will perform as represented to the sponsor in maintaining the systems and controls required to provide assurance that Exeter, as custodian, maintains control over an electronic contract. If any such system fails to perform as represented, then there may be delays in obtaining copies of the electronic contracts or confirming ownership and control of the electronic contracts. Furthermore, if Exeter, as custodian, loses control over the automobile loan contract through fraud, forgery, negligence or error, or as a result of a computer virus or a hacker’s actions or otherwise, a person other than Exeter, as custodian, may be able to modify or duplicate the authoritative copy of the contract. We also note that there has been limited legal interpretation of the UCC provisions governing perfection of a security interest in electronic contracts by control, so there can be no assurance that, even if the system performs as represented, a court would find that the system does not establish control. See “Material Legal Aspects of the Automobile Loan Contracts―Security Interests in the Financed Vehicles” in this prospectus for more information about the security interests in the automobile loan contracts and financed vehicles.

Certain bankruptcy and insolvency matters may delay or reduce payments on the automobile loan contracts or the notes.

In general, the transaction documents and other agreements relating to the automobile loan contracts were structured in order to limit the likelihood of adverse determinations in bankruptcy, conservatorship, receivership or insolvency proceedings instituted against prior owners in the chain of title to the automobile loan contracts, the sponsor, the

servicer and relevant parent entities, including structuring transfers as “true sales” and structuring the issuing entity and the holding trust as special purpose bankruptcy-remote entities. However, it is possible in any such proceeding that claimants may argue, and that a court may determine, that one or more transfers of the automobile loan contracts were not “true sales,” or that the separateness of the issuing entity or another relevant entity should be disregarded and substantively consolidated with one or more parent entities. In such a case, the automobile loan contracts may be treated as part of the bankruptcy estate or conservatorship or receivership estate of the prior owner or parent entity that is the subject of the applicable proceeding, whether conducted under title 11 of the United States Code, or the Bankruptcy Code, or under the Federal Deposit Insurance Act. If the automobile loan contracts are treated as part of a bankruptcy or conservatorship or receivership estate, there could be delays or reductions in payments on the automobile loan contracts.

In addition, numerous statutory provisions, including federal bankruptcy laws and related State laws, may interfere with or affect the ability of a creditor to enforce an automobile loan contract. A bankruptcy court may also reduce the monthly payments due under the related automobile loan contracts or change the rate of interest and time of repayment of the indebtedness. Any of the foregoing could result in delays and/or reductions in payments on the notes.

Bankruptcy or insolvency of the servicer or the backup servicer could result in losses on the notes.

If the servicer were to go into bankruptcy or become the subject of a similar insolvency proceeding, the servicer (whether Exeter or a successor servicer) may stop performing its functions as servicer. Certain provisions of the Bankruptcy Code could prevent the backup servicer or another successor servicer from assuming the servicing role notwithstanding any provision in the sale and servicing agreement or the indenture to the contrary. As a result, investors should not assume that the backup servicer or another successor servicer will automatically or promptly be able to take over servicing from the servicer in the event of a bankruptcy of the servicer.

Additionally, except with respect to the backup servicer’s replacement of the servicer, it may be difficult to find a third party to act as successor servicer. Alternatively, the servicer may take the position that unless the amount of its compensation is increased or the terms of its obligations are otherwise altered, it will stop performing its functions as servicer. If the backup servicer is unable to fulfill its obligations to take over servicing and, if it would be difficult to find a third party to act as successor servicer, the issuing entity, as the holding trust certificateholder, as a practical matter, may have no choice but to agree to the demands of the servicer. The servicer may also have the power, in connection with a bankruptcy or insolvency proceeding and with the approval of the court or the bankruptcy trustee or similar official, to assign its rights and obligations as servicer to a third party without the consent, and even over the objection, of the issuing entity, as the holding trust certificateholder, despite the provisions of the applicable documents.

If the servicer or the backup servicer is a debtor in bankruptcy or the subject of a similar insolvency proceeding, then the parties may be prohibited (unless authorization is obtained from the court or the bankruptcy trustee or similar official) from taking any action to enforce any obligations of the servicer or the backup servicer under the sale and servicing agreement or under any related documents, or to collect any amount owing by the servicer or the backup servicer under such documents, or to terminate and replace the servicer or the backup servicer despite the terms of the any such documents.

Additionally, if the servicer or the sponsor were to become a debtor in bankruptcy or the subject of an insolvency or similar proceeding, payments previously made by such person during the preference period could potentially be avoided and required to be returned as a preferential payment under applicable bankruptcy, insolvency, receivership or similar law. To the extent any collections have been received on the automobile loan contracts but not yet been remitted to the collection account, including amounts held in a lockbox account or any account of the servicer, there can be no assurance that such collections will be remitted to the collection account in the event of the bankruptcy or insolvency of the servicer. Other creditors of the servicer may be deemed to have, or actually have, rights to such amounts that are equal to or greater than the rights of the holding trust or issuing entity as holding trust certificateholder. In addition, because a bankruptcy or similar proceeding may take months or years to complete, even any recovery that is determined to be owed by the servicer or the sponsor as the debtor in the bankruptcy or similar proceeding (and no such recovery can be assured) may effectively experience a reduction in value by the time such recovery is available.

More generally, obligors may delay or suspend making payments to the servicer because of the uncertainties occasioned by the servicer becoming subject to a bankruptcy or similar proceeding, even if the obligors have no legal right to do so, and such delay would reduce, at least for a time, the funds that might otherwise be available to pay the notes.

It is possible that a period of adverse economic conditions resulting in high defaults and delinquencies on the automobile loan contracts will increase the potential bankruptcy risk to the servicer if its servicing compensation is less than the cost of servicing. In addition, Exeter currently depends in part upon its ability to sell securities in the asset backed securities market and upon its ability to access various credit facilities to fund its operations. As discussed under “—Adverse events arising from the coronavirus outbreak could result in delays in payment or losses on your notes,” above, the global credit and finance markets have recently experienced, and may continue to experience, significant disruption and volatility, and recent government and regulatory actions may not be successful in mitigating the adverse economic effects of the COVID-19 outbreak. Sustained adverse economic effects from the COVID-19 outbreak may also result in downgrades in the credit ratings of asset-backed securities sponsored by Exeter or adversely affect the interest rate environment. Exeter cannot predict how the COVID-19 outbreak and the legal and regulatory responses to the COVID-19 outbreak and related economic disruptions will affect its businesses, including its liquidity or the ability to access the capital markets. If Exeter’s access to funding is reduced or if Exeter’s costs to obtain such funding significantly increases, Exeter’s business and financial condition could be materially and adversely affected.

The occurrence of any of these events could result in delays or reductions in distributions on, or other losses with respect to, the notes. There may also be other possible effects of a bankruptcy, insolvency proceeding or similar proceeding of the servicer, the sponsor or the backup servicer that could result in delays or reductions in distributions on, or other losses with respect to, the notes. Regardless of any specific adverse determinations in a bankruptcy or similar insolvency proceeding of the servicer, the sponsor or the backup servicer, the fact that such a proceeding has been commenced could have an adverse effect on the value of the automobile loan contracts and the liquidity and value of the notes.

Because collections are temporarily commingled, payments on the notes could be delayed or reduced in a servicer bankruptcy.

Collections on the automobile loan contracts are generally expected to be remitted directly into a collection account, which will initially be held at the indenture trustee, in its name, for the benefit of the indenture trustee on behalf of the noteholders, prior to the deposit of such collections in the note distribution account. See “Description of the Transaction Documents—Accounts” in this prospectus.

However, some payments on the automobile loan contracts may be mailed to the servicer, or may be remitted by an obligor to the servicer in a method that results in commingling of such payments. Collections received directly by servicer shall be remitted to the lockbox bank as soon as practicable, but not more than two (2) business days (after identification). Any such payments would have to be identified and processed by the servicer before being remitted to the lockbox bank and during that time the payments may be commingled with other funds. There is no guaranty that the control arrangements in favor of the indenture trustee with respect to the collection account will remain in effect. If the indenture trustee ceases to have control of the collection account, the indenture trustee’s security interest in the collection account will no longer be perfected, and such security interest in collections would continue to be perfected only so long as such collections remained identifiable proceeds of the automobile loan contracts.

In the event that the servicer and there are competing claims on the commingled funds by creditors of any holder or owner of any such commingled funds, payments on the notes could be delayed or reduced.

Insolvency of the entity that is holding the automobile loan contracts may cause your payments to be reduced or delayed.

Exeter, in its capacity as custodian, will hold tangible contracts and maintain control over electronic contracts, in either case either directly or indirectly. Any insolvency by Exeter, the servicer, or any other party while in possession of the tangible contracts or while maintaining control over the electronic contracts may result in competing claims to ownership or security interests in the automobile loan contracts which could result in delays in payments on the notes, losses to noteholders or the repayment of the notes.

RISKS PRIMARILY RELATED TO SERVICING

Paying the servicer a fee based on a percentage of the automobile loan contracts may result in the inability to obtain a successor servicer.

Because the servicer is paid its base servicing fee based on a percentage of the aggregate outstanding amount of the automobile loan contracts, the fee the servicer receives each month will be reduced as the size of the pool decreases over time. In the event Exeter is terminated as servicer, the backup servicer will be obligated to become the successor servicer. If the need ever arises to obtain a successor servicer other than the backup servicer who is obligated to take over the servicing duties for the same servicing fee that Exeter is paid, the fee that such successor servicer would earn might not be sufficient to induce a potential successor servicer to agree to service the remaining automobile loan contracts in the pool. In this event, a higher servicing fee may need to be negotiated among the majority noteholders of the most senior class outstanding (with the Class A Notes voting together as a single class), the depositor and the successor servicer, resulting in less available funds that may be distributed to noteholders and certificateholders on a related distribution date.

The servicer’s discretion over the servicing of the automobile loan contracts may impact the amount and timing of funds available to make payments on the notes.

The servicer will be obligated to service the automobile loan contracts in accordance with its customary servicing practices. The servicer has discretion in servicing the automobile loan contracts including the ability to grant payment extensions and to determine the timing and method of collection and liquidation procedures. In addition, the servicer may from time to time offer obligors a temporary reduction in payment and/or an opportunity to defer payments. Any of these deferrals or extensions may extend the maturity of the automobile loan contracts and increase the weighted average life of each class of notes. However, such deferrals and extensions shall not extend the term of the automobile loan contract beyond the last day of the collection period immediately prior to the final scheduled distribution date for the Class F Notes. Additionally, the aggregate period for all payment extensions on an automobile loan contract shall not exceed eight months; provided that any extension on an automobile loan contract with respect to which the related obligor’s ability to make on-time payments was adversely affected by a major disaster (as declared by the President of the United States), shall not be included in the calculation of the aggregate period of all payment extensions. See “Exeter’s Automobile Financing Program—Loan Servicing” in this prospectus for more information regarding the servicer’s discretion over the servicing of the automobile loan contracts.

In addition, the servicer’s customary servicing practices may change from time to time (including without limitation, in order to comply with changes to applicable law and regulatory guidance) and those changes could reduce collections on the automobile loan contracts. Although the servicer’s customary servicing practices at any time will apply to all automobile loan contracts serviced by the servicer, without regard to whether an automobile loan contract has been transferred to the holding trust, the servicer is not obligated to maximize collections from automobile loan contracts. Consequently, the manner in which the servicer exercises its servicing discretion or changes its customary servicing practices could have an impact on the amount and timing of collections on the automobile loan contracts, which may impact the amount and timing of funds available to make payments on the notes.

Adverse events with respect to the servicer or certain of its vendors may increase the risk of loss on your investment.

Adverse events with respect to the servicer or certain of its vendors could result in servicing disruptions or affect the performance or market value of your notes and your ability to sell your notes in the secondary market. For example, servicing disruptions could result from unanticipated events beyond the servicer’s control, such as natural disasters, public health emergencies (including COVID-19 or similar outbreaks) and economic disruptions, particularly to the extent such events affect the servicer’s business or operations. For example, if significant portions of the servicer’s workforce are unable to work effectively as a result of the COVID-19 outbreak, including because of illness, stay-at-home orders, facility closures or remote work arrangements, there may be servicing disruptions, which could result in reduced collection effectiveness. Further, certain third-parties that Exeter relies on to deliver products and services to support its business could become unable to fully perform in a timely manner, which could adversely impact Exeter’s ability to operate its business or perform its obligations under the transaction documents, which could cause a disruption in collection activities with respect to the automobile loan contracts. See “—Adverse events arising from the coronavirus outbreak could result in delays in payment or losses on your notes,” above.

In the event of a termination and replacement of the servicer or certain of its vendors, there may be some disruption of the collection activity with respect to the automobile loan contracts owned by the holding trust, leading to increased delinquencies, defaults and losses on the automobile loan contracts, which may cause you to experience delays in payments or losses on your notes.

The success of your investment depends upon the ability of the servicer and certain of its vendors to store, retrieve, process and manage substantial amounts of information. If the servicer or certain of its vendors experience any interruptions or losses in its information processing capabilities, including due to attacks by hackers, computer viruses or breaches due to errors or malfeasance by employees, contractors or others who have access to its system and networks, its business, financial conditions, results of operations and, ultimately, your notes may suffer.

RISKS PRIMARILY RELATED TO EXETER’S BUSINESS

Exeter depends on the accuracy and completeness of information about obligors and their financed vehicles, and any misrepresented information could adversely affect Exeter’s business, results of operations and financial condition.

In deciding whether to approve the acquisition or creation of automobile loan contracts or to enter into other transactions with obligors, Exeter may rely on information furnished to it by or on behalf of obligors, dealers and the direct lender, including financial and vehicle information. Exeter also may rely on representations by and on behalf of obligors, dealers and the direct lender as to the accuracy and completeness of that information. If any of this information is intentionally, negligently or erroneously misrepresented and such misrepresentation is not detected prior to funding, the value of the automobile loan contract may be significantly lower than expected. Exeter has experienced in the past, and may experience in the future, frauds in application in which obligors, dealers or other parties fraudulently provide social security numbers and related credit bureau scores of other individuals, fictitious information with higher scores or information inflating the value of the financed vehicle. Exeter’s controls and processes may not have detected or may not detect all misrepresented information from the automobile loan contract applications. Any such misrepresented information could adversely affect Exeter’s business, results of operations and financial condition and which, in turn, could materially and adversely affect payments on the notes.

Unlike certain competitors that are banks, Exeter is subject to the licensing and operational requirements of states and other jurisdictions, and Exeter’s business would be adversely affected if it lost its licenses.

Because Exeter is not a nationally-chartered depository institution, Exeter does not benefit from exemptions to state loan servicing or debt collection licensing and regulatory requirements. To the extent that they exist, Exeter must comply with state licensing and various operational compliance requirements in all states in which Exeter operates. These include, among others, requirements regarding form and content of contracts, other documentation, collection practices and disclosures, and record keeping. Exeter’s business is sensitive to regulatory changes that may increase our costs through stricter licensing laws, disclosure laws or increased fees.

In addition, Exeter is subject to periodic examinations by state and other regulators. The states that currently do not provide extensive regulation of Exeter’s business may later choose to do so. The failure to comply with licensing or

permit requirements and other local regulatory requirements could result in significant statutory civil and criminal penalties, monetary damages, attorneys’ fees and costs, possible review or revocation of licenses, and damage to Exeter’s reputation, brand and valued customer relationships, which in turn, could materially and adversely affect payments on the notes.

Exeter’s business could be negatively impacted by security threats, including cyber-security threats and other disruptions.

Exeter’s technology platforms, underlying infrastructure and infrastructure of integrated third party services are important to its operating activities, and any security incidents or outages could disrupt Exeter’s ability to process automobile loan contract applications, originate automobile loan contracts or service the automobile loan contracts, which could materially and adversely affect its operating activities. Security incidents or outages may be caused by unforeseen catastrophic events, including natural disasters, terrorist or hacking attacks, large-scale power outages, software or hardware defects, computer viruses, cyber-attacks, external or internal security breaches, acts of vandalism, misplaced or lost data, programming or human errors, or other similar events. Although Exeter maintains, and regularly assess the adequacy of, a business continuity, disaster recovery and incident response plan, to effectively manage the effects of unforeseen events, Exeter cannot be certain that its plans will function as intended, or otherwise resolve or compensate for such effects.

Exeter holds in its systems confidential financial and other personal data with respect to our customers and may, subject to applicable law, share that information with our third party service providers. Such information may be of value to identity thieves and others if revealed. Although Exeter endeavors to protect the security of its computer systems and the confidentiality of the information it holds, there can be no assurance that Exeter’s security measures will provide adequate security.

It is possible that Exeter may not be able to anticipate, detect or recognize threats to its systems or to those of third parties handling data on Exeter’s behalf, or to implement effective preventive measures against all security incidents, especially because the techniques used change frequently or are not recognized until launched, and because cyber-attacks can originate from a wide variety of sources, including third parties outside of the organization such as persons who are associated with external service providers or who are or may be involved in organized crime or linked to terrorist organizations. Such persons may also attempt to fraudulently induce employees or other users of our systems to disclose sensitive information in order to gain access to Exeter’s data or that of its customers. These risks may increase in the future as Exeter continues to increase its mobile-payment and other internet-based product offerings and expand its use of web-based products and applications.

A successful penetration of the security of Exeter’s systems could cause serious negative consequences, including disruption of Exeter’s operations, misappropriation of confidential information, or damage to Exeter’s computers or systems, and could result in violations of applicable privacy and other laws, financial loss to Exeter or to its customers, customer dissatisfaction, significant litigation exposure and harm to Exeter’s reputation. Further, any of these cyber security and operational risks could result in a loss of customer business, subject us to additional regulatory scrutiny or expose Exeter to lawsuits for identity theft or other damages resulting from the misuse of their personal information and possible financial liability. Regulators may also impose penalties or require remedial action if they identify weaknesses in Exeter’s security systems, and Exeter may be required to incur significant costs to increase its cyber security to address any vulnerabilities that may be discovered or to remediate the harm caused by any security breaches.

Such a failure in business continuity or the occurrence of any such events, or any of the consequences of a successful penetration of the security of Exeter’s systems, if and when experienced, may materially and adversely affect Exeter’s business, financial condition and results of operations, including our ability to support and service the automobile loan contracts owned by the holding trust and which, in turn, could materially and adversely affect payments on the notes.

GENERAL RISKS RELATING TO THE TRANSACTION

The notes are not suitable investments for all investors, and may not be a suitable investment for you.

The notes are not a suitable investment for you if you require a regular or predictable schedule of payments or payment on any specific date. The notes are complex investments that should be considered only by investors who, either alone or with their financial, tax and legal advisors, have the expertise to analyze the prepayment,

reinvestment, default and market risks, the tax consequences of an investment in the notes and the interaction of these factors.

You may have difficulty selling your notes and/or obtaining your desired price due to the absence of a secondary market or other factors.

The notes will not be listed on any securities exchange. A secondary market for your notes may not be available and the underwriters will not be obligated to establish a secondary market in the notes. It is doubtful that a meaningful secondary market for your notes will develop, or that, if one does develop, it will provide you with liquidity of investment or continue for the life of your notes. The liquidity of a trading market, if any, for the notes may also be adversely affected by general declines or disruptions in the credit markets, including the recent disruption of trading markets resulting from the COVID-19 outbreak. Any such market declines or disruptions could adversely affect the liquidity of and market for the notes independent of the credit performance of the automobile loan contracts.

Any such period of illiquidity may continue, and even worsen, and may adversely affect the market value of your notes. As a result you may be unable to obtain the price that you wish to receive for your notes and you may suffer a loss on your investment.

Changes in the market value of the notes may not reflect the performance or anticipated performance of the automobile loan contracts.

The market value of the notes may be volatile. Market values can change rapidly and significantly and changes can result from a variety of factors. A decrease in market value may not necessarily be the result of deterioration in the performance or anticipated performance of the automobile loan contracts. For example, changes in prevailing interest rates, perceived risk, supply and demand for similar or other investment products, accounting standards, capital requirements that apply to regulated financial institutions, legal proceedings, governmental intervention, public health concerns and other factors that are not directly related to the automobile loan contracts may adversely and materially affect the market value of the notes.

Book-entry registration for the notes may reduce their liquidity.

The notes will be issued in book-entry form. Interests in such notes will be required to be held through The Depository Trust Company in the United States, or Clearstream Banking, société anonyme, or Clearstream or Euroclear Bank S.A./NV as operator of the Euroclear System, or Euroclear, in Europe. Transfers of interests in such notes within The Depository Trust Company, Clearstream or Euroclear must be made in accordance with the usual rules and operating procedures of those systems. So long as such notes are in book-entry form, the related noteholders will not be entitled to receive a definitive note representing interests. Such notes will remain in book-entry form except in the limited circumstances described under the caption “Description of the Notes— Definitive Notes” in this prospectus. Unless and until the global notes cease to be held in book-entry form, the related transaction parties will not recognize the related noteholders as holders of the related securities.

As a result, such noteholders will only be able to exercise the rights as a noteholder indirectly through The Depository Trust Company (if in the United States) and its participating organizations, or Clearstream and Euroclear (in Europe) and their participating organizations. Holding the notes in book-entry form could also limit such noteholders ability to pledge or transfer such notes to persons or entities that do not participate in The Depository Trust Company, Clearstream or Euroclear. In addition, having the notes in book-entry form may reduce their liquidity in the secondary market since certain potential investors may be unwilling to purchase notes for which they cannot obtain physical notes.

Interest and principal on such notes will be paid by the indenture trustee, on behalf of the issuing entity, to The Depository Trust Company as the record holder of those notes while they are held in book-entry form. The Depository Trust Company will credit payments received from the indenture trustee, on behalf of the issuing entity, to the accounts of its participants which, in turn, will credit those amounts to such noteholders either directly or indirectly through indirect participants. This process may delay receipt of payments from the indenture trustee, on behalf of the issuing entity.

A reduction, withdrawal or qualification of the ratings on your notes, or the issuance of unsolicited ratings on your notes, may adversely affect the market value of your notes and/or limit your ability to resell your notes.

Ratings are not recommendations to buy, sell or hold the notes. Rather, ratings are an assessment by the applicable rating agency of the likelihood that any interest on a class of notes will be paid on a timely basis and that a class of notes will be paid in full by its final scheduled distribution date. Ratings do not consider to what extent the notes will be subject to prepayment or that the principal of any class of notes will be paid prior to the final scheduled distribution date for that class of notes, nor do the ratings consider the prices of the notes or their suitability to a particular investor. A rating agency may revise or withdraw the ratings at any time in its sole discretion. The ratings of any notes may be lowered by a rating agency (including the engaged rating agencies) following the initial issuance of the notes as a result of losses on the automobile loan contracts in excess of the levels contemplated by a rating agency at the time of its initial rating analysis. Neither the depositor nor the sponsor nor any of their respective affiliates will have any obligation to replace or supplement any credit support, or to take any other action to maintain any ratings of the notes. Accordingly, there is no assurance that the ratings assigned to any note on the date on which the note is originally issued will not be lowered or withdrawn by any rating agency at any time thereafter. If any rating with respect to the notes is revised or withdrawn, the liquidity or the market value of your note may be adversely affected. The sponsor has engaged four NRSROs, and will pay each of them a fee to assign ratings on the notes.

The sponsor has not engaged any other NRSRO to assign ratings on the notes and is not aware that any other NRSRO has assigned ratings on the notes. However, under effective United States Securities and Exchange Commission, or SEC, rules, information provided by or on behalf of the sponsor to an engaged rating agency for the purpose of assigning or monitoring the ratings on the notes is required to be made available to all NRSROs in order to make it possible for non-engaged NRSROs to assign unsolicited ratings on the notes. An unsolicited rating could be assigned at any time, including prior to the closing date, and none of the depositor, the sponsor, the underwriters or any of their affiliates will have any obligation to inform you of any unsolicited ratings assigned after the date of this prospectus. Consequently, prospective investors should monitor whether an unsolicited rating of the notes has been assigned by a non-engaged NRSRO and should consult with their financial and legal advisors regarding the impact of the assignment of an unsolicited rating to a class of notes. NRSROs, including the engaged rating agencies, have different methodologies, criteria, models and requirements. If any non-engaged NRSRO assigns an unsolicited rating on the notes, there can be no assurance that such rating will not be lower than the ratings provided by the engaged rating agencies, which may adversely affect the market value of your notes and/or limit your ability to resell your notes. If any non-engaged NRSRO releases any adverse market commentary on the issuance (even without assigning a rating on the notes), this could have a similar adverse effect. In addition, if the sponsor fails to make available to the non-engaged NRSROs any information provided to any engaged rating agency for the purpose of assigning or monitoring the ratings on the notes, an engaged rating agency could withdraw its ratings on the notes, which may adversely affect the market value of your notes and/or limit your ability to resell your notes.

Potential investors in the notes are urged to make their own evaluation of the notes, including the credit enhancement on the notes, and not to rely solely on the ratings on the notes.

Potential rating agency conflict of interest and regulatory scrutiny.

It may be perceived that the engaged rating agencies have a conflict of interest that may have affected the ratings assigned to the notes where, as is the industry standard and the case with the ratings of the notes, the sponsor, the depositor or the issuing entity pays the fees charged by the rating agencies for their rating services. Furthermore, the rating agencies have been and may continue to be under scrutiny by federal and state legislative and regulatory bodies for their roles in the financial crisis and such scrutiny and any actions such legislative and regulatory bodies may take as a result thereof may also have an adverse effect on the price that a subsequent purchaser would be willing to pay for the notes and your ability to resell your notes.

COMBINATION OR “LAYERING” OF MULTIPLE RISK FACTORS MAY SIGNIFICANTLY INCREASE THE RISK OF LOSS ON THE NOTES.

Although the various risks discussed in this prospectus are generally described separately, prospective investors in the notes should consider the potential effects of the interplay of multiple risk factors. Where more than one significant risk factor is present, the risk of loss to an investor may be significantly increased. In considering the potential effects of layered risks, you should carefully review the descriptions of the automobile loan contracts and of the notes.

Use of Proceeds

The issuing entity will use the proceeds from issuing the notes to:

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pay the depositor the purchase price for the automobile loan contracts (and the depositor will, in turn, pay Exeter the purchase price for the automobile loan contracts); and

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fund the initial deposit to the reserve account.

Exeter or its affiliates will use the net proceeds from the issuance of the notes to pay their debt, including “warehouse” debt secured by the automobile loan contracts prior to their sale to the issuing entity and subsequent transfer to the holding trust. This “warehouse” debt may be owed to one or more of the underwriters or their affiliates, so a portion of the proceeds that is used to pay “warehouse” debt may be paid to the underwriters or their affiliates.

The Sponsor, the Servicer and the Custodian

Exeter Finance LLC, the sponsor and servicer, was incorporated in Texas on April 24, 2006 and was converted to a Delaware limited liability company on April 28, 2017. Exeter’s executive offices are located at 2101 W. John Carpenter Freeway, Irving, Texas 75063 and its main telephone number is (214) 572-8276.

On June 28, 2021, Exeter announced that it had entered into a definitive agreement to be acquired by an investor group led by Warburg Pincus. The transaction closed on November 8, 2021.

Exeter is the originator of the automobile loan contracts included in this transaction that were originated indirectly through automobile dealers and directly by the direct lender, in each case for sale or assignment to Exeter. Exeter purchases the automobile loan contracts that are sold or assigned to it by such dealers and the direct lender, in each case accordance with Exeter’s credit policies.

Exeter services all automobile loan contracts that are sold or assigned to it by dealers and the direct lender according to Exeter’s policies and procedures, as described below. As of September 30, 2021, Exeter serviced a portfolio of approximately 490,000 automobile loan contracts with an aggregate outstanding balance of approximately $7.5 billion. See “Exeter’s Automobile Financing Program” below in this prospectus for more information regarding the sponsor’s business and “Exeter’s Securitization Program” below in this prospectus for information regarding the sponsor’s securitization program.

Exeter will sell and assign the automobile loan contracts to the depositor pursuant to the purchase agreement. Exeter will make eligibility representations and warranties regarding those automobile loan contracts to the depositor under the purchase agreement. If it is discovered that Exeter has breached an eligibility representation and warranty under the purchase agreement with respect to an automobile loan contract, Exeter will be obligated to repurchase the affected automobile loan contract from the depositor if the interests of any noteholder therein are materially and adversely affected by such breach, unless such breach has been cured in all material respects. Any such breach will be deemed not to have a material and adverse effect on the interests of the noteholders in the affected automobile loan contract if such breach has not affected the ability of the holding trust or noteholders to receive and retain timely payment in full of all amounts due on such automobile loan contract. See “The Automobile Loan Contracts—Eligibility Criteria for Automobile Loan Contracts” and “—Repurchase Obligations” for more information regarding the representations and warranties that the sponsor will make regarding the automobile loan contracts and its repurchase obligations under the purchase agreement.

The transaction documents for prior pools of automobile loan contracts that were securitized by Exeter also contain covenants requiring the repurchase of an automobile loan contract for the breach of a related eligibility representation and warranty. During the three-year period ended September 30, 2021, none of Exeter, the depositor, the indenture trustee or the owner trustee received a demand to repurchase any automobile loan contracts underlying a securitization sponsored by Exeter, and there was no activity with respect to any demand made prior to such period. Exeter, as securitizer, discloses all fulfilled and unfulfilled repurchase requests for automobile loan contracts that were the subject of a demand to repurchase on SEC Form ABS-15G. Exeter filed its most recent Form ABS-

15G with the SEC on February 10, 2021. Exeter’s CIK number is 0001541713. A copy of the report may be obtained by any noteholder by request to Exeter.

Under the sale and servicing agreement, Exeter will service the automobile loan contracts and will be compensated for acting as the servicer. The servicer’s activities consist primarily of collecting and processing customer payments, responding to customer inquiries, initiating contact with customers who are delinquent in payment of an installment, maintaining the security interests in the financed vehicles and arranging for the repossession of the financed vehicles, liquidating collateral and pursuing deficiencies when necessary. See “Exeter’s Automobile Financing Program—Loan Servicing” below in this prospectus for more information regarding Exeter’s general servicing procedures. See “Description of the Transaction Documents—Servicing Compensation” below in this prospectus for more information regarding the servicer’s duties under the sale and servicing agreement.

As long as Exeter is the servicer, the certificates of title of the financed vehicles will not be amended or reissued to note the sale of any automobile loan contracts by Exeter to the depositor, the sale of the automobile loan contracts by the depositor to the issuing entity, the transfer of such automobile loan contracts by the issuing entity to the holding trust or the grant of a security interest in the automobile loan contracts to the indenture trustee by the holding trust. Because the certificates of title are not amended or reissued, the issuing entity may not have a perfected security interest in the financed vehicles originated in some states. See “Material Legal Aspects of the Automobile Loan Contracts” in this prospectus.

Under the custodian agreement, Exeter will act as custodian of the automobile loan contracts and the related automobile loan contract files on behalf of the indenture trustee. With respect to any automobile loan contracts that are “tangible chattel paper”, Exeter will hold such automobile loan contracts in a secure, fire resistant facility. With respect to any automobile loan contracts that are “electronic chattel paper”, Exeter will maintain in electronic format such automobile loan contracts in specially-designed computer systems maintained by one or more third-party vendors to establish “control” by Exeter under the UCC. Exeter will ensure that the automobile loan contracts and the related automobile loan contract files are clearly identified as being separate from other records. Exeter may engage one or more sub-custodians to delegate any or all of its duties with respect to maintaining such automobile loan contracts and the related automobile loan contract files. No such delegation of any of its duties shall relieve Exeter of its responsibilities with respect to such duties. Exeter will be responsible for the fees and expenses of any such sub-custodians. The fees and expenses of Exeter, acting in its capacity as custodian, will be paid under the sale and servicing agreement and will equal the aggregate amount of all fees and expenses paid by Exeter to such sub-custodians.

Although the indenture trustee will not rely on possession of the automobile loan contracts as the legal basis for the perfection of its interest in the automobile loan contracts or in the security interests in the vehicles, Exeter, acting as custodian, will hold or maintain “control” (within the meaning of the UCC) over the automobile loan contracts on behalf of the indenture trustee. This is intended to preclude any other party from claiming a competing security interest in the automobile loan contracts on the basis that their security interest is perfected by possession. The indenture trustee’s interest in the automobile loan contracts will be perfected by the filing of a UCC-1 financing statement against the holding trust in the State of Delaware which will give notice of the security interest in favor of the indenture trustee. See “Material Legal Aspects of the Automobile Loan Contracts—Security Interests in the Financed Vehicles—Perfection” in this prospectus for more information regarding Exeter’s custodial duties with respect to such automobile loan contracts.

See “Description of the Transaction Documents—Servicer Termination Event” and “—Rights Upon Servicer Termination Event” in this prospectus for more information regarding the servicer’s removal and the transfer of servicing duties to the backup servicer or other successor servicer.

Since September 2014, Exeter and/or its affiliates have received civil subpoenas and civil investigative demands from various federal and state agencies, including from the U.S. Department of Justice under the Financial Institutions Reform, Recovery and Enforcement Act, the SEC, and several state attorneys general, requesting documents and communications and other information that, among other things, relate to Exeter’s origination, underwriting, servicing and securitization of auto loans. Since November 2015, from time to time Exeter has received civil investigative demands from the Consumer Financial Protection Bureau requesting information, testimony and documents related primarily to Exeter’s servicing activities. In April 2019, Exeter entered into

settlements with the attorneys general of Massachusetts and Delaware to settle allegations that it facilitated the origination of certain Massachusetts and Delaware loans that it knew or should have known were in violation of applicable state consumer protection laws and, in the case of Massachusetts, mishandled servicing and collection activities in violation of certain Massachusetts debt collection regulations. Pursuant to the settlement agreements, Exeter agreed to pay $4.675 million to borrowers who purchased vehicles from dealers in Massachusetts and $825,000 to the Commonwealth of Massachusetts and $550,000 to borrowers who purchased vehicles from dealers in Delaware and $50,000 to the State of Delaware. Exeter also agreed in the settlement agreements to waive deficiencies on certain sub-prime loans with borrowers who purchased vehicles from dealers in those jurisdictions.

In May 2015, Exeter was notified by the Office of the Maryland Attorney General of a multi-state state investigation into certain of Exeter’s origination, servicing, and collection practices. Shortly thereafter, Exeter received administrative subpoenas and/or civil investigative demands from attorneys generals from the states of Maryland, Illinois, Washington, Oregon, New Jersey, and California, representing an executive committee of state attorneys general, requesting documents and information for a period beginning January 2010. Exeter cooperated with these inquiries and produced documents and information on a rolling basis through 2017. In December 2020, Exeter was notified by the Office of the Attorney General of the State of Illinois that a reconstituted executive committee consisting of Maryland, New Jersey, Washington, California, Iowa, Illinois and Arkansas was requesting additional information, and that the working group for this investigation included a total of 42 states. Exeter is continuing to cooperate with these inquiries.

As a consumer finance company, Exeter is subject to various consumer claims and litigation seeking damages and statutory penalties, based upon, among other things, usury, disclosure inaccuracies, wrongful repossession, violations of bankruptcy stay provisions, certificate of title disputes, fraud, breach of contract, improper collection practices, credit bureau reporting and discriminatory treatment of credit applicants. Some litigation against Exeter could take the form of class action complaints by consumers. As the assignee or purchaser of automobile loan contracts originated indirectly by dealers or originated directly by the direct lender, in each case for sale or assignment to Exeter, Exeter also may be named as a co-defendant in lawsuits filed by consumers principally against such dealers or the direct lender. The damages and penalties claimed by consumers in these types of matters can be substantial. The relief requested by plaintiffs varies but can include requests for compensatory, statutory and punitive damages. Exeter is also party to, or is periodically otherwise involved in, reviews, investigations, examinations and proceedings (both formal and informal), and information-gathering requests, by government and self-regulatory agencies, including the Federal Reserve, the CFPB, the DOJ, the SEC, the FTC and various state regulatory and enforcement agencies. The penalties and remedies sought by government and self-regulatory agencies in these types of matters can be substantial. Exeter believes that it has taken prudent steps to address and mitigate the litigation and regulatory risks associated with its business activities.

Investigations, litigation, regulatory proceedings and/or information-gathering requests that Exeter or any of its subsidiaries or affiliates are involved in, or may become involved in, including those described above, have resulted in and may in the future result in (individually or in the aggregate) adverse consequences to Exeter including, without limitation, adverse judgments, settlements, fines, penalties, injunctions, or other actions and may affect the ability of Exeter or any of its subsidiaries or affiliates to perform their respective duties under the transaction documents.

The Depositor

EFCAR, LLC, Exeter’s wholly-owned subsidiary, is a Delaware limited liability company, formed on November 16, 2011. The principal place of business of the depositor is at 2101 W. John Carpenter Freeway, Irving, Texas 75063 and its main telephone number is (214) 572-8276.

The depositor was formed for the limited purpose of purchasing automobile loan contracts from Exeter and transferring the automobile loan contracts to third parties and any activities incidental or necessary for this purpose.

The depositor will purchase the automobile loan contracts from Exeter pursuant to the purchase agreement. The depositor will sell the automobile loan contracts to the issuing entity pursuant to the sale and servicing agreement. If it is discovered that the depositor has breached an eligibility representation and warranty with respect to an automobile loan contract under the sale and servicing agreement, the depositor will be required to repurchase

the affected automobile loan contract from the issuing entity if the interests of any noteholder therein are materially and adversely affected by such breach, unless such breach has been cured in all material respects. In this case, Exeter will be obligated to repurchase the affected automobile loan contract from the depositor pursuant to the purchase agreement if the breach related to an eligibility representation and warranty that was made by Exeter to the depositor. Any such breach will be deemed not to have a material and adverse effect on the interests of the noteholders in the affected automobile loan contract if such breach has not affected the ability of the holding trust or noteholders to receive and retain timely payment in full of all amounts due on such automobile loan contract. See “The Automobile Loan Contracts—Eligibility Criteria for Automobile Loan Contracts” and “—Repurchase Obligations” for more information regarding the representations and warranties that the depositor will make regarding the automobile loan contracts and its repurchase obligations under the sale and servicing agreement.

The depositor has furnished or will furnish a Form ABS-15G to the SEC pursuant to Rule 15Ga-2 of the Exchange Act, which is available on the SEC’s Internet site under the depositor’s CIK number, which is 0001654238. The Form ABS-15G is not incorporated by reference into this prospectus.

The Backup Servicer

Citibank, N.A. will be the backup servicer under the sale and servicing agreement. The backup servicer is a national banking association and its principal offices are located in both New York and London. In the event that Exeter is terminated or resigns as servicer pursuant to the terms of the sale and servicing agreement, the backup servicer will be the successor in all respects, except as expressly set forth in the sale and servicing agreement, to Exeter in its capacity as servicer under the transaction documents and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the servicer by the terms and provisions of the sale and servicing agreement.

Under the sale and servicing agreement, the backup servicer will perform backup servicing duties including receiving the monthly pool data, confirming the Pool Balance, conducting periodic on-site visits, confirming certain data on the monthly servicer reports and becoming successor servicer if Exeter is terminated as servicer for any reason.

Pursuant to the sale and servicing agreement, the backup servicer (including in its capacity as successor servicer if so appointed) may delegate any or all of its duties to any subcontractor with the prior written consent of the holding trust; provided that any such delegation will not relieve the backup servicer (including in its capacity as successor servicer if so appointed) of any of its obligations, and the backup servicer (including in its capacity as successor servicer if so appointed) will remain responsible for any and all acts or omissions of its subcontractors to the same extent as if such acts or omissions were taken or omitted by it directly. As of the cutoff date, the holding trust shall provide its consent to the delegation of the backup servicer (including in its capacity as successor servicer if so appointed) of all of its duties as backup servicer (including its duties as successor servicer if so appointed) under the sale and servicing agreement to Systems & Services Technologies, Inc.

For information regarding the transfer of servicing duties to the backup servicer see “Description of the Transaction Documents—Rights Upon Servicer Termination Event” below in this prospectus. For information regarding the expenses associated with a servicing transfer and any additional fees charged by a successor servicer see “Description of the Transaction Documents—Rights Upon Servicer Termination Event” below in this prospectus. For information regarding the backup servicer’s resignation, removal and replacement see “Description of the Transaction Documents—Replacement of Custodian, Owner Trustee, Indenture Trustee and Backup Servicer—Replacement of Backup Servicer” below in this prospectus.

The Holding Trust

Exeter Holdings Trust 2021-4, the holding trust, is a Delaware statutory trust formed under a holding trust agreement for the purpose of issuing the holding trust certificate and acquiring automobile loan contracts from the issuing entity and consummating the transactions described in this prospectus. The holding trust’s principal offices are in Wilmington, Delaware in care of the owner trustee at the address listed under “The Owner Trustee” below in this prospectus. The holding trust will issue a non-interest bearing holding trust certificate representing 100% of the equity interest in the holding trust. The holding trust certificate is not being offered hereby but rather is being transferred to the issuing entity pursuant to the contribution agreement.

The issuing entity, pursuant to the contribution agreement, will, on or prior to the closing date, transfer to the holding trust the automobile loan contracts and all monies received thereon after the cutoff date and other property as described in the contribution agreement. In addition, the issuing entity shall pay organizational expenses of the issuing entity as they may arise.

The holding trust will not engage in any activity other than:

•

acquiring the automobile loan contracts and all other property and rights assigned to the holding trust pursuant to the contribution agreement and assigning, granting, transferring, pledging, mortgaging and conveying such automobile loan contracts, other property and rights to the indenture trustee pursuant to the indenture;

•

holding, managing and distributing to the issuing entity such automobile loan contracts, other property and rights pursuant to the terms of the sale and servicing agreement following the release of such property from the lien of the indenture trustee;

•

selling automobile loan contracts from time to time, as directed by the servicer, in accordance with the provisions of the sale and servicing agreement;

•

issuing to the issuing entity the holding trust certificate (which represents 100% of the equity interests in the holding trust);

•

making payments on the holding trust certificate;

•

entering into and performing its obligations under the transaction documents to which it is party; and

•

engaging in other activities that are necessary, suitable or convenient to accomplish these activities.

Modifications to the holding trust agreement, including the foregoing permissible activities, may be made by the issuing entity and the owner trustee, upon notice by the issuing entity to the engaged rating agencies and with the consent of, in certain cases, the holding trust certificateholder and holders of a majority of the then-outstanding principal amount of the notes, in all cases subject to the limitations set forth in the holding trust agreement. The holding trust agreement may also be amended by the issuing entity and the owner trustee, and with prior written notice by the issuing entity to the engaged rating agencies, without the consent of any of the indenture trustee, the noteholders or the holding trust certificateholder, (A) to cure any ambiguity or to conform the holding trust agreement to this prospectus; provided, however, that the owner trustee and indenture trustee will be entitled to receive an opinion of counsel stating that such amendment is authorized or permitted by the holding trust agreement and all conditions precedent to such amendment, if any, provided for in the holding trust agreement have been met, and (B) to correct or supplement any provisions in the holding trust agreement, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under the holding trust agreement which shall not be inconsistent with the provisions of the holding trust agreement; provided, however, that the owner trustee and indenture trustee will be entitled to receive an opinion of counsel stating that such amendment (i) will not adversely affect in any material respect the interests of any noteholder and (ii) is authorized or permitted by the holding trust agreement and all conditions precedent to such amendment, if any, provided for in the holding trust agreement have been met. However, to the extent not otherwise permitted above, the amendment may not increase or reduce in any manner the amount or priority of, or accelerate or delay the timing of, collections of payments on automobile loan contracts or distributions that are required to be made for the benefit of the noteholders or the holding trust certificateholder or reduce the percentage of the noteholders or the percentage of holding trust certificate required to consent to any amendment, unless the holders of all notes affected by the amendment and the holding trust certificateholder provide their consent.

The holding trust will issue the holding certificate representing beneficial ownership of all holding trust property to the issuing entity and hold the automobile loan contracts and related property. In addition to the automobile loan contracts, the holding trust will own the other holding trust property, described in “The Trust Property and the Holding Trust Property” below in this prospectus. The holding trust will represent and warrant that the indenture creates a valid and continuing security interest in the automobile loan contracts in favor of the indenture trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of

and purchasers from the holding trust. The holding trust and the issuing entity will be required to take all actions necessary to obtain and maintain such perfected security interest.

The holding trust may not, without the prior written consent of the owner trustee, (a) institute any proceedings to be adjudicated as bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against it, (c) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy with respect to it, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the holding trust or a substantial part of its property, (e) make any assignment for the benefit of the holding trust’s creditors, (f) admit in writing its inability to pay its debts generally as they become due; (g) declare or effect a moratorium on its debt; or (h) take any action in furtherance of any of the foregoing (any of the foregoing, a bankruptcy action). In considering whether to give or withhold written consent to any of these actions by the holding trust, the owner trustee, with the consent of the holding trust certificateholder, shall consider the interest of the noteholders in addition to the interests of the holding trust and whether the holding trust is insolvent. The owner trustee shall have no duty to give written consent to any of these actions by the holding trust if the owner trustee shall not have been furnished a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the holding trust is then insolvent.

The owner trustee (as such and in its individual capacity) shall not be personally liable to any person on account of the owner trustee’s good faith reliance on the provisions of the holding trust agreement regarding a bankruptcy action or in connection with the owner trustee’s giving prior written consent to a bankruptcy action by the holding trust in accordance with the holding trust agreement, or withholding such consent, in good faith, and neither the holding trust nor the holding trust certificateholder shall have any claim for breach of fiduciary duty or otherwise against the owner trustee (as such and in its individual capacity) for giving or withholding its consent to any such bankruptcy action. No holding trust certificateholders have power to commence any bankruptcy actions on behalf of the holding trust or to direct the owner trustee to take any such actions on the part of the holding trust. To the extent permitted by applicable law, the consent of the indenture trustee must be obtained prior to taking any bankruptcy action by the holding trust.

The Issuing Entity

Exeter Automobile Receivables Trust 2021-4, the issuing entity, is a Delaware statutory trust formed under a trust agreement to consummate the transactions described in this prospectus. The issuing entity’s principal offices are in Wilmington, Delaware in care of the owner trustee at the address listed under “The Owner Trustee” below in this prospectus.

The depositor will, on or prior to the closing date, transfer to the issuing entity the automobile loan contracts and all monies received thereon after the cutoff date and other property as described in the sale and servicing agreement. In addition, the depositor shall pay organizational expenses of the issuing entity as they may arise.

The issuing entity will not engage in any activity other than:

•

transferring the automobile loan contracts to the holding trust on the closing date;

•

holding the holding trust certificate and its other assets and proceeds from its assets;

•

issuing the notes and the certificates (which represent the residual interest in the issuing entity);

•

making payments on the notes and the certificates;

•

entering into and performing its obligations under the transaction documents to which it is a party; and

•

engaging in other activities that are necessary, suitable or convenient to accomplish these activities.

Modifications to the trust agreement, including the foregoing permissible activities, may be made by the depositor and the owner trustee, upon notice by the depositor to the engaged rating agencies and with the consent of, in certain cases, the certificateholders and holders of a majority of the then-outstanding principal amount of the notes, in all cases subject to the limitations set forth in the trust agreement.

The issuing entity will use the proceeds from the initial sale of the notes to purchase the automobile loan contracts from the depositor and to fund the initial deposit to the reserve account. In addition to the holding trust certificate, the issuing entity will own the other trust property described in “The Trust Property and the Holding Trust Property” below in this prospectus.

The sale of the automobile loan contracts by the depositor to the issuing entity will be treated as a financing rather than as a sale for accounting purposes. The issuing entity will represent and warrant that the indenture trustee, acting on behalf of the noteholders, will have a first priority perfected security interest in the holding trust certificate by reason of the indenture and the filing of a UCC-1 financing statement against the issuing entity in the State of Delaware which will give notice of the security interest in the holding trust certificate in favor of the indenture trustee. The issuing entity will be required to maintain such perfected security interest.

The issuing entity may not, without the prior written consent of the owner trustee, (a) institute any proceedings to be adjudicated as bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against it, (c) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy with respect to it, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the issuing entity or a substantial part of its property, (e) make any assignment for the benefit of the issuing entity’s creditors, (f) admit in writing its inability to pay its debts generally as they become due; (g) declare or effect a moratorium on its debt; or (h) take any action in furtherance of any of the foregoing (any of the foregoing, a bankruptcy action). In considering whether to give or withhold written consent to any of these actions by the issuing entity, the owner trustee, with the consent of the majority certificateholders, shall consider the interest of the noteholders in addition to the interests of the issuing entity and whether the issuing entity is insolvent. The owner trustee shall have no duty to give written consent to any of these actions by the issuing entity if the owner trustee shall not have been furnished a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the issuing entity is then insolvent.

The owner trustee (as such and in its individual capacity) shall not be personally liable to any person on account of the owner trustee’s good faith reliance on the provisions of the trust agreement regarding a bankruptcy action or in connection with the owner trustee’s giving prior written consent to a bankruptcy action by the issuing entity in accordance with the trust agreement, or withholding such consent, in good faith, and neither the issuing entity nor any certificateholders shall have any claim for breach of fiduciary duty or otherwise against the owner trustee (as such and in its individual capacity) for giving or withholding its consent to any such bankruptcy action. No certificateholders of the issuing entity have power to commence any bankruptcy actions on behalf of the issuing entity or to direct the owner trustee to take any such actions on the part of the issuing entity. To the extent permitted by applicable law, the consent of the indenture trustee must be obtained prior to taking any bankruptcy action by the issuing entity.

Furthermore, the issuing entity has structured this transaction so that the bankruptcy of Exeter or the depositor, as the equity owner of the issuing entity, is not expected to result in the consolidation of the issuing entity’s assets and liabilities with those of Exeter or the depositor. The issuing entity has received a legal opinion, subject to certain assumptions of fact, based on the discussion therein, and based on the assumptions therein being correct at all times and on a reasoned analysis of analogous case law (there being no case law directly on point), that if Exeter or the depositor were to become a debtor under the Bankruptcy Code, a federal bankruptcy court in a properly presented and decided case would not disregard the legal identities of the issuing entity, on the one hand, and Exeter or the depositor, on the other hand, and substantively consolidate the assets and liabilities of the issuing entity with the assets and liabilities of Exeter or the depositor. However, there can be no assurance that a court would not conclude that the assets and liabilities of the issuing entity should be consolidated with those of Exeter or the depositor.

The certificates (which represent the residual interest in the issuing entity) will be issued pursuant to the trust agreement and will initially be held by the depositor, the entity that formed the issuing entity. At least 5% of the certificates will be retained by the depositor as a portion of the “eligible vertical interest” required to be retained by the sponsor or a majority-owned affiliate of the sponsor in accordance with Regulation RR. The depositor may, at its discretion, retain the certificates or (except with respect to that portion of the certificates that the sponsor or a majority-owned affiliate of the sponsor is required to retain in accordance with Regulation RR), transfer or sell them to third parties in one or more negotiated transactions or otherwise at varying prices to be determined at the time of sale. See “U.S. Credit Risk Retention” in this prospectus.

Capitalization and Liabilities of the Holding Trust and the Issuing Entity

The following table illustrates the expected assets of the holding trust as of the closing date will be as follows:

	Aggregate Principal Balance of the
	Automobile Loan Contracts	$ 1,045,279,734.01

The following table illustrates the expected assets of the holding trust as of the closing date will be as follows:

	Holding Trust Certificate	100%
	Reserve Account	$ 10,452,797

The following table illustrates the expected liabilities of the issuing entity as of the closing date will be as follows:

	Class A-1 Notes	$ 84,340,000
	Class A-2 Notes	$ 209,000,000
	Class A-3 Notes	$ 196,370,000
	Class B Notes	$ 162,020,000
	Class C Notes	$ 140,590,000
	Class D Notes	$ 135,880,000
	Class E Notes	$ 98,260,000
	Class F Notes	$ 18,810,000
	Total	$ 1,045,270,000

The holding trust’s and the issuing entity’s fiscal years end on December 31.

The Owner Trustee

Wilmington Trust Company, the owner trustee, is a Delaware trust company incorporated in 1903. On July 1, 2011, Wilmington Trust Company filed an amended charter which changed its status from a Delaware banking corporation to a Delaware trust company. The owner trustee’s principal place of business is located at 1100 North Market Street, Wilmington, Delaware 19890. Wilmington Trust Company is an affiliate of Wilmington Trust, National Association and both Wilmington Trust Company and Wilmington Trust, National Association are subsidiaries of M&T Bank Corporation. Since 1998, Wilmington Trust Company has served as owner trustee in numerous asset-backed securities transactions involving automobile loan contracts.

Wilmington Trust Company is subject to various legal proceedings that arise from time to time in the ordinary course of business. Wilmington Trust Company does not believe that the ultimate resolution of any of these proceedings will have a materially adverse effect on its services as owner trustee.

Other than the above two paragraphs, Wilmington Trust Company has not participated in the preparation of, and is not responsible for, any other information contained in this prospectus.

Pursuant to the trust agreement and the holding trust agreement, the owner trustee will perform limited administrative functions of the issuing entity and the holding trust including the execution and delivery of the transaction documents and any related certificates or other document to which the issuing entity or the holding trust is a party. The owner trustee, on behalf of the issuing entity, will direct the indenture trustee to authenticate and deliver the notes. The owner trustee will be authorized but not obligated to take all other actions required of the issuing entity or the holding trust pursuant to the transaction documents to the extent provided in the trust agreement and holding trust agreement, respectively. The issuing entity will pay the fees and expenses of the owner trustee and any indemnities due to the owner trustee under the transaction documents, to the extent those amounts are not paid or reimbursed by the servicer.

The issuing entity will indemnify the owner trustee and its officers, directors, successors, assigns, agents and servants against any and all loss, liability or expense incurred by the owner trustee in connection with the performance of its duties under the transaction documents, except that the issuing entity shall not be liable for or required to indemnify the owner trustee from any loss, liability or expense that results from the owner trustee’s willful misconduct, bad faith or gross negligence. The owner trustee is obligated to perform only those duties that are specifically assigned to it in the trust agreement and the holding trust agreement. The owner trustee will not be liable for any action taken at the direction of the servicer or the certificateholders. The owner trustee will not be required to expend its own funds or incur any financial liability in respect of any of its actions as owner trustee if the owner trustee has reasonable grounds to believe that reimbursement to it of such funds or for such liabilities is not reasonably assured. The owner trustee is not liable for any error of judgment made by it in good faith. See “Description of the Transaction Documents—Replacement of Custodian, Owner Trustee, Indenture Trustee and Backup Servicer—Replacement of Owner Trustee” below in this prospectus for information regarding the owner trustee’s resignation, removal and replacement.

The Indenture Trustee

The indenture trustee is Citibank, N.A., a national banking association and wholly owned subsidiary of Citigroup Inc., a Delaware corporation. Citibank, N.A. performs as indenture trustee through the Agency and Trust line of business, a part of Issuer Services. Citibank, N.A. has primary corporate trust offices located in both New York and London. Citibank, N.A. is a leading provider of corporate trust services offering a full range of agency, fiduciary, tender and exchange, depositary and escrow services. As of the end of the second quarter of 2021, Citibank’s Agency and Trust group manages in excess of $8 trillion in fixed income and equity investments on behalf of over 3,000 corporations worldwide. Since 1987, Citibank Agency and Trust has provided corporate trust services for asset-backed securities containing pool assets consisting of airplane leases, auto loans and leases, boat loans, commercial loans, commodities, credit cards, durable goods, equipment leases, foreign securities, funding agreement backed note programs, truck loans, utilities, student loans and commercial and residential mortgages. As of the end of the second quarter of 2021, Citibank, N.A. acts as indenture trustee and/or paying agent for approximately 229 various asset backed trusts supported by either auto loans or leases or equipment loans or leases.

The issuing entity will indemnify the indenture trustee, the backup servicer (including in its capacity as successor servicer if so appointed), the owner trustee, the lockbox bank and their respective officers, directors, employees and agents against any and all loss, liability or expense (including reasonable fees and expenses of outside counsel, including those incurred in connection with (i) any enforcement of the indemnification obligation and (ii) a successful defense, in whole or in part, of any claim that the indenture trustee or the backup servicer (including in its capacity as successor servicer if so appointed) breached its respective standard of care), in each case, incurred by each of them in connection with the acceptance or the administration of the trusts under the indenture and the performance of its duties under the transaction documents. Neither the issuing entity nor the servicer will be required to indemnify against any loss, liability or expense incurred by the indenture trustee or the backup servicer (including in its capacity as successor servicer if so appointed) through such person’s own willful misconduct, gross negligence or bad faith, except for errors in judgment. The indenture trustee is obligated to perform only those duties that are specifically assigned to it in the indenture and the sale and servicing agreement. The indenture trustee may conclusively rely on certificates and opinions furnished to it in accordance with the indenture. The indenture does not require the indenture trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties thereunder or in the exercise of any of its rights or powers, if it has reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not reasonably assured to it. The indenture trustee is not liable for any error of judgment made by it in good faith. The indenture trustee will not be liable with respect to any action it takes or omits to take pursuant to directions from the noteholders in accordance with the indenture. The indenture trustee will not be required to take action in response to requests, demands or directions of a noteholder, other than to fulfill the specific duties and obligations required to be performed by it in connection with (i) the asset representations review procedures described under “Description of the Transaction Documents—Asset Representations Review Trigger and Procedures” and (ii) the dispute resolution procedures described below under “Description of the Transaction Documents—Dispute Resolution for Repurchase Requests,” unless the noteholder has offered reasonable security or indemnity reasonably satisfactory to the indenture trustee to protect it against the costs and expenses that it may incur in complying with the request, demand or direction. See “Description of the Notes” below in this prospectus for more information regarding the indenture trustee’s duties under the indenture and the sale and servicing

agreement and see “Description of the Transaction Documents—Replacement of Custodian, Owner Trustee, Indenture Trustee and Backup Servicer—Replacement of Indenture Trustee” below in this prospectus for information regarding the indenture trustee’s resignation, removal and replacement.

The indenture trustee must mail an annual report to the noteholders if certain events identified in the Trust Indenture Act of 1939, as amended, or Trust Indenture Act, have occurred during the prior year, including a change to the indenture trustee’s eligibility under the Trust Indenture Act, a conflict of interest under the Trust Indenture Act, a release of issuing entity’s assets from the lien of the indenture and any action taken by the indenture trustee that has a material adverse effect on the notes.

The servicer, the depositor and their respective affiliates may maintain normal commercial banking relationships with Citibank, N.A. and its affiliates. The issuing entity will pay the fees and expenses of the indenture trustee and any indemnities due to the indenture trustee under the transaction documents, to the extent those amounts are not paid or reimbursed by the servicer.

The Asset Representations Reviewer

Clayton Fixed Income Services LLC, or Clayton, will be the asset representations reviewer under the asset representations review agreement, to be dated as of the cutoff date, among the issuing entity, the servicer and Clayton, as asset representations reviewer.

Clayton is a wholly-owned subsidiary of Covius Services, LLC, and with its affiliates has provided independent due diligence loan review and servicer oversight services since 1989. Clayton has been engaged as the asset representations reviewer on more than 450 auto and equipment loan, lease and dealer floorplan and credit card securitization transactions since 2015.

Clayton and its affiliates are leading providers of targeted due diligence reviews of securitized assets and policies and procedures of originators and servicers to assess compliance with representations and warranties, regulatory and legal requirements, investor guidelines and settlement agreements. Clayton and its affiliates have performed over 12 million loan reviews and provided ongoing oversight on over $2 trillion of securitization transactions on behalf of investors, sponsors, issuers and originators, including government sponsored enterprises and other governmental agencies. These services have been performed primarily on residential mortgage loan and residential mortgage-backed security transactions, although Clayton and its affiliates have also performed these services for transactions involving auto loans, credit cards, commercial mortgage loans, student loans, timeshare loans and boat and recreational vehicle loans.

The asset representations reviewer is required to be an “eligible asset representations reviewer,” meaning a party that is not (i) an affiliate of the sponsor, the depositor, the servicer, the indenture trustee, the owner trustee or any of their affiliates and (ii) the same party or an affiliate of any party hired by the sponsor or any underwriter to perform any due diligence work to be performed on the automobile loan contracts prior to the closing date. The asset representations reviewer will not be responsible for determining whether noncompliance with any representation is a breach of the applicable transaction documents.

The asset representations reviewer’s main duties will be:

•

reviewing certain automobile loan contracts following receipt of a review notice from the indenture trustee (acting at the direction of required noteholders), and

•

providing a report on the results of the review to the issuing entity, the servicer and the indenture trustee.

See “Description of the Transaction Documents—Asset Representations Review Triggers and Procedures—Asset Representations Review Procedure” for a description of the nature of the review to be performed by the asset representations reviewer.

The asset representations reviewer will not be liable for any action, omission or error in judgment unless it is due to willful misconduct, bad faith or negligence by the asset representations reviewer. The asset representations

reviewer will not be liable for any errors in any review materials relied on by it to perform a review or for the noncompliance or breach of any representation made about the automobile loan contracts.

The issuing entity will indemnify the asset representations reviewer for liabilities and damages resulting from the asset representations reviewer’s performance of its duties under the asset representations review agreement unless caused by the willful misconduct, bad faith or negligence (other than for actions taken in good faith or for errors in judgment) of the asset representations reviewer or as a result of any breach of representations made by the asset representations reviewer in the asset representations review agreement.

The issuing entity will pay the upfront and annual fees and review fees of the asset representations reviewer and pay any expenses and indemnities due to the asset representations reviewer, to the extent those amounts are not paid or reimbursed by the servicer. The issuing entity will pay these amounts to the asset representations reviewer on each distribution date, along with similar amounts owed to the indenture trustee, the owner trustee, the backup servicer, the lockbox bank, the custodian and any successor servicer and expenses incurred by the issuing entity under the transaction documents (subject to the aggregate limit or maximum aggregate annual limit, as applicable, described under “Description of the Transaction Documents—Distributions—Distribution Date Payments” in this prospectus), before the issuing entity makes any other payments of amounts with a lower payment priority.

The asset representations reviewer may not resign, unless (i) it ceases to be an eligible asset representations reviewer, (ii) it becomes legally unable to act or (iii) the issuing entity consents to the resignation. The issuing entity may remove the asset representations reviewer if the asset representations reviewer becomes legally unable to act or becomes subject to a bankruptcy and will be required to remove the asset representations reviewer if it no longer is an eligible asset representations reviewer. No resignation or removal of the asset representations reviewer will be effective until a successor asset representations reviewer is in place. Any successor asset representations reviewer must be an eligible asset representations reviewer. The predecessor asset representations reviewer will pay the reasonable expenses of the successor asset representations reviewer in transitioning the asset representations reviewer’s obligations under the asset representations review agreement and preparing the successor asset representations reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the successor asset representations reviewer.

If during any collection period the asset representations reviewer resigns or is removed, replaced or substituted, or if a new asset representations reviewer is appointed, the date on which the event occurred and the circumstances surrounding the change will be indicated on the distribution report filed under cover of Form 10-D relating to that collection period. Additionally, if a new asset representations reviewer has been appointed, information regarding that party will also be provided in the Form 10-D.

Exeter’s Automobile Financing Program

Exeter is a Delaware limited liability company that has been operating in the automobile finance business since April 2006. As of September 30, 2021, Exeter had approximately 1,400 employees and a dealer network of approximately 11,900 automobile dealerships and was licensed to operate in all states in which Exeter was required to be licensed.

Exeter purchases automobile loan contracts that are secured by new and used vehicles purchased by consumers from predominantly franchised automobile dealerships, generally without recourse to the dealers. Exeter also purchases automobile loan contracts from the direct lender.

Exeter primarily offers financing to consumers who are unable to obtain financing from traditional financing sources such as banks, credit unions and captive automobile finance companies. Exeter funds its automobile lending activities with its equity capital and by utilizing warehouse lines of credit that it maintains with syndicated groups of banks. Exeter additionally expects to fund its automobile lending activities by regularly sponsoring securitization issuances.

Exeter has been servicing sub-prime automobile loan contracts since 2007 and services all automobile loan contracts that it purchases. As of September 30, 2021, Exeter serviced a portfolio of approximately 490,000 automobile loan contracts with an aggregate outstanding balance of approximately $7.5 billion. Exeter services its loan portfolio primarily through the use of automated loan servicing and collections systems.

Target Market

The sponsor’s automobile lending program is designed to serve customers who have limited access to automobile financing through traditional sources. The sponsor’s typical borrower has experienced prior credit difficulties or has a limited credit history. Because the sponsor serves customers who are often unable to meet the credit standards imposed by most traditional lending sources, the sponsor generally charges higher interest rates than those charged by such sources. Since the sponsor provides financing in a relatively high risk market, the sponsor also expects to sustain a higher level of delinquencies and credit losses than traditional automobile financing sources.

Dealer and Origination Networks

The sponsor services and develops business with the dealers in its network, and establishes relationships with new dealers and in new markets, through local marketing representatives. The majority of the dealers through which the sponsor indirectly originates automobile loan contracts are franchised dealerships.

The sponsor enters into a dealer agreement with each dealer from which it will purchase automobile loan contracts. These dealer agreements generally provide that if certain representations or warranties made by the dealer to the sponsor regarding a particular automobile loan contract are breached, the dealer will be required to repurchase the automobile loan contract from the sponsor for a price equal to the amount advanced to the dealer at the time of funding. The representations and warranties that the dealer makes to the sponsor regarding the contracts typically relate to the manner in which an automobile loan contract was originated and the security interest that is granted in the related financed vehicle. Dealers typically do not make representations and warranties to the sponsor regarding the collectability of any automobile loan contract or the creditworthiness of the related obligor.

In December 2020, the sponsor began acquiring automobile loan contracts originated directly by the direct lender in accordance with Exeter’s credit policies, pursuant to the terms of a purchase agreement between Exeter and the direct lender. Similar to dealer agreements, the purchase agreement generally provides that if certain representations or warranties made by the direct lender regarding a particular automobile loan contract are breached, the direct lender will be required to repurchase the automobile loan contract from the sponsor for a price equal to the amount of the purchase price paid by the sponsor for such contract. The representations and warranties that the direct lender makes to the sponsor regarding the contracts typically relate to the manner in which an automobile loan contract was originated and the security interest that is granted in the related financed vehicle. The direct lender does not make representations and warranties to the sponsor regarding the collectability of any automobile loan contract or the creditworthiness of the related obligor.

From 2006 until 2014, the sponsor originated loans either through branch offices or through its centralized buying center. In January 2015, the sponsor announced that it was closing its branch offices and would thereafter originate all loans through its centralized buying center, located in Irving, Texas. The sponsor completed this process in April 2015. In addition, the sponsor outsources certain origination activities and/or servicing activities may, in the future, implement robotic process automation. The sponsor closed its Clearfield, Utah operations center in mid-2020, and the operations previously performed at that location were absorbed by its Irving, Texas location.

Credit Underwriting

Dealers submit electronic applications to the sponsor for processing at one of the sponsor’s centralized buying centers. A credit bureau report for the proposed obligor is automatically received along with the application. Before July 2013, loan applications were reviewed by the sponsor’s underwriters utilizing a centralized credit policy. In July 2013, the sponsor also began to utilize an automated credit underwriting system to analyze application information submitted by dealers and to automatically approve or decline applications based on a systemic, table-driven credit policy. Beginning in October 2014, all of the sponsor’s credit underwriting decisions are made through this automated credit underwriting system. The sponsor’s origination process does not allow credit underwriters or other personnel to apply judgmental or subjective criteria or assessments to override the decisions made by the automated credit underwriting system. Beginning in December 2020, applications from the direct lender have been submitted through this automated credit underwriting system.

When the sponsor receives an application, a proprietary credit score is derived for the application as part of the credit approval process which determines the approval or decline decision as well as the pricing, credit policy limits and stipulations. The sponsor’s proprietary credit scoring model was developed internally based on a sample of recent Exeter applications augmented with a pooled sample of auto loans obtained from the credit bureaus. The score identified key factors that predict an applicant’s probability of paying the amount due under the contract. Such key factors include delinquency history, utilization of revolving credit, a blend of traditional credit bureau attributes such as bureau scores, and attributes derived from alternative third-party data sources (such third party data sources may change from time to time). This score was then validated on the sponsor’s own loan portfolio to determine the relationship between borrowers’ scores and their risk of default. This proprietary credit score is used to help identify credit risk, rank order risk and assign the relevant risk-adjusted pricing for an application, including the interest rate and other terms that will be offered to the prospective obligor. A higher proprietary credit score indicates a lower risk of default, and will generally lead to better pricing terms being offered to the potential obligor; a lower proprietary credit score indicates a higher risk of default, and will generally lead either to less favorable pricing terms being offered to the potential obligor or to the application being declined.

In accordance with the table-driven credit policy, all applications that the sponsor receives are assessed based on (i) the related proprietary credit score; (ii) identification and assessment of the applicant’s repayment willingness and capacity, including consideration of credit history and performance on past and existing obligations; (iii) credit bureau data; (iv) collateral identification and valuation (deal structure score); (v) payment structure and debt ratios; (vi) employment, income and residency data; (vii) in certain cases, the creditworthiness of a co-obligor; and (viii) other information provided by third-party data sources, when available. The criteria that the automated credit decisioning system utilizes to approve or decline applications and to set loan terms are modified by the sponsor from time to time and may differ across markets and regions.

Certain credit applications may receive conditional approvals, indicating that an application would be approved if certain characteristics of the requested loan, such as the type of underlying vehicle or the loan payment terms, were modified. If a credit application receives a conditional approval, the related dealer or the direct lender will be informed of the decision and the dealer or the direct lender, as applicable, and the proposed obligor may resubmit the application for reprocessing with the appropriate modified terms.

If a loan application is approved and the related dealer indicates that it will sell the automobile loan contract to the sponsor, prior to purchasing the contract the sponsor will verify the terms of the contract and the information set forth in the related application. This verification occurs at one of the sponsor’s centralized buying centers. To confirm that the items set forth in the related application are correct and that the terms of the automobile loan contract that is presented to the sponsor are identical to those that were approved during the underwriting process, the sponsor employs a three-step verification process in which it, where required by the credit policy, (1) confirms receipt of all documents submitted with the automobile loan contract (such as title applications and other title documents, odometer statements, credit bureau data matches and/or ancillary product documentation) and confirms their terms are consistent with the terms that were approved during underwriting, (2) contacts the obligor and the obligor’s employer to verify the obligor’s employment and residence and (3) contacts the obligor in a “welcome call” in which certain terms of the automobile loan contract are confirmed and instances of identity theft are identified. If the verification process reveals that any items in a contract or the related application were incorrect, the sponsor will generally refuse to purchase the loan unless the related dealer corrects the identified errors. However, in limited cases, where the sponsor determines that the loan would have been approved by the automated credit underwriting system on materially similar contract terms even with the modified application terms, a loan may be purchased by the sponsor notwithstanding the identified errors. Automobile loans originated directly by the direct lender and which are to be sold or assigned to the sponsor are verified by the direct lender in accordance with the sponsor’s verification policies.

Post-Funding Loan Evaluation

The sponsor automatically assigns a post-funding score (“PFS”) to each loan after funding. The PFS score is calculated based on channel of origination, credit bureau information, loan structure data, and vehicle collateral information. The methodology for calculating PFS, including information used to derive said score, may change from time to time.

Loan Servicing

The sponsor’s servicing operations are centrally managed in Irving, Texas and additionally managed in off-shore locations.

Funded automobile loan contracts are uploaded to the sponsor’s servicing platform. All necessary documents are electronically imaged and paper copies are stored in a fireproof location. Insurance or an agreement to provide insurance is required at funding. Although each automobile loan contract generally gives the sponsor the right to obtain force-placed insurance coverage in the event the required insurance on a vehicle ceases to be maintained by an obligor, neither the sponsor nor the servicer is obligated to obtain force-placed coverage and it is the sponsor’s policy not to force-place such coverage.

The sponsor uses programs developed and maintained by service providers that allow the sponsor to complete the entire contracting process electronically. Automobile loan contracts that are created electronically are electronically signed by the related obligors and are stored in electronic vaults that are maintained by the related service providers.

Account statements, which include payment instructions, are processed and sent to obligors monthly (either via regular mail or, if preferred, emailed), approximately fifteen days prior to the monthly due date. Obligors submit payments on their automobile loan contracts in the form of ACH or debit card payments or checks mailed directly to a lockbox account. All obligor payments are directed by the sponsor to a collections lockbox account.

If an obligor does not pay his or her monthly payment amount on the contractual due date, the account will be routed to a queue for collections activity. The collection process generally begins as early as an account becoming 5 days past due. Collections are focused on maintaining service-driven contact with customers while controlling losses. Collectors are trained to maintain a respectful tone, but control the conversation with the obligor.

Delinquent accounts are segmented into two primary groups: early-stage and late-stage collections. An obligor’s entry and exit out of early- and late-stage collections groups is determined based on a proprietary risk based behavior score. Early-stage collection accounts are primarily contacted using a predictive dialer. Late-stage collection accounts are primarily contacted using a mix of the predictive dialer and manual call collection attempts. The sponsor outsources servicing on a portion of accounts at various stages of delinquency in accordance with its Customary Servicing Practices. Additional work queues exist within the sponsor’s loss mitigation department for accounts that require special handling, such as skip tracing, insurance total losses, impounds and repossessions.

The sponsor, in its capacity as servicer, will agree to service the automobile loan contracts substantially in compliance with its Customary Servicing Practices.

The sponsor may employ extensions, deferrals, amendments, modifications, temporary reductions in payment, alterations or adjustments to the terms of, or with respect to, any automobile loan contract in accordance with its Customary Servicing Practices and (i) which is not a significant modification pursuant to Treasury Regulation section 1.1001-3 or (ii) with respect to which the sponsor has delivered a certificate to the issuing entity to the effect that such extension, deferral, amendment, modification, temporary reduction in payment, alteration or adjustment will not cause the issuing entity or holding trust to be treated for U.S. federal income tax purposes as an association (or a publicly traded partnership) taxable as a corporation or as other than a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code, collectively, Permitted Modifications.

In order to maximize recoveries on automobile loan contracts, the sponsor may employ Permitted Modifications. A monthly due date may be changed no more than once to a date that shall in no event be later than 14 days after the original monthly due date. The sponsor also extends loans on a limited basis. Such deferrals and extensions shall not extend the term of the automobile loan contract beyond the last day of the collection period immediately prior to the final scheduled distribution date for the Class F Notes. Customers must have made six payments since the loan was originated, or six payments since the last extension was granted, and have the capacity to continue paying the loan in order to be granted an extension. The sponsor may additionally grant a temporary reduction in payments for a loan once during the life of such loan. Such reductions will extend for a maximum of six months. Additionally, the aggregate period for all payment extensions on an automobile loan contract shall not exceed eight months; provided that any extension on an automobile loan contract with respect to which the related

obligor’s ability to make on-time payments was adversely affected by a major disaster (as declared by the President of the United States), shall not be included in the calculation of the aggregate period of all payment extensions. In accordance with its Customary Servicing Practices, the sponsor may grant exceptions with respect to the foregoing limitations so long as any such exception is approved at the appropriate level of authority. The sponsor uses repossession as a last resort. The decision to repossess is primarily based on the customer’s delinquency status, capacity to bring the account up to date, whether or not the asset is in jeopardy, and the customer’s willingness to continue to maintain contact with collections staff. Throughout the repossession process, state required notification(s) are sent to the obligor(s). Management reviews the account in detail and approves the assignment. If the obligor foregoes the opportunity to redeem or reinstate the vehicle, it is transported to an auction for disposal. In addition to in-house asset remarketing, the sponsor utilizes external vendor(s) for repossession. The sponsor looks to quickly realize the highest value for any individual vehicle after repossession. Proceeds from the sale, net of the related auction fee, reconditioning and other costs, are then applied to the account. In addition, the servicer may enter into settlement arrangements relating to the collection of matured loan balances to the extent it believes such arrangements will maximize recoveries and will apply any such amounts collected in accordance with its Customary Servicing Practices.

The sponsor’s policy is to charge-off an account under the following circumstances:

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on the last day of a calendar month, if as of that date more than 10% of any scheduled automobile loan contract payment related to such account remains unpaid for 120 days or more from the date for such payment (so long as the related financed vehicle has not been repossessed and the related obligor has not been identified on Exeter’s records as being the subject of a current bankruptcy proceeding);

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the related financed vehicle has been repossessed and it has either liquidated such financed vehicle or held such financed vehicle in its inventory for more than 60 days (or up to 90 days subject to the modification of its Customary Servicing Practices) at month-end; or

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such account is otherwise required to be charged-off or is deemed uncollectible in accordance with its Customary Servicing Practices.

Under the sale and servicing agreement, the servicer will covenant not to (i) release the financed vehicle securing each automobile loan contract from the security interest granted by the automobile loan contract, except upon payment in full of all amounts due on the automobile loan contract or as otherwise contemplated therein; (ii) impair the rights of the issuing entity, the holding trust or the noteholders in the automobile loan contract and related documents; (iii) extend or otherwise amend the terms of any automobile loan contract except as provided for therein; and (iv) either (a) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any lien or restriction on the transferability of the automobile loan contract except for a lien in favor of the indenture trustee for the benefit of the noteholders, or (b) file under the UCC of any jurisdiction any financing statement which names Exeter or the servicer as a debtor, or sign any security instrument authorizing any secured party thereunder to file such financing statement with respect to the automobile loan contract, except in each case any such instrument solely securing the rights and preserving the lien of the indenture trustee, for the benefit of the noteholders. Under the sale and servicing agreement, the servicer will be required to purchase the related automobile loan contract if the covenants are breached and if the interests of the noteholders in the affected automobile loan contract or the related financed vehicle are materially and adversely affected by the breach, unless such breach has been cured in all material respects.

Risk Management

The sponsor’s risk management department is responsible for maintaining systematic control over credit policy, credit performance and profitability. This is accomplished through the management of the automated credit underwriting platform, ongoing reporting and analysis related to originations data, credit performance, dealer and direct lender performance, pricing execution and the evaluation of company level shifts in credit trends. Risk management also produces a statistically-based model that is used to optimize origination. Loss forecasting is also performed within risk management. This function includes projecting pool performance, producing static pool delinquency and loss reporting and estimating the loan loss reserve.

Exeter’s Securitization Program

Exeter has been engaged in the securitization of sub-prime automobile loan contracts since March 2012. This is the thirty-first securitization of sub-prime automobile loans that Exeter has sponsored under the Exeter Automobile Receivables Trust, or EART, program. As of the date of this prospectus, the previous securitizations sponsored by Exeter have not experienced an event of default or servicer termination event. Exeter expects that in the future it will from time to time sponsor additional securitizations of sub-prime automobile loans in which the depositor will serve as depositor and newly‑formed Delaware statutory trusts will serve as issuing entities and the holding trusts for such securitizations.

Pool Factors

The “pool factor” for each note will be a seven-digit decimal, which the servicer will compute prior to each distribution. The pool factor indicates the remaining outstanding principal amount of a class of notes as of the applicable distribution date, as a fraction of the initial outstanding principal amount of that class of notes. Each pool factor will be initially 1.0000000, and thereafter will decline to reflect reductions in the outstanding principal amount of the applicable note.

A noteholder’s portion of the aggregate outstanding principal amount of the related note is the product of:

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the original aggregate purchase price of the noteholder’s notes; and

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the applicable pool factor.

The noteholders of record will receive reports on or about each distribution date concerning:

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the payments received on the automobile loan contracts;

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the Pool Balance;

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each pool factor; and

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other items of information.

In addition, noteholders of record during any calendar year will be furnished information for tax reporting purposes not later than the latest date permitted by law.

Exeter’s Static Pool Information

Static pool information for the EART program is contained in Annex A to this prospectus. The characteristics of the automobile loan contracts included in prior securitizations may vary from the characteristics of the automobile loan contracts included in this pool. For additional details regarding this pool, please refer to “The Automobile Loan Contracts—Composition” in this prospectus. These differences may make it unlikely that the automobile loan contracts described in this prospectus will perform the same way that any of those prior securitized pools have performed. Notwithstanding any general similarities in the characteristics of the prior securitizations set forth in Annex A to this prospectus and the pool of automobile loan contracts in this securitization, changes in economic, social and geographic conditions may have a greater impact on the performance of the pool of automobile loan contracts than any similarities or differences in these characteristics. For example, patterns of loan loss, prepayment and delinquency for automobile loan contracts, including those in this securitization, may differ significantly during periods of economic disruption or downturn than during other times. See “Risk Factors—Adverse events arising from the coronavirus outbreak could result in delays in payment or losses on your notes.” There can be no assurance that the performance of the prior securitization transactions in the Annex A static pool will correspond to or be an accurate predictor of the performance of this securitization transaction.

Static pool information contained in Annex A to this prospectus includes summary information for original pool characteristics, pool factors and loss information. The static pool information in Annex A is deemed to be a part of this prospectus and the registration statement of which this prospectus is a part.

The Trust Property and the Holding Trust Property

The holding trust property will include:

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a pool consisting of primarily sub-prime automobile loan contracts, which are secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles;

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moneys received with respect to the automobile loan contracts, after the cutoff date;

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the security interests in the financed vehicles granted by obligors;

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any proceeds from any automobile loan contract repurchased by a dealer or the direct lender pursuant to an agreement between Exeter and such dealer or the direct lender, as applicable, as a result of a breach of representation or warranty in such agreement;

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all rights under any service contracts on the financed vehicles;

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an assignment of the right to receive proceeds from claims on physical damage, credit life and disability insurance policies covering the financed vehicles or the obligors;

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an assignment of all rights to receive proceeds from liquidating the automobile loan contracts;

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the automobile loan contract files;

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other rights under the transaction documents, including an assignment of the depositor’s rights against the sponsor for breaches of eligibility representations and warranties under the purchase agreement and the issuing entity’s rights against the depositor for breaches of eligibility representations and warranties under the sale and servicing agreement; and

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all proceeds from the items described above.

The trust property will include:

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the holding trust certificate;

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all distributions on or in respect of the holding trust certificate and any other rights granted to the holder of the holding trust certificate;

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amounts that are held in the lockbox account, the collection account, the note distribution account and the reserve account;

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other rights under the transaction documents; and

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all proceeds from the items described above.

The automobile loan contracts will be purchased by the depositor from the sponsor under the purchase agreement, and will then be purchased by the issuing entity from the depositor under the sale and servicing agreement and transferred by the issuing entity to the holding trust under the contribution agreement, in each case on the closing date. The automobile loan contracts were originated indirectly by Exeter through dealers and directly by the direct lender, in each case in accordance with Exeter’s credit policies. The automobile loan contracts originated indirectly through dealers and directly by the direct lender have been sold or assigned to Exeter and evidence the indirect or direct, as applicable, financing made to the obligor. Exeter’s agreements with the dealers and the direct lender may provide for repurchase by or recourse against the dealer or the direct lender, as applicable, if there is a breach of a representation or warranty under the relevant agreement.

As of the cutoff date, approximately 54.29% of the automobile loan contracts (by aggregate outstanding Principal Balance) in the pool were originated as electronic contracts.

Under the indenture, the issuing entity will grant a security interest in the trust property and the holding trust will grant a security interest in the holding trust property, in each case, to the indenture trustee for the benefit of the noteholders. Any proceeds of the holding trust property or the trust property will be distributed according to the indenture.

Depositor Review of Automobile Loan Contracts

In connection with the offering of the notes, the depositor has performed a review of the automobile loan contracts and the disclosures regarding the automobile loan contracts required to be included in this prospectus by Item 1111 of Regulation AB (such disclosure, the “Rule 193 Information”). This review was designed and effected to provide the depositor with reasonable assurance that the Rule 193 Information and the initial asset level data is accurate in all material respects.

As part of the review, Exeter identified the Rule 193 Information to be covered and identified the review procedures for each portion of the Rule 193 Information. Descriptions consisting of factual information were reviewed and approved by Exeter senior management to ensure the accuracy of such descriptions. Exeter also reviewed the Rule 193 Information consisting of descriptions of portions of the transaction documents and compared that Rule 193 Information to the related transaction documents in an effort to ensure the descriptions were accurate. Exeter officers also consulted with internal regulatory personnel and counsel, as well as external counsel, with respect to the description of the legal and regulatory provisions that may materially and adversely affect the performance of the automobile loan contracts or payments on the notes.

In addition, Exeter employees performed a review of the Rule 193 Information to confirm that the automobile loan contracts described in this prospectus satisfied the criteria set forth in “The Automobile Loan Contracts—Eligibility Criteria for Automobile Loan Contracts” in this prospectus. Statistical information relating to the automobile loan contracts was recalculated using data tapes containing information from Exeter’s information systems, which includes databases containing certain attributes of the automobile loan contracts, as well as originations data. The review of Rule 193 Information relating to credit approvals and exceptions to credit policies consisted of the application of Exeter’s internal control procedures, which include regular quality assurance and information technology internal audits on origination, funding and data systems to ensure accuracy of data and that previously originated automobile loan contracts complied with underwriting guidelines. In addition, 150 automobile loan contract files, or the sample, were randomly selected from a pool of 37,778 automobile loan contracts owned by Exeter as of September 30, 2021 that satisfied, on Exeter’s system, the criteria set forth under “The Automobile Loan Contracts—Repurchase Obligations” in this prospectus, in order to compare certain automobile loan contract characteristics selected by the depositor to the applicable information on the data tapes. 142 of the automobile loan contracts included in the sample are included in the pool of automobile loan contracts described in this prospectus.

Portions of the review of legal matters and the review of statistical information were performed with the assistance of third parties engaged by the depositor. The depositor determined the nature, extent and timing of the review and the level of assistance provided by the third parties. The depositor had ultimate authority and control over, and assumes all responsibility for, the review and the findings and conclusions of the review. The depositor attributes all findings and conclusions of the review to itself.

After undertaking the review described above, the depositor has found and concluded that it has reasonable assurance that the Rule 193 Information in this prospectus and the initial asset-level data is accurate in all material respects.

The Automobile Loan Contracts

Eligibility Criteria for Automobile Loan Contracts

As of the cutoff date, the automobile loan contracts in the pool have been selected from Exeter’s portfolio of sub-prime automobile loan contracts that satisfied the eligibility representations and warranties set forth under “—Repurchase Obligations” below.

In addition to the eligibility representations and warranties, Exeter, pursuant to the purchase agreement, and the depositor, pursuant to the sale and servicing agreement, will also make certain additional representations and warranties, including that:

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the information set forth in the schedule of receivables delivered by Exeter or the depositor, as applicable, on the cutoff date is true and correct in all material respects as of the close of business on the cutoff date;

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neither Exeter nor the depositor used selection procedures adverse to the noteholders in selecting the automobile loan contracts;

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with respect to automobile loan contracts that are “electronic chattel paper,” (a) each copy of the authoritative copy and any copy of a copy are readily identifiable as copies that are not the authoritative copy, (b) the related automobile loan contracts have been established in a manner such that (1) all copies or revisions that add or change an identified assignee of the authoritative copy of each such automobile loan contract must be made with the participation of the custodian and (2) all revisions of the authoritative copy of each such automobile loan contract must be readily identifiable as an authorized or unauthorized revision, and (c) the authoritative copy of each automobile loan contract communicated to the custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any person other than the custodian;

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with respect to any automobile loan contracts that constitute tangible chattel paper, (a) the fully executed original automobile loan contracts (which may contain electronic, facsimile or manual signatures) are in the possession of the custodian and the indenture trustee has received an acknowledgement from the custodian that the custodian is holding such fully executed original automobile loan contracts solely on behalf and for the benefit of the indenture trustee, as pledgee of the issuing entity or (b) the custodian received possession of such fully executed original automobile loan contracts after the indenture trustee received an acknowledgment from the custodian that the custodian is acting solely as agent of the indenture trustee, as pledgee of the issuing entity;

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the depositor will have a perfected security interest in the automobile loan contracts following the transfer of the automobile loan contracts by Exeter to the depositor and the issuing entity will have a perfected security interest in the automobile loan contracts following the transfer of the automobile loan contracts by the depositor to the issuing entity;

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Exeter or the depositor, as applicable, will cause, within ten days after the closing date, the filing of all appropriate financing statements in the proper filing office in order to perfect the security interest in the automobile loan contracts granted to the depositor under the purchase agreement or the issuing entity under the sale and servicing agreement, respectively;

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other than the security interest granted to the depositor under the purchase agreement or the issuing entity under the sale and servicing agreement, respectively, and except any other security interests that have been fully released and discharged as of the closing date, neither Exeter nor the depositor, as applicable, has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the automobile loan contracts and neither Exeter nor the depositor has authorized the filing of and is aware of any financing statements against Exeter or the depositor, respectively, that include a description of collateral covering the automobile loan contracts other than any financing statement relating to the security interest granted to the depositor under the purchase

agreement or the issuing entity under the sale and servicing agreement, respectively, or that has been terminated;

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each obligor has been, or will be, directed to make all payments on their related automobile loan contract to the lockbox bank for deposit into the lockbox account; and

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Exeter or the depositor, as applicable, has taken all steps necessary to perfect Exeter’s security interest against the related obligors in the property securing the automobile loan contracts.

Composition

The pool information presented in this prospectus is based on the automobile loan contracts as of the cutoff date, which is October 24, 2021.

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As of the cutoff date, the automobile loan contracts had an aggregate Principal Balance of 1,045,279,734.01.

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As of the cutoff date, the five states with the highest concentration levels of automobile loan contract originations in the pool, based on the automobile loan contracts’ Principal Balance as of such date, were in the states of Texas, California, Georgia, Florida and North Carolina. The performance of the automobile loan contracts in the aggregate could be adversely affected in particular by the development of adverse economic conditions in such states.

The automobile loan contract pool’s composition and distribution by credit score, APR, geographic location, wholesale loan-to-value ratio, vehicle make, original term to maturity, remaining term to maturity, model year and quarter of origination as of the cutoff date and the automobile loan contract pool’s historical delinquency experience are detailed in the following tables:

Composition of the Automobile Loan Contracts as of the Cutoff Date

	New	Used	Total
Aggregate Principal Balance	$20,170,963.32	$1,025,108,770.69	$1,045,279,734.01
Number of Automobile Loan Contracts	1,201	51,411	52,612
Percent of Aggregate Principal Balance	1.93%	98.07%	100.00%
Average Principal Balance	$16,795.14	$19,939.48	$19,867.71
Range of Principal Balances	($1,365.53 to $50,287.49)	($453.28 to $51,499.40)	($453.28 to $51,499.40)
Weighted Average APR⁽¹⁾	19.93%	20.49%	20.48%
Range of APRs	(6.00% to 28.00%)	(6.00% to 28.03%)	(6.00% to 28.03%)
Weighted Average Remaining Term	57 months	69 months	69 months
Range of Remaining Terms	(4 to 75 months)	(3 to 75 months)	(3 to 75 months)
Weighted Average Original Term	72 months	71 months	71 months
Range of Original Terms	(48 to 75 months)	(36 to 75 months)	(36 to 75 months)

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⁽¹⁾	Aggregate Principal Balance includes some portion of accrued interest. As a result, the Weighted Average APR of the automobile loan contracts may not be equivalent to the automobile loan contracts’ aggregate yield on the Aggregate Principal Balance.

Distribution of the Automobile Loan Contracts by Credit Bureau Score as of the Cutoff Date

	Credit Bureau Score⁽¹⁾	% of Aggregate Principal Balance⁽²⁾
	Less than 540	21.73%
	540 – 564	17.86%
	565 – 599	29.44%
	600 – 659	25.72%
	660 and greater	5.25%
Weighted Average Score	577	100.00%

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⁽¹⁾

A statistically based score generated by credit reporting agencies. Exeter utilizes TransUnion or Equifax credit reports depending on the location of the obligor. Credit bureau scores are unavailable for accounts representing 5.39% of the aggregate Principal Balance of the automobile loan contracts as of the cutoff date, and those accounts are not included in the credit bureau score table above. Since these accounts are not included in the percentages above, the aggregate Principal Balance of the accounts based on credit bureau score may be less than the total pool.

⁽²⁾	Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by Proprietary Credit Score as of the Cutoff Date

	Proprietary Credit Score⁽¹⁾	% of Aggregate Principal Balance⁽²⁾
	Less than 201	12.78%
	201 – 214	10.90%
	215 – 224	11.00%
	225 – 244	26.34%
	245 and greater	38.98%
Weighted Average Score	235	100.00%

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⁽¹⁾	Proprietary credit score developed and utilized by Exeter to support the credit approval and pricing process. The scale of the proprietary score is not comparable to a credit bureau score. See “Exeter’s Automobile Financing Program–Credit Underwriting” in this prospectus.

⁽²⁾	Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by Post-Funding Score as of the Cutoff Date

	Post-Funding Score⁽¹⁾	% of Aggregate Principal Balance⁽²⁾
	1 – 179	0.51%
	180 – 199	13.68%
	200 – 219	44.60%
	220 – 239	28.71%
	240 and greater	12.49%
Weighted Average Score	217	100.00%

_________________________

⁽¹⁾	Post-funding scores are assigned by Exeter to loans after funding. The scale of the post-funding score is not comparable to a credit bureau score. See “Exeter’s Automobile Financing Program–Post-Funding Loan Evaluation” in this prospectus.

⁽²⁾	Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by APR as of the Cutoff Date

Distribution by APR	Aggregate Principal Balance		% of Aggregate Principal Balance⁽¹⁾			Number of Automobile Loan Contracts		% of Total Number of Automobile Loan Contracts⁽¹⁾
6.000% to 6.999%	$	1,902,336.87		0.18	%		135		0.26	%
7.000% to 7.999%		666,651.14		0.06	%		28		0.05	%
8.000% to 8.999%		3,275,429.16		0.31	%		143		0.27	%
9.000% to 9.999%		24,054,022.66		2.30	%		1,147		2.18	%
10.000% to 10.999%		21,456,081.78		2.05	%		1,073		2.04	%
11.000% to 11.999%		34,396,886.61		3.29	%		1,803		3.43	%
12.000% to 12.999%		23,921,951.81		2.29	%		1,141		2.17	%
13.000% to 13.999%		28,677,308.45		2.74	%		1,319		2.51	%
14.000% to 14.999%		33,538,996.67		3.21	%		1,571		2.99	%
15.000% to 15.999%		39,816,821.77		3.81	%		1,868		3.55	%
16.000% to 16.999%		46,742,547.30		4.47	%		2,194		4.17	%
17.000% to 17.999%		52,191,783.68		4.99	%		2,419		4.60	%
18.000% to 18.999%		79,015,587.15		7.56	%		3,737		7.10	%
19.000% to 19.999%		58,128,563.26		5.56	%		2,744		5.22	%
20.000% to 20.999%		81,961,746.21		7.84	%		3,882		7.38	%
21.000% to 21.999%		72,150,653.66		6.90	%		3,682		7.00	%
22.000% to 22.999%		59,494,340.04		5.69	%		2,937		5.58	%
23.000% to 23.999%		72,410,364.70		6.93	%		3,641		6.92	%
24.000% to 24.999%		84,869,307.41		8.12	%		4,590		8.72	%
25.000% to 25.999%		60,522,632.09		5.79	%		3,349		6.37	%
26.000% to 26.999%		48,197,391.49		4.61	%		2,675		5.08	%
27.000% to 27.999%		24,236,916.27		2.32	%		1,365		2.59	%
28.000% to 28.999%		93,651,413.83		8.96	%		5,169		9.82	%

Total	$	1,045,279,734.01		100.00	%		52,612		100.00	%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by Geographic Location of Obligor as of the Cutoff Date

Geographic Location	Aggregate Principal Balance		% of Aggregate Principal Balance⁽¹⁾			Number of Automobile Loan Contracts		% of Total Number of Automobile Loan Contracts⁽¹⁾
Texas	$	151,910,965.89		14.53	%		7,179		13.65	%
California		109,886,616.56		10.51	%		5,357		10.18	%
Georgia		87,432,560.90		8.36	%		4,294		8.16	%
Florida		80,130,090.48		7.67	%		4,022		7.64	%
North Carolina		47,752,553.05		4.57	%		2,430		4.62	%
Ohio		44,896,063.14		4.30	%		2,439		4.64	%
Illinois		35,986,239.38		3.44	%		1,844		3.50	%
South Carolina		33,513,419.34		3.21	%		1,720		3.27	%
Alabama		30,097,158.47		2.88	%		1,551		2.95	%
Tennessee		28,954,108.94		2.77	%		1,490		2.83	%
Virginia		28,458,535.62		2.72	%		1,511		2.87	%
Louisiana		26,797,278.85		2.56	%		1,398		2.66	%
Michigan		23,226,952.63		2.22	%		1,175		2.23	%
Arizona		22,084,478.23		2.11	%		1,122		2.13	%
Missouri		21,884,972.24		2.09	%		1,177		2.24	%
Mississippi		21,635,605.40		2.07	%		1,063		2.02	%
New York		20,996,154.82		2.01	%		1,075		2.04	%
Maryland		20,466,408.59		1.96	%		1,053		2.00	%
Pennsylvania		19,551,067.70		1.87	%		997		1.90	%
Nevada		18,266,237.21		1.75	%		861		1.64	%
Indiana		18,036,779.71		1.73	%		960		1.82	%
Oklahoma		16,168,809.48		1.55	%		854		1.62	%
New Jersey		14,655,369.58		1.40	%		710		1.35	%
Wisconsin		14,623,563.10		1.40	%		754		1.43	%
Kentucky		13,822,379.66		1.32	%		741		1.41	%
New Mexico		12,489,733.16		1.19	%		618		1.17	%
Other⁽²⁾		81,555,631.88		7.80	%		4,217		8.02	%

Total	$	1,045,279,734.01		100.00	%		52,612		100.00	%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

⁽²⁾	States with aggregate Principal Balances less than 1.00% of the aggregate Principal Balance of the total pool.

Distribution of the Automobile Loan Contracts by Wholesale LTV as of the Cutoff Date

	Wholesale LTV⁽¹⁾ Range	% of Aggregate Principal Balance⁽²⁾
	Less than 105.00%	36.09%
	105.00% to 109.99%	13.26%
	110.00% to 114.99%	13.15%
	115.00% to 119.99%	11.34%
	120.00% to 124.99%	8.34%
	125.00% to 129.99%	6.31%
	130.00% and greater	11.52%

Weighted Average Wholesale LTV	109.83%	100.00%

_____________________

⁽¹⁾

Wholesale LTV is calculated using the total amount financed, which may include taxes, title fees and ancillary products over the wholesale auction value of the financed vehicle at the time the vehicle is financed. The vehicle value at origination is determined by using NADA or “Kelley Blue Book Trade-in” prices for used vehicles or dealer invoice/dealer wholesale price for new vehicles.

⁽²⁾	Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by Vehicle Make as of the Cutoff Date

Vehicle Make	Aggregate Principal Balance		% of Aggregate Principal Balance⁽¹⁾			Number of Automobile Loan Contracts		% of Total Number of Automobile Loan Contracts⁽¹⁾
Chevrolet	$	148,724,390.40		14.23	%		7,360		13.99	%
Ford		127,531,554.99		12.20	%		6,362		12.09	%
Nissan		105,180,735.61		10.06	%		5,761		10.95	%
Toyota		81,904,434.83		7.84	%		4,068		7.73	%
Jeep		75,825,638.40		7.25	%		3,517		6.68	%
Honda		72,716,896.69		6.96	%		3,654		6.95	%
Kia		63,999,893.53		6.12	%		3,620		6.88	%
Dodge		58,772,689.59		5.62	%		2,811		5.34	%
Hyundai		57,129,333.36		5.47	%		3,383		6.43	%
GMC		34,880,362.24		3.34	%		1,514		2.88	%
Ram		31,035,014.32		2.97	%		1,111		2.11	%
Mazda		17,271,044.40		1.65	%		914		1.74	%
Chrysler		16,151,753.72		1.55	%		907		1.72	%
Buick		16,062,016.31		1.54	%		879		1.67	%
Mercedes-Benz		15,708,104.62		1.50	%		707		1.34	%
Infiniti		15,698,933.25		1.50	%		689		1.31	%
Volkswagen		15,693,514.20		1.50	%		896		1.70	%
BMW		15,274,292.76		1.46	%		700		1.33	%
Subaru		11,023,444.79		1.05	%		540		1.03	%
Other⁽²⁾		64,695,686.00		6.19	%		3,219		6.12	%

Total	$	1,045,279,734.01		100.00	%		52,612		100.00	%

_________________________

⁽¹⁾	Percentages may not add up to 100% because of rounding.

⁽²⁾	Vehicle Makes with aggregate Principal Balances less than 1.00% of the aggregate Principal Balance of the total pool.

Distribution of the Automobile Loan Contracts by Original Term to Scheduled Maturity as of the Cutoff Date

Original Term to Scheduled Maturity (Number of Months)	Aggregate Principal Balance		% of Aggregate Principal Balance⁽¹⁾			Number of Automobile Loan Contracts		% of Total Number of Automobile Loan Contracts⁽¹⁾
25 – 36	$	472,413.11		0.05	%		45		0.09	%
37 – 48		1,709,704.37		0.16	%		149		0.28	%
49 – 60		49,992,413.74		4.78	%		3,937		7.48	%
61 – 66		63,502,874.93		6.08	%		4,153		7.89	%
67 – 72		853,193,122.11		81.62	%		41,401		78.69	%
73 – 75		76,409,205.75		7.31	%		2,927		5.56	%

Total	$	1,045,279,734.01		100.00	%		52,612		100.00	%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by Remaining Term to Scheduled Maturity as of the Cutoff Date

Remaining Term to Scheduled Maturity (Number of Months)	Aggregate Principal Balance		% of Aggregate Principal Balance⁽¹⁾			Number of Automobile Loan Contracts		% of Total Number of Automobile Loan Contracts⁽¹⁾
1 – 12	$	2,854,185.85		0.27	%		793		1.51	%
13 – 24		13,864,762.22		1.33	%		2,016		3.83	%
25 – 36		8,273,901.10		0.79	%		724		1.38	%
37 – 48		2,175,069.31		0.21	%		193		0.37	%
49 – 60		50,930,424.16		4.87	%		3,717		7.06	%
61 – 72		891,891,537.14		85.33	%		42,291		80.38	%
73 – 75		75,289,854.23		7.20	%		2,878		5.47	%

Total	$	1,045,279,734.01		100.00	%		52,612		100.00	%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by Model Year as of the Cutoff Date

Model Year	Aggregate Principal Balance		% of Aggregate Principal Balance⁽¹⁾			Number of Automobile Loan Contracts		% of Total Number of Automobile Loan Contracts⁽¹⁾
2005	$	29,341.77		0.00	%⁽²⁾		12		0.02	%
2006		84,522.36		0.01	%		23		0.04	%
2007		313,153.83		0.03	%		57		0.11	%
2008		3,032,455.34		0.29	%		278		0.53	%
2009		3,689,985.58		0.35	%		335		0.64	%
2010		10,627,316.57		1.02	%		855		1.63	%
2011		21,392,354.53		2.05	%		1,549		2.94	%
2012		35,503,235.73		3.40	%		2,459		4.67	%
2013		62,524,973.33		5.98	%		4,227		8.03	%
2014		93,967,902.15		8.99	%		5,538		10.53	%
2015		130,841,968.65		12.52	%		7,057		13.41	%
2016		147,054,718.09		14.07	%		7,572		14.39	%
2017		158,632,297.49		15.18	%		7,344		13.96	%
2018		193,591,977.27		18.52	%		8,085		15.37	%
2019		115,595,176.62		11.06	%		4,642		8.82	%
2020		47,937,518.41		4.59	%		1,809		3.44	%
2021		16,929,758.92		1.62	%		626		1.19	%
2022		3,531,077.37		0.34	%		144		0.27	%

Total	$	1,045,279,734.01		100.00	%		52,612		100.00	%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

⁽²⁾	Greater than 0.00% but less than 0.005%.

Distribution of the Automobile Loan Contracts by Quarter of Origination as of the Cutoff Date

Quarter of Origination	Aggregate Principal Balance		% of Aggregate Principal Balance⁽¹⁾			Number of Automobile Loan Contracts		% of Total Number of Automobile Loan Contracts⁽¹⁾
2015 Q1	$	11,233.60		0.00	%⁽²⁾		3		0.01	%
2015 Q2		72,472.67		0.01	%		12		0.02	%
2015 Q3		159,140.98		0.02	%		27		0.05	%
2015 Q4		223,624.48		0.02	%		39		0.07	%
2016 Q1		461,701.70		0.04	%		71		0.13	%
2016 Q2		885,977.12		0.08	%		134		0.25	%
2016 Q3		6,658,290.76		0.64	%		966		1.84	%
2016 Q4		15,278,368.52		1.46	%		2,123		4.04	%
2017 Q1		699,474.67		0.07	%		100		0.19	%
2018 Q1		35,885.58		0.00	%		6		0.01	%
2018 Q2		18,089.87		0.00	%		3		0.01	%
2018 Q3		67,869.36		0.01	%		5		0.01	%
2018 Q4		88,349.63		0.01	%		7		0.01	%
2019 Q1		93,640.59		0.01	%		9		0.02	%
2019 Q2		108,519.75		0.01	%		7		0.01	%
2019 Q3		421,046.03		0.04	%		25		0.05	%
2019 Q4		580,870.77		0.06	%		30		0.06	%
2020 Q1		1,237,341.72		0.12	%		68		0.13	%
2020 Q2		633,218.55		0.06	%		40		0.08	%
2020 Q3		1,641,658.71		0.16	%		106		0.20	%
2020 Q4		1,053,533.91		0.10	%		67		0.13	%
2021 Q1		5,113,937.57		0.49	%		302		0.57	%
2021 Q2		22,432,033.82		2.15	%		1,164		2.21	%
2021 Q3		726,361,127.11		69.49	%		35,095		66.71	%
2021 Q4		260,942,326.54		24.96	%		12,203		23.19	%

Total	$	1,045,279,734.01		100.00	%		52,612		100.00	%

_________________________

(1)	Percentages may not add to 100% because of rounding.

(2)	Greater than 0.00% but less than 0.005%.

Historical Delinquency Experience of the Automobile Loan Contracts as of the Cutoff Date

The following tables set forth the historical delinquency experience of the pool of automobile loan contracts. The servicer considers an automobile loan contract to become delinquent on a due date if the obligor fails to pay more than 10% of the contractual payment that is due on that due date. Once at least 90% of the contractual payment that was due on a due date has been received, the automobile loan contract will no longer be considered delinquent as of the due date on which the original shortfall occurred. Payments by obligors are first applied by the servicer against any outstanding past due amount from a prior due date and are then applied against amounts due on the current due date. The periods of delinquency described below reflect the number of days that more than 10% of the contractual payment that was due on an automobile loan contract on a prior due date remained unpaid after that due date.

Due to Exeter’s target customer base, a relatively high percentage of accounts become delinquent at some point in the life of the automobile loan contract and there is a relatively high rate of account movement between current and delinquent status in the portfolio.

As of the cutoff date, none of the automobile loan contracts in the pool were more than 30 days delinquent.

Maximum Number of Times Ever 30 to 59 Days Delinquent	Aggregate Principal Balance	% of Aggregate Principal Balance⁽¹⁾	Number of Automobile Loan Contracts	% of Total Number of Automobile Loan Contracts⁽¹⁾
0	$ 1,003,154,797.18	95.97%	48,920	92.98%
1	14,131,084.14	1.35%	897	1.70%
2+	27,993,852.69	2.68%	2,795	5.31%

Total	$ 1,045,279,734.01	100.00%	52,612	100.00%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

Maximum Number of Times Ever 60 to 89 Days Delinquent	Aggregate Principal Balance	% of Aggregate Principal Balance⁽¹⁾	Number of Automobile Loan Contracts	% of Total Number of Automobile Loan Contracts⁽¹⁾
0	$ 1,023,959.649.16	97.96%	50,596	96.17%
1	6,598,735.67	0.63%	588	1.12%
2+	14,721,349.18	1.41%	1,428	2.71%

Total	$ 1,045,279,734.01	100.00%	52,612	100.00%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

Maximum Number of Times Ever 90 or Greater Days Delinquent	Aggregate Principal Balance	% of Aggregate Principal Balance⁽¹⁾	Number of Automobile Loan Contracts	% of Total Number of Automobile Loan Contracts⁽¹⁾
0	$ 1,035,624,662.47	99.08%	51,724	98.31%
1	5,057,256.63	0.48%	437	0.83%
2+	4,597,814.91	0.44%	451	0.86%

Total	$ 1,045,279,734.01	100.00%	52,612	100.00%

_________________________

⁽¹⁾	Percentages may not add to 100% because of rounding.

The obligor under each automobile loan contract is required to pay a specified total amount of payments in substantially equal monthly installments on each due date. Each obligor’s total payment amount equals the amount financed plus interest charges for the related automobile loan contract’s entire term. The interest charges on the automobile loan contracts are determined by the simple interest method.

Under a simple interest automobile loan, the amount of an obligor’s fixed level installment payment which is allocated to interest is equal to the product of the fixed interest rate on the automobile loan contract (which is typically the APR) multiplied by the elapsed time period (which is expressed as a fraction of a year) multiplied by the remaining Principal Balance after the preceding automobile loan contract payment. The remainder of the obligor’s payment amount is allocated to reduce the principal amount financed.

If an automobile loan contract is prepaid in full by the obligor, the amount of the payment that is greater than the sum of outstanding Principal Balance of the automobile loan contract plus accrued interest on that automobile loan contract will be refunded to such obligor.

Asset-Level Data About the Automobile Loan Contracts

The depositor prepared asset-level data for the automobile loan contracts in the pool and filed this data with the SEC on Form ABS-EE (each, an asset-level data filing), on or prior to the date of the filing of this prospectus. The initial asset-level data filing is incorporated by reference into this prospectus.

The asset-level data file contains detailed information for each automobile loan contract about its identification, origination, contract terms, financed vehicle, obligor, contract activity, servicing and status.

Investors should carefully review the asset-level data. The depositor or the issuing entity will prepare updated asset-level data on a monthly basis and will file it with the SEC on Form ABS-EE. For more details about the monthly asset-level data, you should read “Description of the Transaction Documents—Statements to Noteholders.”

Repurchase Obligations

Exeter, pursuant to the purchase agreement, and the depositor, pursuant to the sale and servicing agreement, will represent and warrant as to each automobile loan contract (each, an eligibility representation and warranty, and collectively, the eligibility representations and warranties), that as of the cutoff date and as of the closing date (or as of such other date specified below):

•

Each automobile loan contract (A) that is a retail installment contract (i) was originated by a dealer and purchased by Exeter from such dealer under an existing dealer agreement or pursuant to a dealer assignment with Exeter and was validly assigned by such dealer to Exeter pursuant to a dealer assignment and (ii) was originated by such dealer for the retail sale of a financed vehicle in the ordinary course of such dealer’s business, was originated in accordance with Exeter’s credit policies and was fully and properly executed by the parties thereto, (B) that is a loan agreement (i) was originated under an existing agreement between the direct lender and Exeter and was validly sold or assigned to Exeter by the direct lender and (ii) was entered into in connection with the refinancing of an existing auto loan in the ordinary course of the direct lender’s business, was originated in accordance with Exeter’s credit policies and was fully and properly executed by the parties thereto, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security and (D) is an automobile loan contract which provides for level monthly payments (provided that the period in the first collection period and the payment in the final collection period of the automobile loan contract may be minimally different from the normal period and level payment) which, if made when due, shall fully amortize the amount financed over the original term.

•

Each automobile loan contract complied at the time it was originated or made in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder.

•

Each automobile loan contract was originated in the United States.

•

Each automobile loan contract represents the genuine, legal, valid and binding payment obligation of the obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such automobile loan contract may be modified by the application after the cutoff date of the Servicemembers Civil Relief Act, or the Relief Act.

•

No obligor is the United States of America or any state or any agency, department, subdivision or instrumentality thereof.

•

At the cutoff date no obligor had been identified on the records of Exeter as being the subject of a current bankruptcy proceeding.

•

No automobile loan contract has been satisfied, subordinated or rescinded, and the financed vehicle securing each such automobile loan contract has not been released from the lien of the related automobile loan contract in whole or in part. No terms of any automobile loan contract have been waived, altered or modified in any respect since its origination, except by instruments or documents identified in the related receivable file or the servicer’s electronic records.

•

No automobile loan contract was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such automobile loan contract under any transaction document or pursuant to transfers of the notes.

•

Each automobile loan contract created or shall create a valid, binding and enforceable first priority security interest in favor of Exeter in the financed vehicle. The lien certificate for each financed vehicle shows, or if a new or replacement lien certificate is being applied for with respect to such financed vehicle the lien certificate will be received within 180 days of the closing date (or such longer period of time in respect of which the engaged rating agencies have received prior notice and shall have either (i) confirmed in writing that such longer period of time will not result in a reduction or withdrawal of its then-current rating of any class of the notes or (ii) not confirmed in writing that such longer period of time will result in a reduction or withdrawal of its then-current rating of any class of the notes, as applicable) and will show, Exeter named as the original secured party under each automobile loan contract as the holder of a first priority security interest in such financed vehicle. With respect to each automobile loan contract for which the lien certificate has not yet been returned from the registrar of titles, Exeter has applied for or received written evidence from the related dealer or the direct lender that such lien certificate showing Exeter, the issuing entity or the holding trust, as applicable, as first lienholder has been applied for and Exeter’s security interest has been validly assigned by the depositor to the issuing entity pursuant to the sale and servicing agreement.

•

The records of the servicer do not reflect any facts which would give rise to any right of rescission, setoff, counterclaim or defense, including the defense of usury, with respect to any automobile loan contract, or the same being asserted or threatened with respect to such automobile loan contract.

•

The records of the servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of any automobile loan contract existed as of the cutoff date (other than payment delinquencies of not more than 30 days) or that any condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration under the terms of any automobile loan contract (other than payment delinquencies of not more than 30 days), and Exeter has not waived any of the foregoing.

•

At the time of origination of an automobile loan contract by a dealer or the direct lender, each financed vehicle is required to be covered by a comprehensive and collision insurance policy insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage. No financed vehicle is insured under a policy of force-placed insurance on the cutoff date.

•

Each automobile loan contract had a remaining maturity, as of the cutoff date, of not less than 3 months and not more than 75 months.

•

Each automobile loan contract had an original maturity, as of the cutoff date, of not less than 36 months and not more than 75 months.

•

Each automobile loan contract had a remaining Principal Balance, as of the cutoff date, of at least $450 and not more than $60,000.

•

Each automobile loan contract had an annual percentage rate of at least 6.00%;

•

No automobile loan contract was more than 30 days past due as of the cutoff date.

•

Each automobile loan contract is denominated in, and each automobile loan contract provides for payment in, United States dollars.

•

Each automobile loan contract provides for the calculation of interest payable thereunder under the “simple interest” method.

•

Each automobile loan contract allows for prepayment and partial prepayments without penalty and requires that a prepayment by the related obligor will fully pay the principal balance and accrued interest through the date of prepayment based on the automobile loan contract’s annual percentage rate.

•

Each of the automobile loan contracts constitutes “tangible chattel paper” or “electronic chattel paper,” in each case, within the meaning of the applicable Uniform Commercial Code.

•

There is only one original executed copy (or with respect to “electronic chattel paper,” one authoritative copy) of each automobile loan contract.

•

Immediately prior to the conveyance of the automobile loan contracts, Exeter or the depositor, as applicable, was the sole owner of such automobile loan contract and had good title thereto, free of any liens not permitted by the transaction documents.

Only upon the breach of one of the eligibility representations and warranties by Exeter or the depositor that materially and adversely affects the noteholders’ interest in any automobile loan contract, each party’s repurchase obligation will be triggered under the applicable agreement, unless such breach has been cured in all material respects. Any breach of the eligibility representations and warranties will be deemed not to have a material and adverse effect on the interests of the noteholders in the affected automobile loan contract if such breach has not affected the ability of the holding trust or noteholders to receive and retain timely payment in full of all amounts due on such automobile loan contract.

Yield and Prepayment Considerations

Prepayments can be made on any of the automobile loan contracts at any time. If prepayments are received on the automobile loan contracts, their actual weighted average life may be shorter than their weighted average life would be if all payments were made as scheduled and no prepayments were made. Prepayments on the automobile loan contracts may include moneys received from liquidations due to default and proceeds from credit life, credit disability, and casualty insurance policies. Weighted average life means the average amount of time during which any principal is outstanding on an automobile loan contract.

The rate of prepayments on the automobile loan contracts may be influenced by a variety of economic, social and other factors, including the fact that no obligor under an automobile loan contract may sell or transfer that automobile loan contract without the consent of the servicer. Any risk resulting from faster or slower prepayments of the automobile loan contracts will be borne solely by the noteholders.

The rate of payment of principal of the notes will depend on the rate of payment, and the rate of prepayments, of principal of the automobile loan contracts. It is possible that the final payment on any class of notes could occur significantly earlier than the date on which the final distribution for that class of notes is scheduled to be paid. Any risk resulting from early payment of the notes will be borne solely by the noteholders.

Prepayments on automobile loan contracts can be measured against prepayment standards or models. The model used in this prospectus, the Absolute Prepayment Model, or ABS, assumes a rate of prepayment each month which is related to the original number of automobile loan contracts in a pool of automobile loan contracts. ABS also assumes that all of the automobile loan contracts in a pool are the same size, that all of those automobile loan contracts amortize at the same rate, and that for every month that any individual automobile loan contract is outstanding, payments on that particular automobile loan contract will either be made as scheduled or the automobile loan contract will be prepaid in full. For example, in a pool of automobile loan contracts originally containing 10,000 automobile loan contracts, if a 1% ABS were used, that would mean that 100 automobile loan contracts would prepay in full each month. The percentage of prepayments that is assumed for ABS is not a historical description of prepayment experience on pools of automobile loan contracts or a prediction of the anticipated rate of prepayment on either the pool of automobile loan contracts involved in this transaction or on any pool of automobile loan contracts. It should not be assumed that the actual rate of prepayments on the automobile loan contracts will be in any way related to the percentage of prepayments that are assumed for ABS in this prospectus.

The tables below which are captioned “Percent of Initial Note Principal Amount at Various ABS Percentages” are based on ABS and were prepared using the following assumptions:

(a)

all prepayments on the automobile loan contracts each month are made in full at the specified constant percentage of ABS and there are no defaults, losses or repurchases;

(b)

each scheduled monthly payment on the automobile loan contracts is made on the last day of each month commencing in November 2021 and each month has 30 days;

(c)

payments on the notes are made on the fifteenth day of each month commencing in December 2021;

(d)

the notes are purchased on November 17, 2021;

(e)

the scheduled monthly payment for each automobile loan contract was calculated on the basis of the characteristics described in the foregoing table and in such a way that each automobile loan contract would amortize in a manner that will be sufficient to repay the Principal Balance of that automobile loan contract by its indicated remaining term to maturity;

(f)

the servicer or the depositor exercises its “clean-up call” option to purchase the automobile loan contracts at the earliest opportunity;

(g)

principal will be paid on each class of the notes on each distribution date as necessary to build and maintain the required overcollateralization;

(h)

the servicer receives a monthly servicing fee equal to the product of 1/12 times 3.00% times the aggregate Principal Balance of the automobile loan contracts;

(i)

the only other fees payable from the trust property are payable to the backup servicer, the custodian, the asset representations reviewer, the owner trustee, the lockbox bank and the indenture trustee in the amount of approximately $6,042 per month in the aggregate; and

(j)

interest accrues on (i) on the Class A-1 Notes at 0.21571% per annum, on an “actual/360” basis, and (ii) the Class A-2 Notes at 0.47% per annum, the Class A-3 Notes at 0.81% per annum, the Class B Notes at 1.26% per annum, the Class C Notes at 1.68% per annum, the Class D Notes at 2.21% per annum, the Class E Notes at 3.89% per annum and the Class F Notes at 5.37% per annum, in each case on a “30/360” basis; and

(k)

the holding trust property includes seven pools of automobile loan contracts with the characteristics set forth in the table below:

Pool	Aggregate Principal Balance	Gross APR	Next Payment Date	Original Term to Maturity (in Months)	Remaining Term to Maturity (in Months)
1	$2,854,185.85	19.969%	November 2021	69	11
2	$13,864,762.22	20.392%	November 2021	72	18
3	$8,273,901.10	20.537%	November 2021	70	28
4	$2,175,069.31	17.869%	November 2021	51	46
5	$50,930,424.16	21.382%	November 2021	60	58
6	$891,891,537.14	20.764%	November 2021	72	71
7	$75,289,854.23	16.630%	November 2021	75	74
	$1,045,279,734.01

The following tables were created relying on the applicable assumptions listed above. The tables below indicate the percentages of the initial principal amount of each class of the publicly offered notes that would be outstanding after each of the listed distribution dates if certain percentages of ABS are assumed. The tables below also indicate the corresponding weighted average life of each class of the publicly offered notes if the same percentages of ABS are assumed.

The assumptions used to construct the tables are hypothetical and have been provided only to give a general sense of how the principal cash flows might behave under various prepayment scenarios. The actual characteristics and performance of the automobile loan contracts will differ from the assumptions used to construct the tables. For example, it is very unlikely that the automobile loan contracts will prepay at a constant level of ABS each monthly period until maturity or that each of the automobile loan contracts will prepay at the same level of ABS. Moreover, the automobile loan contracts have diverse terms and that fact alone could produce slower or faster principal distributions than indicated in the tables at the various constant percentages of ABS, even if the original and remaining terms to maturity of the automobile loan contracts are as assumed. Any difference between the assumptions used to construct the tables and the actual characteristics and performance of the automobile loan contracts, including actual prepayment experience or losses, will affect the percentages of initial principal amounts outstanding on any given date and the weighted average lives of each class of notes.

The percentages in the tables have been rounded to the nearest whole number. As used in the tables which follow, the weighted average life of a class of notes is determined by:

•

multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related distribution date;

•

adding the results; and

•

dividing the sum by the related initial principal amount of the note.

Percent of Initial Note Principal Amount at Various ABS Percentages

	Class A-1 Notes
Distribution Date		0.00%	1.00%	1.50%	2.00%	2.50%	3.00%
Closing Date		100	100	100	100	100	100
12/15/2021		73	60	53	28	14	7
1/15/2022		46	21	6	0	0	0
2/15/2022		19	0	0	0	0	0
3/15/2022		7	0	0	0	0	0
4/15/2022		0	0	0	0	0	0

Weighted Average Life to Call (Years)		0.20	0.15	0.13	0.10	0.09	0.08
Weighted Average Life to Maturity (Years)		0.20	0.15	0.13	0.10	0.09	0.08

	Class A-2 Notes
Distribution Date		0.00%	1.00%	1.50%	2.00%	2.50%	3.00%
Closing Date		100	100	100	100	100	100
12/15/2021		100	100	100	100	100	100
1/15/2022		100	100	100	91	83	78
2/15/2022		100	93	84	71	62	55
3/15/2022		100	84	72	58	47	37
4/15/2022		98	75	61	45	32	20
5/15/2022		94	66	50	32	17	3
6/15/2022		90	57	39	19	3	0
7/15/2022		85	49	28	6	0	0
8/15/2022		80	40	17	0	0	0
9/15/2022		76	31	7	0	0	0
10/15/2022		71	23	0	0	0	0
11/15/2022		66	14	0	0	0	0
12/15/2022		62	6	0	0	0	0
1/15/2023		57	0	0	0	0	0
2/15/2023		52	0	0	0	0	0
3/15/2023		47	0	0	0	0	0
4/15/2023		42	0	0	0	0	0
5/15/2023		36	0	0	0	0	0
6/15/2023		32	0	0	0	0	0
7/15/2023		27	0	0	0	0	0
8/15/2023		22	0	0	0	0	0
9/15/2023		16	0	0	0	0	0
10/15/2023		11	0	0	0	0	0
11/15/2023		6	0	0	0	0	0
12/15/2023		1	0	0	0	0	0
1/15/2024		0	0	0	0	0	0

Weighted Average Life to Call (Years)		1.30	0.69	0.54	0.43	0.36	0.32
Weighted Average Life to Maturity (Years)		1.30	0.69	0.54	0.43	0.36	0.32

	Class A-3 Notes
Distribution Date		0.00%	1.00%	1.50%	2.00%	2.50%	3.00%
Closing Date		100	100	100	100	100	100
12/15/2021		100	100	100	100	100	100
1/15/2022		100	100	100	100	100	100
2/15/2022		100	100	100	100	100	100
3/15/2022		100	100	100	100	100	100
4/15/2022		100	100	100	100	100	100
5/15/2022		100	100	100	100	100	100
6/15/2022		100	100	100	100	100	85
7/15/2022		100	100	100	100	87	68
8/15/2022		100	100	100	94	72	50
9/15/2022		100	100	100	81	57	33
10/15/2022		100	100	96	68	42	16
11/15/2022		100	100	85	56	27	0
12/15/2022		100	100	74	43	13	0
1/15/2023		100	97	64	31	0	0
2/15/2023		100	88	53	19	0	0
3/15/2023		100	79	43	6	0	0
4/15/2023		100	71	33	0	0	0
5/15/2023		100	62	22	0	0	0
6/15/2023		100	53	12	0	0	0
7/15/2023		100	45	2	0	0	0
8/15/2023		100	37	0	0	0	0
9/15/2023		100	28	0	0	0	0
10/15/2023		100	20	0	0	0	0
11/15/2023		100	12	0	0	0	0
12/15/2023		100	4	0	0	0	0
1/15/2024		95	0	0	0	0	0
2/15/2024		89	0	0	0	0	0
3/15/2024		83	0	0	0	0	0
4/15/2024		77	0	0	0	0	0
5/15/2024		71	0	0	0	0	0
6/15/2024		65	0	0	0	0	0
7/15/2024		58	0	0	0	0	0
8/15/2024		52	0	0	0	0	0
9/15/2024		45	0	0	0	0	0
10/15/2024		39	0	0	0	0	0
11/15/2024		32	0	0	0	0	0
12/15/2024		25	0	0	0	0	0
1/15/2025		18	0	0	0	0	0
2/15/2025		11	0	0	0	0	0
3/15/2025		4	0	0	0	0	0
4/15/2025		0	0	0	0	0	0

Weighted Average Life to Call (Years)		2.80	1.66	1.31	1.08	0.91	0.79
Weighted Average Life to Maturity (Years)		2.80	1.66	1.31	1.08	0.91	0.79

	Class B Notes
Distribution Date		0.00%	1.00%	1.50%	2.00%	2.50%	3.00%
Closing Date		100	100	100	100	100	100
12/15/2021		100	100	100	100	100	100
1/15/2022		100	100	100	100	100	100
2/15/2022		100	100	100	100	100	100
3/15/2022		100	100	100	100	100	100
4/15/2022		100	100	100	100	100	100
5/15/2022		100	100	100	100	100	100
6/15/2022		100	100	100	100	100	100
7/15/2022		100	100	100	100	100	100
8/15/2022		100	100	100	100	100	100
9/15/2022		100	100	100	100	100	100
10/15/2022		100	100	100	100	100	100
11/15/2022		100	100	100	100	100	99
12/15/2022		100	100	100	100	100	78
1/15/2023		100	100	100	100	98	59
2/15/2023		100	100	100	100	81	39
3/15/2023		100	100	100	100	64	20
4/15/2023		100	100	100	93	47	1
5/15/2023		100	100	100	79	31	0
6/15/2023		100	100	100	65	15	0
7/15/2023		100	100	100	51	0	0
8/15/2023		100	100	91	37	0	0
9/15/2023		100	100	79	24	0	0
10/15/2023		100	100	67	10	0	0
11/15/2023		100	100	56	0	0	0
12/15/2023		100	100	44	0	0	0
1/15/2024		100	94	33	0	0	0
2/15/2024		100	85	22	0	0	0
3/15/2024		100	75	11	0	0	0
4/15/2024		100	65	*	0	0	0
5/15/2024		100	56	0	0	0	0
6/15/2024		100	46	0	0	0	0
7/15/2024		100	37	0	0	0	0
8/15/2024		100	28	0	0	0	0
9/15/2024		100	18	0	0	0	0
10/15/2024		100	9	0	0	0	0
11/15/2024		100	0	0	0	0	0
12/15/2024		100	0	0	0	0	0
1/15/2025		100	0	0	0	0	0
2/15/2025		100	0	0	0	0	0
3/15/2025		100	0	0	0	0	0
4/15/2025		96	0	0	0	0	0
5/15/2025		87	0	0	0	0	0
6/15/2025		78	0	0	0	0	0
7/15/2025		69	0	0	0	0	0
8/15/2025		59	0	0	0	0	0
9/15/2025		49	0	0	0	0	0
10/15/2025		40	0	0	0	0	0
11/15/2025		30	0	0	0	0	0
12/15/2025		20	0	0	0	0	0
1/15/2026		9	0	0	0	0	0
2/15/2026		0	0	0	0	0	0

Weighted Average Life to Call (Years)		3.86	2.59	2.08	1.71	1.44	1.24
Weighted Average Life to Maturity (Years)		3.86	2.59	2.08	1.71	1.44	1.24

* Indicates a number that is greater than 0.00% but less than 0.50%.

	Class C Notes
Distribution Date		0.00%	1.00%	1.50%	2.00%	2.50%	3.00%
Closing Date		100	100	100	100	100	100
12/15/2021		100	100	100	100	100	100
1/15/2022		100	100	100	100	100	100
2/15/2022		100	100	100	100	100	100
3/15/2022		100	100	100	100	100	100
4/15/2022		100	100	100	100	100	100
5/15/2022		100	100	100	100	100	100
6/15/2022		100	100	100	100	100	100
7/15/2022		100	100	100	100	100	100
8/15/2022		100	100	100	100	100	100
9/15/2022		100	100	100	100	100	100
10/15/2022		100	100	100	100	100	100
11/15/2022		100	100	100	100	100	100
12/15/2022		100	100	100	100	100	100
1/15/2023		100	100	100	100	100	100
2/15/2023		100	100	100	100	100	100
3/15/2023		100	100	100	100	100	100
4/15/2023		100	100	100	100	100	100
5/15/2023		100	100	100	100	100	80
6/15/2023		100	100	100	100	100	59
7/15/2023		100	100	100	100	99	38
8/15/2023		100	100	100	100	81	18
9/15/2023		100	100	100	100	63	0
10/15/2023		100	100	100	100	45	0
11/15/2023		100	100	100	97	28	0
12/15/2023		100	100	100	82	12	0
1/15/2024		100	100	100	67	0	0
2/15/2024		100	100	100	53	0	0
3/15/2024		100	100	100	39	0	0
4/15/2024		100	100	100	25	0	0
5/15/2024		100	100	88	11	0	0
6/15/2024		100	100	76	0	0	0
7/15/2024		100	100	64	0	0	0
8/15/2024		100	100	53	0	0	0
9/15/2024		100	100	41	0	0	0
10/15/2024		100	100	30	0	0	0
11/15/2024		100	100	19	0	0	0
12/15/2024		100	90	8	0	0	0
1/15/2025		100	79	0	0	0	0
2/15/2025		100	69	0	0	0	0
3/15/2025		100	59	0	0	0	0
4/15/2025		100	49	0	0	0	0
5/15/2025		100	39	0	0	0	0
6/15/2025		100	29	0	0	0	0
7/15/2025		100	19	0	0	0	0
8/15/2025		100	10	0	0	0	0
9/15/2025		100	*	0	0	0	0
10/15/2025		100	0	0	0	0	0
11/15/2025		100	0	0	0	0	0
12/15/2025		100	0	0	0	0	0
1/15/2026		100	0	0	0	0	0
2/15/2026		99	0	0	0	0	0
3/15/2026		86	0	0	0	0	0
4/15/2026		74	0	0	0	0	0
5/15/2026		61	0	0	0	0	0
6/15/2026		48	0	0	0	0	0
7/15/2026		35	0	0	0	0	0
8/15/2026		22	0	0	0	0	0
9/15/2026		8	0	0	0	0	0
10/15/2026		0	0	0	0	0	0

		Class C Notes
Distribution Date			0.00%				1.00%				1.50%				2.00%				2.50%				3.00%


Weighted Average Life to Call (Years)	4.61	3.45	2.81	2.31	1.93	1.66
Weighted Average Life to Maturity (Years)	4.61	3.45	2.81	2.31	1.93	1.66

* Indicates a number that is greater than 0.00% but less than 0.50%.

	Class D Notes
Distribution Date		0.00%	1.00%	1.50%	2.00%	2.50%	3.00%
Closing Date		100	100	100	100	100	100
12/15/2021		100	100	100	100	100	100
1/15/2022		100	100	100	100	100	100
2/15/2022		100	100	100	100	100	100
3/15/2022		100	100	100	100	100	100
4/15/2022		100	100	100	100	100	100
5/15/2022		100	100	100	100	100	100
6/15/2022		100	100	100	100	100	100
7/15/2022		100	100	100	100	100	100
8/15/2022		100	100	100	100	100	100
9/15/2022		100	100	100	100	100	100
10/15/2022		100	100	100	100	100	100
11/15/2022		100	100	100	100	100	100
12/15/2022		100	100	100	100	100	100
1/15/2023		100	100	100	100	100	100
2/15/2023		100	100	100	100	100	100
3/15/2023		100	100	100	100	100	100
4/15/2023		100	100	100	100	100	100
5/15/2023		100	100	100	100	100	100
6/15/2023		100	100	100	100	100	100
7/15/2023		100	100	100	100	100	100
8/15/2023		100	100	100	100	100	100
9/15/2023		100	100	100	100	100	98
10/15/2023		100	100	100	100	100	78
11/15/2023		100	100	100	100	100	58
12/15/2023		100	100	100	100	100	39
1/15/2024		100	100	100	100	95	20
2/15/2024		100	100	100	100	79	2
3/15/2024		100	100	100	100	62	0
4/15/2024		100	100	100	100	47	0
5/15/2024		100	100	100	100	31	0
6/15/2024		100	100	100	98	16	0
7/15/2024		100	100	100	85	2	0
8/15/2024		100	100	100	72	0	0
9/15/2024		100	100	100	59	0	0
10/15/2024		100	100	100	46	0	0
11/15/2024		100	100	100	34	0	0
12/15/2024		100	100	100	23	0	0
1/15/2025		100	100	97	11	0	0
2/15/2025		100	100	86	*	0	0
3/15/2025		100	100	76	0	0	0
4/15/2025		100	100	65	0	0	0
5/15/2025		100	100	55	0	0	0
6/15/2025		100	100	46	0	0	0
7/15/2025		100	100	36	0	0	0
8/15/2025		100	100	27	0	0	0
9/15/2025		100	100	18	0	0	0
10/15/2025		100	91	9	0	0	0
11/15/2025		100	81	1	0	0	0
12/15/2025		100	72	0	0	0	0
1/15/2026		100	63	0	0	0	0
2/15/2026		100	54	0	0	0	0
3/15/2026		100	45	0	0	0	0
4/15/2026		100	36	0	0	0	0
5/15/2026		100	27	0	0	0	0
6/15/2026		100	19	0	0	0	0
7/15/2026		100	11	0	0	0	0
8/15/2026		100	2	0	0	0	0
9/15/2026		100	0	0	0	0	0
10/15/2026		95	0	0	0	0	0

		Class D Notes
Distribution Date			0.00%				1.00%				1.50%				2.00%				2.50%				3.00%

11/15/2026	82	0	0	0	0	0
12/15/2026	68	0	0	0	0	0
1/15/2027	54	0	0	0	0	0
2/15/2027	40	0	0	0	0	0
3/15/2027	26	0	0	0	0	0
4/15/2027	11	0	0	0	0	0
5/15/2027	0	0	0	0	0	0

Weighted Average Life to Call (Years)	5.22	4.33	3.59	2.93	2.44	2.07
Weighted Average Life to Maturity (Years)	5.22	4.33	3.59	2.93	2.44	2.07

* Indicates a number that is greater than 0.00% but less than 0.50%.

Delinquency and Loan Loss Information

The following tables provide information relating to Exeter’s delinquency and loan loss experience for each period indicated with respect to all automobile loan contracts Exeter has originated indirectly and has serviced. This information includes the experience with respect to all automobile loan contracts in Exeter’s portfolio of automobile loan contracts serviced during each listed period, including automobile loan contracts that do not meet the criteria for inclusion in, or were otherwise excluded from, this securitization.

Exeter’s net charge-offs as an annualized percentage of average automobile loan contracts outstanding may vary from period to period based upon the average age or seasoning of the portfolio and economic factors. Delinquency percentages, as reflected in the following delinquency experience table, are subject to periodic fluctuation based on average age or seasoning of the portfolio, seasonality within the calendar year and economic factors. Due to the target customer base, a relatively high percentage of accounts become delinquent at some point in the life of the automobile loan contract. Furthermore, a relatively high rate of account movement occurs between current and delinquent status in the portfolio.

Exeter’s policy is to charge-off an account (i) on the last day of a calendar month, if as of that date, more than 10% of any scheduled automobile loan contract payment related to such account remains unpaid for 120 days or more from the date for such payment (so long as the related financed vehicle has not been repossessed and the related obligor has not been identified on Exeter’s records as being the subject of a current bankruptcy proceeding), (ii) if the related financed vehicle has been repossessed and it has either liquidated such financed vehicle or held such financed vehicle in its inventory for more than 60 days (or up to 90 days subject to the modification of its Customary Servicing Practices) at month-end, or (iii) if such account is otherwise required to be charged-off or is deemed uncollectible in accordance with its Customary Servicing Practices. A charge-off generally represents the difference between the estimated net sales proceeds and the amount of the delinquent automobile loan contract.

During periods of economic slowdown or recession, delinquencies, defaults, repossessions and losses generally increase. These periods also may be accompanied by increased unemployment rates, decreased consumer demand for automobiles and declining values of automobiles securing outstanding automobile loan contracts, which weakens collateral coverage and increases the amount of a loss in the event of default. Significant increases in the inventory of used automobiles during periods of economic recession may also depress the prices at which repossessed automobiles may be sold or delay the timing of these sales. Additionally, higher gasoline prices, unstable real estate values, declining stock market values, increasing unemployment levels, general availability of consumer credit or other factors that impact consumer confidence or disposable income could increase loss frequency and decrease consumer demand for automobiles as well as weaken collateral values on certain types of automobiles. Because Exeter focuses predominately on sub-prime borrowers, the actual rates of delinquencies, defaults, repossessions and losses on these automobile loan contracts are higher than those experienced in the general automobile finance industry and could be dramatically affected by a general economic downturn.

We cannot assure you that the levels of delinquency and loss experience reflected in the following tables are indicative of the performance of the automobile loan contracts owned by the issuing entity. Because a pandemic such as the COVID-19 outbreak has not occurred in recent years, the sponsor’s historical delinquency and loan loss experience described in this prospectus is unlikely to accurately predict the performance of the automobile loan contracts in this transaction. See “Risk Factors—Adverse events arising from the coronavirus outbreak could result in delays in payment or losses on your notes.”

Delinquency Experience

Bankrupt accounts which have not yet been charged off are included as delinquent accounts in the table below.

	At September 30,						At December 31,
	2021			2020			2020			2019			2018			2017			2016
Portfolio at end of period⁽¹⁾	$	7,535,966,085		$	6,169,724,827		$	6,336,939,843		$	5,610,516,301		$	4,263,881,985		$	3,419,950,668		$	3,085,534,535
Period of Delinquency⁽²⁾
31 - 60 days⁽³⁾	$	652,899,731		$	493,305,708		$	576,539,550		$	594,117,289		$	444,904,305		$	353,520,361		$	352,602,837
61 - 90 days	$	275,984,395		$	226,435,314		$	267,339,386		$	290,188,258		$	213,991,052		$	173,565,541		$	163,248,378
91 days or more	$	146,463,872		$	180,180,925		$	189,494,740		$	184,948,820		$	137,347,301		$	124,242,924		$	110,752,167
Total Delinquencies	$	1,075,347,999		$	899,921,947		$	1,033,373,676		$	1,069,254,368		$	796,242,658		$	651,328,825		$	626,603,382
Repossessed Assets	$	48,062,517		$	51,300,910		$	42,779,772		$	49,959,282		$	44,151,661		$	36,807,952		$	40,278,786
Total Delinquencies and Repossessed Assets	$	1,123,410,515		$	951,222,857		$	1,076,153,448		$	1,119,213,649		$	840,394,319		$	688,136,777		$	666,882,168
Total Delinquencies as a Percentage of the Portfolio		14.27	%		14.59	%		16.31	%		19.06	%		18.67	%		19.04	%		20.31	%
Total Repossessed Assets as a Percentage of the Portfolio		0.64	%		0.83	%		0.68	%		0.89	%		1.04	%		1.08	%		1.31	%
Total Delinquencies and Repossessed Assets as a Percentage of the Portfolio		14.91	%		15.42	%		16.98	%		19.95	%		19.71	%		20.12	%		21.61	%

_________________________

⁽¹⁾	All amounts and percentages are based on the Principal Balances of the automobile loan contracts.

⁽²⁾

Exeter considers an automobile loan contract delinquent when more than 10% of a contractual payment remains unpaid by the due date. The period of delinquency is based on the number of days that more than 10% of the contractual payment that was due on an automobile loan contract on a prior due date remained unpaid after that due date.

⁽³⁾	Amounts shown do not include automobile loan contracts which are less than 31 days delinquent.

Loan Loss Experience

	Nine Months Ended September 30,						Fiscal Year Ended December 31,
	2021			2020			2020			2019			2018			2017			2016
Period End Principal Outstanding⁽¹⁾	$	7,535,966,085		$	6,169,724,827		$	6,336,939,843		$	5,610,516,301		$	4,263,881,985		$	3,419,950,668		$	3,085,534,535
Average Month End Amount Outstanding During the Period⁽¹⁾	$	7,100,094,285		$	5,974,900,676		$	6,050,715,064		$	5,066,659,179		$	3,850,033,565		$	3,307,537,598		$	3,110,000,952
Net Charge Offs⁽²⁾	$	203,225,501		$	281,841,761		$	379,701,076		$	432,838,091		$	327,165,886		$	310,251,372		$	308,531,855
Net Charge Offs as a Percentage of Period End Principal Outstanding⁽³⁾		3.60	%		6.09	%		5.99	%		7.71	%		7.67	%		9.07	%		10.00	%
Net Charge Offs as a Percentage of Average Month End Amount Outstanding⁽³⁾		3.82	%		6.29	%		6.28	%		8.54	%		8.50	%		9.38	%		9.92	%

_________________________

⁽¹⁾	All amounts and percentages are based on the Principal Balances of the automobile loan contracts.

⁽²⁾

Net charge offs equal gross charge offs minus recoveries. Gross charge-offs do not include unearned finance charges and other fees. Recoveries include repossession proceeds received from the sale of repossessed financed vehicles net of repossession expenses, refunds of unearned premiums from credit life and credit accident and health insurance and extended service contract costs obtained and financed in connection with the vehicle financing and recoveries from obligors on deficiency balances and matured loan balances.

⁽³⁾	Results at September 30, 2021 and September 30, 2020 are annualized and are not necessarily indicative of a full year’s actual results.

Fee	General Purpose of the Fee	Amount or Calculation of Fee
Servicing Fee	Compensation to the servicer for services provided pursuant to the transaction documents.	If Exeter or the backup servicer is the servicer, on each distribution date, the product of 3.00% times the aggregate Principal Balance of the automobile loan contracts as of the opening of business on the first day of the related collection period times one-twelfth (or, in the case of the first distribution date, a fraction, the numerator of which is 36 and the denominator of which is 360). The servicer will also be entitled to receive a supplemental servicing fee, equal to all administrative fees, expenses and charges paid by or on behalf of obligors, including late fees, prepayment fees and liquidation fees collected on the automobile loan contracts during the related collection period (but excluding any fees or expenses related to extensions and any fees, expenses or charges paid by obligors and in respect of which the servicer was previously reimbursed as supplemental servicing fees).
Indenture Trustee Fee	Compensation to the indenture trustee for services provided pursuant to the transaction documents.	$416.66 monthly.

Owner Trustee Fee	Compensation to the owner trustee for services provided pursuant to the transaction documents.	$208.33 monthly.
Backup Servicer Fee	Compensation to the backup servicer for services provided pursuant to the transaction documents.	$3,500 monthly.
Custodian Fee	Compensation to the custodian for services provided pursuant to the custodial agreement.	The aggregate of all fees and expenses paid by the custodian to the sub-custodians in respect of the automobile contracts in the collection period, monthly.
Lockbox Bank Fee	Compensation to the lockbox bank for services provided pursuant to the lockbox account agreement.	$1,500, monthly.
Asset Representations Reviewer Fees	Compensation to the asset representations reviewer for serving pursuant to the asset representations review agreement.	$5,000, annually. In the event of an asset representations review, the asset representations reviewer will also be entitled to payment of a fee equal to $200 for each automobile loan contract tested as part of such asset representations review.

Underwriters	Principal Amount of Class A-1 Notes		Principal Amount of Class A-2 Notes		Principal Amount of Class A-3 Notes		Principal Amount of Class B Notes		Principal Amount of Class C Notes		Principal Amount of Class D Notes
Citigroup Global Markets Inc.	$	22,836,000	$	56,589,000	$	53,168,000	$	76,959,000	$	66,780,000	$	64,543,000
Deutsche Bank Securities Inc.	$	22,835,000	$	56,587,000	$	53,169,000	$	76,960,000	$	66,780,000	$	64,543,000
Barclays Capital Inc.	$	11,484,000	$	28,458,000	$	26,738,000	$	0	$	0	$	0
Citizens Capital Markets, Inc.	$	11,484,000	$	28,458,000	$	26,738,000	$	0	$	0	$	0
Wells Fargo Securities, LLC	$	11,484,000	$	28,458,000	$	26,738,000	$	0	$	0	$	0
Total	$	80,123,000	$	198,550,000	$	186,551,000	$	153,919,000	$	133,560,000	$	129,086,000

Securitization	Number of Automobile Loan Contracts	Aggregate Principal Balance	Average Loan Balance	Weighted Average APR	Weighted Average Original Term	Weighted Average Credit Bureau Score⁽¹⁾	Geographic Concentration of Top Five States
EART 2016-1	21,180	$376,749,328.73	$17,787.98	20.18%	70	573	41.41%
EART 2016-2	19,597	$325,205,229.35	$16,594.64	20.55%	70	570	40.08%
EART 2016-3	27,645	$471,206,346.20	$17,044.90	20.60%	70	575	41.42%
EART 2017-1	25,839	$423,282,215.19	$16,381.52	20.81%	70	577	44.69%
EART 2017-2	28,146	$472,447,167.90	$16,785.59	21.22%	70	573	47.45%
EART 2017-3	34,346	$578,958,060.51	$16,856.64	21.89%	70	566	42.26%
EART 2018-1	35,802	$580,781,426.60	$16,222.04	21.89%	70	567	45.87%
EART 2018-2	36,686	$580,781,501.06	$15,831.15	21.73%	69	565	44.56%
EART 2018-3	31,498	$567,010,607.83	$18,001.48	21.54%	70	568	46.55%
EART 2018-4	35,482	$580,781,628.17	$16,368.35	21.63%	70	568	47.18%
EART 2019-1	33,055	$578,947,370.97	$17,514.67	21.66%	69	565	47.85%
EART 2019-2	44,745	$729,166,666.77	$16,296.05	21.96%	69	556	49.16%
EART 2019-3	53,726	$885,416,667.26	$16,480.23	21.93%	69	558	49.62%
EART 2019-4	53,086	$880,829,111.31	$16,592.49	21.54%	70	560	49.50%
EART 2020-1	45,520	$797,927,461.42	$17,529.16	21.68%	70	563	49.18%
EART 2020-2	58,350	$932,538,738.14	$15,981.81	21.73%	70	559	47.37%
EART 2020-3	43,589	$708,603,517.04	$16,256.48	21.11%	70	567	47.32%
EART 2021-1	67,407	$1,179,763,578.39	$17,502.09	21.05%	70	572	46.47%
EART 2021-2	69,635	$1,237,144,340.47	$17,766.13	21.33%	70	568	45.49%
EART 2021-3	72,182	$1,336,895,223.07	$18,521.17	20.87%	71	574	46.04%

Aggregate Principal Balance at Cutoff Date	$376,749,329	$325,205,229	$471,206,346	$423,282,215	$472,447,168	$578,958,061	$580,781,427
Months Seasoned	EART 2016-1	EART 2016-2	EART 2016-3	EART 2017-1	EART 2017-2	EART 2017-3	EART 2018-1
0	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
1	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
2	0.05%	0.03%	0.07%	0.06%	0.03%	0.03%	0.04%
3	0.38%	0.24%	0.21%	0.27%	0.18%	0.26%	0.24%
4	1.07%	1.16%	1.03%	0.83%	0.76%	0.98%	0.87%
5	1.81%	2.15%	1.89%	1.74%	1.81%	2.03%	1.82%
6	2.83%	3.19%	2.80%	2.76%	2.96%	3.16%	2.77%
7	3.97%	4.42%	3.74%	3.97%	4.14%	4.17%	3.80%
8	5.13%	5.64%	4.64%	5.10%	5.24%	5.03%	4.93%
9	6.07%	6.75%	5.53%	6.05%	6.43%	6.00%	6.03%
10	7.13%	7.73%	6.53%	6.88%	7.67%	6.85%	7.05%
11	8.14%	8.84%	7.66%	7.75%	8.72%	7.69%	8.01%
12	9.25%	9.85%	8.67%	8.88%	9.68%	8.66%	8.78%
13	10.35%	10.88%	9.70%	9.87%	10.57%	9.57%	9.86%
14	11.67%	12.08%	10.74%	10.95%	11.45%	10.57%	10.95%
15	12.55%	13.23%	11.82%	11.84%	12.44%	11.51%	11.90%
16	13.48%	14.44%	13.03%	12.79%	13.36%	12.30%	12.69%
17	14.53%	15.48%	14.01%	13.59%	14.44%	13.36%	13.55%
18	15.46%	16.40%	14.88%	14.32%	15.39%	14.25%	14.34%
19	16.55%	17.29%	15.65%	15.12%	16.20%	15.08%	15.20%
20	17.50%	18.08%	16.43%	15.83%	16.98%	15.83%	16.17%
21	18.30%	19.10%	17.13%	16.64%	17.67%	16.53%	17.09%
22	19.11%	20.08%	17.86%	17.26%	18.52%	17.22%	17.96%
23	19.96%	20.85%	18.73%	17.93%	19.20%	17.88%	18.76%
24	20.92%	21.57%	19.29%	18.71%	19.87%	18.69%	19.60%
25	21.80%	22.36%	20.02%	19.36%	20.50%	19.43%	20.38%
26	22.62%	22.98%	20.68%	20.09%	21.20%	20.07%	21.12%
27	23.17%	23.59%	21.32%	20.60%	21.90%	20.81%	21.83%
28	23.83%	24.29%	21.98%	21.18%	22.54%	21.49%	22.39%
29	24.59%	24.93%	22.63%	21.70%	23.28%	22.23%	22.89%
30	25.21%	25.49%	23.17%	22.25%	23.98%	22.85%	23.24%
31	25.83%	26.03%	23.68%	22.85%	24.49%	23.34%	23.65%
32	26.38%	26.53%	24.20%	23.45%	25.12%	23.88%	24.07%
33	26.95%	27.21%	24.57%	23.94%	25.65%	24.35%	24.42%
34	27.50%	27.73%	25.11%	24.48%	26.29%	24.69%	24.84%
35	27.94%	28.08%	25.63%	25.05%	26.81%	24.96%	25.20%
36	28.46%	28.55%	26.11%	25.57%	27.33%	25.33%	25.61%
37	28.85%	29.00%	26.57%	25.98%	27.76%	25.64%	26.05%
38	29.30%	29.38%	27.02%	26.35%	28.12%	26.02%	26.31%
39	29.69%	29.87%	27.47%	26.67%	28.38%	26.34%	26.62%
40	30.09%	30.29%	27.86%	27.04%	28.69%	26.72%	26.88%
41	30.42%	30.70%	28.32%	27.26%	28.99%	27.05%	27.12%
42	30.79%	31.18%	28.65%	27.50%	29.32%	27.35%	27.30%
43	31.23%	31.58%	28.99%	27.77%	29.68%	27.57%	27.48%
44	31.55%	31.95%	29.22%	28.02%	29.91%	27.82%	27.71%
45	31.99%	32.37%	29.43%	28.25%	30.25%	28.01%	27.96%
46	32.29%	32.70%	29.61%	28.47%	30.51%	28.16%
47	32.54%	33.06%	29.85%	28.70%	30.73%	28.32%
48	32.86%	33.31%	30.05%	28.87%	30.95%	28.51%
49	33.16%	33.44%	30.28%	29.05%	31.17%	28.67%
50	33.44%	33.60%	30.43%	29.25%	31.35%
51	33.72%	33.78%	30.59%	29.36%	31.51%
52	33.88%	33.94%	30.74%	29.51%	31.68%
53	34.00%	34.08%	30.89%	29.62%	31.83%
54	34.16%	34.25%	31.03%	29.73%	32.00%
55	34.30%	34.39%	31.11%	29.81%
56	34.41%	34.56%	31.24%	29.93%

	Underwriting Discount			Net Proceeds to the Depositor⁽¹⁾			Selling Concessions Not to Exceed⁽²⁾			Reallowance Not to Exceed
Class A-1 Notes		0.15000	%		99.85000	%		0.09000	%		0.04500	%
Class A-2 Notes		0.15500	%		99.84031	%		0.09300	%		0.04650	%
Class A-3 Notes		0.17000	%		99.82865	%		0.10200	%		0.05100	%
Class B Notes		0.24500	%		99.74128	%		0.14700	%		0.07350	%
Class C Notes		0.26500	%		99.72529	%		0.15900	%		0.07950	%
Class D Notes		0.28500	%		99.70820	%		0.17100	%		0.08550	%

Aggregate Principal Balance at Cutoff Date	$580,781,501	$567,010,608	$580,781,628	$578,947,371	$729,166,667	$885,416,667	$880,829,111
Months Seasoned	EART 2018-2	EART 2018-3	EART 2018-4	EART 2019-1	EART 2019-2	EART 2019-3	EART 2019-4
0	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
1	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
2	0.07%	0.05%	0.07%	0.05%	0.05%	0.07%	0.05%
3	0.29%	0.31%	0.32%	0.30%	0.30%	0.29%	0.39%
4	0.88%	1.43%	1.25%	1.05%	1.09%	1.25%	1.32%
5	2.00%	2.66%	2.48%	1.97%	2.20%	2.51%	2.63%
6	3.04%	3.82%	3.55%	2.92%	3.47%	3.84%	3.77%
7	4.23%	5.16%	4.45%	4.07%	4.72%	5.11%	4.83%
8	5.40%	6.34%	5.31%	5.43%	6.09%	6.26%	5.67%
9	6.50%	7.45%	6.27%	6.57%	7.37%	7.23%	6.32%
10	7.74%	8.34%	7.30%	7.60%	8.55%	8.24%	7.05%
11	8.65%	9.23%	8.31%	8.61%	9.59%	9.04%	7.84%
12	9.47%	9.98%	9.27%	9.65%	10.47%	9.57%	8.63%
13	10.27%	10.89%	10.30%	10.69%	11.39%	10.26%	9.56%
14	11.07%	11.86%	11.40%	11.75%	12.16%	11.07%	10.35%
15	11.81%	12.92%	12.51%	12.78%	12.76%	11.71%	11.20%
16	12.83%	14.06%	13.59%	13.76%	13.50%	12.55%	12.04%
17	13.93%	15.21%	14.58%	14.63%	14.29%	13.33%	12.77%
18	14.85%	16.25%	15.42%	15.23%	15.03%	14.07%	13.60%
19	15.82%	17.18%	16.19%	15.91%	15.87%	14.73%	14.23%
20	16.72%	18.03%	16.90%	16.59%	16.55%	15.35%	14.73%
21	17.70%	18.76%	17.42%	17.29%	17.31%	16.03%	15.21%
22	18.63%	19.56%	18.05%	17.99%	18.02%	16.52%	15.64%
23	19.43%	20.27%	18.57%	18.64%	18.60%	16.97%	16.19%
24	20.20%	20.73%	19.09%	19.26%	19.28%	17.37%	16.78%
25	20.95%	21.27%	19.62%	19.85%	19.70%	17.89%
26	21.55%	21.84%	20.22%	20.41%	20.16%	18.34%
27	21.92%	22.33%	20.79%	21.00%	20.57%	18.82%
28	22.37%	22.89%	21.34%	21.45%	20.96%
29	22.90%	23.38%	21.78%	21.79%	21.34%
30	23.33%	23.87%	22.30%	22.12%	21.77%
31	23.80%	24.41%	22.69%	22.49%
32	24.23%	24.80%	23.02%	22.87%
33	24.70%	25.27%	23.29%	23.27%
34	25.11%	25.65%	23.61%
35	25.51%	25.92%	23.92%
36	25.91%	26.16%	24.27%
37	26.21%	26.44%
38	26.43%	26.70%
39	26.67%	26.97%
40	26.92%
41	27.22%
42	27.52%

Aggregate Principal Balance at Cutoff Date	$797,927,461	$932,538,738	$708,603,517	$1,179,763,578	$1,237,144,340	$1,336,895,223
Months Seasoned	EART 2020-1	EART 2020-2	EART 2020-3	EART 2021-1	EART 2021-2	EART 2021-3
0	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
1	0.01%	0.01%	0.00%	0.02%	0.02%	0.00%
2	0.06%	0.05%	0.03%	0.14%	0.12%	0.02%
3	0.23%	0.37%	0.13%	0.54%	0.68%
4	0.95%	0.85%	0.48%	1.10%	1.53%
5	1.94%	1.60%	1.19%	1.64%
6	2.65%	2.38%	1.91%	2.16%
7	3.49%	3.13%	2.58%	2.78%
8	4.31%	3.87%	3.08%	3.43%
9	5.08%	4.54%	3.49%
10	6.04%	5.15%	3.93%
11	7.01%	5.67%	4.35%
12	7.96%	6.15%	4.88%
13	8.80%	6.63%	5.42%
14	9.71%	7.11%
15	10.50%	7.67%
16	11.18%	8.33%
17	11.77%
18	12.32%
19	12.95%
20	13.56%
21	14.13%