Form 305B2 EFCAR, LLC

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June 11, 2026 12:58 PM EDT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
___________________________

FORM T-1

STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

Check if an application to determine eligibility of a Trustee
pursuant to Section 305 (b)(2) _X___

_______________________
CITIBANK, N.A.
(Exact name of trustee as specified in its charter)

A National Banking Association
13-5266470
(Jurisdiction of Incorporation or organization if not a U.S. national bank)
(I.R.S. Employer Identification Number)
   
399 Park Ave., New York, NY
10043
(Address of principal executive office)
(Zip Code)

Jennifer Morris
Citibank, N.A.
388 Greenwich St.
New York, NY 10013
(714) 845-4097
(Name, address and telephone number of agent for service)
_____________________________

 
EXETER AUTOMOBILE RECEIVABLES TRUST 2026-3
(Exact name of obligor as specified in its charter)

Delaware
41-6729953
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
   
2101 W. John Carpenter Freeway
Irving, Texas
75063
(Address of principal executive offices)
(Zip Code)
   

_________________________
Asset-Backed Notes
(Title of the indenture securities)

Item 1.  General Information.

Furnish the following information as to the trustee:


 (a)
Name and address of each examining or supervising authority to which it is subject.


Name
Address

Comptroller of the Currency
Washington, D.C.


Federal Reserve Bank of New York
New York, NY
33 Liberty Street
New York, NY


 Federal Deposit Insurance Corporation
Washington, D.C.


(b)
Whether it is authorized to exercise corporate trust powers.

Yes.

Item 2.  Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

Items 3. -15. Not Applicable

Item 16.  List of Exhibits.

List below all exhibits filed as a part of this Statement of Eligibility.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as exhibits hereto.

Exhibit 1 - Copy of Articles of Association of the Trustee, as now in effect  (Exhibit 1 to T-1 to Registration Statement No. 2-79983).

Exhibit 2 - Copy of certificate of authority of the Trustee to commence business  (Exhibit 2 to T-1 to Registration Statement No. 2-29577).

Exhibit 3 - Copy of authorization of the Trustee to exercise corporate trust powers  (Exhibit 3 to T-1 to Registration Statement No. 2-55519).

Exhibit 4 - Copy of existing By-Laws of the Trustee  (Exhibit 4 to T-1 to Registration Statement No. 33-34988).

Exhibit 5 - Not applicable.

Exhibit 6 - The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939 (Exhibit 6 to T-1 to Registration Statement No. 33-19227).

Exhibit 7 - Copy of the latest Report of Condition of Citibank, N.A. (as of March 31, 2026 - attached).

Exhibit 8 - Not applicable.

Exhibit 9 - Not applicable.

__________________

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York and State of New York, on the 11th day of June, 2026.


 
CITIBANK, N.A.
     
 
By   
/s Jennifer Morris
   
Jennifer Morris
   
Senior Trust Officer



Exhibit 7



CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)

                          
   
1Q26 Increase/
(Decrease) from
  

 
March 31,
2025
    
June 30,
2025
    
September 30,
2025
    
December 31,
2025
    
March 31,
2026(1)
      
4Q25
      
1Q25
  
Assets
                                              
Cash and due from banks (including segregated cash and other deposits)
  
$
24,463
    
$
24,991
    
$
23,545
    
$
23,717
    
$
23,625
      
-
      
(3
%)
Deposits with banks, net of allowance
    
283,868
      
312,482
      
324,515
      
325,862
      
362,097
      
11
%
    
28
%
Securities borrowed and purchased under agreements to resell, net of allowance
    
390,215
      
323,892
      
321,347
      
356,195
      
353,094
      
(1
%)
    
(10
%)
Brokerage receivables, net of allowance
    
57,440
      
64,029
      
75,992
      
62,679
      
91,720
      
46
%
    
60
%
Trading account assets
    
518,577
      
568,558
      
562,254
      
537,139
      
593,473
      
10
%
    
14
%
Investments
                                                        
Available-for-sale debt securities
    
225,180
      
235,802
      
246,227
      
246,720
      
257,822
      
4
%
    
14
%
Held-to-maturity debt securities, net of allowance
    
220,385
      
206,094
      
197,092
      
189,831
      
178,503
      
(6
%)
    
(19
%)
Equity securities
    
7,323
      
7,504
      
7,413
      
7,678
      
7,839
      
2
%
    
7
%
Total investments
    
452,888
      
449,400
      
450,732
      
444,229
      
444,164
      
-
      
(2
%)
Loans
                                                        
Consumer(2)
    
386,312
      
395,759
      
398,628
      
408,533
      
402,391
      
(2
%)
    
4
%
Corporate(3)
    
315,744
      
329,586
      
335,277
      
343,697
      
359,225
      
5
%
    
14
%
Loans, net of unearned income
    
702,056
      
725,345
      
733,905
      
752,230
      
761,616
      
1
%
    
8
%
Allowance for credit losses on loans (ACLL)
    
(18,726
)
    
(19,123
)
    
(19,206
)
    
(19,247
)
    
(19,636
)
    
(2
%)
    
(5
%)
Total loans, net
    
683,330
      
706,222
      
714,699
      
732,983
      
741,980
      
1
%
    
9
%
Goodwill
    
19,422
      
19,878
      
19,126
      
19,098
      
18,997
      
(1
%)
    
(2
%)
Intangible assets (including MSRs)
    
4,430
      
4,409
      
4,330
      
4,284
      
4,305
      
-
      
(3
%)
Premises and equipment, net of depreciation and amortization
    
30,814
      
32,312
      
32,819
      
33,339
      
33,574
      
1
%
    
9
%
Other assets, net of allowance
    
106,067
      
116,599
      
113,116
      
117,677
      
110,658
      
(6
%)
    
4
%
Total assets
  
$
2,571,514
    
$
2,622,772
    
$
2,642,475
    
$
2,657,202
    
$
2,777,687
      
5
%
    
8
%
Liabilities
                                                        
Non-interest-bearing deposits in U.S. offices
  
$
122,472
    
$
119,898
    
$
116,921
    
$
121,610
    
$
122,083
      
-
      
-
  
Interest-bearing deposits in U.S. offices
    
562,628
      
575,709
      
592,728
      
613,052
      
634,812
      
4
%
    
13
%
Total U.S. deposits
    
685,100
      
695,607
      
709,649
      
734,662
      
756,895
      
3
%
    
10
%
Non-interest-bearing deposits in offices outside the U.S.
    
82,215
      
86,458
      
83,920
      
87,041
      
86,004
      
(1
%)
    
5
%
Interest-bearing deposits in offices outside the U.S.
    
549,095
      
575,668
      
590,360
      
581,870
      
603,341
      
4
%
    
10
%
Total international deposits
    
631,310
      
662,126
      
674,280
      
668,911
      
689,345
      
3
%
    
9
%
Total deposits
    
1,316,410
      
1,357,733
      
1,383,929
      
1,403,573
      
1,446,240
      
3
%
    
10
%
Securities loaned and sold under agreements to repurchase
    
403,959
      
347,913
      
349,726
      
348,098
      
369,585
      
6
%
    
(9
%)
Brokerage payables
    
78,302
      
90,949
      
89,596
      
74,836
      
111,224
      
49
%
    
42
%
Trading account liabilities
    
148,688
      
163,952
      
160,243
      
162,798
      
185,266
      
14
%
    
25
%
Short-term borrowings
    
49,139
      
55,560
      
54,760
      
51,878
      
72,056
      
39
%
    
47
%
Long-term debt
    
295,684
      
317,761
      
315,846
      
315,827
      
307,566
      
(3
%)
    
4
%
Other liabilities, plus allowances(4)
    
66,074
      
74,774
      
74,498
      
86,370
      
73,178
      
(15
%)
    
11
%
Total liabilities
  
$
2,358,256
    
$
2,408,642
    
$
2,428,598
    
$
2,443,380
    
$
2,565,115
      
5
%
    
9
%
Stockholders' equity
                                                        
Preferred stock
  
$
18,350
    
$
16,350
    
$
19,050
    
$
20,050
    
$
19,550
      
(2
%)
    
7
%
Common stock
    
31
      
31
      
31
      
31
      
31
      
-
      
-
  
Additional paid-in capital
    
108,616
      
108,839
      
109,010
      
108,452
      
107,821
      
(1
%)
    
(1
%)
Retained earnings
    
209,013
      
211,674
      
214,034
      
215,128
      
219,542
      
2
%
    
5
%
Treasury stock, at cost
    
(77,880
)
    
(79,886
)
    
(84,932
)
    
(89,473
)
    
(95,370
)
    
(7
%)
    
(22
%)
Accumulated other comprehensive income (loss) (AOCI)
    
(45,722
)
    
(43,786
)
    
(44,170
)
    
(41,897
)
    
(40,615
)
    
3
%
    
11
%
Total common equity
  
$
194,058
    
$
196,872
    
$
193,973
    
$
192,241
    
$
191,409
      
-
      
(1
%)
Total Citigroup stockholders' equity
  
$
212,408
    
$
213,222
    
$
213,023
    
$
212,291
    
$
210,959
      
(1
%)
    
(1
%)
Noncontrolling interests
    
850
      
908
      
854
      
1,531
      
1,613
      
5
%
    
90
%
Total equity
    
213,258
      
214,130
      
213,877
      
213,822
      
212,572
      
(1
%)
    
-
  
Total liabilities and equity
  
$
2,571,514
    
$
2,622,772
    
$
2,642,475
    
$
2,657,202
    
$
2,777,687
      
5
%
    
8
%
                                                         

(1)
March 31, 2026 is preliminary.
(2)
Consumer loans include loans managed by USCC, Wealth, and All Other—Legacy Franchises (other than Mexico small business and middle-market banking (Mexico SBMM), and the Assets Finance Group (AFG)).
(3)
Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises—Mexico SBMM, and the AFG.
(4)
Includes allowance for credit losses for unfunded lending commitments. See page 19.
NM Not meaningful.
Reclassified to conform to the current period's presentation.



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