# EART-2022-1
Exeter Finance · subprime · 55 monthly tapes, 2022-01-31 to 2026-07-31

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 8.3% |
| Cumulative net loss (of original pool) | 17.11% |
| 60+ reported (balance-weighted) | 14.64% |
| 60+ extension-adjusted (6-month lookback) | 39.26% |
| Masking gap | 2462 bps |
| Extension stock (touched in trailing 6 months) | 30.50% |
| New extensions this month | 4.56% |
| Repossessed, not yet liquidated | 1.49% |
| Recoveries / charge-offs, cumulative | 34.3% |
| Loans remaining | 8,955 · balance $99.0M |
| At issuance | 56,067 loans, $1.19B, WA score 550, WA term 73.7, used 98% |

## Flags

- **Extension-adjusted 60+ delinquency exceeds reported by more than 200bps** (`masking_severe`)
- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)
- **Reported 60+ delinquency above the peer median at the same seasoning** (`dq_above_band`)

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 14.64% as reported, but 39.26% once loans returned to current by a payment extension in the trailing six months are added back. That is a 2462bps gap, on 30.5% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 17.11% at month 54, against a median of 4.70% across the 3 deals on tape at the same seasoning. Above the band by 12.41 points.
- WATCH: Cumulative recoveries stand at 34.3% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 55 monthly tapes.

## The bonds on top (servicer report, 2026-07-31)

Pool $99.0M · notes $83.7M in 2 classes · overcollateralization $15.8M (15.42%) · reserve $8.7M · reported cumulative net loss 24.00% · delinquency 14.40% vs trigger 40.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| D | $3.5M | $104.8M | 105.8% | +$79.2M | +$53.7M |
| E | $80.2M | $24.6M | 24.8% | −$973,760 | −$26.5M |

Stress 1 = the tape's extension-adjusted 60+ balance (39.26% of pool) charged off at this deal's own severity (66%): $25.5M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Source: https://www.sec.gov/Archives/edgar/data/1907570/000092963826003362/eart2022-1_exhibit991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=EART-2022-1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide