# EART-2024-1
Exeter Finance · subprime · 32 monthly tapes, 2023-12-31 to 2026-07-31

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 38.5% |
| Cumulative net loss (of original pool) | 17.13% |
| 60+ reported (balance-weighted) | 10.78% |
| 60+ extension-adjusted (6-month lookback) | 38.06% |
| Masking gap | 2728 bps |
| Extension stock (touched in trailing 6 months) | 32.94% |
| New extensions this month | 5.62% |
| Repossessed, not yet liquidated | 1.58% |
| Recoveries / charge-offs, cumulative | 34.2% |
| Loans remaining | 16,160 · balance $271.2M |
| At issuance | 33,235 loans, $705.4M, WA score 591, WA term 74.7, 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 10.78% as reported, but 38.06% once loans returned to current by a payment extension in the trailing six months are added back. That is a 2728bps gap, on 32.9% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 17.13% at month 31, against a median of 1.52% across the 27 deals on tape at the same seasoning. Above the band by 15.61 points.
- WATCH: Cumulative recoveries stand at 34.2% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 32 monthly tapes.

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

Pool $271.2M · notes $236.9M in 3 classes · overcollateralization $34.3M (12.65%) · reserve $7.0M · reported cumulative net loss 17.80% · delinquency 10.48% vs trigger 40.00%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| C | $80.7M | $197.6M | 72.8% | +$129.7M | +$61.7M |
| D | $99.7M | $97.9M | 36.1% | +$30.0M | −$38.0M |
| E | $56.5M | $41.3M | 15.2% | −$26.6M | −$94.5M |

Stress 1 = the tape's extension-adjusted 60+ balance (38.06% of pool) charged off at this deal's own severity (66%): $67.9M. 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/2005087/000092963826003373/eart2024-1_exhibit991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=EART-2024-1
- 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