The preliminary ratings assigned to Exeter Automobile Receivables Trust 2025-3's (EART 2025-3's) automobile receivables-backed notes reflect: The availability of approximately 56.07%, 49.86%, 41.56%, 31.22%, and 25.00% credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 2.70x, 2.40x, 2.00x, 1.50x, and 1.20x coverage of our expected cumulative net loss (ECNL) of 20.75% for classes A, B, C, D, and E, respectively (see the Credit Enhancement And Collateral and the Cash Flow Modeling Assumptions And Results sections). The expectation that under a moderate ('BBB') stress scenario (1.50x our expected loss level),
