| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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| Delaware(State or other jurisdiction ofincorporation or organization of issuing entity)                                     | 45-267351984-7089010(I.R.S. EmployerIdentification No. of issuing entity) |
|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                                                                                                                        |                                                                      |
| c/o Exeter Finance LLC2101 W. John Carpenter FreewayIrving, Texas(Address of principal executive offices of issuing entity) |  75063(Zip Code)                                                     |

| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---------------------|-------------------|-------------------------------------------|
| Not applicable      | Not applicable    | Not applicable                            |

|   | ☐ | Yes | ☒ | No |
|--------|---------|-----|---------|----|

|   | ☐ | Yes | ☒ | No |
|--------|---------|-----|---------|----|

|   | ☒ | Yes | ☐ | No |
|--------|---------|-----|---------|----|

|   | ☐ | Yes | ☐ | No |
|--------|---------|-----|---------|----|

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| Large accelerated filer |  ☐ |   | Accelerated filer         |  ☐ |   |
|-------------------------|---------------|--------|---------------------------|---------------|--------|
| Non-accelerated filer   |  ☒ |   | Smaller reporting company |  ☐ |   |
|                    |          |   | Emerging growth company   |  ☐ |   |

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ |   |
|--------|---------------|--------|

|   |  ☐ | Yes |  ☒ | No |
|--------|---------------|-----|---------------|----|

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|  | Item 1. | Business. |
|--|---------|-----------|

|  | Item 1A. | Risk Factors. |
|--|----------|---------------|

|  | Item 1C. | Cybersecurity. |
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|  | Item 2. | Properties. |
|--|---------|-------------|

|  | Item 3. | Legal Proceedings. |
|--|---------|--------------------|

| Item 1B. | Unresolved Staff Comments. |
|----------|----------------------------|

| Item 4. | Mine Safety Disclosures. |
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|  | Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
|--|---------|---------------------------------------------------------------------------------------------------------------------|

|  | Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
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|  | Item 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
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|  | Item 8. | Financial Statements and Supplementary Data. |
|--|---------|----------------------------------------------|

|  | Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
|--|---------|---------------------------------------------------------------------------------------|

|  | Item 9A. | Controls and Procedures. |
|--|----------|--------------------------|

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|  | Item 10. | Directors, Executive Officers and Corporate Governance. |
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|  | Item 11. | Executive Compensation. |
|--|----------|-------------------------|

|  | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
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|  | Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
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|  | Item 14. | Principal Accountant Fees and Services. |
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|  | (a) | The following documents are filed as part of this report: |
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|  | (1) | Not applicable. |
|--|-----|-----------------|

|  | (2) | Not applicable. |
|--|-----|-----------------|

|  | (3) | See Item 15(b) below. |
|--|-----|-----------------------|

|  | (b) | Exhibits Required by Item 601 of Regulation S-K. |
|--|-----|--------------------------------------------------|

| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1            | Certificate of Formation of EFCAR, LLC (“EFCAR”) (included in Exhibit 3.1 to Registration                Statement on Form SF-3 (333-213381), as filed by the registrant with the Commission on August 30, 2016, which is incorporated herein by reference).                                                                                                                                                                                                             |
| 3.2            | Limited Liability Company Agreement of EFCAR (included in Exhibit 3.2 to Registration Statement                on Form SF-3 (333-213381), as filed by the registrant with the Commission on August 30, 2016, which is incorporated herein by reference).                                                                                                                                                                                                                             |
| 4.2            | Indenture, dated as of August 31, 2020, among the Trust, Exeter Holdings Trust 2020-3 and                Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as indenture trustee (the “Indenture Trustee”) (included in Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on                September 23, 2020, which is incorporated herein by reference).                               |
| 4.3            | Amended & Restated Trust Agreement for the Trust, dated as of August 31, 2020, between EFCAR                and Wilmington Trust Company, as owner trustee (included in Exhibit 4.3 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                                                                               |
| 4.4            | Amended & Restated Trust Agreement for Exeter Holdings Trust 2020-3, dated as of August 31,                2020, between the Trust and Wilmington Trust Company, as owner trustee (included in Exhibit 4.4 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                                                        |
| 4.5            | Sale and Servicing Agreement, dated as of August 31, 2020, among Exeter Holdings Trust 2020-3,                EFCAR, Exeter, as servicer, the Trust, and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as Indenture Trustee and backup servicer (included in Exhibit 4.5 to the Trust’s Form                8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference). |
| 10.1           | Purchase Agreement, dated as of August 31, 2020, between EFCAR, as purchaser, and Exeter, as                seller (included in Exhibit 10.1 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                                                                                                                          |
| 10.2           | Sale Agreement, dated as of August 31, 2020, among EFCAR, as purchaser, Exeter, as representation                provider, and Exeter Flow Intermediary Trust, as seller (included in Exhibit 10.2 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                                                                    |
| 10.3           | Contribution Agreement, dated as of August 31, 2020, between Exeter Holdings Trust 2020-3, as                transferee, and the Trust, as transferor (included in Exhibit 10.3 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                                                                                       |
| 10.4           | Deposit Account Control Agreement, dated as of September 23, 2020, among the Trust, Exeter, as                servicer, the Indenture Trustee, as secured party, and Wells Fargo Bank, as lockbox bank (included in Exhibit 10.4 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                                      |
| 10.5           | Asset Representations Review Agreement, dated as of August 31, 2020, among the Trust, as issuer,                Exeter, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (included in Exhibit 10.5 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                               |
| 10.6           | Custodian Agreement, dated as of August 31, 2020, among Exeter, as custodian, Exeter, as                servicer, and the Indenture Trustee (included in Exhibit 10.6 to the Trust’s Form 8-K, as filed with the Commission on September 23, 2020, which is incorporated herein by reference).                                                                                                                                                                                 |
| 31.1*          | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated                March 28, 2024.                                                                                                                                                                                                                                                                                                                                                                        |

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| 33.1* | Report on Assessment of Compliance with Applicable                Regulation AB Servicing Criteria for Exeter Finance LLC, dated March 28, 2024.                                                                                                                                                                                                                                                                                                                                                                                                        |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 33.2* | Report on Assessment of Compliance with Applicable                Servicing Criteria for Wells Fargo Bank, dated February 20, 2024.                                                                                                                                                                                                                                                                                                                                                                                                                |
| 33.3* | Report on Assessment of Compliance with Applicable                Servicing Criteria for Computershare Trust Company, National Association, dated February 15, 2024.                                                                                                                                                                                                                                                                                                                                                                                    |
| 34.1* | Report of Independent Registered Public Accounting Firm of Ernst & Young                LLP on Assessment of Compliance with Servicing Criteria relating to Exeter Finance LLC, dated March 28, 2024.                                                                                                                                                                                                                                                                                                                                               |
| 34.2* | Report of Independent Registered Public Accounting Firm of KPMG LLP on                Assessment of Compliance with Servicing Criteria relating to Wells Fargo Bank, dated February 20, 2024.                                                                                                                                                                                                                                                                                                                                                           |
| 34.3* | Report of Independent Registered Public Accounting Firm of Pricewaterhouse                Coopers LLP on Assessment of Compliance with Servicing Criteria relating to Computershare Trust Company, National Association, dated February 15, 2024.                                                                                                                                                                                                                                                                                                       |
| 35.1* | Servicer Compliance Statement, dated March 28, 2024, of Exeter Finance LLC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 99.1  | Second Amended and Restated Servicing Agreement, dated as of October 31, 2021, among Wells Fargo                Bank, N.A., Wells Fargo Delaware Trust Company, N.A., Computershare Trust Company, N.A., Computershare Delaware Trust Company (upon execution of the Joinder Agreement described therein), and, solely for purposes of Section 9.5 therein,                Computershare Limited (included in Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on November 5, 2021, which is incorporated herein by reference). |
| 99.2  | Amendment No. 1 to Amended and Restated Trust Agreement for the Trust, dated as of January 19,                2022, between EFCAR and Wilmington Trust Company, as owner trustee (included in Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on January 25, 2022, which is incorporated herein by reference).                                                                                                                                                                                                                 |
| 99.3  | Amendment No. 2 to Amended and Restated Trust Agreement for the Trust, dated as of January 19,                2022, between EFCAR and Wilmington Trust Company, as owner trustee (included in Exhibit 99.2 to the Trust’s Form 8-K, as filed with the Commission on January 25, 2022, which is incorporated herein by reference).                                                                                                                                                                                                                 |
| 99.4  | Amendment No. 3 to Amended and Restated Trust Agreement for the Trust, dated as of May                31, 2023, between EFCAR and Wilmington Trust Company, as owner trustee (included in Exhibit 99.3 to the Trust’s Form 8-K, as filed with the Commission on June 7, 2023, which is incorporated herein by reference).                                                                                                                                                                                                                         |

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|                       | EFCAR, LLC      |
|----------------------------|-----------------|
|                       | (Depositor)     |
|                       |            |   |
|                       |            |   |
| Date:  March 28, 2024 | By:   | /s/ Ben Miller                                                                        |
|                       |            | Ben Miller |
|                       |            | Chief Executive Officer |
|                       |            | (Senior officer in charge of securitization of the depositor) |

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