# EDGAR Filing Document

**Accession Number:** 0001654238
**File Stem:** 0000929638-23-000655
**Filing Date:** 2023-2
**Character Count:** 11176
**Document Hash:** db76241950193692db95a3f7dfd5929c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-23-000655.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0000929638-23-000655

**CONFORMED SUBMISSION TYPE**: 305B2

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**EFFECTIVENESS DATE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EFCAR, LLC
- **CENTRAL INDEX KEY:** 0001654238
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 453969432
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 305B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268757
- **FILM NUMBER:** 23641948

**BUSINESS ADDRESS:**
- **STREET 1:** 2101 W. JOHN CARPENTER FREEWAY
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75063
- **BUSINESS PHONE:** (214) 572-8276

**MAIL ADDRESS:**
- **STREET 1:** 2101 W. JOHN CARPENTER FREEWAY
- **CITY:** IRVING
- **STATE:** TX
- **ZIP:** 75063

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) _**<u>X</u>**___

_______________________

### 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 No.) |
| **399 Park Ave., New York, NY** | **10043** |
| (Address of principal executive office) | (Zip Code) |

---

#### Jennifer Morris

#### Citibank, N.A.<br> 388 Greenwich St.<br> New York, NY 10013<br> (714) 845-4097
(Name, address and telephone number of agent for service)

_____________________________

#### EFCAR, LLC
**(**Depositor of each issuing entity that issues notes under the registration statement)

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **45-3969432** |
| (Jurisdiction of Incorporation or organization if not a U.S. national bank) | (I.R.S. Employer Identification No.) |
| **2101 W. John Carpenter Freeway**<br> **Irving, Texas** | **75063**<br>|
| (Address of principal executive office) | (Zip Code) |

---

_________________________

#### Asset Backed Notes
(Title of the indenture securities)

------

Item 1.&nbsp;&nbsp;&nbsp;&nbsp; General Information.

Furnish the following information as to the trustee:

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

---

| | |
|:---|:---|
| <u>Name</u> | <u>Address</u> |
| 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

Yes.

Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliations with Obligor.

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

None.

Items 3. -15. Not Applicable

Item 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 September 30, 2022 - 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 17th day of February, 2023.

CITIBANK, N.A.

By&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s Jennifer Morris</u>

Jennifer Morris

Senior Trust Officer

------

**Exhibit 7**<br>

---

| | |
|:---|:---|
|  **CONSOLIDATED BALANCE SHEET**<br>| *Citigroup Inc. and Subsidiaries*<br>|

---

---

| | | |
|:---|:---|:---|
| *In millions of dollars* | **September 30,**<br> **2022**<br> (Unaudited) | December 31,<br> 2021 |
| **Assets** |  |  |
| Cash and due from banks (including segregated cash and other deposits) | $**26502** | $27515 |
| Deposits with banks, net of allowance | **273105** | 234518 |
|  Securities borrowed and purchased under agreements to resell (including $229,019 and $216,466 as of September 30, 2022 and December 31, 2021, respectively, at fair value), net of allowance | **349214** | 327288 |
| Brokerage receivables, net of allowance | **79696** | 54340 |
|  Trading account assets (including $132,928 and $133,828 pledged to creditors as of September 30, 2022 and December 31, 2021, respectively) | **358260** | 331945 |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale debt securities (including $7,504 and $9,226 pledged to creditors as of September 30, 2022 and December 31, 2021, respectively), net of allowance | **232143** | 288522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Held-to-maturity debt securities (fair value of which is $239,807 and $216,038 as of September 30, 2022 and December 31, 2021, respectively) (includes $— and $1,460 pledged to creditors as of September 30, 2022 and December 31, 2021, respectively), net of allowance | **267864** | 216963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity securities (including $850 and $1,032 at fair value as of September 30, 2022 and December 31, 2021, respectively) | **8009** | 7337 |
| Total investments | $**508016** | $512822 |
| Loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer (including $241 and $12 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **357583** | 376534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate (including $3,638 and $6,070 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **288377** | 291233 |
| Loans, net of unearned income | $**645960** | $667767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses on loans (ACLL) | **(16309)** | (16455) |
| Total loans, net | $**629651** | $651312 |
| Goodwill | **19326** | 21299 |
|  Intangible assets (including MSRs of $647 and $404 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **4485** | 4495 |
|  Other assets (including $9,947 and $12,342 as of September 30, 2022 and December 31, 2021, respectively, at fair value), net of allowance | **132809** | 125879 |
|  **Total assets** | $**2381064** | $2291413 |

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Statement continues on the next page.

------

---

| | |
|:---|:---|
|  **CONSOLIDATED BALANCE SHEET**<br>| *Citigroup Inc. and Subsidiaries*<br>|

---

---

| | | |
|:---|:---|:---|
| *In millions of dollars* | **September 30,**<br> **2022**<br> (Unaudited) | December 31,<br> 2021 |

---

---

| | | |
|:---|:---|:---|
| **Liabilities** |  |  |
| Non-interest-bearing deposits in U.S. offices | $**135514** | $158552 |
|  Interest-bearing deposits in U.S. offices (including $911 and $879 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **570920** | 543283 |
| Non-interest-bearing deposits in offices outside the U.S. | **98904** | 97270 |
|  Interest-bearing deposits in offices outside the U.S. (including $1,529 and $787 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **501148** | 518125 |
| Total deposits | $**1306486** | $1317230 |
|  Securities loaned and sold under agreements to repurchase (including $73,107 and $56,694 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **203429** | 191285 |
|  Brokerage payables (including $3,213 and $3,575 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **87841** | 61430 |
| Trading account liabilities | **196479** | 161529 |
|  Short-term borrowings (including $6,569 and $7,358 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **47368** | 27973 |
|  Long-term debt (including $91,825 and $82,609 as of September 30, 2022 and December 31, 2021, respectively, at fair value) | **253068** | 254374 |
| Other liabilities | **87276** | 74920 |
| **Total liabilities** | $**2181947** | $2088741 |
| **Stockholders' equity** |  |  |
|  Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: **as of September 30, 2022 —759,800** and as of December 31, 2021—759,800, at aggregate liquidation value | $**18995** | $18995 |
|  Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: **as of September 30, 2022— 3,099,669,424** and as of December 31, 2021—3,099,651,835 | **31** | 31 |
| Additional paid-in capital | **108347** | 108003 |
| Retained earnings | **193462** | 184948 |
|  Treasury stock, at cost: **September 30, 2022—1,162,816,560 shares** and<br> December 31, 2021—1,115,296,641 shares | **(73977)** | (71240) |
| Accumulated other comprehensive income (loss) (*AOCI*) | **(48298)** | (38765) |
| **Total Citigroup stockholders' equity** | $**198560** | $201972 |
| Noncontrolling interests | **557** | 700 |
| **Total equity** | $**199117** | $202672 |
| **Total liabilities and equity** | $**2381064** | $2291413 |

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The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.