Exeter Finance Corp. cleaned up the pool of subprime auto loans backing its latest securitization, driving down the cost of financing compared with its previous deal completed in January.

The triple-A rated, one-year tranche of Exeter Automobile Receivables Trust 2014-2, which priced this week, pays 80 basis points over the eurodollar synthetic forward curve, according to an Interactive Data report. That was 20 basis points less than the senior tranche of Exeter Automobile Receivables Trust 2014-1.

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