Presale Report  ·  Data as of 2024-12-17

Carvana Auto Receivables Trust 2024-P4 Auto Loan near-prime FINAL · CLOSED 2024-12-17

Notes
$625.1MM
Pool
$625.1MM
Reserve
0.20%
AAA Sub
10.6%
Sponsor: Carvana, LLC  ·  Servicer: Bridgecrest Credit Company, LLC  ·  Trustee: Owner Trustee and Grantor Trust Trustee

Capital Structure

ClassSize ($MM)% of PoolSub %CPN / SpreadWALLegal FinalS&PMoody's
Class A-168.611.0%92.1%+15 bps0.222025-12-10A-1+P-1
Class A-2177.028.3%63.8%+45 bps0.992028-02-10AAAAaa
Class A-3217.034.7%29.1%+55 bps2.402030-01-10AAAAaa
Class A-4115.718.5%10.6%+68 bps3.942030-12-10AAAAaa
Class B16.22.6%8.0%+95 bps4.842031-02-10AA+Aa2
Class C20.03.2%4.8%+105 bps5.222031-05-10A+A2
Class D10.61.7%3.1%+155 bps5.482032-12-10BBBBaa1
Class N19.43.1%0.0%+155 bps0.28———

Transaction Parties

SponsorCarvana, LLC
ServicerBridgecrest Credit Company, LLC
Depositor / TransferorCarvana, LLC
Indenture TrusteeComputershare Trust Company, N.A
Owner TrusteeBNY Mellon Trust of Delaware
Asset Rep. ReviewerClayton Fixed Income Services LLC
UnderwritersBNP Paribas Securities, Citigroup Global Markets

Issuer Track Record

CRVNA 2024-P4CRVNA 2024-P3CRVNA 2024-P2CRVNA 2022-P3CRVNA 2022-P2CRVNA 2022-P1
Collateral (pool at cut-off)
Closing date2024-12-172024-09-172024-06-122022-09-082022-05-252022-03-30
Pool balance$625.1MM$638.7MM$507.2MM$364.0MM$605.0MM$1,039.5MM
WA Credit Score701−3701702704704704
WA APR13.08%+2.81pp13.69%13.61%10.27%9.09%7.62%
WA original term mo71.00.072.0 mo72.0 mo71.0 mo71.0 mo71.0 mo
% new vehicles——————
Reserve %0.20%0.20%0.20%1.35%1.35%1.70%
Geo top-3TX 10.1%
CA 9.1%
FL 7.1%		TX 10.9%
CA 8.2%
GA 6.6%		TX 10.6%
CA 8.8%
GA 6.6%		TX 11.1%
CA 8.6%
FL 6.0%		TX 9.5%
CA 9.2%
FL 7.0%		TX 9.7%
CA 9.5%
FL 7.5%
Structure (at issuance)
AAA spread+45 bps−17bps+60 bps+62 bps+105 bps——
AAA % of pool81.5%+1.9pp81.4%82.0%79.6%77.4%76.7%
Subordination below AAA10.6%+0.5pp11.1%9.9%10.1%9.0%10.1%
OC (initial)0.00%0.00%0.00%0.00%0.00%0.70%
OC target0.20%0.20%0.20%1.35%1.35%1.70%
OC floor0.20%0.20%0.20%1.35%1.35%0.70%
YSOCn.a.n.a.n.a.n.a.n.a.n.a.
Tranches888878

OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.

Peer Set

CRVNA 2024-P4COPAR 2024-1VALET 2024-1FCAOT 2024-DCAOT 2024-4SDART 2024-5
Collateral (pool at cut-off)
Closing date2024-12-172024-11-262024-11-262024-11-222024-11-052024-10-29
Pool balance$625.1MM$1,116.1MM$1,749.4MM$1,683.4MM$1,417.7MM$1,878.4MM
WA Credit Score701−57777774754758604
WA APR13.08%+5.52pp7.56%4.68%4.79%9.66%18.57%
WA original term mo71.0+3.968.0 mo—64.9 mo66.2 mo72.0 mo
% new vehicles—28.6%80.0%94.2%0.0%29.2%
Reserve %0.20%0.24%0.22%0.23%1.25%1.00%
Geo top-3TX 10.1%
CA 9.1%
FL 7.1%		TX 12.5%
FL 8.3%
CA 7.9%		TX 13.9%
CA 10.6%
FL 8.3%		TX 16.1%
CA 8.6%
FL 8.5%		CA 16.7%
TX 11.1%
FL 7.3%		TX 17.8%
FL 10.0%
CA 9.9%
Structure (at issuance)
AAA spread+45 bps+9bps+32 bps+36 bps+32 bps+45 bps+57 bps
AAA % of pool81.5%+12.3pp—68.9%69.5%79.8%47.4%
Subordination below AAA10.6%+6.5pp—0.0%4.7%3.5%32.5%
OC (initial)0.00%0.00%4.00%2.00%1.25%9.50%
OC target0.20%0.25%—2.00%1.25%13.75%
OC floor0.20%0.25%—2.00%1.25%2.00%
YSOCn.a.2.77%10.68%6.20%n.a.n.a.
Tranches885786

OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.

Historical Performance Context

Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.

No performance data available for this issuer.

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