Presale Report  ·  Data as of 2025-03-17

Carvana Auto Receivables Trust 2025-P1 Auto Loan near-prime FINAL · CLOSED 2025-03-17

Notes
$602.8MM
Pool
$602.8MM
Reserve
0.20%
AAA Sub
10.2%
Sponsor: Carvana, LLC  ·  Servicer: Bridgecrest Credit Company, LLC  ·  Trustee: Computershare Trust Company, N.A

Capital Structure

ClassSize ($MM)% of PoolSub %CPN / SpreadWALLegal FinalS&PMoody's
Class A-166.811.1%92.6%+20 bps0.232026-04-10A-1+P-1
Class A-2172.528.6%64.0%+52 bps1.012028-06-10AAAAaa
Class A-3211.535.1%28.9%+65 bps2.442030-05-10AAAAaa
Class A-4112.818.7%10.2%+80 bps4.022031-04-10AAAAaa
Class B10.61.8%8.5%+100 bps4.902031-05-10AA+Aa2
Class C20.23.4%5.1%+135 bps5.252031-08-10A+A2
Class D8.41.4%3.7%+180 bps5.482033-03-10BBB+Baa1
Class N22.53.7%0.0%+145 bps0.29———

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
UnderwritersDeutsche Bank Securities, Wells Fargo Securities

Issuer Track Record

CRVNA 2025-P1CRVNA 2024-P4CRVNA 2024-P3CRVNA 2024-P2CRVNA 2022-P3CRVNA 2022-P2
Collateral (pool at cut-off)
Closing date2025-03-172024-12-172024-09-172024-06-122022-09-082022-05-25
Pool balance$602.8MM$625.1MM$638.7MM$507.2MM$364.0MM$605.0MM
WA Credit Score7020701701702704704
WA APR14.06%+0.98pp13.08%13.69%13.61%10.27%9.09%
WA original term mo73.0+2.071.0 mo72.0 mo72.0 mo71.0 mo71.0 mo
% new vehicles——————
Reserve %0.20%0.20%0.20%0.20%1.35%1.35%
Geo top-3TX 11.7%
CA 8.3%
FL 7.2%		TX 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%
Structure (at issuance)
AAA spread+52 bps−9bps+45 bps+60 bps+62 bps+105 bps—
AAA % of pool82.4%+1.0pp81.5%81.4%82.0%79.6%77.4%
Subordination below AAA10.2%+0.2pp10.6%11.1%9.9%10.1%9.0%
OC (initial)0.00%0.00%0.00%0.00%0.00%0.00%
OC target0.20%0.20%0.20%0.20%1.35%1.35%
OC floor0.20%0.20%0.20%0.20%1.35%1.35%
YSOCn.a.n.a.n.a.n.a.n.a.n.a.
Tranches888887

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 2025-P1HART 2025-ABMWOT 2025-AHAROT 2025-1EART 2025-1BLAST 2025-1
Collateral (pool at cut-off)
Closing date2025-03-172025-03-122025-02-122025-02-112025-01-292025-01-29
Pool balance$602.8MM$2,188.3MM$1,897.4MM$2,429.2MM$1,449.1MM$725.0MM
WA Credit Score702−66769784768602553
WA APR14.06%+8.49pp5.57%3.35%4.96%18.89%22.49%
WA original term mo73.0+7.967.9 mo65.1 mo61.7 mo75.0 mo65.0 mo
% new vehicles—96.6%70.5%86.2%——
Reserve %0.20%0.25%0.25%0.25%1.00%1.50%
Geo top-3TX 11.7%
CA 8.3%
FL 7.2%		CA 12.9%
TX 12.5%
FL 9.5%		CA 14.6%
TX 14.6%
FL 11.6%		CA 16.5%
NY 7.3%
TX 7.3%		TX 16.9%
CA 10.8%
FL 8.4%		TX 13.1%
FL 12.6%
GA 8.6%
Structure (at issuance)
AAA spread+52 bps+12bps+34 bps+30 bps+40 bps+46 bps+46 bps
AAA % of pool82.4%+15.1pp67.4%73.8%72.8%30.2%28.2%
Subordination below AAA10.2%+5.7pp4.5%0.0%0.0%53.5%46.0%
OC (initial)0.00%3.00%2.50%—6.45%14.00%
OC target0.20%3.00%2.50%—12.00%20.00%
OC floor0.20%3.00%2.50%—1.50%3.25%
YSOCn.a.6.01%5.40%5.71%n.a.n.a.
Tranches875477

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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