| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 66.8 | 11.1% | 7.00% | 0.23 | 4.49% | +20 I-curve | 2026-04-10 | A-1+ | P-1 |
| Class A-2 | 172.5 | 28.6% | 7.00% | 1.01 | 4.50% | +52 I-curve | 2028-06-10 | AAA | Aaa |
| Class A-3 | 211.5 | 35.1% | 7.00% | 2.44 | 4.55% | +65 I-curve | 2030-05-10 | AAA | Aaa |
| Class A-4 | 112.8 | 18.7% | 7.00% | 4.02 | 4.74% | +80 I-curve | 2031-04-10 | AAA | Aaa |
| Class B | 10.6 | 1.8% | 5.25% | 4.90 | 4.98% | +100 I-curve | 2031-05-10 | AA+ | Aa2 |
| Class C | 20.2 | 3.4% | 1.90% | 5.25 | 5.34% | +135 I-curve | 2031-08-10 | A+ | A2 |
| Class D | 8.4 | 1.4% | 0.50% | 5.48 | 5.79% | +180 I-curve | 2033-03-10 | BBB+ | Baa1 |
| Class N | 22.5 | 3.7% | — | 0.29 | 5.66% | +145 I-curve | — | — | — |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | Carvana, LLC |
|---|---|
| Servicer | Bridgecrest Credit Company, LLC |
| Depositor / Transferor | Carvana Receivables Depositor LLC |
| Indenture Trustee | Computershare Trust Company, N.A |
| Owner Trustee | BNY Mellon Trust of Delaware |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Deutsche Bank Securities, Wells Fargo Securities |
| CRVNA 2025-P1 | CRVNA 2024-P4 | CRVNA 2024-P3 | CRVNA 2024-P2 | CRVNA 2022-P3 | CRVNA 2022-P2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-03-17 | 2024-12-17 | 2024-09-17 | 2024-06-12 | 2022-09-08 | 2022-05-25 | 424B5 |
| Pool balance | $602.8MM | $625.1MM | $638.7MM | $507.2MM | $364.0MM | $605.0MM | 424B5 |
| WA Credit Score | 7020 | 701 | 701 | 702 | 704 | 704 | 424B5 |
| WA APR | 14.06%+0.98pp | 13.08% | 13.69% | 13.61% | 10.27% | 9.09% | 424B5 |
| WA original term mo | 73.0+2.0 | 71.0 mo | 72.0 mo | 72.0 mo | 71.0 mo | 71.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| Geo top-3 | TX 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 7.00%−1.00pp | 8.00% | 8.00% | 7.45% | 9.65% | 9.65% | calc |
| Enhancement, target | 7.20% | 8.20% | 8.20% | 7.65% | 11.00% | 11.00% | calc |
| Subordinate notes | 6.5%−1.0pp | 7.5% | 7.5% | 7.0% | 9.2% | 9.0% | calc |
| OC (initial) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 424B5 |
| OC target | 0.20% | 0.20% | 0.20% | 0.20% | 1.35% | 1.35% | 424B5 |
| OC floor | 0.20% | 0.20% | 0.20% | 0.20% | 1.35% | 1.35% | 424B5 |
| Reserve account | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.65% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +65 bps−10bps A-3 · 2.4y | +55 bps A-3 · 2.4y | +75 bps A-3 · 2.4y | +75 bps A-3 · 2.5y | +120 bps A-3 · 2.6y | — | FWP |
| Terms | |||||||
| Tranches | 8 | 8 | 8 | 8 | 8 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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.
| CRVNA 2025-P1 | HART 2025-A | BMWOT 2025-A | HAROT 2025-1 | BLAST 2025-1 | EART 2025-1 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-03-17 | 2025-03-12 | 2025-02-12 | 2025-02-11 | 2025-01-29 | 2025-01-29 | 424B5 |
| Pool balance | $602.8MM | $2,188.3MM | $1,897.4MM | $2,429.2MM | $725.0MM | $1,449.1MM | 424B5 |
| WA Credit Score | 702−66 | 769 | 790 | 768 | 553 | 602 | 424B5 |
| WA APR | 14.06%+8.50pp | 5.56% | 5.41% | 4.96% | 22.49% | 21.32% | 424B5 |
| WA original term mo | 73.0+7.9 | 67.9 mo | 65.1 mo | 61.7 mo | 65.0 mo | 75.0 mo | 424B5 |
| % new vehicles | — | 96.6% | 70.5% | 86.2% | — | — | 424B5 |
| Geo top-3 | TX 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 13.1% FL 12.6% GA 8.6% | TX 16.9% CA 10.8% FL 8.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 7.00%−0.55pp | 7.55% | 2.75% | 2.75% | 61.50% | 60.95% | calc |
| Enhancement, target | 7.20% | 8.05% | 2.75% | — | 67.50% | 66.50% | calc |
| Subordinate notes | 6.5%+1.7pp | 4.8% | 0.0% | 0.0% | 46.0% | 53.5% | calc |
| OC (initial) | 0.00% | 2.50% | 2.50% | 2.50% | 14.00% | 6.45% | 424B5 |
| OC target | 0.20% | 3.00% | 2.50% | — | 20.00% | 12.00% | 424B5 |
| OC floor | 0.20% | 3.00% | 2.50% | — | 3.25% | 1.50% | 424B5 |
| Reserve account | 0.50% | 0.25% | 0.25% | 0.25% | 1.50% | 1.00% | 424B5 |
| YSOC | n.a. | 6.01% | 5.40% | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +65 bps+23bps A-3 · 2.4y | +42 bps A-3 · 2.3y | +38 bps A-3 · 2.3y | +39 bps A-3 · 2.4y | +50 bps A-3 · 1.2y | +50 bps A-3 · 1.2y | FWP |
| Terms | |||||||
| Tranches | 8 | 7 | 5 | 4 | 7 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
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.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
No performance data available for this issuer.
Interactive view: Performance ↗