Presale Report  ·  Data as of 2025-06-17

Carvana Auto Receivables Trust 2025-P2 Auto Loan near-prime FINAL · CLOSED 2025-06-17

Notes
$650.3MM
Pool
$650.3MM
Reserve
0.20%
AAA Sub
13.0%
Sponsor: Carvana, LLC  ·  Servicer: Bridgecrest Credit Company, LLC  ·  Trustee: Computershare Trust Company, N.A

Capital Structure

ClassSize ($MM)% of PoolSub %CPN / SpreadWALLegal FinalS&PMoody'sFitch
Class A-173.011.2%91.6%+16 bps0.232026-07-10A-1+——
Class A-2186.028.6%63.0%+50 bps1.002028-08-10AAA—AAA
Class A-3229.035.2%27.8%+60 bps2.422030-08-10AAA—AAA
Class A-496.314.8%13.0%+77 bps3.862031-06-10AAA—AAA
Class B27.34.2%8.8%+110 bps4.622031-07-10AA+—AA
Class C29.34.5%4.3%+145 bps5.132031-11-10A—A
Class D9.41.5%2.8%+195 bps5.402033-06-10BBB—BBB
Class N18.52.8%0.0%+145 bps0.28——Ba1—

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 2025-P2CRVNA 2025-P1CRVNA 2024-P4CRVNA 2024-P3CRVNA 2024-P2CRVNA 2022-P3
Collateral (pool at cut-off)
Closing date2025-06-172025-03-172024-12-172024-09-172024-06-122022-09-08
Pool balance$650.3MM$602.8MM$625.1MM$638.7MM$507.2MM$364.0MM
WA Credit Score701−1702701701702704
WA APR12.80%−0.81pp14.06%13.08%13.69%13.61%10.27%
WA original term mo73.0+1.073.0 mo71.0 mo72.0 mo72.0 mo71.0 mo
% new vehicles——————
Reserve %0.20%0.20%0.20%0.20%0.20%1.35%
Geo top-3TX 10.8%
CA 8.0%
FL 6.2%		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%
Structure (at issuance)
AAA spread+50 bps−10bps+52 bps+45 bps+60 bps+62 bps+105 bps
AAA % of pool78.6%−2.9pp82.4%81.5%81.4%82.0%79.6%
Subordination below AAA13.0%+2.8pp10.2%10.6%11.1%9.9%10.1%
OC (initial)0.00%0.00%0.00%0.00%0.00%0.00%
OC target0.20%0.20%0.20%0.20%0.20%1.35%
OC floor0.20%0.20%0.20%0.20%0.20%1.35%
YSOCn.a.n.a.n.a.n.a.n.a.n.a.
Tranches888888

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-P2EARTS 2025-1WOSAT 2024-ACAOT 2024-1
Collateral (pool at cut-off)
Closing date2025-06-172025-04-232024-07-242024-01-24
Pool balance$650.3MM$336.8MM$797.9MM$1,565.7MM
WA Credit Score701+32669655719
WA APR12.80%+1.90pp15.86%10.80%10.90%
WA original term mo73.0−1.577.0 mo74.5 mo65.4 mo
% new vehicles——90.7%0.0%
Reserve %0.20%1.00%0.50%1.00%
Geo top-3TX 10.8%
CA 8.0%
FL 6.2%		TX 21.1%
FL 10.8%
CA 9.1%		FL 54.1%
GA 19.9%
AL 10.6%		CA 16.4%
TX 11.3%
FL 8.1%
Structure (at issuance)
AAA spread+50 bps−12bps+88 bps+62 bps+62 bps
AAA % of pool78.6%+19.0pp57.8%59.6%73.4%
Subordination below AAA13.0%−7.5pp30.5%20.5%8.0%
OC (initial)0.00%2.75%3.00%1.00%
OC target0.20%6.80%6.00%1.00%
OC floor0.20%1.50%1.00%1.00%
YSOCn.a.n.a.—n.a.
Tranches8788

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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