Presale Report  ·  Data as of 2025-09-23

Carvana Auto Receivables Trust 2025-P3 Auto Loan near-prime FINAL · CLOSED 2025-09-23

Notes
$1,011.7MM
Pool
$1,011.7MM
Reserve
0.20%
AAA Sub
12.3%
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-1112.011.1%91.9%+16 bps0.212026-10-10A-1+P-1
Class A-2321.831.8%60.1%+50 bps1.052029-02-10AAAAaa
Class A-3321.831.8%28.3%+58 bps2.472030-11-10AAAAaa
Class A-4160.915.9%12.3%+75 bps3.872031-08-10AAAAaa
Class B34.43.4%8.9%+95 bps4.652031-10-10AAAa2
Class C35.43.5%5.4%+145 bps5.062032-01-10AA2
Class D25.32.5%2.9%+190 bps5.442033-09-10BBBBaa2
Class N29.82.9%0.0%+160 bps0.43———

Transaction Parties

SponsorCarvana, LLC
ServicerBridgecrest Credit Company, LLC
Depositor / TransferorCarvana Receivables Depositor 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, BNP Paribas Securities, Citigroup Global Markets

Issuer Track Record

CRVNA 2025-P3CRVNA 2025-P2CRVNA 2025-P1CRVNA 2024-P4CRVNA 2024-P3CRVNA 2024-P2
Collateral (pool at cut-off)
Closing date2025-09-232025-06-172025-03-172024-12-172024-09-172024-06-12
Pool balance$1,011.7MM$650.3MM$602.8MM$625.1MM$638.7MM$507.2MM
WA Credit Score702+1701702701701702
WA APR12.11%−1.50pp12.80%14.06%13.08%13.69%13.61%
WA original term mo73.0+1.073.0 mo73.0 mo71.0 mo72.0 mo72.0 mo
% new vehicles——————
Reserve %0.20%0.20%0.20%0.20%0.20%0.20%
Geo top-3TX 10.4%
CA 7.7%
FL 5.7%		TX 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%
Structure (at issuance)
AAA spread+50 bps−2bps+50 bps+52 bps+45 bps+60 bps+62 bps
AAA % of pool79.5%−2.0pp78.6%82.4%81.5%81.4%82.0%
Subordination below AAA12.3%+1.7pp13.0%10.2%10.6%11.1%9.9%
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%0.20%
OC floor0.20%0.20%0.20%0.20%0.20%0.20%
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-P3EARTS 2025-2WOSAT 2024-ACAOT 2024-1
Collateral (pool at cut-off)
Closing date2025-09-232025-07-302024-07-242024-01-24
Pool balance$1,011.7MM$378.0MM$797.9MM$1,565.7MM
WA Credit Score702+33669655719
WA APR12.11%+1.21pp15.82%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 10.4%
CA 7.7%
FL 5.7%		TX 21.3%
FL 9.1%
CA 8.8%		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—+62 bps+62 bps
AAA % of pool79.5%+19.9pp54.3%59.6%73.4%
Subordination below AAA12.3%−8.2pp30.7%20.5%8.0%
OC (initial)0.00%2.60%3.00%1.00%
OC target0.20%6.40%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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