| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 112.0 | 11.1% | 9.90% | 0.21 | 4.17% | +16 I-curve | 2026-10-10 | A-1+ | P-1 |
| Class A-2 | 321.8 | 31.8% | 9.90% | 1.05 | 4.07% | +50 I-curve | 2029-02-10 | AAA | Aaa |
| Class A-3 | 321.8 | 31.8% | 9.90% | 2.47 | 4.04% | +58 I-curve | 2030-11-10 | AAA | Aaa |
| Class A-4 | 160.9 | 15.9% | 9.90% | 3.87 | 4.24% | +75 I-curve | 2031-08-10 | AAA | Aaa |
| Class B | 34.4 | 3.4% | 6.50% | 4.65 | 4.48% | +95 I-curve | 2031-10-10 | AA | Aa2 |
| Class C | 35.4 | 3.5% | 3.00% | 5.06 | 4.99% | +145 I-curve | 2032-01-10 | A | A2 |
| Class D | 25.3 | 2.5% | 0.50% | 5.44 | 5.47% | +190 I-curve | 2033-09-10 | BBB | Baa2 |
| Class N | 29.8 | 2.9% | — | 0.43 | 5.38% | +160 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, BNP Paribas Securities, Citigroup Global Markets |
| CRVNA 2025-P3 | CRVNA 2025-P2 | CRVNA 2025-P1 | CRVNA 2024-P4 | CRVNA 2024-P3 | CRVNA 2024-P2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-09-23 | 2025-06-17 | 2025-03-17 | 2024-12-17 | 2024-09-17 | 2024-06-12 | 424B5 |
| Pool balance | $1,011.7MM | $650.3MM | $602.8MM | $625.1MM | $638.7MM | $507.2MM | 424B5 |
| WA Credit Score | 702+1 | 701 | 702 | 701 | 701 | 702 | 424B5 |
| WA APR | 12.11%−1.50pp | 12.80% | 14.06% | 13.08% | 13.69% | 13.61% | 424B5 |
| WA original term mo | 73.0+1.0 | 73.0 mo | 73.0 mo | 71.0 mo | 72.0 mo | 72.0 mo | 424B5 |
| % new vehicles | — | — | — | — | — | — | 424B5 |
| Geo top-3 | TX 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 9.90%+1.90pp | 10.65% | 7.00% | 8.00% | 8.00% | 7.45% | calc |
| Enhancement, target | 10.10% | 10.85% | 7.20% | 8.20% | 8.20% | 7.65% | calc |
| Subordinate notes | 9.4%+1.9pp | 10.1% | 6.5% | 7.5% | 7.5% | 7.0% | 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% | 0.20% | 0.20% | 424B5 |
| OC floor | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 424B5 |
| Reserve account | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +58 bps−7bps A-3 · 2.5y | +60 bps A-3 · 2.4y | +65 bps A-3 · 2.4y | +55 bps A-3 · 2.4y | +75 bps A-3 · 2.4y | +75 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 8 | 8 | 8 | 8 | 8 | 8 | 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-P3 | EARTS 2025-2 | WOSAT 2024-A | CAOT 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-09-23 | 2025-07-30 | 2024-07-24 | 2024-01-24 | 424B5 |
| Pool balance | $1,011.7MM | $378.0MM | $797.9MM | $1,565.7MM | 424B5 |
| WA Credit Score | 702+33 | 669 | 655 | 719 | 424B5 |
| WA APR | 12.11%+1.21pp | 17.82% | 10.80% | 10.90% | 424B5 |
| WA original term mo | 73.0−1.5 | 77.0 mo | 74.5 mo | 65.4 mo | 424B5 |
| % new vehicles | — | — | 90.7% | 0.0% | 424B5 |
| Geo top-3 | TX 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 9.90%−14.10pp | 34.30% | 24.00% | 9.25% | calc |
| Enhancement, target | 10.10% | 38.10% | 27.00% | 9.25% | calc |
| Subordinate notes | 9.4%−11.1pp | 30.7% | 20.5% | 8.0% | calc |
| OC (initial) | 0.00% | 2.60% | 3.00% | 1.00% | 424B5 |
| OC target | 0.20% | 6.40% | 6.00% | 1.00% | 424B5 |
| OC floor | 0.20% | 1.50% | 1.00% | 1.00% | 424B5 |
| Reserve account | 0.50% | 1.00% | 0.50% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | — | n.a. | 424B5 |
| Pricing | |||||
| AAA spread | +58 bps−12bps A-3 · 2.5y | +67 bps A-3 · 2.4y | +70 bps A-3 · 2.4y | +75 bps A-3 · 2.6y | FWP |
| Terms | |||||
| Tranches | 8 | 7 | 8 | 8 | 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 ↗