Presale Report  ·  Data as of 2025-11-25

Carvana Auto Receivables Trust 2025-P4 Auto Loan near-prime FINAL · CLOSED 2025-11-25

Notes
$934.7MM
Pool
$934.7MM
Reserve
0.50%
AAA Sub
12.4%
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-1103.011.0%91.2%+20 bps0.202026-12-10P-1P-1
Class A-2290.731.1%60.1%+57 bps1.022029-03-12AaaAaa
Class A-3290.731.1%29.0%+60 bps2.412030-12-10AaaAaa
Class A-4155.016.6%12.4%+67 bps3.792031-11-10AaaAaa
Class B36.93.9%8.5%+97 bps4.612032-01-12Aa2Aa2
Class C35.03.7%4.7%+140 bps5.052032-04-12A3A3
Class D23.42.5%2.2%+195 bps5.442033-11-10Baa3Baa3
N20.62.2%0.0%+170 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
UnderwritersWells Fargo Securities, BNP Paribas Securities, Deutsche Bank Securities, Barclays Capital, Citigroup Global Markets

Issuer Track Record

CRVNA 2025-P4CRVNA 2025-P3CRVNA 2025-P2CRVNA 2025-P1CRVNA 2024-P4CRVNA 2024-P3
Collateral (pool at cut-off)
Closing date2025-11-252025-09-232025-06-172025-03-172024-12-172024-09-17
Pool balance$934.7MM$1,011.7MM$650.3MM$602.8MM$625.1MM$638.7MM
WA Credit Score708+7702701702701701
WA APR11.24%−1.84pp12.11%12.80%14.06%13.08%13.69%
WA original term mo70.0−3.073.0 mo73.0 mo73.0 mo71.0 mo72.0 mo
% new vehicles——————
Reserve %0.50%0.20%0.20%0.20%0.20%0.20%
Geo top-3TX 10.1%
CA 7.7%
FL 6.3%		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%
Structure (at issuance)
AAA spread+57 bps+7bps+50 bps+50 bps+52 bps+45 bps+60 bps
AAA % of pool78.8%−2.6pp79.5%78.6%82.4%81.5%81.4%
Subordination below AAA12.4%+1.3pp12.3%13.0%10.2%10.6%11.1%
OC (initial)0.00%0.00%0.00%0.00%0.00%0.00%
OC target0.50%0.20%0.20%0.20%0.20%0.20%
OC floor0.50%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-P4EARTS 2025-3WOSAT 2025-ACAOT 2024-1
Collateral (pool at cut-off)
Closing date2025-11-252025-10-222025-09-242024-01-24
Pool balance$934.7MM$367.1MM$835.7MM$1,565.7MM
WA Credit Score708+38670650719
WA APR11.24%+0.34pp15.49%10.75%10.90%
WA original term mo70.0−4.577.0 mo74.5 mo65.4 mo
% new vehicles——94.0%0.0%
Reserve %0.50%1.00%0.50%1.00%
Geo top-3TX 10.1%
CA 7.7%
FL 6.3%		TX 23.1%
FL 9.0%
CA 8.7%		FL 57.3%
GA 18.5%
AL 10.0%		CA 16.4%
TX 11.3%
FL 8.1%
Structure (at issuance)
AAA spread+57 bps−4bps—+60 bps+62 bps
AAA % of pool78.8%+14.6pp56.2%64.2%73.4%
Subordination below AAA12.4%+1.4pp30.1%11.0%8.0%
OC (initial)0.00%2.80%9.25%1.00%
OC target0.50%7.00%11.75%1.00%
OC floor0.50%1.50%1.00%1.00%
YSOCn.a.n.a.—n.a.
Tranches8768

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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