Presale Report  ·  Data as of 2026-03-17

Carvana Auto Receivables Trust 2026-P1 Auto Loan near-prime FINAL · CLOSED 2026-03-17

Notes
$1,050.7MM
Pool
$1,050.7MM
Reserve
0.40%
AAA Sub
12.7%
Sponsor: Carvana, LLC  ·  Servicer: Bridgecrest Credit Company, LLC  ·  Trustee: Computershare Trust Company, N.A

Capital Structure

ClassSize ($MM)% of PoolSub %CPN / SpreadWALLegal FinalS&PFitch
Class A-1120.311.4%90.5%+25 bps0.212027-03-01A-1+F1+
Class A-2309.029.4%61.1%+58 bps1.002029-06-01AAAAAA
Class A-3309.029.4%31.7%+71 bps2.302031-02-01AAAAAA
Class A-4200.019.0%12.7%+74 bps3.672032-07-01AAAAAA
Class B43.14.1%8.6%+110 bps4.572032-07-01AAAA
Class C47.34.5%4.1%+160 bps5.072032-08-01AA
Class D22.12.1%2.0%+195 bps5.472034-03-01BBBBBB
Class N20.82.0%0.0%+180 bps—2034-03-01——

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, Barclays Capital, Deutsche Bank Securities, Wells Fargo Securities, Citigroup Global Markets

Issuer Track Record

CRVNA 2026-P1CRVNA 2025-P4CRVNA 2025-P3CRVNA 2025-P2CRVNA 2025-P1CRVNA 2024-P4
Collateral (pool at cut-off)
Closing date2026-03-172025-11-252025-09-232025-06-172025-03-172024-12-17
Pool balance$1,050.7MM$934.7MM$1,011.7MM$650.3MM$602.8MM$625.1MM
WA Credit Score713+11708702701702701
WA APR10.67%−2.13pp11.24%12.11%12.80%14.06%13.08%
WA original term mo75.0+2.070.0 mo73.0 mo73.0 mo73.0 mo71.0 mo
% new vehicles2.7%—————
Reserve %0.40%0.50%0.20%0.20%0.20%0.20%
Geo top-3TX 10.2%
CA 8.5%
FL 6.7%		TX 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%
Structure (at issuance)
AAA spread+58 bps+8bps+57 bps+50 bps+50 bps+52 bps+45 bps
AAA % of pool77.9%−1.7pp78.8%79.5%78.6%82.4%81.5%
Subordination below AAA12.7%+0.3pp12.4%12.3%13.0%10.2%10.6%
OC (initial)0.00%0.00%0.00%0.00%0.00%0.00%
OC target0.40%0.50%0.20%0.20%0.20%0.20%
OC floor0.40%0.50%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 2026-P1EARTS 2025-3WOSAT 2025-ACAOT 2024-1
Collateral (pool at cut-off)
Closing date2026-03-172025-10-222025-09-242024-01-24
Pool balance$1,050.7MM$367.1MM$835.7MM$1,565.7MM
WA Credit Score713+43670650719
WA APR10.67%−0.23pp15.49%10.75%10.90%
WA original term mo75.0+0.577.0 mo74.5 mo65.4 mo
% new vehicles2.7%—94.0%0.0%
Reserve %0.40%1.00%0.50%1.00%
Geo top-3TX 10.2%
CA 8.5%
FL 6.7%		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+58 bps−3bps—+60 bps+62 bps
AAA % of pool77.9%+13.7pp56.2%64.2%73.4%
Subordination below AAA12.7%+1.7pp30.1%11.0%8.0%
OC (initial)0.00%2.80%9.25%1.00%
OC target0.40%7.00%11.75%1.00%
OC floor0.40%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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