Presale Report  ·  Data as of 2026-05-27

Carvana Auto Receivables Trust 2026-P2 Auto Loan near-prime FINAL · CLOSED 2026-05-27

Notes
$1,100.4MM
Pool
$1,100.4MM
Reserve
0.90%
AAA Sub
12.2%
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-1122.311.1%90.4%+27 bps0.182027-06-10A-1+F1+
Class A-2323.529.4%61.0%+63 bps0.962029-08-10AAAAAA
Class A-3323.529.4%31.6%+68 bps2.262031-04-10AAAAAA
Class A-4213.419.4%12.2%+72 bps3.632032-08-10AAAAAA
Class B45.14.1%8.1%+95 bps4.532032-08-10AAAA
Class C49.04.5%3.6%+155 bps5.002032-10-10AA
Class D23.72.2%1.5%+190 bps5.472034-06-10BBBBBB
N16.51.5%0.0%+170 bps0.51———

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
Underwriters—

Issuer Track Record

CRVNA 2026-P2CRVNA 2026-P1CRVNA 2025-P4CRVNA 2025-P3CRVNA 2025-P2CRVNA 2025-P1
Collateral (pool at cut-off)
Closing date2026-05-272026-03-172025-11-252025-09-232025-06-172025-03-17
Pool balance$1,100.4MM$1,050.7MM$934.7MM$1,011.7MM$650.3MM$602.8MM
WA Credit Score708+6713708702701702
WA APR10.54%−1.57pp10.67%11.24%12.11%12.80%14.06%
WA original term mo75.0+2.075.0 mo70.0 mo73.0 mo73.0 mo73.0 mo
% new vehicles2.7%2.7%————
Reserve %0.90%0.40%0.50%0.20%0.20%0.20%
Geo top-3TX 10.2%
CA 7.4%
FL 6.5%		TX 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%
Structure (at issuance)
AAA spread+63 bps+11bps+58 bps+57 bps+50 bps+50 bps+52 bps
AAA % of pool78.2%−0.6pp77.9%78.8%79.5%78.6%82.4%
Subordination below AAA12.2%−0.2pp12.7%12.4%12.3%13.0%10.2%
OC (initial)0.00%0.00%0.00%0.00%0.00%0.00%
OC target0.90%0.40%0.50%0.20%0.20%0.20%
OC floor0.90%0.40%0.50%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-P2EARTS 2026-1WOSAT 2025-ACAOT 2024-1
Collateral (pool at cut-off)
Closing date2026-05-272026-05-152025-09-242024-01-24
Pool balance$1,100.4MM$371.1MM$835.7MM$1,565.7MM
WA Credit Score708+38670650719
WA APR10.54%−0.36pp15.74%10.75%10.90%
WA original term mo75.0+0.578.0 mo74.5 mo65.4 mo
% new vehicles2.7%—94.0%0.0%
Reserve %0.90%1.00%0.50%1.00%
Geo top-3TX 10.2%
CA 7.4%
FL 6.5%		TX 21.6%
CA 9.9%
FL 8.4%		FL 57.3%
GA 18.5%
AL 10.0%		CA 16.4%
TX 11.3%
FL 8.1%
Structure (at issuance)
AAA spread+63 bps+2bps—+60 bps+62 bps
AAA % of pool78.2%+14.0pp52.5%64.2%73.4%
Subordination below AAA12.2%+1.2pp38.1%11.0%8.0%
OC (initial)0.00%3.25%9.25%1.00%
OC target0.90%7.10%11.75%1.00%
OC floor0.90%1.50%1.00%1.00%
YSOCn.a.n.a.—n.a.
Tranches8868

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.

Interactive view: Explorer ↗