Carvana Receivables Depositor LLC 8-K

What Happened

• Carvana Receivables Depositor LLC filed an 8-K (Item 1.01 / Item 8.01) to disclose an underwriting agreement dated March 10, 2026 with BNP Paribas Securities Corp. for the sale of publicly registered asset‑backed notes issued by Carvana Auto Receivables Trust 2026‑P1. The publicly registered classes total $1,050,700,000 in aggregate principal and are expected to be issued on or about March 17, 2026. Carvana and its majority‑owned affiliates will initially retain 5% of the publicly registered notes and Class N notes and all of the Class XS notes, plus 5% of the trust certificates.
• The filing also describes the related securitization documents to be effective at closing: purchase agreements for Carvana’s used‑car receivables and Carvana FAC’s new‑car receivables, transfer and contribution agreements to move the receivables into the trust, an indenture to secure the notes, servicing and backup servicing agreements (Bridgecrest as servicer; Vervent as backup servicer), an administration agreement, collateral custodian arrangement, and an asset representations review agreement. Forms of these transaction documents are filed as exhibits.

Key Details

• Amount: $1,050,700,000 aggregate principal of publicly registered notes; issuance expected on or about March 17, 2026.
• Retention: Carvana or affiliates will initially retain 5% of the publicly registered notes and Class N notes, all Class XS notes, and 5% of certificates.
• Underwriter/Representative: BNP Paribas Securities Corp.; Indenture Trustee/Collateral Custodian roles noted for Computershare Trust Company, N.A.; Owner Trustee is BNY Mellon Trust of Delaware.
• Certification: Depositor president provided the Form SF‑3 certification required for shelf asset‑backed offerings (filed as Exhibit 36.1).

Why It Matters

• This filing documents a securitization transaction: Carvana is packaging its vehicle installment sales contracts into a trust and issuing secured notes backed by those receivables to raise financing. That provides liquidity to the business and transfers payment rights on the receivables to noteholders subject to the trust structure.
• For investors, the notes’ payment depends on the performance of the underlying receivables (payments on the loans). Carvana’s 5% retained interest and the various service and custodian arrangements indicate continued sponsor involvement and structure for ongoing administration and credit support, but also mean Carvana retains some exposure to the receivables.