UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): ~~November~~March 2512, ~~2025~~2026

Carvana Receivables Depositor LLC

(Exact Name of Depositor as Specified in its Charter)
Commission File Number: 333-285582
Central Index Key Number: 0001770373

Carvana Auto Receivables Trust ~~2025~~2026-P4P1

(Exact Name of Issuing Entity as Specified in its Charter)Commission File Number: 333-285582-~~03Central~~04Central Index Key Number: ~~0002037952~~0001976111

Carvana, LLC
(Exact Name of Sponsor as Specified in its Charter)
Central Index Key Number: 0001576462

Delaware

(State or Other Jurisdiction of Incorporation of Registrant)

9992-~~6855205~~6419402 (Registrant’s I.R.S. Employer Identification No.)



Carvana Receivables Depositor LLC 300 E. Rio Salado Parkway, Bldg. 1 Tempe, Arizona						85281
(Address of Registrant’s Principal Executive Offices)						(Zip Code)

(602) 922-9866

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

In On ~~connection~~March 10, 2026, Carvana Receivables Depositor LLC (the “Depositor”) and Carvana, LLC (“Carvana”) entered into an underwriting agreement (the “Underwriting Agreement”) with BNP Paribas Securities Corp., as an underwriter and as representative of the several underwriters identified therein, for the sale of certain amounts of the following classes of notes to be issued by Carvana Auto Receivables Trust 2026-P1 (the “Issuing Entity”): Class A-1 Asset Backed Notes, ~~the~~ Class A-2 Asset Backed Notes, ~~the~~ Class A-3 Asset Backed Notes, ~~the~~ Class A-4 Asset Backed Notes, ~~the~~ Class B Asset Backed Notes, ~~the~~ Class C Asset Backed Notes and ~~the~~ Class D Asset Backed Notes (~~together~~collectively, the “~~Offered~~Publicly Registered Notes”). ofThe ~~Carvana~~Issuing ~~Auto~~Entity ~~Receivables~~will ~~Trust~~also ~~2025-P4~~issue Class N Asset Backed Notes (the “~~Issuing~~Class ~~Entity~~N Notes”) and Class XS Asset Backed Notes (the “Class XS Notes”), which ~~are~~have ~~described~~not inbeen registered under the ~~Final~~Registration ~~Prospectus~~Statement. ~~dated~~Five ~~November~~percent ~~18,~~(5%) ~~2025~~of ~~and~~the ~~which~~Publicly ~~were~~Registered ~~issued~~Notes onand ~~November~~the 25Class N Notes, ~~2025~~and all of the Class XS Notes (collectively, the “~~Closing~~Retained ~~Date~~Notes,”) and together with the Publicly Registered Notes, the ~~Registrant~~Class isN ~~filing~~Notes and the ~~agreements~~Class ~~listed~~XS ~~below~~Notes, ~~each~~the ~~dated~~“Notes”) asand five percent (5%) of the ~~Closing~~Certificates ~~Date~~of the Issuing Entity will be initially retained or held by Carvana or one or more of its majority-owned affiliates.

1.The APublicly ~~Receivables~~Registered ~~Purchase~~Notes ~~Agreement~~have ~~(the~~an ~~“Receivables~~aggregate ~~Purchase~~principal ~~Agreement”),~~balance byof ~~and between Carvana~~$1, ~~LLC~~050, ~~as seller (“Carvana”) and Carvana Receivables Depositor LLC (the “Depositor”)~~700,000 ~~pursuant to which specified fixed rate retail installment contracts used to finance the purchase of used cars~~ and ~~light~~will ~~duty~~be ~~trucks~~issued ~~that~~on ~~were~~or ~~originated~~about byMarch ~~Carvana~~17, 2026 (the “~~Receivables~~Closing Date”) ~~were sold by Carvana to the Depositor~~.

2. Attached Aas ~~Receivables~~Exhibit 1.1 ~~Transfer~~is ~~Agreement (~~the ~~“Receivables~~Underwriting ~~Transfer~~ Agreement~~”), by and between the Depositor and the Issuing Entity, pursuant to which the Receivables were transferred by the Depositor to the Issuing Entity~~.

3Item 8.01. Other A Receivables Contribution Agreement (the “Receivables Contribution Agreement”), by and between the Issuing Entity and Carvana Auto Receivables Grantor Trust 2025-P4 (the “Grantor Trust”), pursuant to which the Receivables were transferred by the Issuing Entity to the Grantor TrustEvents.

4The Depositor and Carvana will enter into a purchase agreement (the “Receivables Purchase Agreement”), to be dated as of the Closing Date, whereby Carvana will transfer to the Depositor certain motor vehicle retail installment sales contracts relating to used automobiles, light-duty trucks, SUVs and vans (the “Carvana Receivables”) and related property. AnThe ~~Amended~~Depositor and ~~Restated~~Carvana ~~Trust~~FAC, LLC ("Carvana FAC") will enter into a purchase agreement (the "FAC Receivables Purchase Agreement"), to be dated as of the Closing Date, whereby Carvana FAC will transfer to the Depositor certain motor vehicle retail installment sales contracts relating to new automobiles, light-duty trucks, SUVs, and vans (the "FAC Receivables" and, together with the Carvana Receivables, the "Receivables") and related property. The Receivables and related property will subsequently be transferred to the Issuing Entity pursuant to a sale agreement (the “~~Trust~~Receivables Transfer Agreement”), byto ~~and~~be dated as of the Closing Date, between the Issuing Entity and the Depositor. The Receivables and ~~BNY~~related ~~Mellon~~property will subsequently be transferred to the Grantor Trust pursuant to a sale agreement (the “Receivables Contribution Agreement”), to be dated as of ~~Delaware~~the Closing Date, between the Issuing Entity and the Grantor Trust. The Servicer will manage, service and otherwise administer the Receivables pursuant to a servicing agreement (the “Servicing Agreement”), to be dated as ~~owner~~of the Closing Date, among the Servicer, the Issuing Entity, the Grantor Trust, Computershare Trust Company, N.A., as indenture trustee (in such capacity, the “~~Owner~~Indenture Trustee”), and Vervent Inc., as backup servicer (the “Backup Servicer”). The Backup Servicer will perform certain backup servicing duties and assume the role of successor servicer if the Servicer is terminated under the Servicing Agreement, pursuant to ~~which~~a backup servicing agreement (the “Backup Servicing Agreement”), to be dated as of the Closing Date, among the Issuing Entity, ~~will~~the Grantor Trust, the Servicer and the Backup Servicer. Certain representations made by Carvana with respect to such Receivables may be ~~governed~~reviewed, upon the satisfaction of certain conditions, pursuant to an asset representations review agreement (the “Asset Representations Review Agreement”), to be dated as of the Closing Date, among the Issuing Entity, Carvana Auto Receivables Grantor Trust 2026-P1 (the “Grantor Trust”), Carvana, in its capacity as administrator and sponsor, Bridgecrest Credit Company, LLC (the “Servicer”), and Clayton Fixed Income Services, LLC (the “Asset Representations Reviewer”), as asset representations reviewer.

5.The AnIssuing Entity, a Delaware statutory trust, was established pursuant to a trust agreement dated as of February 10, 2023, as amended and restated by that certain amended and restated trust agreement dated as of August 22, 2025, and which will be further amended and restated by a Second Amended and Restated ~~Grantor~~ Trust Agreement to be dated as of the Closing Date (the “~~Grantor~~Second Amended and Restated Trust Agreement”), ~~by and~~ between the ~~Issuing~~Depositor ~~Entity~~ and BNY Mellon Trust of Delaware, as ~~grantor~~owner ~~trust~~ trustee (in such capacity, the “~~Grantor~~Owner ~~Trust~~ Trustee”), ~~pursuant~~and acknowledged and agreed to ~~which~~by ~~the~~Carvana, as administrator and sponsor, and by Computershare Trust Company, N.A., as certificate registrar and certificate paying agent. The Grantor Trust, a Delaware statutory trust, was established pursuant to a trust agreement dated as of February 10, 2023, as amended and restated by that certain amended and restated trust agreement dated as of August 22, 2025, and which will be ~~governed.~~further amended and restated by a Second Amended and

6.Restated AnTrust ~~Indenture~~Agreement to be dated as of the Closing Date (the “~~Indenture~~Amended and Restated Grantor Trust Agreement”), bybetween ~~and among~~ the Issuing Entity, ~~the~~as ~~Grantor~~grantor, BNY Mellon Trust ~~and~~of ~~Computershare~~Delaware, ~~Trust~~as ~~Company~~grantor trust trustee, ~~National~~grantor ~~Association~~trust certificate registrar, asand ~~indenture~~grantor ~~trustee~~trust paying agent (in such capacities, the “~~Indenture~~Grantor Trust Trustee”), ~~pursuant~~and acknowledged and agreed to ~~which~~by ~~the~~Carvana, ~~Issuing~~as ~~Entity~~administrator ~~issued~~and ~~the~~sponsor, ~~Notes~~and Computershare Trust Company, N.A., as indenture trustee.

7.The AIssuing ~~Servicing~~Entity ~~Agreement~~will enter into an indenture (the “~~Servicing Agreement~~Indenture”), byto ~~and~~be dated as of the Closing Date, among the Issuing Entity, the Grantor Trust and the Indenture Trustee, pursuant to which the Issuing Entity will cause the issuance of the Notes and will grant a security interest in the Receivables and other related property to the Indenture Trustee in order to secure the Notes. Carvana will provide certain administrative services on behalf of the Issuing Entity and the Grantor Trust relating to the Notes under an administration agreement (the “Administration Agreement”), ~~Bridgecrest~~to ~~Credit~~be ~~Company~~dated as of the Closing Date, ~~LLC~~among Carvana, asthe ~~servicer~~Issuing Entity, the Grantor Trust and the Indenture Trustee. The Issuing Entity will enter into a collateral custodian agreement (the “~~Servicer~~Collateral Custodian Agreement”), to be dated as of the Closing Date, among the Issuing Entity, the Grantor Trust, Carvana, the Servicer, and ~~Vervent~~Computershare ~~Inc.~~Trust Company, National Association, as ~~backup~~collateral ~~servicer~~custodian (in such capacity, the “~~Backup~~Collateral ~~Servicer~~Custodian”) and as Indenture Trustee, pursuant to which the ~~Servicer~~Collateral ~~will~~Custodian ~~perform~~maintain possession of certain ~~servicing~~documents ~~functions~~with ~~related~~respect to ~~the~~such Receivables.

8Substantially final versions of the transaction documents, the forms of which were filed as Exhibits to the Registration Statement, are being filed on this Current Report in order to satisfy the requirements of Item 1100(f) of Regulation AB. AAttached ~~Backup~~as Exhibit 4.1 is the form of Indenture, as Exhibit 10.1 is the form of Receivables Purchase Agreement, as Exhibit 10.2 is the form of Receivables Transfer Agreement, as Exhibit 10.3 is the form of Receivables Contribution Agreement, as Exhibit 10.4 is the form of Servicing Agreement, (as Exhibit 10.5 is the “form of Backup Servicing Agreement”), byas ~~and~~Exhibit ~~among~~10.6 is the ~~Issuing~~form ~~Entity~~of Asset Representations Review Agreement, as Exhibit 10.7 is the ~~Grantor~~form of Second Amended and Restated Trust Agreement, as Exhibit 10.8 is the ~~Servicer~~form of Second Amended and ~~the~~Restated ~~Backup~~Grantor ~~Servicer~~Trust Agreement, ~~pursuant~~as toExhibit ~~which~~10.9 is the ~~Backup~~form ~~Servicer~~of ~~will~~Administration ~~perform~~Agreement ~~certain~~and ~~servicing~~as ~~functions~~Exhibit ~~upon~~10.10 ~~replacement~~is the form of ~~the~~Collateral ~~Servicer~~Custodian Agreement.

9.In Aconnection ~~Collateral~~with ~~Custodian~~the ~~Agreement~~offering (of the ~~“Collateral~~Publicly ~~Custodian~~Registered ~~Agreement”)~~Notes, ~~by and among~~ the ~~Issuing~~president ~~Entity,~~of the ~~Grantor~~Registrant ~~Trust,~~has ~~Carvana,~~made ~~as administrator,~~ the ~~Servicer,~~certifications ~~Computershare~~required ~~Trust~~by ~~Company,~~Paragraph ~~National~~I.B.1(a) ~~Association,~~of ~~acting~~Form ~~through~~SF-3 ~~its~~attached ~~custody division,~~ as ~~collateral~~Exhibit ~~custodian~~36.1. ~~(in~~The ~~such~~certification ~~capacity,~~is ~~the~~being ~~“Collateral~~filed ~~Custodian”),~~on ~~and~~this ~~the~~Current ~~Indenture~~Report ~~Trustee, pursuant~~ to ~~which~~satisfy the ~~Collateral~~requirements ~~Custodian~~of ~~agrees~~Item 601(b)(36) toof ~~act~~Regulation ~~as collateral custodian for the documents evidencing the Receivables~~S-K.

10. An Administration Agreement (the “Administration Agreement”), by and among the Issuing Entity, the Grantor Trust, Carvana, as administrator, and the Indenture Trustee, pursuant to which Carvana agrees to provide certain ministerial functions to the Issuing Entity and Grantor Trust.

11. An Asset Representations Review Agreement (the “Asset Representations Review Agreement”), by and among the Issuing Entity, the Grantor Trust, Carvana, as administrator and as sponsor, the Servicer and Clayton Fixed Income Services LLC, as asset representations reviewer (the “Asset Representations Reviewer”), pursuant to which the Asset Representations Reviewer agrees to perform, upon satisfaction of certain trigger events, reviews of certain receivables for compliance with the representations and warranties made by Carvana about such Receivables.

Item 8.01 Other Events.

On the Closing Date, the Issuing Entity issued certificates that evidence beneficial interests in the Issuing Entity (the “Certificates”) with a nominal amount of 100,000 units to the Depositor, and the Depositor sold the Certificates to Qualified Institutional Buyers (“QIBs”) pursuant to the requirements of Rule 144A (“Rule 144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Five percent (5%) (by nominal amount) of the Certificates were initially retained by Carvana or one or more of its majority-owned affiliates.

Also on the Closing Date, the Issuing Entity issued Class N Asset Backed Notes in the aggregate principal amount of $20,563,000 (the “Class N Notes”) and Class XS Asset Backed Notes with an aggregate notional amount of 100,000 units (the “Class XS Notes” and together with the Offered Notes and the Class N Notes, the “Notes”) to the Depositor, and the Depositor sold the Class N Notes to QIBs pursuant to the requirements of Rule 144A. Five percent (5%) (by principal amount) of the Class N Notes were initially retained by Carvana or one or more of its majority-owned affiliates.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.

Exhibit
No. Document Description

41.1 ~~Indenture~~ Underwriting Agreement, dated as of ~~the~~March ~~Closing Date~~10, 2026 among ~~the~~BNP ~~Issuing~~Paribas ~~Entity~~Securities Corp., ~~the~~as ~~Grantor~~an ~~Trust~~underwriter and as representative of the ~~Indenture~~several ~~Trustee~~underwriters identified therein, the Depositor and Carvana.

104.1 ~~Receivables~~ Form ~~Purchase~~of ~~Agreement~~Indenture, to be dated as of the Closing Date, ~~between~~among the ~~Depositor~~Issuing Entity, the Grantor Trust and ~~Carvana~~the Indenture Trustee.

10.21 Form of Receivables ~~Transfer~~Purchase Agreement, to be dated as of the Closing Date, between the Depositor and ~~the Issuing Entity~~Carvana.

10.32 Form of Receivables ~~Contribution~~Transfer Agreement, to be dated as of the Closing Date, between the ~~Issuing~~Depositor ~~Entity~~ and the ~~Grantor~~Issuing ~~Trust~~Entity.

10.43 ~~Servicing~~Form of Receivables Contribution Agreement, to be dated as of the Closing Date, ~~among~~between the Issuing Entity, ~~the Grantor Trust, the Servicer, the Indenture Trustee~~ and the ~~Backup~~Grantor ~~Servicer~~Trust.

10.54 ~~Backup~~Form of Servicing Agreement, to be dated as of the Closing Date, among the Issuing Entity, the Grantor Trust, the Servicer, the Indenture Trustee and the Backup Servicer.

10.65 ~~Asset~~Form ~~Representations~~of ~~Review~~Backup Servicing Agreement, to be dated as of the Closing Date, among the Issuing Entity, the Grantor Trust, ~~Carvana,~~ the Servicer and ~~Asset~~the ~~Representations~~Backup ~~Reviewer~~Servicer.

10.76 ~~Amended~~Form ~~and~~of ~~Restated~~Asset ~~Trust~~Representations Review Agreement, to be dated as of the Closing Date, ~~between~~among the ~~Depositor~~Issuing ~~and~~Entity, the ~~Owner~~Grantor ~~Trustee~~Trust, ~~and acknowledged and agreed to by~~ Carvana, asthe ~~administrator~~Servicer and ~~sponsor,~~Asset ~~and~~Representations ~~by Computershare Trust Company, N~~Reviewer.~~A., as certificate registrar and certificate paying agent.~~

10.87 Form of Second Amended and Restated ~~Grantor~~ Trust Agreement, to be dated as of the Closing Date, between the ~~Issuing~~Depositor ~~Entity,~~and the ~~Grantor~~Owner ~~Trust~~ Trustee, ~~the Grantor Trust Certificate Registrar, the Grantor Trust Paying Agent~~ and acknowledged and agreed to by Carvana, as administrator and sponsor, and by Computershare Trust Company, N.A., as ~~indenture~~certificate ~~trustee~~registrar and certificate paying agent.

10.98 ~~Administration~~Form of Second Amended and Restated Grantor Trust Agreement, to be dated as of the Closing Date, ~~among~~between the Issuing Entity, the Grantor Trust Trustee, and acknowledged and agreed to by Carvana, as administrator and ~~the~~sponsor, ~~Indenture~~and ~~Trustee~~Computershare Trust Company, N.A., as indenture trustee.

10.109 ~~Collateral~~Form ~~Custodian~~of Administration Agreement, to be dated as of the Closing Date, among the Issuing Entity, the Grantor Trust, Carvana, ~~the Servicer, the Collateral Custodian~~ and the Indenture Trustee.

10.10 5 Form of Collateral Custodian Agreement, to be dated as of the Closing Date, among the Issuing Entity, the Grantor Trust, Carvana, the Servicer, the Collateral Custodian and the Indenture Trustee.

10.11 Form of FAC Re ceivables Purchase Agreement, to be dated as of the Closing Date, between the Depositor and Carvana FAC.

36.1 Depositor Certification, dated March 10, 2026 , for shelf offerings of asset-backed securities.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

~~November~~March 2612, ~~2025~~2026 CARVANA RECEIVABLES DEPOSITOR LLC

~~Carvana Receivables Depositor LLC~~ By: /s/ Mike McKeever ~~Name: Mike McKeever President~~

~~S-1~~ Name: Mike McKeever Title: President

Filing Compare · Carvana Receivables Depositor LLC