Carvana Receivables Depositor LLC 8-K

What Happened

• Carvana Receivables Depositor LLC filed an 8‑K (dated March 19, 2026) reporting that, in connection with the Final Prospectus dated March 10, 2026, the Carvana Auto Receivables Trust 2026‑P1 issued several classes of asset‑backed notes on the Closing Date of March 17, 2026. The filing attaches and summarizes the material agreements that establish and govern the securitization and transfers of receivables.
• The transaction involved sale and transfer agreements under which Carvana, LLC and Carvana FAC LLC sold specified fixed‑rate retail installment contracts (used to finance used and new vehicle purchases) into the issuing structure, and the Trust issued notes to institutional buyers.

Key Details

• Notes issued include the Offered Notes (Classes A‑1 thru A‑4, B, C, D), plus Class N notes ($20,800,000 aggregate principal) and Class XS (100,000 notional units); certificates evidencing beneficial interests totaled 100,000 nominal units.
• Sales were to Qualified Institutional Buyers under Rule 144A; Carvana or its majority‑owned affiliates initially retained 5% (by nominal or principal amount) of the Certificates and of the Class N Notes.
• Material agreements dated as of the March 17, 2026 Closing Date include: Receivables Purchase and Transfer Agreements, Receivables Contribution Agreement, Indenture, Servicing and Backup Servicing Agreements (Bridgecrest as servicer; Vervent as backup), trust/administration/custodian agreements and an asset representations review agreement.
• Indenture trustee: Computershare Trust Company, N.A.; owner/grantor trust trustee: BNY Mellon Trust of Delaware; asset representations reviewer: Clayton Fixed Income Services LLC.

Why It Matters

• This filing documents a securitization that packages Carvana‑originated auto loans into asset‑backed notes sold to institutional investors. Such transactions are a common way for Carvana to obtain funding and move receivables off its balance sheet.
• The 5% retention by Carvana or affiliates indicates the sponsor retains a stake in the deal, which is a regulatory/market practice to align interests. Investors should view this as a funding/liquidity activity for Carvana rather than an equity or operational announcement.
• The filing includes the governing agreements (filed as exhibits), which investors can review for details about credit enhancement, servicing, and trustee arrangements if they want to assess structural protections or potential credit exposure.