Carvana Receivables Depositor LLC 8-K

What Happened

• Carvana Receivables Depositor LLC and Carvana, LLC entered an underwriting agreement (May 19, 2026) with Citigroup Global Markets Inc. to sell publicly registered asset‑backed notes issued by Carvana Auto Receivables Trust 2026‑P2. The Publicly Registered Notes total $1,100,390,000 and are expected to be issued on or about May 27, 2026.
• The transaction will securitize motor vehicle retail installment sales contracts (used and new vehicle receivables) through a series of transfer and sale agreements among the Depositor, the Issuing Entity, a Grantor Trust and related parties. Servicing and trustee roles are documented (Bridgecrest Credit Company, LLC as Servicer; Computershare Trust Company, N.A. as Indenture Trustee; BNY Mellon Trust of Delaware as Owner Trustee).

Key Details

• Aggregate publicly registered principal amount: $1,100,390,000; anticipated Closing Date: on or about May 27, 2026.
• Notes classes issued: Class A‑1, A‑2, A‑3, A‑4, B, C, D (publicly registered); plus Class N and Class XS (not registered).
• Retention: 5% of the Publicly Registered Notes and the Class N Notes, and all Class XS Notes, plus 5% of Certificates, will initially be retained or held by Carvana or its majority‑owned affiliates.
• Transaction documents (forms of indenture, purchase agreements, servicing agreements, backup servicing, custodian and trust agreements) and a depositor certification were filed as exhibits to the 8‑K.

Why It Matters

• This filing documents a securitization that packages Carvana’s auto loan receivables into tradable asset‑backed notes to raise funding. For investors, the size ($1.1B) and structure (note classes, retention by sponsor, servicer and trustee arrangements) are the primary factual indicators of how the financing is being executed.
• Retention of a portion of the notes and all Class XS notes by Carvana or affiliates is material because it shows the sponsor will keep exposure to part of the issuance rather than fully selling it to third‑party investors. Servicing, backup servicing and trustee/custodian appointments establish who will administer and safeguard the receivables backing the notes.