Carvana Receivables Depositor LLC 8-K

What Happened
Carvana Receivables Depositor LLC filed an 8‑K (May 29, 2026) disclosing that, in connection with the closing on May 27, 2026, it completed a securitization (Carvana Auto Receivables Trust 2026‑P2). The filing reports execution of the core transaction documents (receivables purchase/transfer/contribution agreements, a second amended trust and grantor trust agreement, an indenture, servicing and backup servicing agreements, collateral custodian and administration agreements, and an asset representations review agreement). Bridgecrest Credit Company, LLC is the servicer and Vervent Inc. the backup servicer; BNY Mellon Trust of Delaware and Computershare Trust Company, N.A. serve in trustee/custodian roles. Receivables sold include fixed‑rate retail installment contracts originated by Carvana and by Carvana FAC (new and used vehicle receivables).

Key Details

• Closing Date: May 27, 2026; 8‑K filed May 29, 2026.
• Notes issued/sold: Offered Notes (Classes A‑1 through A‑4, B, C, D), plus Class N Notes ($16,500,000 aggregate principal) and Class XS Notes (100,000 units notional). Certificates evidencing beneficial interests: 100,000 units nominal issued to the Depositor.
• Sale mechanics: Certificates and Class N Notes were sold to Qualified Institutional Buyers under Rule 144A; Carvana or majority‑owned affiliates initially retained 5% (by nominal/principal amount).
• Counterparties: Carvana, LLC and Carvana FAC (sellers); Bridgecrest (servicer); Vervent (backup); BNY Mellon (owner/grantor trust trustee); Computershare (indenture trustee/collateral custodian); Clayton Fixed Income Services (asset representations reviewer).

Why It Matters
This filing documents a secured financing transaction that moves specified Carvana‑originated auto loan receivables into a trust and funds those receivables by issuing asset‑backed notes to institutional investors. For retail investors, the transaction is primarily a funding and risk‑allocation event — it can provide Carvana liquidity and shift credit exposure for the sold receivables to noteholders. Key items to watch in future filings are servicer performance, any repurchase or representation/warranty triggers identified by the asset representations reviewer, and whether Carvana retains additional interests or provides credit support beyond the disclosed 5% retention.