Carvana Receivables Depositor LLC Enters Underwriting for $1.55B ABS

What Happened

• Carvana Receivables Depositor LLC (the Depositor) and Carvana, LLC entered an underwriting agreement with Santander US Capital Markets LLC on August 18, 2026 to sell classes of notes issued by Carvana Auto Receivables Trust 2026-P3. The Publicly Registered Notes have an aggregate principal balance of $1,550,308,000 and are expected to be issued on or about August 25, 2026.
• The transaction also includes unregistered Class N and Class XS notes. Carvana or its majority‑owned affiliates will initially retain 5% of the Publicly Registered Notes and the Class N Notes, all of the Class XS Notes, and 5% of the Issuing Entity’s certificates.

Key Details

• Underwriting agreement dated: August 18, 2026; expected Closing Date: on or about August 25, 2026.
• Publicly Registered Notes aggregate principal: $1,550,308,000 (Classes A-1 through D, A-2, A-3, A-4, B, C).
• Collateral: motor-vehicle retail installment sales contracts — used-vehicle receivables from Carvana and new-vehicle receivables from Carvana FAC — will be sold to the Depositor and transferred into the Issuing Entity/Grantor Trust.
• Key parties: Santander US Capital Markets LLC (underwriter representative), Bridgecrest Credit Company, LLC (Servicer), Computershare Trust Company, N.A. (Indenture Trustee and certificate agent), BNY Mellon Trust of Delaware (Owner Trustee), Vervent Inc. (Backup Servicer), Clayton Fixed Income Services, LLC (Asset Representations Reviewer).
• Transaction documents filed as exhibits include the underwriting agreement, form of indenture, purchase/transfer/contribution agreements, servicing and backup servicing agreements, trust agreements, administration and collateral custodian agreements, and a depositor certification (Exhibit 36.1).

Why It Matters

• This is a secured financing move: Carvana is packaging and selling auto-loan receivables as asset-backed securities to raise liquidity and transfer credit risk tied to those loans. The $1.55 billion principal amount is material in size.
• Carvana retaining a portion of the notes and certificates indicates the sponsor will keep some economic exposure to the pool, which can align Carvana’s and investors’ interests.
• Retail investors should note the structure: pledged receivables, named servicer and backup servicer, trustees, and standard transaction documents are in place; specific credit and yield details for each note class will determine investor risk and return but are not disclosed in this 8-K.