Carvana Receivables Depositor LLC Issues Asset‑Backed Notes (Securitization)

What Happened
Carvana Receivables Depositor LLC filed an 8‑K (Item 1.01 and 8.01) disclosing that, in connection with the Carvana Auto Receivables Trust 2026‑P3, it entered into a series of material agreements and issued asset‑backed notes described in the Final Prospectus dated August 18, 2026 and issued on August 25, 2026. Carvana, LLC and Carvana FAC LLC sold specified fixed‑rate retail installment contracts (used‑car receivables and new‑car FAC receivables) to the Depositor, which transferred them to the Issuing Entity and then to a Grantor Trust. The transaction included issuance and sale of multiple note classes to Qualified Institutional Buyers under Rule 144A, and related trust, servicing, custodian, administration and review agreements. Key parties named include Bridgecrest Credit Company, LLC (servicer), Vervent Inc. (backup servicer), Computershare Trust Company, N.A. (indenture trustee/custodian roles) and BNY Mellon Trust of Delaware (owner trustee).

Key Details

• The Offered Notes include Class A‑1 through A‑4, Class B, Class C and Class D notes (described in the August 18, 2026 final prospectus) and were issued on August 25, 2026.
• The Issuing Entity issued Class N Notes with aggregate principal of $14,900,000 and Class XS Notes with an aggregate notional amount of 100,000 units.
• The Issuing Entity issued Certificates (nominal 100,000 units) to the Depositor; 5% (by nominal amount/principal) of the Certificates and 5% of the Class N Notes were initially retained by Carvana or its majority‑owned affiliates.
• Material agreements filed include receivables purchase/transfer/contribution agreements, an indenture, servicing and backup servicing agreements, trust and grantor trust agreements, collateral custodian and administration agreements, and an asset representations review agreement.

Why It Matters
This filing documents a securitization financing: Carvana and a related seller (Carvana FAC) sold auto‑loan receivables and issued asset‑backed notes to institutional investors, governed by multiple trust, servicing and custodian agreements. For investors, the filing shows a financing activity that converts receivables into capital and identifies the servicer, trustees, retained note percentage (5%), and the scale of certain note classes (e.g., $14.9M Class N). The sale to Qualified Institutional Buyers under Rule 144A indicates the offering was placed with institutional investors.