Press Release|ABS
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KBRA Affirms and Upgrades Ratings from Carvana Auto Receivables Trust

3 Nov 2025   |   New York

Contacts

KBRA affirms its rating on 56 classes of notes and upgrades its ratings on 12 classes of notes issued from 14 Carvana Auto Receivables Trust (“CRVNA”) transactions. KBRA’s analysis indicated that existing credit enhancement for the notes is sufficient to support the revised and affirmed ratings. All of the securities with upgraded ratings experienced increased credit enhancement. The data used for this review is as of the October 2025 distribution date (September 2025 collection period). To date, the securities have received timely interest payments.

In performing its rating review, KBRA utilized its Auto Loan ABS Global Rating Methodology, as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In determining these rating actions, KBRA reviewed the collateral performance to date and projected the remaining loss for the transactions based on current assumptions. The rating actions, along with related deal and tranche performance information, are available in spreadsheet form in the accompanying Carvana Auto Receivables Trust Comprehensive Surveillance Dashboard. 

The loans supporting the CRVNA transactions were originated by Carvana, LLC (“Carvana” or the “Company”), a national eCommerce platform for buying and financing used vehicles online. Carvana was launched out of DriveTime Automotive Group Inc. in 2012 and went public in 2017 under the NYSE ticker “CVNA.” The Company operates in over 300 U.S. markets and integrates all steps of the vehicle purchase process, including trade-in, financing, and delivery. Carvana is led by co-founder and CEO Ernie Garcia III.

Carvana has completed 38 securitizations to date, including 14 transactions under its non-prime shelf. Its servicing is conducted by Bridgecrest Credit Company, LLC, an affiliate of DriveTime, which manages a servicing portfolio of approximately $26 billion, as of September 30, 2025. The Company leverages proprietary risk models including CarvanaScore, DealScore, and FraudScore in its underwriting and verifications process. As of Q3 2025, Carvana reported $4.1 billion between cash and available borrowing capacity from its short-term revolving credit facilities. The short-term revolving facilities include a $1.5 billion inventory (matures in April 2027) and $3.5 billion in total capacity to finance Carvana's receivables from six bank lending partners with staggered maturities. Further, in October 2025, Carvana entered into two separate loan purchase agreements with independent third-party loan purchasers, each allowing up to $4 billion of receivables purchases through October 2027 and December 2027, respectively, and amended its existing Ally Purchase and Sale Agreement to increase Ally’s commitment from $4.0 billion from $6.0 billion through October 2026.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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