KBRA Affirms and Upgrades Ratings from Carvana Auto Receivables Trust

KBRA affirms its ratings on 63 classes of notes and upgrades its rating on 11 classes of notes issued from 15 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 May 2025 distribution date (April 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 36 securitizations to date, including 18 transactions under its prime shelf. Its servicing is conducted by Bridgecrest Credit Company, LLC, an affiliate of DriveTime, which manages a servicing portfolio of approximately $20 billion. The Company leverages proprietary risk models including CarvanaScore, DealScore, and FraudScore in its underwriting and verifications process. As of Q1 2025, Carvana reported $3.7 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 $2.7 billion in total capacity to finance Carvana's receivables from five bank lending partners with staggered maturities.

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Methodologies