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Carvana Auto Receivables Trust 2021-P4

Filed: 21 Dec 21, 7:00pm

FREE WRITING PROSPECTUS

  Filed Pursuant to Rule 433

Dated December 21, 2021

  Registration No. 333-239650
  Registration No. 333-239650-09

---Full Pricing $1.002B+ Carvana Auto Receivables Trust 2021-P4---

Issuer: Carvana Auto Receivables Trust 2021-P4

ACTIVE BOOKRUNNERS (A-1 -N) : Citi (str), Credit Suisse, Wells Fargo

ACTIVE BOOKRUNNERS (R) : Citi (str), Baird, Credit Suisse

PASSIVE BOOKRUNNERS (A-1 -N) : BNP Paribas, Deutsche Bank

CO-MANAGER : Baird

 

CLS

  AMT (MM)   Offered (MM)   WAL*  P.WIN*  Exp. Ratings
(S/K)
  L.FNL   BENCH   Launch   Yld
(%)
   Cpn
(%)
   Px 

A-1

  $146.600   $139.270    0.25   01-07  A-1+/K1+   01/23    IntL    9    0.30600    0.306    100.00000 

A-2

  $341.600   $324.520    1.10   07-22  AAA/AAA   04/25    EDSF    25    0.83000    0.820    99.99063 

A-3

  $341.600   $324.520    2.53   22-42  AAA/AAA   01/27    IntS    28    1.317    1.310    99.99157 

A-4

  $143.430   $136.258    3.91   42-54  AAA/AAA   12/27    IntS    39    1.647    1.640    99.99482 

B

  $33.240   $31.578    4.65   54-59  AA/AA+   02/28    IntS    68    1.997    1.980    99.96121 

C

  $31.120   $29.564    5.05   59-64  A/A+   02/28    IntS    100    2.346    2.330    99.97807 

D

  $17.410   $16.539    5.28   64-64  BBB/BBB+   09/28    IntS    127    2.629    2.610    99.97682 

N

  $40.000   $38.000    0.48**   02-12**  BB+/BBB   09/28    EDSF    185    2.16100    2.150    99.99939 

**R

  $58.095   $55.1902     NR/NR         8.00% yield   

 

*

Based on 1.30 ABS Pricing Speed to 2% Call

**

Based on Case 2 assumptions outlined in the Class N OM and Certificate PPMs

-Deal Summary-

Rated Notes Issued Amount : $1.055bn *No Grow*

Rated Notes Offered Amount : $1.002bn+ *No Grow*

Priced : 12/21/2021

Settle : 12/29/2021

Offering Format : A-1 - D: Public | N and R: 144A/Reg S

First Pay Date : 01/10/2022

ERISA : A-1 - D: Yes | N and R: No

Exp. Ratings : S/K

Min Denoms : A-1 - D: $1k x $1k | N: $1000k x $1k | R: 2.5k Unit x 1 Unit

BBG Ticker : CRVNA 2021-P4

Active Bookrunners (A-1 - N) : Citi, Credit Suisse, Wells Fargo

Passive Bookrunners (A-1 - N) : BNP Paribas, Deutsche Bank

Co-Manager : Baird

Active Bookrunners (R) : Citi, Baird, Credit Suisse

B&D : Citi

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146. Any legends, disclaimers or notices that appear below are not applicable to this message and should be disregarded. Such text has been automatically generated via bloomberg or another system.