carvana auto receivables trust 2021-n1 - s&p global

Presale:

Carvana Auto Receivables Trust 2021-N1March 15, 2021

Preliminary Ratings

Class Prelim rating Type Interest ratePrelim amount (mil.

$)(i)(ii)Expected legal finalmaturity date

A AAA (sf) Senior Fixed 185.40 Jan. 10, 2028

B AA (sf) Subordinate Fixed 53.60 Jan. 10, 2028

C A (sf) Subordinate Fixed 58.20 Jan. 10, 2028

D BBB (sf) Subordinate Fixed 40.40 Jan. 10, 2028

E(iii) NR Subordinate Fixed 34.40 Jan. 10, 2028

F(iii) NR Subordinate Fixed 28.00 Jan. 10, 2028

Note: This presale report is based on information as of March 15, 2021. The ratings shown are preliminary. This report does not constitute arecommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from thepreliminary ratings. (i)The actual size of these tranches will be determined on the pricing date. (ii)Additionally, the transaction will issueunrated class XS notes, which may be retained or sold in one or more private placements. (iii)Carvana Auto Receivables Trust 2021-N1 will alsoissue unrated class E and F notes, which are not being offered hereby and may initially be retained or sold in one or more private placements.

Profile

Expected closing date March 25, 2021.

Collateral Subprime auto loan receivables.

Originator, seller, administrator, and sponsor Carvana LLC.

Depositor Carvana Receivables Depositor LLC.

Servicer Bridgecrest Credit Co. LLC.

Backup servicer Vervent Inc.

Issuer Carvana Auto Receivables Trust 2021-N1.

Grantor trust Carvana Auto Receivables Grantor Trust 2021-N1.

Collateral custodian and indenture trustee Wells Fargo Bank N.A. (A+/Stable/A-1).

Owner trustee and grantor trust trustee Wilmington Trust N.A.

Lead underwriter Citigroup Global Markets Inc.

Presale:

Carvana Auto Receivables Trust 2021-N1March 15, 2021

PRIMARY CREDIT ANALYST

Timothy J Moran, CFA, FRM

New York

+ 1 (212) 438 2440

[email protected]

SECONDARY CONTACT

Kenneth D Martens

New York

+ 1 (212) 438 7327

[email protected]

www.standardandpoors.com March 15, 2021 1

© S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimeron the last page.

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mailto: [email protected]




Credit Enhancement Summary

CRVNA2021-N1(i)

CRVNA2020-N1(ii)

CRVNA2019-4(ii)

CRVNA2019-3(ii)

CRVNA2019-2(ii)

CRVNA2019-1(ii)

Preliminary rating

Class A AAA (sf) NR NR NR NR NR

Class B AA (sf) NR NR NR NR NR

Class C A (sf) NR NR NR NR NR

Class D BBB (sf) NR NR NR NR NR

Class E NR NR NR NR NR NR

Class F NR N/A N/A N/A N/A N/A

Subordination (% of the initial receivables)

Class A 53.65 51.85 45.15 44.65 45.05 45.60

Class B 40.25 30.85 28.80 29.00 29.80 30.95

Class C 25.70 25.35 19.65 19.35 19.65 21.15

Class D 15.60 13.85 8.50 7.75 8.20 8.00

Class E 7.00 0.00 0.00 0.00 0.00 0.00

Class F 0.00 N/A N/A N/A N/A N/A

Overcollateralization (% of the initial receivables)

Initial 0.00 3.00 2.45 2.80 2.75 3.20

Target(iii) 4.00 10.10 5.20 5.50 5.50 5.65

Floor 1.50 1.50 5.20 5.50 5.50 5.65

Reserve fund (% of the initial receivables)

Initial 1.25 1.25 1.25 1.25 1.25 1.25

Target 1.25 1.25 1.25 1.25 1.25 1.25

Floor 1.25 1.25 1.25 1.25 1.25 1.25

Total initial hard credit enhancement (% of the initial receivables)

Class A 54.90 56.10 48.85 48.70 49.05 50.05

Class B 41.50 35.10 32.50 33.05 33.80 35.40

Class C 26.95 29.60 23.35 23.40 23.65 25.60

Class D 16.85 18.10 12.20 11.80 12.20 12.45

Class E 8.25 4.25 3.70 4.05 4.00 4.45

Class F 1.25 N/A N/A N/A N/A N/A

Excess spread peryear (%) (estimated)

14.94 13.52 15.36 15.21 14.18 13.96

(i)Series 2021-N1 principal will be paid sequentially until each class achieves its target balance, at which point it can be paid pro rata with theclass(es) senior to it, to the extent of sufficient available funds. Each of the prior series pays principal sequentially. (ii)Not rated by S&P GlobalRatings. (iii)The overcollateralization target is a percentage of the current receivables balance except for the 2019-1, 2019-2, and 2019-3 dealswhere it is a percentage of the initial receivables balance. CRVNA--Carvana Auto Receivables Trust. N/A--Not applicable. NR--Not rated.



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Presale: Carvana Auto Receivables Trust 2021-N1

Rationale

The preliminary ratings assigned to Carvana Auto Receivables Trust 2021-N1's (CRVNA 2021-N1)asset-backed notes series 2021-N1 reflect our view of:

- The availability of approximately 58.1%, 51.5%, 42.5%, and 35.2% credit support for the classA, B, C, and D notes, respectively, based on stressed break-even cash flow scenarios (includingexcess spread). These credit support levels provide approximately 2.80x, 2.43x, 1.95x, and 1.60xcoverage of our expected net loss range of 20.00%-21.00% for the class A, B, C, and D notes,respectively (see the Cash Flow Modeling Assumptions And Results section below for moreinformation).

- The timely interest and principal payments by the legal final maturity dates made understressed cash flow modeling scenarios that we deem appropriate for the assigned preliminaryratings.

- The expectation that under a moderate ('BBB') stress scenario (1.60x our expected loss level),all else being equal, our ratings will be within the credit stability limits specified by section A.4of the Appendix contained in S&P Global Rating Definitions (see "S&P Global RatingsDefinitions," published Jan. 5, 2021).

- The collateral characteristics of the subprime pool being securitized, including a weightedaverage Carvana Deal Score of approximately 23.9.

- The loss performance of Carvana LLC's origination static pools and managed portfolio, itsdeal-level collateral characteristics, and comparison with its prime auto finance companypeers.

- The transaction's credit enhancement in the form of subordinated notes; a nonamortizingreserve account; overcollateralization, which builds to a target level of 4.00% of the currentreceivables balance before falling to a floor of 1.50% of the initial receivables balance; andexcess spread (see the Credit Enhancement Summary table above).

- The transaction's payment and legal structures.

S&P Global Ratings believes there remains high, albeit moderating, uncertainty about theevolution of the coronavirus pandemic and its economic effects. Vaccine production is ramping upand rollouts are gathering pace around the world. Widespread immunization, which will help pavethe way for a return to more normal levels of social and economic activity, looks to be achievableby most developed economies by the end of the third quarter. However, some emerging marketsmay only be able to achieve widespread immunization by year-end or later. We use theseassumptions about vaccine timing in assessing the economic and credit implications associatedwith the pandemic (see our research here: www.spglobal.com/ratings). As the situation evolves,we will update our assumptions and estimates accordingly.

Changes From CRVNA 2020-N1

The structural changes from the CRVNA 2020-N1 transaction include the following:

- The deal uses a targeted amortization class structure, which is a hybrid sequential/pro ratastructure. Principal will be paid sequentially to the most senior class until it has been reducedto its target balance, at which point some or all of the subordinate classes may be paid pro ratawith the most senior class to the extent of available funds.



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http://www.spglobal.com/ratings

- The class A, B, C, and D subordination increased to 53.65%, 40.25%, 25.79%, and 15.60%, from51.85%, 30.85%, 25.35%, and 13.85%, respectively. The notes also benefit from a class F,which the prior transaction did not have.

- The initial and target overcollateralization decreased to zero and 4.00%, respectively, of thecurrent receivable balance, from 3.00% and 10.10%. The floor remains at 1.50% of the initialreceivable balance.

While initial hard credit enhancement has decreased for all classes since the CRVNA 2020-N1transaction, total credit enhancement, including stressed excess spread for each class, remainscommensurate with the assigned ratings.

The collateral changes from the CRVNA 2020-N1 transaction include:

- The weighted average Deal Score has decreased to 23.89 from 24.40.

- The weighted average loan-to-value (LTV) ratio has increased to 101.54% from 101.02%

- The weighted average downpayment as a percentage of the average original balance hasincreased to 9.01% from 5.36%.

- The weighted average payment-to income-ratio increased to 11.43% from 11.25%.

- The percentage of loans with original terms of 60 months or fewer increased to 1.27% from1.01%, as did that of loans with original terms of 61-72 months, to 92.52% from 91.85%, whilethose with 75-month terms decreased to 6.20% from 7.14%.

Key Ratings Considerations

Carvana originates a mixture of prime, nonprime, and subprime collateral, which it classifies aseither prime (having a Deal Score of 50-100) or nonprime (having a Deal Score of 0-49).Notwithstanding Carvana's nomenclature, which we nevertheless use throughout this report, weregard the 0-49 Deal Score collateral as essentially subprime. With that said, CRVNA 2021-N1 isCarvana's first nonprime-only auto loan asset-backed securities (ABS) transaction of 2021, thefirst to be rated by S&P Global Ratings, and its second nonprime-only deal overall. The securitiesare collateralized by a pool of subprime retail automobile installment sales contracts secured byused automobiles.

Based on our review of Carvana's operations and performance history, we considered thefollowing transaction strengths:

- Stable top-line management in place since 2015 and a CEO experienced in the auto space.

- Strong relationships with DriveTime Automotive Group Inc. (DriveTime) and Ally Financial (Ally).In addition to servicing, Carvana leverages DriveTime's infrastructure and real estate for four ofCarvana's 11 inspection and reconditioning centers. The company purchases 100% of itsvehicles without any assistance from DriveTime. Ally has been a flow partner since 2016 andhas provided a floorplan facility since 2012.

- An experienced servicer, Bridgecrest Credit Co. LLC (Bridgecrest), which has over 25 years ofexperience in servicing auto loans.

- Strong liquidity, including a $1.25 billion floorplan facility, a $3 billion flow program with Ally,and two short-term credit revolving facilities with other companies for $500 million each.Additionally, Carvana has successfully priced six ABS transactions.



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- Multiple proprietary risk-scoring models, which the company has enhanced over the years (seethe Originations and Underwriting section below for more detail).

- The company's underwriting platform is efficient and customizable. Customers can choosefrom a myriad of financing options and complete the process of purchasing, financing, andscheduling delivery or pickup of a vehicle online in as little as 10 minutes. Additionally, thecompany has a verification process that checks income, employment, and several other factorson 100% of the loans booked.

- Vervent Inc., an experienced auto loan servicer, is the warm backup servicer.

We also considered the following weaknesses and mitigating factors:

- The company has not been profitable since inception. The lack of profitability is due mostly tothe company's focus on growth and expansion into new markets. In 2020, Carvana added 120new markets, and opened four additional inspection and reconditioning centers (IRCs) and fournew vending machine sites. Year over year, revenue for fiscal 2020 grew by 42% and thenumber of retail units sold increased by 37%, while the gross profit per unit increased by $400to $3,252. The expansion costs, however, contributed to a net loss of $462 million versus $365million in fiscal 2019, exacerbated by debt extinguishment costs of $34 million related to therefinancing of senior unsecured notes in fourth-quarter 2020.

- The company has limited performance history. Although the company started in 2012,performance data are thin until 2016, effectively providing approximately five years ofmeaningful data.

- Carvana has been growing aggressively since its inception. The company's aggregate managedportfolio increased to $5.4 billion as of December 2020 from $3.4 billion a year earlier. Despitethis growth, and the company's credit tightening in the first quarter of 2020 in response to theCOVID-19 pandemic, since relaxed, collateral characteristics for the aggregate portfolio havebeen relatively stable.

Carvana

Carvana is a used-vehicle retailer that sells 100% online, with direct delivery to customers or forpickup at one of its vending machines. On Carvana's website, customers can purchase usedvehicles, arrange financing, purchase service plans, and sell cars to Carvana (as a trade-in orindependently). Carvana owns and manages its inventory and distribution network. The companysources its inventory from auction channels or directly from customers and reconditions theminternally for sale. While its primary business is selling cars, Carvana also offers financing to itscustomers (they finance approximately 75%-80% of all sales). As such, Carvana is a direct lenderthat originates prime, nonprime, and subprime auto loans.

The company was initially formed as a subsidiary of DriveTime in 2012 and became public in 2017.The founder and CEO, Ernie Garcia Jr., is the son of the CEO and founder of DriveTime. As a result,Carvana developed its processes, policies, and procedures using those of DriveTime as a startingpoint and has continued to hone them. The company has been rapidly growing since its inceptionand continues to expand its market penetration. As of Feb. 4, 2021, Carvana was operating in 272markets, compared with 146 markets at the end of 2019. As of Dec. 31, 2020, Carvana haspurchased, reconditioned, sold, and delivered approximately 587,600 vehicles, generatingapproximately $12.8 billion in revenue.



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Management

Carvana has a stable top-line management team, which has been in place since 2015. However,only the CEO has direct experience with auto financing. Ernie Garcia has served as the presidentand CEO since Carvana's inception. Before he founded Carvana, Mr. Garcia held various roles atDriveTime from January 2007 to January 2013, including vice president, treasurer, and director ofquantitative analytics.

Mark Jenkins joined Carvana in 2014 as the chief financial officer. Before joining Carvana, Jenkinswas a professor in the finance department at The Wharton School of the University ofPennsylvania.

Ben Huston, another co-founder of Carvana, has served as the chief operating officer sinceCarvana's inception. Before joining Carvana, Huston co-founded Looterang, a card-linkingplatform, in 2011 and was CEO from 2011 to 2012.

Ryan Keeton, also co-founder of Carvana, has been the chief brand officer since Carvana'sinception. Before joining Carvana, Keeton was a principal at the Montero Group, a strategicconsultancy firm, from 2010 to 2012.

Daniel Gill has served as the chief product officer since March 2015, overseeing all technologyfunctions and strategic partnerships for the business. Before joining Carvana, Gill spent his careerin both enterprise software and consumer internet businesses.

Paul Breaux has served as general counsel since August 2015. Before joining Carvana, Breauxpracticed law at Andrews Kurth LLP (now Andrews Kurth Kenyon LLP) in Houston from 2008 to2015.

Strategic partnerships

DriveTime

Since Carvana was initially formed as a subsidiary of DriveTime, it has strong ties to the company.In addition to leveraging the systems, processes, and policies of DriveTime at its inception,Carvana has had several agreements with the company, including utilizing its inspection andreconditioning facilities and office space; selling vehicle service contracts and guaranteed assetprotection (GAP) waiver insurance, which are both administered by DriveTime; and licensingagreements that govern the rights of certain intellectual property owned by Carvana and the rightsof certain intellectual property owned by DriveTime. Bridgecrest services all Carvana loans, and isa wholly owned subsidiary of Bridgecrest Acceptance Corp. (BAC), which services DriveTime loans.

Ally

Carvana also benefits from a strong relationship with Ally Bank. Ally has been providing floorplanfinancing since Carvana's inception, recently increasing the amount to $1.25 billion, which expiresin March 2023. Ally also provides a large flow agreement in the amount of $3 billion. While it is aone-year facility, it has been renewed since 2016. As a flow partner, Ally has provided feedback onloan underwriting and servicing to both Carvana and Bridgecrest, and Carvana acknowledges thatwhile it developed its processes, policies, and procedures using DriveTime's as a starting point, ithas continued to improve them with Ally's guidance. Ally also performs monthly audits on a subsetof accounts.



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Originations and underwriting

Originations and underwriting are all centralized at Carvana's headquarters in Tempe, Ariz., andall applications are processed online through Carvana's website. Customers can browse over25,000 vehicles on the website and secure financing and delivery of a vehicle in as little as 10minutes. Through the website, customers have access to approximately 10,000 combinations ofdown payment, annual percentage rate (APR), term, and monthly payments that are calculated fora specific vehicle. Customers can pick up their vehicle at a vehicle vending machine location orhave it delivered to their residence. Once the vehicle has been acquired, there is a seven-dayreturn policy.

Carvana has multiple proprietary risk-scoring models, which it uses to predict performance ofCarvana loans. In 2017, Carvana developed the first generation of its CarvanaScore, its primarycredit risk model, which incorporates data from multiple third-party data sources, including FICO,and places emphasis on customer attributes that Carvana has found to be most predictive of loanperformance. Carvana's Deal Score is calculated after loan origination and is used for portfoliomonitoring purposes. The Deal Score produces a score ranging from 0 to 100, wherein a higherscore indicates a lower risk of default. This score incorporates the CarvanaScore as well asspecific attributes of a loan, including down payment amount, APR, monthly payment amount, LTVratios, payment-to-income ratios, and the vehicle odometer. The 2021-N1 transaction consists ofloans with a Deal Score of 0 to 49, which Carvana classifies as nonprime originations.

All loans go through a verification process and must include the following: identity verification,proof of income and employment, proof of residency, proof of insurance, confirmation of downpayment availability (if applicable), and any clearance of red flags (inconsistencies in applicationdata compared with information obtained from data partners). Carvana's FraudScore is used toflag accounts that require additional scrutiny from Carvana's verifications team. The FraudScorecombines credit and alternative data to score loans based on the risk of fraud and predict a varietyof potential negative outcomes, including first payment defaults and early repossession.

Servicing

Bridgecrest, a subsidiary of BAC and an affiliate of DriveTime, is the servicer of all Carvana loans,with centralized servicing and collections in Mesa, Ariz., and Dallas. Bridgecrest has over 25 yearsof experience in servicing auto loans, primarily servicing DriveTime and Carvana loans, with acurrent portfolio of over $9 billion.

Bridgecrest has a team dedicated to servicing only Carvana loans. Bridgecrest is responsible forall aspects of servicing and collections, including coordinating repossession and remarketing ofthe cars, and it uses a similar approach to the one used for DriveTime loans. Some differencesinclude the payment frequency--DriveTime has a large percentage of bimonthly or weeklypayments while Carvana's are all monthly payments--and the lack of global positioning systems(GPS) in the vehicles backing Carvana loans.

Bridgecrest's primary tool for managing customer hardships is by extensions. Extensions aretypically granted in one-month increments. When an extension is granted, daily simple interestcontinues to accrue, but the next payment due date is pushed back by the number of monthsextended, which reduces the number of days past due on the account by approximately 30 daystimes the number of months extended. Bridgecrest's policy on extensions limits a loan to receivingsix during the loan's life or three per 12-month period. In the event of a natural or manmadedisaster, Bridgecrest may offer options to affected borrowers that exceed normal policy



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requirements. During the COVID-19 pandemic, the extension policy allowed for an additionalone-month extension.

Vervent is the warm backup servicer for Carvana loans. Vervent has been in business for morethan 30 years and has extensive experience in servicing auto loans. The backup servicingarrangement has been in place for two years, and Vervent has completed the data mapping toBridgecrest's servicing system and receives pool data daily. Additionally, Vervent conductsperiodic onsite reviews. Vervent would be able to take over the servicing of the Carvana portfoliowith 30 days' notice.

Transaction And Legal Overview

CRVNA 2021-N1 is Carvana's first nonprime securitization rated by S&P Global Ratings. It has sixoutstanding securitizations: four blended prime/nonprime (as defined by Carvana's Deal Scorebreakout) securitizations (2019-1, 2019-2, 2019-3, and 2019-4); one nonprime securitization(2020-N1) not rated by S&P Global Ratings, and one prime securitization (2020-P1) that is rated byS&P Global Ratings.

The transaction is structured as a true sale of the receivables from Carvana LLC to CarvanaReceivables Depositor LLC, a Delaware LLC, which is a wholly owned subsidiary of the sponsor.The depositor will transfer the receivables to the issuing trust, Carvana Auto Receivables Trust2021-N1, in return for the notes and a certificate evidencing an undivided beneficial ownership inthe grantor trust, Carvana Auto Receivables Grantor Trust 2021-N1. In return for the grantor trustcertificate, the issuing trust will transfer its rights in the receivables to the grantor trust, which thelatter will pledge in favor of the indenture trustee for the noteholders' benefit. The depositor willsell the offered notes to the underwriters minus a 5% risk retention portion of each class of notes(see chart 1).



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Chart 1

Transaction Structure

The series 2021-N1 transaction will employ a targeted amortization class structure, which willtest each month whether each class of notes has been reduced to a target balance (defined as themonth-end pool balance minus that class' target subordination amount minus the targetovercollateralization minus the senior target balance). To the extent available funds are sufficientto pay principal to the class A notes in any given month, such that having done so they will be attheir target with funds to spare, then the excess can be used to pay principal to the class B notesin order to help them achieve their target balance, and so on with each class.

Additionally, Carvana will issue class XS notes, which are unrated and may be retained or sold inone or more private placements. The class XS notes will receive payments based on the differencebetween the servicing strip amount (2.50% times the pool balance on the first day of the collection



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period times 1/12) and the servicing fee (1.40% times the pool balance on the first day of thecollection period times 1/12), known as the excess servicing strip amount.

The transaction's structure incorporates a 1.25% nondeclining reserve account and no initialovercollateralization, which will build to a target of 4.00% of the current pool balance, falling to afloor of 1.50% of the initial pool balance. We expect the pool to generate excess spread ofapproximately 14.94% per year (using a 2.55% estimate per year for servicing and backupservicing fees).

Payment Structure

Payment distributions

The rated class A, B, C, and D note issuance amounts will total $337.6 million, and the notes willpay fixed interest rates. Interest and principal are scheduled to be paid to the preliminary ratednotes on the tenth day of each month or the next business day, beginning May 10, 2021. On eachpayment date, before an acceleration of the notes, distributions will be made from available fundsaccording to the payment priority outlined in table 1. In addition, the funds in the reserve accountwill be available to cover fees, expenses, and interest shortfalls and pay parity principal andprincipal due on the notes' final maturity date.

Table 1

Payment Waterfall

Priority Payment

1 The servicing strip amount for the related collection period will be used to pay the servicing fee, and anyexcess servicing strip amount will be distributed to the class XS notes.

2 Pro rata to the backup servicer if it has replaced Bridgecrest as servicer, any unpaid indemnity amounts andunpaid transition expenses capped at $150,000, and to the indenture trustee, collateral custodian,administrator, owner trustee, and grantor trust trustee: any accrued and unpaid fees, expenses, andindemnities then due to each entity, and provided that those fees and expenses do not exceed $125,000 inaggregate in any calendar year to the indenture trustee and collateral custodian, and $75,000 in aggregate inany calendar year to the owner trustee and grantor trustee combined, and the asset representation reviewerfees, expenses and indemnities owed, not to exceed $175,000 in any calendar year, rating agencysurveillance fees, and $36,000 in any calendar year to the administrator for regulatory filing fees.

3 To the backup servicer, the backup servicing fee.

4 To the class A notes, the aggregate class A interest distributable amount for such distribution date.

5 The first-priority principal payment (if the class A notes' aggregate note principal balance is greater than theaggregate principal balance).

6 To the class B notes, the aggregate class B interest distributable amount for such distribution date.

7 The second-priority principal payment (if the class A and B notes' aggregate note principal balance is greaterthan the aggregate principal balance after making any first-priority principal payments).

8 To the class C notes, the aggregate class C interest distributable amount for such distribution date.

9 The third-priority principal payment (if the class A, B, and C notes' aggregate principal balance is greaterthan the aggregate principal balance after making any first- and second-priority principal payments).

10 To the class D notes, the aggregate class D interest distributable amount for such distribution date.

11 The fourth-priority principal payment (if the class A, B, C, and D notes' aggregate principal balance is greaterthan the aggregate principal balance after making any first-, second-, and third-priority principal payments).

12 To the class E notes, the aggregate class E interest distributable amount for such distribution date.



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Table 1

Payment Waterfall (cont.)

Priority Payment

13 The fourth-priority principal payment (if the class A, B, C, D, and E notes' aggregate principal balance isgreater than the aggregate principal balance after making any first-, second-, third-, and fourth priorityprincipal payments).

14 To the class F notes, the aggregate class F interest distributable amount for such distribution date.

15 The fourth-priority principal payment (if the class A, B, C, D, E, and F notes' aggregate principal balance isgreater than the aggregate principal balance after making any first-, second-, third-, fourth-, and fifthpriority principal payments).

16 To the reserve account, the amount necessary to fund the reserve account up to the reserve accountrequired amount.

17 The payment of principal on the notes, other than the class XS notes, which do not receive principal, thenoteholders' regular principal distributable amount (which pays principal sequentially until each class hasbeen reduced to and maintains its target balance, at which point principal will be paid pro rata).

18 Pro rata to the backup servicer, indenture trustee, collateral custodian, administrator, owner trustee, andgrantor trust trustee: any fees and expenses and indemnities then due and payable to each party thatexceed the cap or annual limitation specified in item 2 above.

19 All remaining amounts, to the certificateholders.

On each payment date, principal distributions will be made sequentially to the class A notes untilthey achieve their targeted balance. This balance is determined formulaically each month asfollows:

- The current pool balance, minus

- The class A target subordination amount (i.e., current pool balance x 69.50%), minus

- The senior target balance amount (i.e., the target balance of the notes senior to the class inquestion; zero, in the case of the class A notes).

Any excess funds can then be used to pay the class B notes pro rata with the class A notes.Assuming the excess is more than sufficient to enable the class B notes to be reduced to theirtarget balance, then the class C notes can be paid pro rata with the class A and B notes, and so on.Each class' target balance is as follows:

- Class A: current pool balance minus (current pool balance x 69.50%) minus theovercollateralization target amount;

- Class B: current pool balance minus (current pool balance x 60.25%) minus theovercollateralization target amount minus the class A target balance;

- Class C: current pool balance minus (current pool balance x 48.75%) minus theovercollateralization target amount minus the class A and B target balances;

- Class D: current pool balance minus (current pool balance x 42.00%) minus theovercollateralization target amount minus the class A, B, and C target balances;

- Class E: current pool balance minus (current pool balance x 18.75%) minus theovercollateralization target amount minus the class A, B, C, and D target balances;

- Class F: current pool balance minus the overcollateralization target amount minus the class A,B, C, D, and E target balances.



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The above payment priorities can change if certain events of default occur and continue, including:

- A failure to pay interest on the most senior class (other than the class XS notes);

- A failure to pay principal at final maturity (other than the class XS notes);

- A failure to pay any other amount due on the notes (other than the class XS notes);

- The issuer's involuntary and voluntary bankruptcy; and

- A material breach of a covenant, agreement, representation, or warranty.

If an event of default occurs without an acceleration of the notes, then the waterfall on table 1 willstill pertain but without reference to the fee caps. However, if an event of default occurs and amajority by balance of the most senior note class then outstanding instructs the indenture trusteeto accelerate the notes, then distributions will be made from available funds according to thepayment priority outlined in table 2.

Table 2

Payment Waterfall

Priority Payment

1 The servicing strip amount for the related collection period will be used to pay the servicing fee and anyexcess servicing strip amount will be distributed to the class XS notes.

2 Pro rata, to the backup servicer, indenture trustee, the owner trustee, the collateral custodian,administrator, and grantor trust trustee, any amount due to each entity, disregarding any caps or annuallimitations.

3 To the backup servicer, the backup servicing fee.

4 To the class A notes, the aggregate class A interest distributable amount for such distribution date.

5 Principal to the extent necessary to reduce the class A notes balance to zero.

6 To the class B notes, the aggregate class B interest distributable amount for such distribution date.

7 Principal to the extent necessary to reduce the class B notes balance to zero.

8 To the class C notes, the aggregate class C interest distributable amount for such distribution date.

9 Principal to the extent necessary to reduce the class C notes balance to zero.

10 To the class D notes, the aggregate class D interest distributable amount for such distribution date.

11 Principal to the extent necessary to reduce the class D notes balance to zero.

12 To the class E notes, the aggregate class E interest distributable amount for such distribution date.

13 Principal to the extent necessary to reduce the class E notes balance to zero.

14 To the class F notes, the aggregate class F interest distributable amount for such distribution date.

15 Principal to the extent necessary to reduce the class F notes balance to zero.

16 All remaining amounts to the certificate holders.

Surveillance Performance

Carvana has five outstanding securitizations that were not rated by S&P Global Ratings, and onethat is, the 2020-P1 (see table 3). The 2019-1, 2019-2, 2019-3, and 2019-4 transactions are a mixof nonprime and prime collateral, while the 2020-N1 transaction is mostly nonprime collateral,and the 2020-P1 deal is mostly prime collateral. The most seasoned deal, 2019-1, is currently at a4.10% cumulative net loss rate at month 22 with a pool factor of 49.80%. Using a straightline



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projection, the 2019-1 cumulative net loss expectation is approximately 8.18%. Although stillearly, cumulative recoveries for the two most seasoned outstanding transactions are trendingover 40%.

Table 3

Distribution As Of February 2021

Series Month

Poolfactor

(%)CurrentCNL (%)

CurrentCRR (%)

30-plus-daydelinq. (%)

Extensionrate (%)

Straightlineprojection. (%)

Initial lifetimeCNL exp. (%)

2019-1 22 49.80 4.10 42.16 9.42 0.94 8.18 N/A

2019-2 19 56.02 3.59 42.66 9.73 0.83 8.17 N/A

2019-3 16 61.51 2.92 38.47 8.29 0.80 7.58 N/A

2019-4 13 68.43 2.05 34.68 6.79 0.78 6.50 N/A

2020-N1 10 77.02 2.39 26.62 9.63 1.17 N/A N/A

2020-P1 2 93.09 0.03 4.23 0.33 0.03 N/A 3.50-4.00

CNL--Cumulative net loss. CRR--Cumulative recovery rate. Delinq.--Delinquency. N/A--Not applicable.

Managed Portfolio Performance

As of Dec. 31, 2020, Carvana's nonprime (Deal Score of 0 to 49) portfolio comprised contractstotaling approximately $2.7 billion, a year-over-year increase of approximately 48% (see tablebelow). Total 31-plus-day delinquencies were 9.91% as of Dec. 31, 2020, compared with 11.61%for the similar period a year ago. Net charge-offs as a percentage of the average principal for theyear ending Dec. 31, 2020, were 3.55%, decreasing from 4.78% for the same period in 2019. Theimproved delinquency and loss performance could be a result of the increase in extensions andthe temporary cessation of involuntary repossession efforts resulting from the countrywidelockdowns in the wake of the COVID-19 pandemic.

Table 4

Nonprime Managed Portfolio Data

Year ended Dec. 31

2020 2019 2018 2017 2016 2015

Principal outstanding at end of period (mil. $) 2,695.25 1,826.35 835.69 327.63 120.39 43.07

Average month-end principal amount (mil. $) 2,300.33 1,355.02 580.52 216.63 88.04 25.57

Net charge-offs (mil. $)(i) 81.68 64.83 29.03 10.34 6.40 2.45

Net charge-offs as a % average month end principal(ii) 3.55 4.78 5.00 4.78 7.27 9.57

Delinquencies (%)

31-60 days 6.72 8.07 7.31 5.93 6.62 4.15

61-90 days 2.63 2.70 2.69 2.30 2.65 3.16

91-plus days 0.56 0.84 0.86 1.05 0.45 0.16

Total delinquencies 9.91 11.61 10.87 9.29 9.72 7.47

(i)Does not include all repossession-related expenses. (ii)Annualized.



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Pool Analysis

As of the March 7, 2021, cutoff date, the series 2021-N1 statistical pool comprised approximately$400.0 million in all used auto loans directly originated by Carvana (see table 5). This is the secondpool securitized by Carvana that consists only of loans with a Deal Score of 0 to 49. Carvanaconsiders Deal Scores of 0 to 49 to be nonprime borrowers. The pool has a weighted average FICOscore of 571, a weighted average Deal Score of 23.89, and a weighted average LTV of 101.54%.Loans with an original term greater than 60 months represent 98.73% of the pool, while loans withan original term of 75 months represent 6.20% of the pool. Given the low amount of seasoning,about 29% of the pool has not yet made a payment. Approximately 0.54% of the pool has beengranted a prior extension or extensions (almost all were for reasons relating to the COVID-19pandemic), and approximately 86% of those accounts have made a payment since the loan wasextended.

Table 5

CRVNA Collateral Comparison(i)

Series

2021-N1 2020-NP1(ii) 2019-4(ii) 2019-3(ii) 2019-2(ii) 2019-1(ii)

Collateral cutoff date March 7, 2021 March 25, 2020 Dec. 23,2019

Sept. 24,2019

June 24,2019

March 24,2019

Pool size (mil. $) 400.00 494.85 520.00 600.00 470.00 350.00

No. of loans 22,397 28,916 28,475 31,486 26,037 19,466

Avg. principal balance ($) 17,860 17,113 18,262 19,056 18,051 17,980

WA APR (%) 19.27 19.36 13.59 13.49 13.85 13.48

WA LTV (%) 101.54 101.02 98.83 97.14 95.74 98.29

WA downpayment (%) 9.01 5.36 N/A N/A N/A N/A

WA original term (mos.) 71.09 71.13 70.12 70.17 69.90 69.96

WA remaining term(mos.)

69.86 69.24 68.63 68.70 68.05 68.41

Seasoning (mos.) 1.24 1.89 1.49 1.48 1.85 1.55

Total % with originalterms of 61-72 months

92.52 91.86 88.62 88.50 89.07 89.43

Total % with originalterms of 73-75 months

6.21 7.14 5.77 6.01 4.81 4.99

WA Deal Score 23.89 24.40 48.52 47.00 47.31 47.09

WA original FICO score 571 554 634 635 636 636

% with no FICO score 5.25 5.38 3.07 3.29 3.17 2.80

Top five state concentrations (%)

TX: 9.84 TX: 12.03 TX: 11.43 TX:12.39 TX: 12.14 TX: 13.68

CA: 8.00 GA: 8.30 CA: 7.75 GA: 9.38 GA: 10.39 GA: 12.15

FL: 7.45 CA: 7.10 GA: 7.46 CA: 6.92 FL: 6.52 FL: 6.75

GA: 7.00 FL: 6.65 FL: 6.41 FL: 6.15 CA: 5.90 CA: 5.99

PA: 6.03 PA: 6.09 PA: 5.86 PA: 5.62 PA: 5.79 NC: 5.47



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Table 5

CRVNA Collateral Comparison(i) (cont.)

Series

2021-N1 2020-NP1(ii) 2019-4(ii) 2019-3(ii) 2019-2(ii) 2019-1(ii)

Originator's credit grades – Deal Score

0-19 44.01 41.06 19.33 21.28 21.41 19.85

20-39 32.16 39.01 20.81 21.43 25.40 25.56

40-59(iii) 23.83 19.93 24.07 24.48 17.05 20.05

60-79 0.00 0.00 17.85 15.45 15.21 16.94

80-100 0.00 0.00 17.93 17.37 20.93 17.60

S&P Global Ratings'expected CNL (%)

20.00-21.00 N/A N/A N/A N/A N/A

(i)All percentages are of the initial gross receivables balance. (ii)Series 2019-1 through 2020-N1 were not rated by S&P Global Ratings.(iii)Carvana's nonprime Deal Score range is 0-49. CRVNA—Carvana Auto Receivables Trust. WA--Weighted average. APR--Annual percentagerate. LTV--Loan-to-value. CNL--Cumulative net loss. N/A--Not applicable.

Additionally, we compared this pool's collateral characteristics with peers in the subprime space(see table 6).

Table 6

Carvana Nonprime Collateral Comparison with peers(i)

Series

CRVNA 2020-N1 GCAR 2021-1 CPSART 2021-A EART 2021-1

Pool size (mil. $) 400.00 213.07 184.37 1,179.76

No. of loans 22,397 12,291 11,038 67,407

Avg. principal balance ($) 17,860 17,336 16,703 17,502

WA APR (%) 19.27 18.61 18.97 21.05

WA LTV ratio (%)(ii) 101.54 118.74 114.33 112.01

WA mileage 50,997 40,494 N/A 51,438

New vehicles (%) 0 19.74 27.49 5.53

Used vehicles (%) 100 80.26 72.51 94.47

WA original term (mos.) 71.09 69.48 69.25 70.00

WA remaining term (mos.) 69.86 64.49 62.30 68.00

Seasoning (mos.) 1.24 5.00 6.95 3.00

Total % with original terms of61-72 months

92.52 85.45 81.45 89.56

Total % with original terms of73-75 months

6.21 N/A N/A N/A

WA original FICO score 571 569 572 572

% with no FICO score 5.25 6.98 7.91 5.69

Top five state concentrations (%)

TX: 9.84 TX: 13.08 CA: 14.40 TX: 14.57

CA: 8.00 CA: 8.84 OH: 11.15 CA: 10.37



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Table 6

Carvana Nonprime Collateral Comparison with peers(i) (cont.)

Series

CRVNA 2020-N1 GCAR 2021-1 CPSART 2021-A EART 2021-1

FL: 7.45 FL: 6.94 TX: 6.45 GA: 9.72

GA: 7.00 GA: 6.64 NC: 5.60 FL: 7.40

PA: 6.03 IL: 5.09 IN: 5.32 IL: 4.42

S&P Global Ratings' expectedCNL (%)

20.00-21.00 19.50-20.50 20.25-21.25 23.00-24.00

(i)All percentages are of the initial receivables balance. (ii)Carvana's LTV is calculated as the loan amount over the sale price of the vehicle plustaxes and fees thereon. GCAR, CPSART, and EART, however, calculate their LTV as the loan amount over the wholesale value of the vehicle usingNADA, Black Book, or Kelley Blue Book Trade-In prices. CRVNA--Carvana Auto Receivables Trust. GCAR--GLS Auto Receivables Trust.CPSART--CPS Auto Receivables Trust. EART--Exeter Automobile Receivables Trust. WA--Weighted average. APR--Annual percentage rate.LTV--Loan-to-value. CNL--Cumulative net loss. N/A--Not applicable.

S&P Global Ratings' Expected Loss: 20.00%-21.00%

To derive the expected losses for the series 2021-N1 pool, we relied mostly on the nonprimeorigination static pool data that Carvana provided. Given Carvana's relatively short originationhistory and the small size of its quarterly originations in 2012 through 2014, we reviewed a varietyof loss timing curves to estimate potential losses on outstanding vintages. Cumulative net lossperformance for more recent vintages appears to be around 3.2%-10.2% at present (see chart 4).



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Chart 2



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Chart 3



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Chart 4



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Chart 5



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Chart 6



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Chart 7

We analyzed origination static pool data on a net and gross loss basis broken out by Deal Score,FICO, and in aggregate. We projected losses on the first-quarter 2016 through fourth-quarter 2019outstanding vintages using an extrapolated Carvana curve based on nearly paid-off vintages, acomparable issuer loss curve, and a straightline approach.

Additionally, we reviewed the outstanding series and their expected cumulative net losses(ECNLs), and we examined the current performance on the 2019-4 through 2020-N1 deals. For the2019 deals with more than 12 months of performance, using a straightline approach, losses areprojecting in the range of 6.5%-8.2%. Given that at close those deals included approximately33%-36% of loans with a Deal Score of 50 or greater, we would expect the 2021-N1 deal toperform worse than the 2019 securitizations. It is too early to project the losses on the 2020-N1and 2020-P1 deals.

We also compared this pool's characteristics with those of peers to determine its relativestrengths and weaknesses. In addition, since the onset of the COVID-19 pandemic, we havegenerally implemented higher base-case cumulative net loss (CNL) assumptions and adjustedcertain cash flow assumptions in our analysis of U.S. auto loan ABS transactions (see "ThePotential Effects Of COVID-19 On U.S. Auto Loan ABS," published March 26, 2020). Theseadjustments reflected our view of the negative impact the COVID-19-induced economicdislocation could have on wages, unemployment, and, ultimately, borrowers' ability to continuemaking payments on their auto loans. We have now observed the impact of the pandemic through



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10 months of performance data on outstanding U.S. auto loan ABS transactions showingbetter-than-expected performance (see "U.S. Auto Loan ABS Is Navigating Through COVID-19 WithBetter-Than-Expected Performance," published Feb. 10, 2021).

Although we continue to believe uncertainty remains due to the pandemic, our analysesincorporate our view of the latest developments, including the issuer's loss performance, actiontaken by Carvana to mitigate losses, and our macroeconomic outlook. We will continue to monitorearly performance indicators and reflect them in our analyses on a forward-looking basis.

Based on our analysis of the static pool data, securitization performance, and collateralcomparisons, and our forward-looking view of the economy and measures taken to contain andease the financial dislocation of the COVID-19 pandemic, we expect CRVNA 2020-N1 to experienceCNLs of 20.00%-21.00%.

Cash Flow Modeling Assumptions And Results

We modeled the series 2020-N1 transaction to simulate stress scenarios that we believe areappropriate for the assigned preliminary ratings (see table 7). The break-even results show thateach class is enhanced to the degree necessary to withstand a stressed net loss level that isconsistent with our assigned preliminary ratings.

Table 7

Cash Flow Assumptions/Results

Class

A B C D

Preliminary rating AAA (sf) AA (sf) A (sf) BBB (sf)

ABS voluntary prepayments(%)

0.85 0.85 0.85 0.85

Recoveries (%) 37.50 37.50 40.00 40.00

Recovery lag (mos.) 4 4 4 4

Servicing fee (%)(i) 2.50 2.50 2.50 2.50

CNL timing (mos.) 12/24/36/48 12/24/36/48 12/24/36/48 12/24/36/48

Front-loaded loss curve

CNL timing input (%) 40/70/90/100 40/70/90/100 40/70/90/100 40/70/90/100

CNL timing actual (%) 93/100 50/88/100 40/70/90/100 39/69/89/100

Approximate CNLbreak-even level (%)(ii)

58.12 51.43 42.32 35.35

Back-loaded loss curve

CNL timing input (%) 30/50/70/90/100 30/50/70/90/100 30/50/70/90/100 30/50/70/90/100

CNL timing actual (%) 94/100 51/86/100 38/64/90/100 32/54/76/97/100

Approximate CNLbreak-even level (%)(ii)

58.11 51.43 42.63 36.65

(i)In addition to the servicing fee, all fees and expenses senior in the waterfall were modeled at their caps. (ii)The maximum CNLs on the poolthat the transaction can withstand without a payment default on the relevant classes of notes given 100% credit to excess spread.ABS--Absolute prepayment speed. CNL--Cumulative net loss.

Given the significant concentration in longer-term contracts and relatively little seasoning, we



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placed greater emphasis on the stressed cash flows with the back-loaded loss curve to stress thetransaction's later stages. Results for both loss curve scenarios are consistent with thepreliminary ratings assigned.

Our breakeven results indicate the payment patterns described in table 8.

Table 8

Break-even Principal Payment Patterns

Front-loaded loss curve

Class A Class A paid sequentially through payoff; the subordinate bonds receive no principal.

Class B Class A paid sequentially through month eight, then pro rata with class B from months nine through 26when the class A is paid off, after which the class B is paid sequentially through payoff in month 30; theclass C and D bonds receive no principal.

Class C Class A paid sequentially through month seven, then pro rata with class B from months eight through 39when the class A is paid off, after which the class B is paid sequentially through payoff in month 41, prorata with class C from months 13-41 when the class B is paid off, after which the class C is paidsequentially through payoff in month 47; the class D bonds receive no principal.

Class D Class A paid sequentially through month eight, then pro rata with class B from months nine through 47when the class A is paid off, after which the class B is paid sequentially through payoff in month 50, prorata with class C from months 13-50, after which the class C is paid sequentially in month 51 and then prorata with class D through payoff in month 54, pro rata with class D from months 22-50 and 52-54, afterwhich the class D is paid sequentially through payoff in month 69.

Back-loaded loss curve

Class A Class A paid sequentially through payoff; the subordinate bonds receive no principal.

Class B Class A paid sequentially through month eight, then pro rata with class B from months nine through 26when the class A is paid off, after which the class B is paid sequentially through payoff in month 30; theclass C and D bonds receive no principal.

Class C Class A paid sequentially through month seven, pro rata with class B from months eight through 38, prorata with class C from months 13-35 and month 38, after which the class C is paid sequentially throughpayoff in month 41; the class D bonds receive no principal.

Class D Class A paid sequentially through month eight, then pro rata with class B from months nine through 47, prorata with class C from months 13-50, pro rata with class D from months 19-42 and 50-55, pro rata withclass E from months 28-39.

Scenario Analysis

In addition to running break-even cash flows, we conducted a sensitivity analysis to see whatimpact it would have on our ratings under a moderate ('BBB') stress scenario, all else being equal(see table 9). The multiple coverage levels reflect the transaction's remaining credit support,including excess spread, over the remaining losses. It should be borne in mind, however, that a prorata structure is more vulnerable to back-end losses than a sequential structure, and thereforemore vulnerable to downgrade in the event losses prove higher than anticipated.

Table 9

Scenario Analysis Summary--Moderate Loss Scenario

Loss level (multiple) 1.60 base case

CNL (%) 32.80

CNL timing (12/24/36/48) (%) 40-30-20-10/30-20-20-20-10

ABS voluntary prepayments (%) 0.85



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Table 9

Scenario Analysis Summary--Moderate LossScenario (cont.)

Recoveries (%) 40

Recovery lag (mos.) 4

Servicing and other fees (%) 2.50 assumed

CNL--Cumulative net loss. ABS--Absolute prepayment speed.

Our sensitivity results indicate the payment patterns shown in table 10.

Table 10

Sensitivity Principal Payment Patterns

Front-loaded losscurve

Class A paid sequentially through month seven, then pro rata with class B from months eightthrough 47 when the class A is paid off, after which the class B is paid pro rata with class C throughpayoff in month 50, pro rata with class C from months 12-50, after which the class C is paidsequentially in month 51 and pro rata with class D through payoff from months 52-54, and pro ratawith class D from months 20-50 and 52-54, after which the class D is paid off in month 55.Theunrated class E is paid pro rata with classes B, C, and D in months 49-50, with classes C and D inmonths 52-54, and with class D in month 55, after which it receives all principal distributions frommonths 56-70, paying down to a 64% note factor. The unrated class F notes never receive anyprincipal.

Back-loaded losscurve

Class A paid sequentially through month seven, then pro rata with class B from months eightthrough 46 when the class A is paid off, after which the class B is paid pro rata with class C throughpayoff in month 47 when class B is paid off, pro rata with class C from months 12-47, after whichthe class C is paid sequentially in month 48 and pro rata with class D in month 49 when class C ispaid off, and pro rata with class D from months 26-40 and month 49, after which the class D is paidoff in month 53.The unrated class E is paid pro rata with classes B, C, and D in months 26-40, andwith class D in month 53, after which it receives all principal distributions from months 54-56,paying down to a 47% note factor. The unrated class F notes receive principal in months 29-30, prorata with classes B, C, D, and E, paying down to a 94% note factor.

Our expectation is that under a moderate ('BBB') stress scenario, all else being equal, our ratingswill be within the credit stability limits specified by section A.4 of the Appendix contained in S&PGlobal Ratings Definitions (see "S&P Global Ratings Definitions," published Jan. 5, 2021).



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Chart 8



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Chart 9

Legal Final Maturities

To test the legal final maturity dates, we determined the date when the respective notes would befully amortized in a zero-loss, zero-prepayment scenario and then added three months to theresult. To accommodate for extensions on the receivables and the modified pro rata nature of thestructure, we verified that the legal final maturity date of the class B through F notes equaled, atminimum, the tenor of the longest receivable in the pool plus six months measured from the dateof cutoff. Furthermore, in the break-even scenario for each respective rating level, we confirmedthat there was sufficient credit enhancement to cover losses and repay the related notes in full bythe respective legal final maturity dates.

Related Criteria

- Criteria | Structured Finance | General: Global Framework For Payment Structure And CashFlow Analysis Of Structured Finance Securities, Dec. 22, 2020

- Criteria | Structured Finance | Legal: U.S. Structured Finance Asset Isolation AndSpecial-Purpose Entity Criteria, May 15, 2019

- Criteria | Structured Finance | General: Counterparty Risk Framework: Methodology And



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Assumptions, March 8, 2019

- Criteria | Structured Finance | General: Incorporating Sovereign Risk In Rating StructuredFinance Securities: Methodology And Assumptions, Jan. 30, 2019

- Criteria | Structured Finance | General: Global Framework For Assessing Operational Risk InStructured Finance Transactions, Oct. 9, 2014

- General Criteria: Global Investment Criteria For Temporary Investments In TransactionAccounts, May 31, 2012

- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011

- Criteria | Structured Finance | ABS: General Methodology And Assumptions For Rating U.S. AutoLoan Securitizations, Jan. 11, 2011

- Criteria | Structured Finance | General: Methodology For Servicer Risk Assessment, May 28,2009

Related Research

- U.S. Biweekly Economic Roundup: Jobs Growth Reaccelerates While Full Employment RemainsA Long Way Off, March 5, 2021

- U.S. Auto Loan ABS Is Navigating Through COVID-19 With Better-Than-Expected Performance,Feb. 10, 2021

- SF Credit Brief: Higher COVID-19 Infection Rates Played A Role In Higher November U.S. AutoLoan ABS Extensions In Some States, Jan. 25, 2021

- Global Structured Finance 2021 Outlook: Market Resilience Could Bring Over $1 Trillion In NewIssuance, Jan. 8, 2021

- Global Economic Outlook: Limping Into A Brighter 2021, Dec. 3, 2020

- Global Credit Outlook 2021: Back On Track?, Dec. 3, 2020

- Carvana Co.'s Proposed $1 Billion Senior Unsecured Notes Rated 'CCC+' (Recovery Rating '4'),Sept. 22, 2020

- Carvana Co., May 19, 2020

- COVID-19 Is Testing The Resilience Of Global Structured Finance, May 18, 2020

- The Potential Effects Of COVID-19 On U.S. Auto Loan ABS, March 26, 2020

- Global Structured Finance Scenario And Sensitivity Analysis 2016: The Effects Of The Top FiveMacroeconomic Factors, Dec. 16, 2016



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carvana auto receivables trust 2021-n1 - s&p global

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