# EDGAR Filing Document

**Accession Number:** 0001770373
**File Stem:** 0001104659-25-113806
**Filing Date:** 2025-11
**Character Count:** 8975
**Document Hash:** f4ab0378418797bf7f0c6f291bee2f53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-113806.hdr.sgml**: 20251119

**ACCESSION NUMBER**: 0001104659-25-113806

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251119

**DATE AS OF CHANGE**: 20251118

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carvana Receivables Depositor LLC
- **CENTRAL INDEX KEY:** 0001770373
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 833243432
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-285582
- **FILM NUMBER:** 251496448

**BUSINESS ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **STREET 2:** BLDG. 1
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** (602) 852-6604

**MAIL ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **STREET 2:** BLDG. 1
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carvana Receivables Depositor LLC
- **CENTRAL INDEX KEY:** 0001770373
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 833243432
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **STREET 2:** BLDG. 1
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281
- **BUSINESS PHONE:** (602) 852-6604

**MAIL ADDRESS:**
- **STREET 1:** 300 E. RIO SALADO PARKWAY
- **STREET 2:** BLDG. 1
- **CITY:** TEMPE
- **STATE:** AZ
- **ZIP:** 85281

**Filed Pursuant to Rule 433**

**Registration Nos. 333-285582 and 333-285582-03**

New Issue ABS: \*\*Pricing Details\*\* $955MM+ CRVNA 2025-P4 Prime Auto ABS

Joint Lead Bookrunners: Wells Fargo Securities (Str. & B&D), BNP Paribas, and Deutsche Bank Securities<br> Passive Leads: Barclays, Citigroup, and Santander

-CAPITAL STRUCTURE-

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class | Total($MM) | Offered($MM) | &nbsp;&nbsp;Moody's/S&P | &nbsp;&nbsp;WAL\* | &nbsp;&nbsp;P. WIN\* | &nbsp;&nbsp;E. MTY\* | &nbsp;&nbsp;L. MTY | &nbsp;&nbsp;BENCH | &nbsp;&nbsp;Spread | &nbsp;&nbsp;YLD% | &nbsp;&nbsp;CPN% | &nbsp;&nbsp; $PRICE |
| ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== |
| A-1 | &nbsp;&nbsp;103.000 | 97.850 | &nbsp;&nbsp;P-1/A-1+ | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;01-05 | &nbsp;&nbsp;04/10/26 | &nbsp;&nbsp;12/10/26 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+20 | &nbsp;&nbsp;4.082 | &nbsp;&nbsp;4.082 | &nbsp;&nbsp; 100.00000 |
| A-2 | &nbsp;&nbsp;290.670 | 276.136 | &nbsp;&nbsp;Aaa/AAA | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;05-20 | &nbsp;&nbsp;07/10/27 | &nbsp;&nbsp;03/12/29 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+57 | &nbsp;&nbsp;4.229 | &nbsp;&nbsp;4.19 | &nbsp;&nbsp;99.99796 |
| A-3 | &nbsp;&nbsp;290.670 | 276.136 | &nbsp;&nbsp;Aaa/AAA | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;20-39 | &nbsp;&nbsp;02/10/29 | &nbsp;&nbsp;12/10/30 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+60 | &nbsp;&nbsp;4.177 | &nbsp;&nbsp;4.14 | &nbsp;&nbsp; 99.99761 |
| A-4 | &nbsp;&nbsp;155.020 | 147.269 | &nbsp;&nbsp;Aaa/AAA | &nbsp;&nbsp;3.79 | &nbsp;&nbsp;39-54 | &nbsp;&nbsp;05/10/30 | &nbsp;&nbsp;11/10/31 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+67 | &nbsp;&nbsp;4.294 | &nbsp;&nbsp;4.25 | &nbsp;&nbsp; 99.97891 |
| B | &nbsp;&nbsp;36.920 | 35.074 | &nbsp;&nbsp;Aa2/AA | &nbsp;&nbsp;4.61 | &nbsp;&nbsp;54-58 | &nbsp;&nbsp;09/10/30 | &nbsp;&nbsp;01/12/32 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+97 | &nbsp;&nbsp;4.643 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;99.96401 |
| C | &nbsp;&nbsp;35.050 | 33.297 | &nbsp;&nbsp;A3/A | &nbsp;&nbsp;5.05 | &nbsp;&nbsp;58-64 | &nbsp;&nbsp;03/10/31 | &nbsp;&nbsp;04/12/32 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+140 | &nbsp;&nbsp;5.103 | &nbsp;&nbsp;5.04 | &nbsp;&nbsp;99.95760 |
| D | &nbsp;&nbsp;23.370 | 22.201 | &nbsp;&nbsp;Baa3/BBB | &nbsp;&nbsp;5.44 | &nbsp;&nbsp;64-66 | &nbsp;&nbsp;05/10/31 | &nbsp;&nbsp;11/10/33 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+195 | &nbsp;&nbsp;5.690 | &nbsp;&nbsp;5.62 | &nbsp;&nbsp; 99.98298 |
| N^ | &nbsp;&nbsp;20.563 | 19.534 | &nbsp;&nbsp;NR/BB- | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;01-11 | &nbsp;&nbsp;10/10/26 | &nbsp;&nbsp;11/10/33 | &nbsp;&nbsp;I-CRV | &nbsp;&nbsp;+170 | &nbsp;&nbsp;5.527 | &nbsp;&nbsp;5.46 | &nbsp;&nbsp; 99.99840 |
| ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== | ========================================================================================================================== |

---

\* 1.30% ABS to 2.00% Clean-Up Call

^ Based on Case 2 assumptions outlined in the Class N OM

-TRANSACTION SUMMARY-

Total Size $955MM+ (No Grow)

Offered Size: $907MM+ (No Grow)

Format: A-D: SEC / N: 144A

ERISA: A-D: Yes / N: No

Min Denoms: A-D: $1k x $1k / N: $1mm x $1k

Expected Ratings: Moody's/S&P

Bloomberg Ticker: CRVNA 2025-P4

First Interest Payment: 12/10/2025

Exp. Settle: 11/25/2025

B&D: Wells Fargo Securities

-MARKETING MATERIALS-

Preliminary Prospectus: Attached<br> Class N Preliminary Offering Memorandum: Attached

Intex CDI: Attached

Intexnet Deal Name: wscrvna25p4 \| Password: 63Y2

Dealroadshow: <u>https://dealroadshow.com</u> \| Code: CRVNA25P4

Dealroadshow Direct Link: <u>https://dealroadshow.com/e/CRVNA25P4</u>

If this communication relates to an offering of US registered securities (i) a registration statement has been filed with the SEC, (ii) before investing you should read the filed documents, and (iii) you may obtain these documents from your sales representative, by calling 1-800-645-3751 or visiting www.sec.gov. If this communication relates to a securities offering exempt from US registration, you should contact your sales representative for the complete disclosure package. For information regarding Wells Fargo, see https://www.wellsfargo.com/com/disclaimer/wfid3.