# EDGAR Filing Document

**Accession Number:** 0001770373
**File Stem:** 0001104659-25-058298
**Filing Date:** 2025-6
**Character Count:** 10278
**Document Hash:** 147042587cc15ff03ffe883eb1587318
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-058298.hdr.sgml**: 20250611

**ACCESSION NUMBER**: 0001104659-25-058298

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250611

**DATE AS OF CHANGE**: 20250610

**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:** 251038635

**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<br> Registration Nos. 333-285582 and 333-285582-01**

\*FULL PRICING DETAILS\* Carvana Auto Receivables Trust 2025-P2 (CRVNA 2025-P2)<br>Joint Lead Bookrunners: Citigroup (Str. & B&D), BNP Paribas, and Santander

--ANTICIPATED CAPITAL STRUCTURE--

TOTAL OFFERED

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CL | &nbsp;&nbsp;SIZE($MM) | &nbsp;&nbsp;SIZE($MM) | &nbsp;&nbsp;WAL\* | &nbsp;&nbsp;S/F | &nbsp;&nbsp;P.WIN\* | &nbsp;&nbsp;E.FINAL\* | &nbsp;&nbsp;L.FINAL | &nbsp;&nbsp;L.FINAL | &nbsp;&nbsp;BENCH | &nbsp;&nbsp;SPREAD | &nbsp;&nbsp;YIELD | &nbsp;&nbsp;COUPON | &nbsp;&nbsp;PRICE |
| &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== |
| &nbsp;&nbsp;A-1 | &nbsp;&nbsp;73.000 | &nbsp;&nbsp;69.350 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;A-1+/F-1+ | &nbsp;&nbsp;01-05 | &nbsp;&nbsp;11/25 | &nbsp;&nbsp;11/25 | &nbsp;&nbsp;07/26 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+16 | &nbsp;&nbsp;4.495 | &nbsp;&nbsp;4.495 | &nbsp;&nbsp;100.00000 |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;186.000 | &nbsp;&nbsp;176.700 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;AAA/AAA | &nbsp;&nbsp;05-19 | &nbsp;&nbsp;01/27 | &nbsp;&nbsp;01/27 | &nbsp;&nbsp;08/28 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+50 | &nbsp;&nbsp;4.608 | &nbsp;&nbsp;4.56 | &nbsp;&nbsp;99.99587 |
| &nbsp;&nbsp;A-3 | &nbsp;&nbsp;229.000 | &nbsp;&nbsp;217.550 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;AAA/AAA | &nbsp;&nbsp;19-40 | &nbsp;&nbsp;10/28 | &nbsp;&nbsp;10/28 | &nbsp;&nbsp;08/30 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+60 | &nbsp;&nbsp;4.597 | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;99.99194 |
| &nbsp;&nbsp;A-4 | &nbsp;&nbsp;96.280 | &nbsp;&nbsp;91.466 | &nbsp;&nbsp;3.86 | &nbsp;&nbsp;AAA/AAA | &nbsp;&nbsp;40-53 | &nbsp;&nbsp;11/29 | &nbsp;&nbsp;11/29 | &nbsp;&nbsp;06/31 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+77 | &nbsp;&nbsp;4.799 | &nbsp;&nbsp;4.75 | &nbsp;&nbsp;99.99412 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;27.310 | &nbsp;&nbsp;25.944 | &nbsp;&nbsp;4.62 | &nbsp;&nbsp;AA+/AA | &nbsp;&nbsp;53-58 | &nbsp;&nbsp;04/30 | &nbsp;&nbsp;04/30 | &nbsp;&nbsp;07/31 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+110 | &nbsp;&nbsp;5.166 | &nbsp;&nbsp;5.11 | &nbsp;&nbsp;99.99497 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;29.260 | &nbsp;&nbsp;27.797 | &nbsp;&nbsp;5.13 | &nbsp;&nbsp;A/A | &nbsp;&nbsp;58-65 | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;11/31 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+145 | &nbsp;&nbsp;5.547 | &nbsp;&nbsp;5.48 | &nbsp;&nbsp;99.98249 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;9.430 | &nbsp;&nbsp;8.958 | &nbsp;&nbsp;5.40 | &nbsp;&nbsp;BBB/BBB | &nbsp;&nbsp;65-65 | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;06/33 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+195 | &nbsp;&nbsp;6.073 | &nbsp;&nbsp;5.99 | &nbsp;&nbsp;99.96544 |
| &nbsp;&nbsp;N^ | &nbsp;&nbsp;19.500 | &nbsp;&nbsp;18.525 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;BB+/BB+ | &nbsp;&nbsp;01-07 | &nbsp;&nbsp;01/26 | &nbsp;&nbsp;01/26 | &nbsp;&nbsp;06/33 | &nbsp;&nbsp;I-Curve | &nbsp;&nbsp;+145 | &nbsp;&nbsp;5.789 | &nbsp;&nbsp;5.71 | &nbsp;&nbsp;99.99734 |
| &nbsp;&nbsp;R | &nbsp;&nbsp;45.910(MV) | &nbsp;&nbsp;43.6145(MV) |  |  |  |  |  |  |  |  | &nbsp;&nbsp;19.000 |  |  |
| &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== | &nbsp;&nbsp;========================================================================================================================== |

---

\*Based on 1.30% ABS Pricing Speed to 2% Call

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

--Transaction Details--

\* Total Size : $669.780mm \*NO GROW\*

\* Offered Size : $636.290mm \*NO GROW\*

\* Ticker : CRVNA 2025-P2

\* Expected Ratings : Fitch/S&P (A-N)

\* Pricing Speed : 1.30% ABS Pricing Speed to 2% Call

\* Offering Format : A-D: SEC / N: 144A/RegS

\* Min. Denoms : A-D: $1k x $1k / N: $850K x $1k

\* Expected Pxg : Week of 06/09/25

\* Expected Settle : 06/17/25

\* First Pay : 07/10/25

\* ERISA : A-D: Yes / N: No

\* Bill & Deliver : Citigroup

--Available Materials--

\* Preliminary Prospectus, Ratings FWP, Preliminary Class N OM and Certificate PPM

\* Intex CDI (attached)

\* Intex Dealname: XCVAR25P2 ; Password: 42A7

\* Deal Roadshow : https://dealroadshow.com/e/CRVNA25P2 ; Entry Code (Case Sensitive): CRVNA25P2

------------------------------------------------------------------------------------------------------------------

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.