# EDGAR Filing Document

**Accession Number:** 0002037953
**File Stem:** 0001104659-25-090533
**Filing Date:** 2025-9
**Character Count:** 10165
**Document Hash:** 06a5702e6cb01d606ada9a0930d04a77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-090533.hdr.sgml**: 20250917

**ACCESSION NUMBER**: 0001104659-25-090533

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250917

**DATE AS OF CHANGE**: 20250916

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carvana Auto Receivables Trust 2025-P3
- **CENTRAL INDEX KEY:** 0002037953

**ORGANIZATION NAME:**
- **EIN:** 996838317
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-285582-02
- **FILM NUMBER:** 251318697

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON TRUST OF DELAWARE
- **STREET 2:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 6029229866

**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 Auto Receivables Trust 2025-P3
- **CENTRAL INDEX KEY:** 0002037953

**ORGANIZATION NAME:**
- **EIN:** 996838317
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON TRUST OF DELAWARE
- **STREET 2:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 6029229866

**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 333-285582-02**

\* Pricing Details \* Carvana Auto Receivables Trust 2025-P3 (CRVNA 2025-P3)

Active Leads: Santander (Str. & B&D), Deutsche Bank, and Wells Fargo

Passive Leads: BNP and Citi

--ANTICIPATED CAPITAL STRUCTURE--

TOTAL OFFERED

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLS | &nbsp;&nbsp;SIZE($MM) | &nbsp;&nbsp;SIZE($MM) | &nbsp;&nbsp;WAL\* | &nbsp;&nbsp;S/M | &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;$PX |
| &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;112.000 | &nbsp;&nbsp;106.400 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;A-1+/P-1 | &nbsp;&nbsp;01-05 | &nbsp;&nbsp;02/26 | &nbsp;&nbsp;02/26 | &nbsp;&nbsp;10/26 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+16 | &nbsp;&nbsp;4.171 | &nbsp;&nbsp;4.171 | &nbsp;&nbsp;100.00000 |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;321.830 | &nbsp;&nbsp;305.738 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;AAA/Aaa | &nbsp;&nbsp;05-21 | &nbsp;&nbsp;06/27 | &nbsp;&nbsp;06/27 | &nbsp;&nbsp;02/29 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+50 | &nbsp;&nbsp;4.109 | &nbsp;&nbsp;4.07 | &nbsp;&nbsp;99.99579 |
| &nbsp;&nbsp;A-3 | &nbsp;&nbsp;321.830 | &nbsp;&nbsp;305.738 | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;AAA/Aaa | &nbsp;&nbsp;21-40 | &nbsp;&nbsp;01/29 | &nbsp;&nbsp;01/29 | &nbsp;&nbsp;11/30 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+58 | &nbsp;&nbsp;4.076 | &nbsp;&nbsp;4.04 | &nbsp;&nbsp;99.99588 |
| &nbsp;&nbsp;A-4 | &nbsp;&nbsp;160.910 | &nbsp;&nbsp;152.864 | &nbsp;&nbsp;3.87 | &nbsp;&nbsp;AAA/Aaa | &nbsp;&nbsp;40-54 | &nbsp;&nbsp;03/30 | &nbsp;&nbsp;03/30 | &nbsp;&nbsp;08/31 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+75 | &nbsp;&nbsp;4.279 | &nbsp;&nbsp;4.24 | &nbsp;&nbsp;99.99536 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;34.400 | &nbsp;&nbsp;32.680 | &nbsp;&nbsp;4.65 | &nbsp;&nbsp;AA/Aa2 | &nbsp;&nbsp;54-58 | &nbsp;&nbsp;07/30 | &nbsp;&nbsp;07/30 | &nbsp;&nbsp;10/31 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+95 | &nbsp;&nbsp;4.523 | &nbsp;&nbsp;4.48 | &nbsp;&nbsp;99.99614 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;35.410 | &nbsp;&nbsp;33.639 | &nbsp;&nbsp;5.06 | &nbsp;&nbsp;A/A2 | &nbsp;&nbsp;58-64 | &nbsp;&nbsp;01/31 | &nbsp;&nbsp;01/31 | &nbsp;&nbsp;01/32 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+145 | &nbsp;&nbsp;5.050 | &nbsp;&nbsp;4.99 | &nbsp;&nbsp;99.96596 |
| &nbsp;&nbsp;D | &nbsp;&nbsp;25.290 | &nbsp;&nbsp;24.025 | &nbsp;&nbsp;5.44 | &nbsp;&nbsp;BBB/Baa2 | &nbsp;&nbsp;64-66 | &nbsp;&nbsp;03/31 | &nbsp;&nbsp;03/31 | &nbsp;&nbsp;09/33 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+190 | &nbsp;&nbsp;5.536 | &nbsp;&nbsp;5.47 | &nbsp;&nbsp;99.98518 |
| &nbsp;&nbsp;N^ | &nbsp;&nbsp;29.800 | &nbsp;&nbsp;28.310 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;BB/Ba3 | &nbsp;&nbsp;01-11 | &nbsp;&nbsp;08/26 | &nbsp;&nbsp;08/26 | &nbsp;&nbsp;09/33 | &nbsp;&nbsp;I-CURVE | &nbsp;&nbsp;+160 | &nbsp;&nbsp;5.449 | &nbsp;&nbsp;5.38 | &nbsp;&nbsp;99.99684 |
| &nbsp;&nbsp;R^ | &nbsp;&nbsp;70.429(MV) | &nbsp;&nbsp;66.908(MV) |  |  |  |  |  |  |  |  |  |  |  |
| &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--<br> \* Total Size : $1,041.470mm \*NO GROW\*

\* Offered Size : $989.394mm \*NO GROW\*

\* Ticker : CRVNA 2025-P3<br> \* Expected Ratings : S&P/Moody's (A-N)

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

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

\* Min. Denoms : A-D: $1k x $1k / N: $1.25mm x $1k

\* Expected Settle : 09/23/25

\* First Pay : 10/10/25

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

\* Bill & Deliver : Santander

--Available Materials--

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

\* Intex CDI (attached)

\* Intex Dealname: stdrcrvna_2025-p3_mkt; Password: U3Y6

\* Deal Roadshow : <u>Deal Roadshow</u> ; Entry Code (Case Sensitive): CRVNA25P3

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 <u>www.sec.gov</u>. 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.