Document:

EX-10.3

 Exhibit 10.3 
  

 
  

RECEIVABLES CONTRIBUTION AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P3, 

as Issuing Entity 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, 

as Grantor Trust 
  

 
 Dated as of
September 8, 2022 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	DEFINITIONS	  	 	1	 
			
	 Section 1.1
	 	Definitions; Rules of Construction	  	 	1	 
			
	 ARTICLE II
	 	CONVEYANCE OF RECEIVABLES	  	 	2	 
			
	 Section 2.1
	 	Conveyance of Receivables	  	 	2	 
			
	 Section 2.2
	 	Intent of the Parties	  	 	4	 
			
	 ARTICLE III
	 	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 	4	 
			
	 Section 3.1
	 	Representations and Warranties of the Issuing Entity Regarding the Receivables	  	 	4	 
			
	 Section 3.2
	 	Representations and Warranties of the Issuing Entity	  	 	5	 
			
	 Section 3.3
	 	Covenants of the Issuing Entity	  	 	6	 
			
	 Section 3.4
	 	Representations and Warranties of the Grantor Trust	  	 	6	 
			
	 ARTICLE IV
	 	MISCELLANEOUS PROVISIONS	  	 	7	 
			
	 Section 4.1
	 	Amendment	  	 	7	 
			
	 Section 4.2
	 	Protection of Right, Title and Interest in and to Receivables	  	 	9	 
			
	 Section 4.3
	 	Governing Law	  	 	9	 
			
	 Section 4.4
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	10	 
			
	 Section 4.5
	 	Notices	  	 	10	 
			
	 Section 4.6
	 	Severability of Provisions	  	 	10	 
			
	 Section 4.7
	 	Closing; Assignment; Conveyance of Receivables and Third Step Transferred Property to the Issuing Entity	  	 	10	 
			
	 Section 4.8
	 	Cumulative Remedies	  	 	11	 
			
	 Section 4.9
	 	Waivers	  	 	11	 
			
	 Section 4.10
	 	Counterparts; Electronic Signatures	  	 	11	 
			
	 Section 4.11
	 	Third-Party Beneficiaries	  	 	11	 
			
	 Section 4.12
	 	Entire Agreement	  	 	12	 
			
	 Section 4.13
	 	Headings	  	 	12	 
			
	 Section 4.14
	 	Survival	  	 	12	 
			
	 Section 4.15
	 	Nonpetition Covenant	  	 	12	 
			
	 Section 4.16
	 	Limitation on Liability	  	 	12	 

  

			
	EXHIBIT A	  	FORM OF THIRD STEP RECEIVABLES ASSIGNMENT PURSUANT TO RECEIVABLES CONTRIBUTION AGREEMENT

  

					
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 RECEIVABLES CONTRIBUTION AGREEMENT 

This RECEIVABLES CONTRIBUTION AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of September 8, 2022, is by and between Carvana Auto Receivables Trust 2022-P3, a Delaware statutory trust (the “Issuing Entity”), and Carvana Auto
Receivables Grantor Trust 2022-P3, a Delaware statutory trust (the “Grantor Trust”). 

AGREEMENTS 
 WHEREAS, on the
Closing Date, Carvana, LLC (the “Seller”) has sold automobile retail installment contracts and related rights to Carvana Receivables Depositor LLC (the “Depositor”). 

WHEREAS, the Depositor has sold such contracts and related rights to the Issuing Entity pursuant to the Receivables Transfer Agreement; 

WHEREAS, the Issuing Entity intends to contribute or otherwise transfer such contracts and related rights, or interests therein, to the
Grantor Trust pursuant to this Agreement in exchange for the Grantor Trust Certificate; 
 WHEREAS, the Grantor Trust intends to pledge such
contracts and related rights to Computershare Trust Company, National Association, as indenture trustee (the “Indenture Trustee”), and the Issuing Entity will issue notes backed by the Grantor Trust Certificate pursuant to the
Indenture, dated as of the date hereof (as amended, modified or supplemented from time to time, the “Indenture”), among the Issuing Entity, the Grantor Trust, and the Indenture Trustee; and 

WHEREAS, Bridgecrest Credit Company, LLC, an Arizona limited liability company (the “Servicer”), is willing to service such
contracts in accordance with the terms of the Servicing Agreement, dated as of the date hereof, among the Issuing Entity, the Grantor Trust, the Backup Servicer and the Servicer. 

NOW, THEREFORE, in consideration of the mutual agreements and subject to the terms and conditions herein contained, each party agrees as
follows for the benefit of the other party: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1
Definitions; Rules of Construction. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Part I of Appendix A to
the Receivables Purchase Agreement, dated as of the date hereof (the “Receivables Purchase Agreement”), among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to “the
Agreement” or “this Agreement” are to this Receivables Contribution Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined
in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II
of such Appendix A shall be applicable to this Agreement. 

  

					
		  		  	
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 ARTICLE II 

CONVEYANCE OF RECEIVABLES 

Section 2.1 Conveyance of Receivables. 

(a) On the Closing Date, the Issuing Entity hereby agrees to sell, transfer, assign, set over and otherwise convey to the Grantor Trust and
the Grantor Trust hereby agrees to purchase from the Issuing Entity, without recourse, all right, title and interest of the Issuing Entity in, to and under the following property, whether now existing or hereafter created or acquired (all of the
property described in this Section 2.1(a) being collectively referred to herein as the “Third Step Transferred Property”): 

(i) the Receivables and all instruments and all monies due or to become due or received by any Person in payment of any of the foregoing on
or after the Cutoff Date; 
 (ii) the Financed Vehicles securing such Receivables (including any such Financed Vehicles that have been
repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any monies collected
from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of
whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables; 

(vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

(viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies, deposits, funds, accounts and
instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

(ix) the Receivables Purchase Agreement and the Receivables Transfer Agreement, including the right of the Issuing Entity to cause the Seller
to repurchase Receivables under certain circumstances; 

  

					
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 (x) the proceeds of any and all of the foregoing; and 

(xi) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all accounts, general
intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

(b) In connection with the purchase and sale of the Third Step Transferred Property hereunder, the Issuing Entity agrees, at its own expense,
(i) to annotate and indicate on its books and records that the Receivables were sold and transferred to the Grantor Trust pursuant to this Agreement, (ii) to deliver to the Grantor Trust (or its designee) all Collections on the
Receivables, if any, received on or after the Cutoff Date, and (iii) to deliver to the Grantor Trust an assignment substantially in the form (or in such other form as shall be mutually acceptable to the Issuing Entity and the Grantor Trust)
attached hereto as Exhibit A (the “Third Step Receivables Assignment”). 
 (c) In consideration
of the sale of the Receivables from the Issuing Entity to the Grantor Trust as provided herein, the Grantor Trust shall deliver to, or upon the order of, the Issuing Entity the Grantor Trust Certificate (the “Purchase Price”). 

  

					
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 Section 2.2 Intent of the Parties. It is the intention of the parties that each
conveyance hereunder of the Receivables and the other Third Step Transferred Property from the Issuing Entity to the Grantor Trust as provided in Section 2.1 be, and be construed as, an absolute sale, without recourse, of
the Receivables and other Third Step Transferred Property by the Issuing Entity to the Grantor Trust. Furthermore, no such conveyance is intended to be a pledge of the Third Step Transferred Property by the Issuing Entity to the Grantor Trust to
secure a debt or other obligation of the Grantor Trust. If, however, notwithstanding the intention of the parties, the conveyance provided for in Section 2.1 is determined, for any reason, not to be an absolute sale, then
the parties intend that this Agreement shall be deemed to be a “security agreement” within the meaning of Article 9 of the UCC and the Issuing Entity hereby grants to the Grantor Trust a “security interest” within the
meaning of Article 9 of the UCC in all of the Issuing Entity’s right, title and interest in and to the Third Step Transferred Property, now existing and hereafter created or acquired, to secure a loan in an amount equal to Purchase Price
and each of the Issuing Entity’s other payment obligations under this Agreement. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 3.1 Representations and Warranties of the Issuing Entity Regarding the Receivables.The Issuing Entity makes the following
representations and warranties to the Grantor Trust regarding each Receivable as of the Closing Date, which shall survive the sale, transfer and assignment of the Receivables and on which representations and warranties the Grantor Trust shall rely
in acquiring the Receivables. The Issuing Entity further acknowledges that the Grantor Trust and its permitted assignees rely on the representations and warranties of the Issuing Entity under this Agreement, the Depositor under the Receivables
Transfer Agreement and of the Seller under the Receivables Purchase Agreement in accepting the Receivables and executing and delivering the Grantor Trust Certificate. 

(a) Good Title. 
 (i)
Immediately prior to the conveyance of each Receivable and the related Third Step Transferred Property to the Grantor Trust pursuant to this Agreement and the Third Step Receivables Assignment, the Issuing Entity had good and marketable title
thereto, free and clear of all Liens except for Permitted Liens. No effective financing statement or other instrument similar in effect covering any portion of the Third Step Transferred Property shall, on or after the Closing Date, be on file in
any recording office except such as may be filed in favor of (A) the Grantor Trust in connection with this Agreement or (B) the Indenture Trustee in connection with the Indenture. 

(ii) Upon the conveyance of such Receivable and the other related Third Step Transferred Property to the Grantor Trust pursuant to this
Agreement and the Third Step Receivables Assignment, the Grantor Trust will be the sole owner of, and have good, indefeasible and marketable title to such Receivable and other related Third Step Transferred Property, free and clear of any Lien
(other than Liens created hereunder and Permitted Liens); and, to the extent the related Obligor has a contractual right to return the Financed Vehicle to the Seller for repurchase, the applicable repurchase period has expired. As of the Closing
Date, each Receivable and the related Financed Vehicle is free and clear of any Lien of any Person (other than Liens created hereunder and Permitted Liens) or those Liens that will be released simultaneously with the conveyance hereunder and is in
compliance with all Applicable Laws. 

  

					
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 (b) All Filings Made. With respect to the sale and assignment of the Third Step
Transferred Property to the Grantor Trust, the Issuing Entity has taken all steps reasonably necessary to ensure that such sale and assignment has been perfected under the relevant UCC. With respect to the Third Step Transferred Property, the
Issuing Entity has taken all steps necessary to ensure that all filings (including UCC filings) necessary in any jurisdiction to give the Indenture Trustee a first priority perfected security interest in the Third Step Transferred Property have been
made. 
 (c) Value Given. The Grantor Trust shall have given reasonably equivalent value to the Issuing Entity in consideration for
the transfer by the Issuing Entity to the Grantor Trust of each of the Receivables and the related Third Step Transferred Property under this Agreement. 

Section 3.2 Representations and Warranties of the Issuing Entity. The Issuing Entity makes the following representations and
warranties to the Grantor Trust as of the date of this Agreement, which shall survive delivery of the Third Step Transferred Property, and on which representations and warranties the Grantor Trust shall rely in issuing the Grantor Trust Certificate.

 (a) Organization and Good Standing. The Issuing Entity has been duly organized, and is validly existing as a statutory trust and
in good standing under the laws of the state of its formation, with all requisite power and authority to own or lease its properties and to conduct its business as such business is presently conducted and to enter into and perform its obligations
pursuant to this Agreement. 
 (b) Power and Authority; Due Authorization. The Issuing Entity (i) has the power and authority to
(A) execute and deliver this Agreement and the other Transaction Documents to which it is a party and (B) carry out the terms of this Agreement and the other Transaction Documents to which it is a party and (ii) has duly authorized by
all necessary action on its part the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 

(c) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Issuing Entity enforceable against the
Issuing Entity in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (d) No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the Issuing Entity’s Formation Documents or any Contractual Obligation of the Issuing Entity, (ii) result in the creation or imposition of any Lien upon any of the Issuing Entity’s
properties, other than Liens permitted or created pursuant to the Transaction Documents, or (iii) violate any Applicable Law, in each case, except where such failure to comply could not reasonably be expected to have a Material Adverse Effect
with respect to the Issuing Entity. 

  

					
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 (e) No Proceedings. There are no proceedings or investigations pending or, to the
knowledge of the Issuing Entity, threatened against the Issuing Entity, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by
this Agreement, (iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Issuing
Entity. 
 (f) No Consents. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery and performance by the Issuing Entity of this Agreement have been obtained. 

Section 3.3 Covenants of the Issuing Entity. The Issuing Entity hereby covenants as to the Receivables the Issuing Entity has
contributed to the Grantor Trust hereby that: 
 (a) Delivery of Payments. The Issuing Entity shall within two (2) Business Days
after the Closing Date, transfer all Collections received by it on or after the Cutoff Date with respect to any Receivable or related Third Step Transferred Property to, or at the direction of, the Grantor Trust. 

(b) Security Interests. The Issuing Entity will not sell, pledge, assign or transfer to any other Person, or grant, create, incur,
assume or suffer to exist any Lien (other than Permitted Liens) on any portion of the Receivables or other Third Step Transferred Property, whether now existing or hereafter transferred hereunder, or any interest therein, and the Issuing Entity will
not sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder. The Issuing Entity will promptly notify the Grantor Trust of the existence of any Lien (other than Permitted Liens) on any portion of the Receivables or other
Third Step Transferred Property and the Issuing Entity shall defend the right, title and interest of the Grantor Trust (and the permitted assignees) in, to and under such Receivables and other Third Step Transferred Property, against all claims of
third parties; provided, however, that nothing in this subsection shall prevent or be deemed to prohibit the Issuing Entity from suffering to exist Permitted Liens upon any portion of the Third Step Transferred Property. 

Section 3.4 Representations and Warranties of the Grantor Trust. 

The Grantor Trust makes the following representations and warranties to the Issuing Entity as of the date of this Agreement, and on which
representations and warranties the Issuing Entity shall rely in contributing the Receivables. 
 (a) Organization and Good Standing.
The Grantor Trust has been duly organized and is validly existing as a statutory trust and in good standing under the laws of the state of its formation, with all requisite power and authority to own or lease its properties and to conduct its
business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement. 

  

					
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 (b) Power and Authority; Due Authorization. The Grantor Trust (i) has the power
and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party and (B) carry out the terms of this Agreement and the other Transaction Documents to which it is a party and (ii) has
duly authorized by all necessary action on its part the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. 

(c) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Grantor Trust enforceable against the
Grantor Trust in accordance with its terms, except as enforceability may be limited by bankruptcy, receivership, conservatorship, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (d) No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the Grantor Trust’s Formation Documents or any Contractual Obligation of the Grantor Trust, (ii) result in the creation or imposition of any Lien upon any of the Grantor Trust’s
properties, other than Liens permitted or created pursuant to the Transaction Documents, or (iii) violate any Applicable Law, in each case, except where such failure to comply could not reasonably be expected to have a Material Adverse Effect
with respect to the Grantor Trust. 
 (e) No Proceedings. There are no proceedings or investigations pending or, to the knowledge of
the Grantor Trust, threatened against the Grantor Trust, before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement,
(iii) challenging the enforceability of a material portion of the Receivables or (iv) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect with respect to the Grantor Trust. 

(f) No Consents. All approvals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority (if
any) required for the due execution, delivery and performance by the Grantor Trust of this Agreement have been obtained. 
 ARTICLE IV

 MISCELLANEOUS PROVISIONS 

Section 4.1 Amendment. 

(a) Any term or provision of this Agreement may be amended, waived, supplemented or modified by the Issuing Entity and the Grantor Trust
without the consent of any of the Depositor, the Administrator, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Noteholders, the Certificateholders or any other Person subject to the satisfaction of one of the following
conditions: 

  

					
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 (i) the Administrator delivers an Opinion of Counsel or an Officer’s Certificate to
the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Unaffiliated Certificateholders; 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Administrator notifies the Indenture Trustee in writing
that the Rating Agency Condition is satisfied with respect to such amendment; or 
 (iii) to cure any ambiguity, correct or supplement any
provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or any other Transaction Document or with any description thereof in the Prospectus, the Class N Notes Confidential Offering Memorandum
or the Certificate Private Placement Memorandum, or add to the covenants, restrictions or obligations of the Depositor. 
 (b) This
Agreement may also be amended, waived, supplemented or modified from time to time by the parties hereto with the consent of the Requisite Noteholders as of the close of business on the preceding Distribution Date, or if no Notes (other than the
Class XS Notes) are Outstanding, the Majority Certificateholders (which consent, whether given pursuant to this Section 4.1(b) or pursuant to any other provision of this Agreement, shall be conclusive and binding on
such Person and on all future holders of such Notes or Certificates and of any Notes or Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or
Certificates) for the purpose of adding any provisions to, or changing in any manner, or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Noteholders or the Certificateholders. 

(c) It will not be necessary for the consent of Noteholders or Certificateholders pursuant to Section 4.1(b) to
approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided
for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the
establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the execution of any amendment or consent pursuant
to Section 4.1(b), the Administrator shall provide written notification of the substance of such amendment or consent to each Rating Agency; and promptly after the execution of any such amendment, the Administrator shall
furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 4.1 shall be effective which
materially and adversely affects the rights, privileges, indemnities, protections or duties of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee without the prior written consent of such Person. 

(e) Notwithstanding anything to the contrary herein, prior to the execution of any amendment to this Agreement, an Opinion of Counsel shall be
delivered to the Grantor Trust Trustee and the Owner Trustee to the effect that such amendment would not cause the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

  

					
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 Section 4.2 Protection of Right, Title and Interest in and to Receivables. 

(a) Financing Statements. The Issuing Entity, at its expense, shall cause all financing statements and continuation statements,
amendments, assignments and any other necessary documents and notices, covering or evidencing the Grantor Trust’s right, title and interest in and to the Receivables and other Third Step Transferred Property to be promptly recorded, registered
and filed, and at all times to be kept recorded, registered and filed, and take such other action, all in such manner and in such places as may be required by law, fully to preserve and protect the right, title and interest of the Grantor Trust
hereunder in and to all of the Receivables and such other Third Step Transferred Property. The Issuing Entity shall deliver to the Grantor Trust file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided
above, as soon as available following such recording, registration or filing. The Issuing Entity shall cooperate fully with the Grantor Trust in connection with the obligations set forth above and will execute any and all documents reasonably
required to fulfill the intent of this subsection. 
 (b) Name Change. The Issuing Entity shall not change its State of organization
or its name, identity or entity structure in any manner that would, could or might make any financing statement or continuation statement filed by the Issuing Entity, the Grantor Trust, or the Grantor Trust’s assigns seriously misleading within
the meaning of the UCC, unless it shall give the Grantor Trust written notice thereof at least five (5) Business Days prior to such change. 

(c) Executive Office; Maintenance of Offices. The Issuing Entity shall give the Grantor Trust written notice at least ten
(10) Business Days prior to any relocation of its principal executive office if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement. The Issuing Entity shall at all times maintain its principal executive office within the United States. 

(d) New Debtor. In the event that the Issuing Entity shall change the jurisdiction in which it is formed or otherwise enter into any
transaction which would result in a “new debtor” (as defined in the UCC) succeeding to the obligations of the Issuing Entity hereunder, the Issuing Entity shall comply fully with the obligations of Section 4.2(a).

 (e) Computer Records. The Issuing Entity shall maintain its computer systems relating to contract record keeping so that, from and
after the time of sale of any Receivable under this Agreement, the Depositor’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuing Entity (or assignees). 

Section 4.3 Governing Law. THIS AGREEMENT AND THE THIRD STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
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 Section 4.4 Submission to Jurisdiction; Waiver of Jury Trial. Each of the
parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any Proceeding relating to this
Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the
United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such
Proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead
or claim the same; 
 (c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.5 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of trial by jury in any
Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 4.5 Notices. All demands, notices and communications upon or to the Issuing Entity or the Grantor Trust under this
Agreement shall be delivered as specified in Part III of Appendix A to the Receivables Purchase Agreement. 
 Section 4.6
Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable
from the remaining covenants, agreements, provisions and terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement. 

Section 4.7 Closing; Assignment; Conveyance of Receivables and Third Step Transferred Property to the Issuing Entity. The transfer
of the Receivables contemplated by this Agreement shall take place at Carvana Headquarters, on the date hereof. This Agreement may not be assigned by the Issuing Entity or the Grantor Trust except as contemplated by this
Section 4.7. The Issuing Entity acknowledges that the Grantor Trust (or any permitted assign) may make 

  

					
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further assignments, conveyances and pledges of the Receivables and the other Third Step Transferred Property together with its rights under this Agreement to other Persons pursuant to the
Indenture. The Issuing Entity acknowledges and consents to such assignments and pledges and waives any further notice thereof. Additionally, the Grantor Trust may assign the representations and warrants set forth in
Section 3.1 to any Third-Party Purchaser with respect to the sale of Charged-Off Receivables pursuant to a Forward Commitment Transfer. 

Section 4.8 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 Section 4.9 Waivers. No failure or delay on the part of the Depositor, the Administrator, the Issuing Entity, the Grantor
Trust, the Noteholders, the Certificateholders, or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by any party hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any
similar or dissimilar waiver or approval thereafter to be granted hereunder. 
 Section 4.10 Counterparts; Electronic
Signatures. This Agreement may be executed in two (2) or more counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument.
Delivery of an executed counterpart of this Agreement by email or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall be valid, binding, and enforceable against a party when executed
and delivered by an authorized individual on behalf of the party by means of (a) an original manual signature, (b) a faxed, scanned, or photocopied manual signature, or (c) any other electronic signature permitted by the federal
Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code
(collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and
admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when
required under the UCC or other Signature Law due to the character or intended character of the writings. 
 Section 4.11
Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto and the Indenture Trustee and, to the extent expressly referenced herein, shall inure to the benefit of the Noteholders and the
Certificateholders, who shall be considered to be a third party beneficiary hereof. Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder. 

  

					
		  	11	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution Agreement

 Section 4.12 Entire Agreement. The Transaction Documents contain a final and
complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral
or written understandings. There are no unwritten agreements among the parties. 
 Section 4.13 Headings. The headings herein
are for purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

Section 4.14 Survival. All representations, warranties, covenants, indemnities and other provisions made by the Issuing Entity
herein or in connection herewith shall be considered to have been relied upon by the Grantor Trust, and shall survive the execution and delivery of this Agreement. 

Section 4.15 Nonpetition Covenant. Notwithstanding any prior termination of this Agreement, the Issuing Entity shall not,
prior to the date which is one year and one day after the final distribution with respect to the Notes (other than the Class XS Notes) to the Note Distribution Account or, with respect to the Certificates, to the Certificateholders or the
Certificate Distribution Account, acquiesce, petition or otherwise invoke or cause the Grantor Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Grantor Trust under any
federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Grantor Trust or any substantial part of the property of either of them, or
ordering the winding up or liquidation of the affairs of the Grantor Trust under any federal or State bankruptcy or insolvency proceeding. This Section 4.15 shall survive the termination of this Agreement. 

Section 4.16 Limitation on Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by BNY Mellon Trust of Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in the exercise of the powers
and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as personal representations,
undertakings and agreements by BNY Delaware but is made and intended for the purpose of binding only Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any liability on BNY Delaware,
individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity or Grantor Trust, as applicable, all such liability, if any, being expressly waived by the parties hereto and by any Person
claiming by, through or under the parties hereto, (d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and warranties made by Issuing Entity or Grantor Trust, as applicable, in this Agreement, and
(e) under no circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or expenses of Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by Issuing Entity or Grantor Trust, as applicable, under this Agreement. 
 [REMAINDER OF PAGE IS
INTENTIONALLY LEFT BLANK] 

  

					
		  	12	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution Agreement

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective officers as of the day and year first above written. 
  

			
	CARVANA AUTO RECEIVABLES TRUST 2022-P3
		
	By	 	BNY MELLON TRUST OF DELAWARE,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	      

	Name:	 	
	Title:	 	
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3
		
	By:	 	BNY MELLON TRUST OF DELAWARE,
		 	not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	      

	Name:	 	
	Title:	 	

  

					
		  	S-1	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution Agreement

 EXHIBIT A 

FORM OF 
 THIRD STEP
RECEIVABLES ASSIGNMENT 
 PURSUANT TO RECEIVABLES CONTRIBUTION AGREEMENT 

On September 8, 2022 for value received, in accordance with the Receivables Contribution Agreement, dated as of September 8, 2022
(as amended, modified or supplemented from time to time, the “Receivables Contribution Agreement”), between Carvana Auto Receivables Trust 2022-P3, a Delaware statutory trust (the
“Issuing Entity”), and Carvana Auto Receivables Grantor Trust 2022-P3, a Delaware statutory trust (the “Grantor Trust”), the Issuing Entity does hereby sell, assign, transfer,
set over and otherwise convey unto the Grantor Trust, without recourse, all of the Issuing Entity’s right, title and interest in, to and under the following property, whether now existing or hereafter created or acquired: 

(i) the Receivables and all instruments and all monies due or to become due or received by any Person in payment of any of the
foregoing on or after the Cutoff Date; 
 (ii) the Financed Vehicles securing such Receivables (including any such Financed
Vehicles that have been repossessed), any document or writing evidencing any security interest in any such Financed Vehicle and each security interest in each Financed Vehicle; 

(iii) the Receivable Files and the Servicer Files related to such Receivables; 

(iv) all rights to payment under all Insurance Policies with respect to the Financed Vehicles or the Obligors, including any
monies collected from whatever source in connection with any default of an Obligor or with respect to any such Financed Vehicle and any proceeds from claims or refunds of premiums on any Insurance Policy; 

(v) all guaranties, indemnities, warranties, insurance (and proceeds and premium refunds thereof) and other agreements or
arrangements of whatever character from time to time supporting or securing payment of the Receivables, whether pursuant to the related Contracts or otherwise; 

(vi) all rights to payment under all service contracts and other contracts and agreements associated with such Receivables;

 (vii) all Liquidation Proceeds related to any such Receivable received on or after the Cutoff Date; 

(viii) subject to the Transaction Documents and the Master Agency Agreement, all deposit accounts, monies, deposits, funds,
accounts and instruments relating to the foregoing (excluding payments or recoveries in respect of the Receivables received prior to the Cutoff Date); 

  

					
		  	Ex. A-1	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution Agreement

 (ix) the Receivables Purchase Agreement and the Receivables Transfer
Agreement, including the right of the Issuing Entity to cause the Seller to repurchase Receivables under certain circumstances; 

(x) the proceeds of any and all of the foregoing; and 

(xi) all present and future claims, demands, causes of action and choses in action in respect of any of all of the foregoing
and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property; all
accounts, general intangibles, chattel paper, instruments, documents, money, investment property, deposit accounts, letters of credit, letter-of-credit rights, insurance
proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations; and all other property which at any time constitutes all or part of or is included in the proceeds of any of the foregoing. 

It is the intention of the Grantor Trust and the Issuing Entity that the transfer and assignment of Receivables contemplated by the
Receivables Contribution Agreement and this Third Step Receivables Assignment shall constitute an absolute and irrevocable sale of the Third Step Transferred Property from the Issuing Entity to the Grantor Trust so that the beneficial interest in
and title to the Receivables and the other related Third Step Transferred Property shall not be part of the Issuing Entity’s estate in the event of the filing of a petition for insolvency, receivership or conservatorship by or against the
Issuing Entity or placement into receivership or conservatorship of the Issuing Entity under any relevant bankruptcy, insolvency, receivership or conservatorship law. 

The foregoing transfer and assignment of the Third Step Transferred Property contemplated by the Receivables Contribution Agreement and this
Third Step Receivables Assignment does not constitute and is not intended to result in any assumption by the Grantor Trust of any obligation of the Depositor, the Seller, the Servicer, the Issuing Entity or any other Person to the Obligors, insurers
or any other Person in connection with the Receivables or the other related Third Step Transferred Property, including any insurance policies or any agreement or instrument relating to any of them. 

THIS THIRD STEP RECEIVABLES ASSIGNMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN §§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). 

This Third Step Receivables Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the
undersigned contained in the Receivables Contribution Agreement and is to be governed by the Receivables Contribution Agreement. 

  

					
		  	Ex. A-2	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution Agreement

 Capitalized terms used herein and not otherwise defined herein shall have the meaning
assigned to them in the Receivables Contribution Agreement. 
 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  

					
		  	Ex. A-3	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution Agreement

 IN WITNESS WHEREOF, the undersigned has caused this Third Step Receivables Assignment to be
duly executed as of the day and year first written above. 
  

			
	CARVANA AUTO RECEIVABLES TRUST 2022-P3
		
	By	 	BNY MELLON TRUST OF DELAWARE,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		  	Ex. A-4	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution Agreement

 SCHEDULE A TO THE THIRD STEP RECEIVABLES ASSIGNMENT 

THIRD STEP SCHEDULE OF RECEIVABLES 

The Third Step Schedule of Receivables is 

on file at the offices of: 
  

	 	1.	 The Indenture Trustee 

 

	 	2.	 The Servicer 

  

	 	3.	 The Issuing Entity 

  

	 	4.	 The Grantor Trust 

  

					
		  	Sch. A-1	  	
		  		  	 CRVNA 2022-P3

Receivables Contribution AgreementEX-10.4

 Exhibit 10.4 
  

 
  

SERVICING AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P3, 

as Issuing Entity, 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, 

as Grantor Trust, 
 and 

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, 

as Indenture Trustee, 
 and 

BRIDGECREST CREDIT COMPANY, LLC, 

as Servicer, 
 and 

VERVENT INC., 
 as Backup Servicer

  
  

Dated as of September 8, 2022 
  

 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND USAGE
	  	 	1	 
		
	 SECTION 1.1 Definitions
	  	 	1	 
		
	 ARTICLE II ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY
	  	 	3	 
		
	 SECTION 2.1 Duties of Servicer
	  	 	3	 
		
	 SECTION 2.2 Collection of Receivable Payments
	  	 	5	 
		
	 SECTION 2.3 Realization Upon Receivables
	  	 	5	 
		
	 SECTION 2.4 Maintenance of Security Interests in Financed Vehicles
	  	 	7	 
		
	 SECTION 2.5 Additional Covenants of Servicer
	  	 	7	 
		
	 SECTION 2.6 Indemnification upon Breach
	  	 	7	 
		
	 SECTION 2.7 Servicing Fee
	  	 	8	 
		
	 SECTION 2.8 Servicer’s Certificate; Asset-Level Data
	  	 	8	 
		
	 SECTION 2.9 Annual Officer’s Certificate; Notice of Servicing Termination Event
	  	 	12	 
		
	 SECTION 2.10 Servicer Expenses
	  	 	12	 
		
	 SECTION 2.11 Annual Registered Public Accounting Firm Attestation Report
	  	 	13	 
		
	 SECTION 2.12 Exchange Act Filings
	  	 	13	 
		
	 ARTICLE III DISTRIBUTIONS; ACCOUNTS
	  	 	13	 
		
	 SECTION 3.1 Depository Accounts; Post-Office Boxes
	  	 	13	 
		
	 SECTION 3.2 Remittances
	  	 	14	 
		
	 SECTION 3.3 Additional Deposits and Payments
	  	 	14	 
		
	 ARTICLE IV THE SERVICER
	  	 	14	 
		
	 SECTION 4.1 Representations and Warranties of the Servicer
	  	 	14	 
		
	 SECTION 4.2 Indemnities of Servicer
	  	 	15	 
		
	 SECTION 4.3 Limitation on Liability of Servicer and Others
	  	 	17	 
		
	 SECTION 4.4 Delegation of Duties
	  	 	18	 
		
	 SECTION 4.5 The Servicer Not to Resign as Servicer
	  	 	18	 
		
	 SECTION 4.6 Servicer May Own Notes and Certificates
	  	 	18	 
		
	 ARTICLE V REPLACEMENT OF SERVICER
	  	 	19	 
		
	 SECTION 5.1 Replacement of Servicer
	  	 	19	 
		
	 SECTION 5.2 Notification to Noteholders and Certificateholders
	  	 	21	 
		
	 ARTICLE VI OPTIONAL PURCHASE; TERMINATION DATE
	  	 	21	 

  
 i 

CRVNA 2022-P3 

Servicing Agreement 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 6.1 Optional Purchase of Trust Estate
	  	 	21	 
		
	 SECTION 6.2 Termination Date
	  	 	22	 
		
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	22	 
		
	 SECTION 7.1 Amendment
	  	 	22	 
		
	 SECTION 7.2 Protection of Title
	  	 	23	 
		
	 SECTION 7.3 Notices, Etc.
	  	 	24	 
		
	 SECTION 7.4 GOVERNING LAW
	  	 	24	 
		
	 SECTION 7.5 Headings
	  	 	24	 
		
	 SECTION 7.6 Counterparts; Electronic Signatures
	  	 	24	 
		
	 SECTION 7.7 Waivers
	  	 	25	 
		
	 SECTION 7.8 Entire Agreement
	  	 	25	 
		
	 SECTION 7.9 Severability of Provisions
	  	 	25	 
		
	 SECTION 7.10 Binding Effect
	  	 	25	 
		
	 SECTION 7.11 Cumulative Remedies
	  	 	25	 
		
	 SECTION 7.12 Nonpetition Covenant
	  	 	25	 
		
	 SECTION 7.13 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	26	 
		
	 SECTION 7.14 Limitation of Liability
	  	 	26	 
		
	 SECTION 7.15 Third-Party Beneficiaries
	  	 	27	 
		
	 SECTION 7.16 Information Requests
	  	 	27	 

  

			
	EXHIBIT A	  	FORM OF SERVICER’S CERTIFICATE
	EXHIBIT B	  	SERVICING CRITERIA TO BE ADDRESSED IN SERVICER’S ASSESSMENT OF COMPLIANCE
	SCHEDULE I	  	FREE WRITING PROSPECTUSES
	SCHEDULE II	  	INFORMATION PROVIDED BY THE SERVICER

  
 ii 

CRVNA 2022-P3 

Servicing Agreement 

 This SERVICING AGREEMENT, dated as of September 8, 2022 (together with all exhibits,
schedules and appendices hereto and as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”), is entered into by and among CARVANA AUTO RECEIVABLES TRUST
2022-P3, a Delaware statutory trust (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, a Delaware statutory
trust (the “Grantor Trust”), BRIDGECREST CREDIT COMPANY, LLC, an Arizona limited liability company, as servicer (in such capacity, the “Servicer”), COMPUTERSHARE TRUST COMPANY, NATIONAL
ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”), and VERVENT INC., a Delaware corporation, as backup servicer (the
“Backup Servicer”). 
 WHEREAS, the Grantor Trust has acquired a portfolio of motor vehicle receivables,
including retail installment sales contracts, direct purchase money loans and/or conditional sales contracts that are secured by used automobiles, light-duty trucks, minivans or sport utility vehicles; and 

WHEREAS, the Servicer is willing to service such motor vehicle receivables and related property; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I

 DEFINITIONS AND USAGE 

SECTION 1.1 Definitions. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not
otherwise defined herein are defined in Part I and Part IV of Appendix A to the Receivables Purchase Agreement, dated as of the date hereof (as amended, supplemented, or
otherwise modified and in effect from time to time, the “Receivables Purchase Agreement”), by and between Carvana, LLC, as seller, and Carvana Receivables Depositor LLC. All references herein to
“the Agreement” or “this Agreement” are to this Servicing Agreement as it may be amended, supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in
Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of
construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

“Permitted Modification” means an extension, deferral, alteration, amendment, modification, temporary reduction in payment or
adjustment to the terms of, or with respect to, any Receivable with respect to which at least one of the following conditions has been satisfied:  

 

	 	(i)	 any amendment, modification, alteration or adjustment, individually and collectively with any other amendment,
modification, alteration or adjustment proposed to be made with respect to the Receivable, is ministerial in nature (including, without limitation, any change to the due date for monthly payments from an Obligor to a different day in the month);

	 	(ii)	 any amendment, modification, alteration or adjustment, individually and collectively with any other amendment,
modification, alteration or adjustment that (i) is required by Applicable Law (including at the direction of a regulatory authority, court order or in accordance with the Servicer’s compliance procedures for complying with the
Servicemembers Civil Relief Act and any similar applicable state law), or (ii)(A) is in accordance with the Servicer’s Customary Servicing Practices and (B) is intended by the Servicer to comply with or respond to a law, government
regulation or government enforcement activity pertaining to the Receivables or classes of loans similar to the Receivables; 

  

	 	(iii)	 in the case of any extension or deferral, (i) the Obligor’s address is within a geographic area
determined by the President of the United States or the Governor of the applicable state to warrant individual, or individual and public, assistance from the federal government under the Robert T. Stafford Disaster Relief and Emergency Assistance
Act or similar state law, as the case may be, or (ii) the Obligor is a United States federal or state government employee that is furloughed on account of a shutdown of such government occurring as a result of a lapse in annual appropriations;

  

	 	(iv)	 any amendment, modification, alteration or adjustment where (i) the Obligor is in payment default, the
Receivable is a Severely Distressed Receivable or in the judgment of the Servicer, in accordance with the Servicer’s Customary Servicing Practices, it is reasonably foreseeable that the Obligor will default (it being understood that the
Servicer may proactively contact any Obligor whom the Servicer believes may be at higher risk of a payment default under the related Receivable, and it being further understood that if the Obligor has notified the Servicer that the Obligor has been
materially and adversely impacted by a natural disaster, public health emergency or public terror attack, then the Servicer may reasonably conclude that it is reasonably foreseeable that such Obligor will default), and (ii) the Servicer
believes that such amendment, modification, alteration or adjustment is appropriate or necessary to preserve the value of such Receivable and to prevent such Receivable from going into default (or, where the Receivable is already in default, to
prevent the Receivable from becoming further impaired); or 

  

	 	(v)	 an opinion has been delivered to the Issuing Entity and the Administrator to the effect that such extension,
deferral, amendment, modification, alteration, temporary reduction in payment or adjustment will not cause the Grantor Trust to fail to qualify as a grantor trust for United States federal income tax purposes. 

  
 2 

CRVNA 2022-P3 

Servicing Agreement 

 “Servicing Fee Rate” means a per annum rate equal to 0.59%. 

“Servicing Rate” means the Servicing Fee Rate or the Successor Servicing Fee Rate (Backup Servicer), as applicable. 

“Severely Distressed Receivable” means, as of any date of determination, a Receivable (a) that is sixty (60) or
more days delinquent or, if less than sixty (60) days delinquent, the related Obligor has experienced a hardship and, in the judgment of the Servicer in accordance with its Customary Servicing Practices, it is reasonably foreseeable that the
Obligor will be unable to pay the Principal Balance of, and accrued and unpaid interests and fees on, such Receivable in accordance with its terms, (b) that is a Charged-Off Receivable, (c) for which
the Obligor is the subject of a bankruptcy or other insolvency Proceeding or (d) for which the related Financed Vehicle has been repossessed (or for which the Servicer has initiated repossession Proceedings). 

“Successor Servicing Fee Rate (Backup Servicer)” means a per annum rate equal to 0.59%. 

ARTICLE II 
 ADMINISTRATION AND
SERVICING OF 
 RECEIVABLES AND TRUST PROPERTY 

SECTION 2.1 Duties of Servicer. 

(a) The Servicer is hereby appointed and authorized by the Issuing Entity and the Grantor Trust to act as agent for the Grantor Trust for the
benefit of the Issuing Entity, the Issuing Entity for the benefit of the Certificateholders and the Indenture Trustee for the benefit of the Noteholders and the Certificateholders, and in such capacity shall service and make collections on the
Receivables in accordance with its Customary Servicing Practices and Applicable Law, subject to the provisions herein, using the degree of skill and care that the Servicer exercises with respect to all comparable motor vehicle receivables that it
services for itself or others. The Servicer’s duties will include collection and posting of all payments, responding to inquiries of Obligors, pursuing delinquencies, recovery and remarketing of Financed Vehicles, making available payment or
other information (which may be in electronic form or through a web portal) to Obligors, accounting for Collections, administering insurance claim filings and providing monthly reports in accordance with Section 2.7. The
Servicer is not required under the Transaction Documents to make any disbursements via wire transfer or otherwise on behalf of an Obligor. There are no requirements under the Receivables or the Transaction Documents for funds to be, and funds shall
not be, held in trust for an Obligor. There are no requirements under the Receivables or the Transaction Documents for payments or disbursements to be made by the Servicer on behalf of the Obligor. Notwithstanding anything to the contrary in this
Agreement, other than with respect to Section 4.5, the Servicer shall not be liable for any failure or delay in the performance of its obligations or the taking of any action hereunder (and such failure or delay shall not
constitute a breach of this Agreement or a Servicer Termination Event) if such failure or delay arises from compliance by the Servicer with any law or court order or at the direction of a regulatory authority. The Servicer hereby accepts such
appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein. 

  
 3 

CRVNA 2022-P3 

Servicing Agreement 

 (b) Subject to the provisions of Section 2.2 and any other
provision in this Agreement restricting the Servicer or specifying obligations different from the Customary Servicing Practices, the Servicer will follow its Customary Servicing Practices and will have full power and authority to do any and all
things in connection with such servicing and collection that it may deem necessary or desirable. The Servicer is hereby authorized and empowered to execute and deliver, on behalf of itself, the Issuing Entity, the Grantor Trust, the Grantor Trust
Trustee the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders, or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with
respect to such Receivables or to the Financed Vehicles securing such Receivables. The Servicer is hereby authorized to communicate with Obligors in the ordinary course of its servicing of the Receivables and Financed Vehicles in its own name and to
commence, in its own name or in the name of the Grantor Trust, a Proceeding to enforce a Receivable or an Insurance Policy or to commence or participate in any other Proceeding (including a bankruptcy Proceeding) relating to or involving a
Receivable, an Obligor, a Financed Vehicle or an Insurance Policy. If the Servicer commences or participates in a Proceeding to enforce a Receivable or an Insurance Policy, the Grantor Trust will thereupon be deemed to have automatically assigned
such Receivable or its rights under such Insurance Policy to the Servicer solely for purposes of commencing or participating in any such Proceeding as a party or claimant, and the Servicer is authorized and empowered by the Grantor Trust to execute
and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such Proceeding. If in any Proceeding it is held that the Servicer may not enforce a
Receivable or Insurance Policy on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable or Insurance Policy, the Indenture Trustee will, at the Servicer’s expense and direction, take steps to enforce
the Receivable or Insurance Policy, including bringing suit in its name or the name of the Issuing Entity or the Grantor Trust. Upon conclusion of any such Proceeding, the Servicer shall be deemed to have automatically
re-assigned to the Grantor Trust any rights or property conveyed to the Servicer for purposes of commencing or participating in any such Proceeding as a party or claimant. The Servicer will prepare and furnish
and the Issuing Entity, the Grantor Trust and the Indenture Trustee will execute any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its duties under this Agreement. 

(c) The Servicer shall not be required to maintain a fidelity bond or error and omissions policy or to monitor whether Obligors obtain or
maintain an Insurance Policy on the Financed Vehicles. 

  
 4 

CRVNA 2022-P3 

Servicing Agreement 

 SECTION 2.2 Collection of Receivable Payments. 

(a) The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when
the same become due in accordance with its Customary Servicing Practices. The Servicer shall notify Obligors (and each other Person who makes payments relating to the Receivables) to make payments directly to a Depository Account, to mail payment to
one of the Post-Office Boxes and/or to pay through any Third Party Bill Payment Service, in each case, in accordance with Customary Servicing Practices. When the Servicer receives any Collections on the Receivables (including payments mailed to one
of the Post-Office Boxes or payments received from a Third Party Bill Payment Service), the Servicer shall hold such Collections in trust in accordance with the Master Depository Agreement for the benefit of the Grantor Trust, the Issuing Entity and
the Indenture Trustee, as applicable (provided, however, that if the Backup Servicer becomes the Servicer, the Backup Servicer may comingle payments with its own funds), and shall, as soon as possible but no later than two (2) Business Days
following identification, deposit such Collections into the Collection Account. Notwithstanding the foregoing, the Servicer, at its option, may retain Supplemental Servicing Fees and may net Liquidation Expenses from any Liquidation Proceeds
otherwise required to be deposited into the Collection Account. The Servicer shall allocate Collections it receives to principal, interest and fees in accordance with its Customary Servicing Practices. The Servicer may grant Permitted Modifications,
but not any other extension, deferral, amendment, modification, alteration, temporary reduction in payments or adjustment, with respect to any Receivable in accordance with its Customary Servicing Practices. 

(b) Notwithstanding the foregoing, the Servicer may not reduce the APR or Principal Balance with respect to any Receivable, in either case
other than as required by Applicable Law or court order, at the direction of a regulatory authority, as evidenced by an Opinion of Counsel in accordance with regulatory guidance or in accordance with the Servicer’s compliance procedures for
complying with the Servicemembers Civil Relief Act and any similar applicable federal, state or local law. If the Servicer reduces the APR or Principal Balance of any Receivable other than as permitted, then the Servicer will pay the Actual Loss
Amount with respect to such Receivable in accordance with Section 2.6. Additionally, if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding
the latest Final Scheduled Distribution Date of all classes of Notes issued under the Indenture, then the Servicer shall pay the Actual Loss Amount (if any) with respect to such Receivable in accordance with Section 2.6.

 (c) The Servicer may in its discretion waive any late payment charge or any other fees that constitute Supplemental Servicing Fees that
may be collected in the ordinary course of servicing a Receivable. The Servicer is not required to make any advances of funds or guarantees regarding collections, cash flows or distributions. Nothing in any section of this Agreement shall be
construed to prevent the Servicer from implementing new programs, whether on an intermediate, pilot or permanent basis, or on a regional or nationwide basis, or from modifying its standards, policies and procedures as long as, in each case, such
programs or modifications would be consistent with its Customary Servicing Practices. 
 SECTION 2.3 Realization Upon Receivables.

 (a) On behalf of the Grantor Trust, the Servicer will use commercially reasonable efforts, consistent with its Customary Servicing
Practices, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer has determined that eventual payment in full is unlikely, unless it determines in its sole discretion that
repossession will not increase the Liquidation Proceeds by an amount greater than the 

  
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expense of such repossession, that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or that repossessing such Financed Vehicle would otherwise
not be consistent with the Servicer’s Customary Servicing Practices. The Servicer will use commercially reasonable efforts consistent with its Customary Servicing Practices to maximize net proceeds from the repossession of a Financed Vehicle
and follow such Customary Servicing Practices as it deems necessary or advisable, which may include selling the Financed Vehicle at public or private sale. The foregoing will be subject to the provision that, in any case in which the Financed
Vehicle has suffered damage, the Servicer shall not be required to expend funds in connection with the repair or the repossession of such Financed Vehicle. 

(b) In addition, the Servicer may from time to time (but is not required to) sell any Charged-Off
Receivables on behalf of the Issuing Entity or the Grantor Trust in accordance with its Customary Servicing Practices; provided, however, (i) that each sale must be made at a price equal to the fair market value of such Charged-Off Receivable in immediately available funds and (ii) the aggregate Unpaid Charged-Off Balances of Charged-Off
Receivables sold to Third-Party Purchasers shall not exceed 15% of the Pool Balance as of the Cutoff Date. To facilitate any such sale the Servicer may, in accordance with its Customary Servicing Practices, purchase from the Grantor Trust such Charged-Off Receivable for a purchase price equal to the proceeds received by the Servicer from a Third Party Purchaser for the sale of such Charged-Off Receivable or may
(A) direct the Grantor Trust to sell any Charged-Off Receivable to a Third Party Purchaser or (B) direct the Grantor Trust to enter into one or more Forward Commitment Transfers in connection with
the sale of a Charged-Off Receivable. Subject to Section 2.3(c), net proceeds of any such sale allocable to the Receivable will constitute Liquidation Proceeds, and the sole right of
the Issuing Entity, the Grantor Trust and the Indenture Trustee with respect to any such sold Receivables will be to receive such Liquidation Proceeds. Upon such sale, the Servicer will mark its computer records indicating that any such sold
Receivable is no longer a Receivable. The Servicer is authorized to take any and all actions necessary or appropriate on behalf of the Issuing Entity or the Grantor Trust to evidence the sale of the Financed Vehicle at a public or private sale or
the sale of the Receivable to the Servicer to facilitate a Charged-Off Receivable sale pursuant to the provisions of this paragraph, in each case, free from any Lien or other interest of the Issuing Entity,
the Grantor Trust or the Indenture Trustee. 
 (c) Each of the Issuing Entity, the Grantor Trust and the Indenture Trustee hereby agrees
that the Servicer may, in connection with any sale of a Charged-Off Receivable contemplated by Section 2.3(b) and in accordance with its Customary Servicing Practices, (i) make
representations and warranties (to the extent not more expansive than the representations and warranties in Section 4.1) and provide indemnities (to the extent not more than more expansive than the indemnities set forth in
Section 4.2) for the benefit of the Third-Party Purchaser if and to the extent required by such Third-Party Purchaser, (ii) reimburse the Third-Party Purchaser’s costs in the event such Charged-Off Receivable, at the time of sale to such Third-Party Purchaser, was an Unenforceable Receivable, and such reimbursement shall be deemed to be a Liquidation Expense (provided, that such deemed Liquidation
Expense shall not exceed the Purchase Price of such Charged-Off Receivable), and (iii) execute all agreements and documents reasonably required to be executed by the Servicer in connection with any sale
of a Charged-Off Receivable; provided, however, that any such agreement be consistent with the terms hereof and impose no greater duties, liabilities or obligations upon the Servicer, the Grantor
Trust, the Issuing Entity, or the Indenture Trustee than those set forth in the Transaction Documents. 

  
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 SECTION 2.4 Maintenance of Security Interests in Financed Vehicles. The Servicer
shall, in accordance with its Customary Servicing Practices, take such steps as are necessary to re-perfect or continue the priority and perfection of the security interest created by each Receivable in the
related Financed Vehicle (it being understood that the Servicer shall have no obligation to monitor or otherwise maintain the perfection of the security interest created by a Receivable in the related Financed Vehicle). The Issuing Entity, Grantor
Trust and the Indenture Trustee hereby authorize the Servicer to take such steps as are necessary to re-perfect such security interest created by the Receivable in the event of the relocation of a Financed
Vehicle or for any other reason. 
 SECTION 2.5 Additional Covenants of Servicer. 

(a) Unless required by Applicable Law or court order, at the direction of a regulatory authority or, as evidenced by an Opinion of Counsel, in
accordance with regulatory guidance, the Servicer will not release the Financed Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except (i) in the event of payment in full by or on
behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (ii) in connection with the repossession and liquidation of such
Financed Vehicle or (iii) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle. 

(b) Except to the extent required by Applicable Law or court order, at the direction of a regulatory authority or, as evidenced by an Opinion
of Counsel, in accordance with regulatory guidance, the Servicer shall not do anything to materially impair the rights of the Grantor Trust, the Issuing Entity, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Noteholders or
the Certificateholders in the Receivables or to cause the Receivables to no longer satisfy the requirements for “control” of electronic chattel paper under the UCC. 

SECTION 2.6 Indemnification upon Breach. The Servicer, the Grantor Trust, the Issuing Entity or the Indenture Trustee shall inform the
other parties promptly, in writing, (a) in the case of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee, if a Responsible Officer has actual knowledge of or receives written notice of, and (b) in the case of the
Servicer, upon the discovery or receipt of notice by a Responsible Officer of the Servicer of any breach of Sections 2.2(b) or 2.5 which would require the Servicer to make an Actual Loss Payment in accordance with
Section 3.3(a) and, except for a breach of Section 2.2(b), any breach that materially and adversely affects the interests of the Grantor Trust, the Issuing Entity, the Certificateholders, the
Indenture Trustee or the Noteholders, taken as a whole; provided, however, that the failure to give such notice shall not affect any obligation of the Servicer hereunder. Unless such breach shall have been cured in all material
respects by the thirtieth (30th) day following such discovery or receipt of notice of such breach, such Receivable shall become an Indemnified Receivable and the Servicer shall make an Actual Loss Payment (if any)

  
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in accordance with Section 3.3(a). Except as provided in Section 2.2 and Section 4.2, the sole and exclusive remedy
of the Grantor Trust, the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee, the Indenture Trustee, the Backup Servicer, the Noteholders and the Certificateholders with respect to a breach of Sections 2.2(b) or 2.5 with
respect to any Receivable shall be to require the Servicer to make a payment to the Grantor Trust equal to the Actual Loss Amount in accordance with Section 3.3(a) (and such breach shall not be a Servicer Termination
Event). 
 SECTION 2.7 Servicing Fee. The Servicing Fee for the initial Distribution Date shall equal the product of (a) 23/360 of
the Servicing Fee Rate, multiplied by (b) the Initial Pool Balance. Thereafter, the Servicing Fee for any Distribution Date shall equal (i) with respect to the Initial Servicer, the product of
(A) one-twelfth of the Servicing Fee Rate, multiplied by (B) the Pool Balance as of the opening of business on the first day of the related Collection Period and (ii) with respect to the
Successor Servicer if the Backup Servicer, (A) one-twelfth of the Successor Servicing Fee Rate (Backup Servicer), multiplied by (B) the Pool Balance as of the opening of business on the first day of
the related Collection Period, or (iii) with respect to any other Successor Servicer, the fee payable to such Successor Servicer. In addition to the Servicing Fee, the Servicer and any Successor Servicer shall be entitled to receive
Supplemental Servicing Fees and Liquidation Expenses in accordance with Section 2.7 of the Indenture and is entitled to retain all Investment Earnings (net of losses and investment expenses) on the funds in its Depository
Accounts. The Indenture Trustee may make arrangements for compensation to be paid to the Successor Servicer, which in no event may be greater than the servicing compensation to the Servicer hereunder, unless consented to by the Requisite
Noteholders. Notwithstanding anything else herein to the contrary, in no event shall the Indenture Trustee be liable for any Servicing Fee or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce
any Successor Servicer to act as Successor Servicer under this Agreement and the transactions set forth or provided for herein. 
 SECTION
2.8 Servicer’s Certificate; Asset-Level Data. 
 (a) No later than 10:00 a.m. Mountain Standard Time on each
Determination Date, the Servicer shall deliver to the Indenture Trustee, the Administrator, each Rating Agency, the Grantor Trust, the Issuing Entity, the Backup Servicer and the Paying Agent with respect to the Trust Agreement (or if there is no
such Paying Agent under the Trust Agreement, to the Owner Trustee) the Servicer’s Certificate, substantially in the form of Exhibit A hereto, which the Indenture Trustee shall make available electronically to each Noteholder and
Certificateholder and which shall contain all information necessary to make the distributions pursuant to Section 2.7 of the Indenture (including, if required, withdrawals from the Reserve Account and the Class N Reserve Account) for the
Collection Period preceding the date of such Servicer’s Certificate and at least the following information (to the extent applicable and subject to Section 2.8(d)): 

 

	 	(i)	 the amount of such distribution allocable to principal of each class of Notes; 

 

	 	(ii)	 the amount of such distribution allocable to interest on each class of Notes; 

  
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	 	(iii)	 the Pool Balance; 

  

	 	(iv)	 the outstanding principal amount and the Note Pool Factor for each Class of Notes as of such Distribution
Date, after giving effect to payments allocated to principal reported under (i) above; 

  

	 	(v)	 the amount of distributions allocable to the Certificateholders; 

 

	 	(vi)	 the Servicing Strip Amount, the Servicing Fee, any Supplemental Servicing Fees and liquidation expense
reimbursements paid to the Servicer with respect to the related Collection Period, the amount of any unpaid Servicing Strip Amount, any unpaid Servicing Fees, any unpaid Supplemental Servicing Fees and any unpaid Liquidation Expenses, and the change
in such amount from that of the prior Distribution Date; 

  

	 	(vii)	 the Backup Servicing Fee paid to the Backup Servicer with respect to the related Collection Period and the
amount of any unpaid Backup Servicing Fees, and the change in such amount from that of the prior Distribution Date; 

  

	 	(viii)	 the amount, if any, of the Class A Interest Carryover Shortfall, the Class B Interest Carryover
Shortfall, the Class C Interest Carryover Shortfall, the Class D Interest Carryover Shortfall and the Class N Interest Carryover Shortfall, if any, on such Distribution Date, and the change in such amounts from the preceding
Distribution Date; 

  

	 	(ix)	 the amount, if any, of the First Priority Principal Distributable Amount, the Second Priority Principal
Distributable Amount, the Third Priority Principal Distributable Amount, the Fourth Priority Principal Distributable Amount, and the Noteholders’ Regular Principal Distributable Amount on such Distribution Date, and the change in such amounts
from the preceding Distribution Date; 

  

	 	(x)	 any amounts paid to the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Asset
Representations Reviewer, the Collateral Custodian or the Administrator incurred pursuant to the Indenture, the Trust Agreement, the Grantor Trust Agreement, this Servicing Agreement, the Asset Representations Review Agreement, the Collateral
Custodian Agreement or the Administration Agreement, respectively, paid pursuant to Section 2.7 of the Indenture; 

  

	 	(xi)	 the number of Receivables and the aggregate Principal Balance thereon, for which the related Obligors are
delinquent in making scheduled payments between thirty-one (31) and sixty (60) days, sixty-one (61) and ninety (90) days and ninety-one (91) and one hundred twenty (120) days; 

  
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	 	(xii)	 the number and the aggregate Purchase Amount of Receivables that became Purchased Receivables and any
Receivables purchased pursuant to Section 6.1 during the related Collection Period; 

  

	 	(xiii)	 the aggregate indemnification amounts, if any, paid by the Servicer pursuant to
Section 2.6 during the related Collection Period; 

  

	 	(xiv)	 (A) the number of Receivables extended (computed as the number of whole months extended, or fractions thereof)
during the preceding Collection Period, (B) the aggregate Principal Balance (as of the beginning of the preceding Collection Period) for such Receivables, (C) the number of all Receivables in the Grantor Trust as of the beginning of the
preceding Collection Period, (D) the Pool Balance as of the beginning of the preceding Collection Period and (E) the ratio of (A) over (C) and the ratio of (B) over (D); 

 

	 	(xv)	 the amount deposited in or withdrawn from the Reserve Account on such Distribution Date and the amount on
deposit in the Reserve Account before and after giving effect to such deposit or withdrawal; 

  

	 	(xvi)	 the amount withdrawn from the Class N Reserve Account on such Distribution Date and the amount on deposit
in the Class N Reserve Account after giving effect to such withdrawal; 

  

	 	(xvii)	 the amount of the distributions payable out of amounts withdrawn from the Reserve Account;

  

	 	(xviii)	 the amount of the distributions payable out of amounts withdrawn from the Class N Reserve Account;

  

	 	(xix)	 delinquency and loss information on the Receivables for the related Collection Period, and whether the
Delinquency Trigger occurred; 

  

	 	(xx)	 the number and amount of Receivables at the beginning and end of the related Collection Period, the weighted
average annual percentage rate of the Receivables and the weighted average remaining term of the Receivables; 

  

	 	(xxi)	 if applicable, the amount of receivables with respect to which material breaches of pool asset representations
or warranties or transaction covenants have occurred during the related Collection Period; 

  

	 	(xxii)	 if applicable, any material modifications, extensions or waivers relating to the terms of or fees, penalties or
payments on, pool assets during the Collection Period or that, cumulatively, have become material over time; 

  
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	 	(xxiii)	 if applicable, a statement that the Administrator has received a communication request from a Noteholder
interested in communicating with other Noteholders regarding the possible exercise of rights under the Transaction Documents, the name and contact information for the requesting Noteholder and the date such request was received;

  

	 	(xxiv)	 if applicable, information with respect to any change in the Asset Representations Reviewer;

  

	 	(xxv)	 if applicable, a summary of the findings and conclusions of any Asset Representations Review conducted by the
Asset Representations Reviewer; 

  

	 	(xxvi)	 if applicable, the nature and amount of any material change in the Sponsor’s or an Affiliate’s
interest in the Notes or Certificates from their purchase, sale or other disposition; 

  

	 	(xxvii)	 if applicable, the commencement of an Arbitration proceeding relating to a Repurchase Request and instructions
for the Noteholders to participate in any such proceeding; and 

  

	 	(xxviii)	 if applicable, any voting instructions and procedures relating to a vote to require an Asset Representations
Review. 

 Each amount set forth pursuant to clauses (i), (ii) or (v), as applicable, above shall be
expressed as a dollar amount per $1,000 of original principal balance of a Note or Percentage Interest of a Certificate. Not later than the first Business Day prior to each Determination Date, the Sponsor will provide the Servicer with any
information to be included in the Servicer’s Certificate under clause (xii), clause (xxi) and clauses (xxiii) through (xxviii), as applicable. 

The Indenture Trustee shall make available to each Rating Agency and to each Noteholder and each Certificateholder of record, via the
Indenture Trustee’s website, the statement available each month and, with the consent or at the direction of the Servicer, such other information regarding the Notes and the Certificates and/or the Receivables as the Indenture Trustee may have
in its possession, but only with the use of a password provided by the Indenture Trustee or its agent to such Person. The Indenture Trustee will make no representation or warranties as to the accuracy or completeness of such documents and will
assume no responsibility therefore. 
 The Indenture Trustee’s website shall be initially located at “www.CTSLink.com” or at
such other address as shall be specified by the Indenture Trustee from time to time in writing to each Rating Agency and to each Noteholder and each Certificateholder of record. In connection with providing access to the Indenture Trustee’s
website, the Indenture Trustee may require registration and the acceptance of a disclaimer. 
 The Indenture Trustee shall be entitled to
rely on but shall not be responsible for the content or accuracy of any information provided by third parties for purposes of preparing the statement and shall affix thereto any disclaimer it deems appropriate in its reasonable discretion (without
suggesting liability on the part of any other party hereto). 

  
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 (b) Each Servicer’s Certificate will be delivered in electronic format. No
disbursements shall be made directly by the Servicer to a Noteholder or a Certificateholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise. 

(c) The Servicer will provide certain asset-level information contemplated by Item 1125 of Regulation AB as agreed in writing by the Servicer,
the Depositor and the Sponsor. 
 (d) For the avoidance of doubt, the Servicer makes no representations or warranties with respect to the
accuracy, truthfulness or correctness of any information provided by the Sponsor or the Seller that is incorporated, directly or indirectly and in conformity with the information provided by the Sponsor or the Seller, into the Servicer’s
Certificates or other information furnished or to be furnished by the Servicer (including information provided by the Sponsor to the Servicer pursuant to Section 2.8(a), information provided by the Servicer to the Backup
Servicer or information provided pursuant to Section 2.8(c)). 
 SECTION 2.9 Annual
Officer’s Certificate; Notice of Servicing Termination Event. 
 (a) The Servicer will deliver to the Issuing Entity
and the Grantor Trust, with a copy to the Indenture Trustee, on or before March 15 of each year, beginning on March 15, 2023, an Officer’s Certificate (with appropriate insertions) providing such information as is required under Item
1123 of Regulation AB. 
 (b) The Servicer will deliver to the Issuing Entity, with a copy to the Indenture Trustee, promptly after having
obtained knowledge thereof, but in no event later than five (5) Business Days thereafter, written notice in an Officer’s Certificate of any event which has occurred and is continuing, with the giving of notice or lapse of time or both,
unless cured, would become a Servicer Termination Event. 
 (c) The Servicer will deliver to the Issuing Entity and the Grantor Trust on or
before March 15 of each year, beginning on March 15, 2023, a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, including disclosure of any material
instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18 and Rule 15d-18 of the
Exchange Act and Item 1122 of Regulation AB. Such report shall address each of the Servicing Criteria specified in Exhibit B as applicable to the Servicer or such other criteria as mutually agreed upon by the Depositor and the Servicer. 

SECTION 2.10 Servicer Expenses. The Servicer shall pay all expenses (other than Liquidation Expenses) incurred by it in connection with
its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to the Noteholders, the Grantor Trust, the Issuing Entity, the
Indenture Trustee, the Backup Servicer and the Certificateholders. The Servicer will not be entitled to reimbursement of such expenses except for Liquidation Expenses and fees and expenses included in Supplemental Servicing Fees. 

  
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 SECTION 2.11 Annual Registered Public Accounting Firm Attestation Report. 

(a) On or before the ninetieth (90th) day following the end of each fiscal year,
beginning with the fiscal year ending December 31, 2022, the Servicer shall cause a firm of independent registered public accountants (who may also render other services to the Servicer, the Seller or their respective Affiliates) to furnish to
the Issuing Entity and the Grantor Trust, with a copy to the Indenture Trustee, an attestation report on assessments of compliance with the Servicing Criteria with respect to the Servicer during the related fiscal year delivered by such accountants
pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be
replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets, or which otherwise comply with any rule, regulation, “no action” letter or
similar guidance promulgated by the Commission. 
 (b) Notwithstanding Section 2.11(a), the Servicer, however,
shall not be obligated to add as an addressee or reliance party with respect to any report described above any Person who does not comply with or agree to the required procedures of such firm of independent certified public accountants, including
but not limited to execution of engagement letters or access letters regarding such reports. 
 (c) The Indenture Trustee shall not be
required to agree to the procedures to be performed by such independent certified public accountants in any of the reports required to be prepared pursuant to this Section 2.11. 

SECTION 2.12 Exchange Act Filings. The Servicer shall not be responsible for preparing, signing, certifying and filing or furnishing
any reports, statements or information respecting the Issuing Entity and/or the Notes required to be filed pursuant to the Exchange Act, and the rules thereunder. 

ARTICLE III 
 DISTRIBUTIONS;
ACCOUNTS 
 SECTION 3.1 Depository Accounts; Post-Office Boxes. The Servicer shall establish and maintain (or cause to be established
and maintained) the Depository Accounts and the Post-Office Boxes at a United States Post Office. 
 In the event that the Servicer or its
Affiliate shall for any reason no longer be maintaining the Depository Accounts pursuant to this Section 3.1, the Servicer shall deliver, or shall cause to be delivered, at its own expense, to the Successor Servicer all
documents and records relating to the Depository Accounts and an accounting of amounts collected and held in the Depository Accounts and shall otherwise, in a manner not inconsistent with the Master Agency Agreement, if applicable, use its best
efforts to effect the orderly and efficient transfer of the Depository Accounts and Post-Office Boxes to the Successor Servicer. 

  
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 SECTION 3.2 Remittances. 

(a) On each Business Day after the Closing Date, the Servicer shall deposit (or cause to be deposited) any payments relating to the
Receivables received in one of the Post-Office Boxes to one of the Depository Accounts. The Servicer shall, subject to Section 3.2(b), deposit (or cause to be deposited) all Collections on the Receivables into the
Collection Account within two (2) Business Days following identification thereof. If the Backup Servicer becomes the Servicer and becomes responsible for maintaining the Depository Accounts pursuant to Section 3.1
hereof, the Backup Servicer may comingle payments with its own funds, as applicable, but shall hold such payments in trust for the benefit of the Grantor Trust, the Issuing Entity and the Indenture Trustee, segregated from the assets of the Backup
Servicer or anyone else, as applicable, and shall, as soon as possible but no later than two (2) Business Days following identification deposit such payments in one of the Depository Accounts. 

(b) The Servicer may deduct from Collections to be deposited into the Collection Account all Unrelated Amounts and Supplemental Servicing Fees
to the extent Unrelated Amounts and Supplemental Servicing Fees have not been previously reimbursed to the Servicer. 
 SECTION 3.3
Additional Deposits and Payments. 
 (a) The Servicer shall deposit (or cause to be deposited) into the Collection Account the Actual
Loss Amount with respect to each Indemnified Receivable, in immediately available funds, within five (5) Business Days after the applicable Loss Calculation Date with respect to such Indemnified Receivable. 

(b) The Servicer will deposit into the Collection Account all amounts, if any, to be paid under Section 6.1. All
such deposits with respect to any such date which is a Distribution Date will be made, in immediately available funds by the close of business on the Business Day prior to such Distribution Date related to such Collection Period. 

ARTICLE IV 
 THE SERVICER 

SECTION 4.1 Representations and Warranties of the Servicer. The Servicer makes the following representations and warranties as of the
Closing Date on which the Issuing Entity and the Grantor Trust will be deemed to have relied in acquiring the Receivables and which will survive the conveyance of the Receivables to the Issuing Entity, the contribution to the Grantor Trust and the
pledge thereof to the Indenture Trustee pursuant to the Indenture: 
 (a) Existence and Power. The Servicer is an Arizona limited
liability company validly existing and in good standing under the laws of its state of formation and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Servicer has obtained all necessary
licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Servicer to perform its obligations under this Agreement and the other Transaction Documents to which it is a party. 

  
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 (b) Authorization and No Contravention. The execution, delivery and performance by
the Servicer of this Agreement (i) have been duly authorized by all necessary action on the part of the Servicer and (ii) do not contravene or constitute a default under (A) any Applicable Law, (B) its organizational documents or
(C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations of such laws, rules, regulations, indentures or agreements which do not affect the legality, validity or
enforceability of any of such agreements or which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Servicer’s ability to perform its obligations under, this Agreement). 

(c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the
execution, delivery and performance by the Servicer of this Agreement other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals,
authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or would not materially and adversely affect the ability of the Servicer to perform its
obligations under this Agreement. 
 (d) Binding Effect. This Agreement constitutes the legal, valid and binding obligation of the
Servicer enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the
enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

(e) No Proceedings. There are no Proceedings pending or, to the knowledge of a Responsible Officer of the Servicer, threatened against
the Servicer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely affect the performance by the Servicer
of its obligations under this Agreement. 
 SECTION 4.2 Indemnities of Servicer. The Servicer will be liable in accordance herewith
only to the extent of the obligations specifically undertaken by the Servicer under this Agreement, and hereby agrees to the following: 

(a) The Servicer will indemnify, defend and hold harmless the Issuing Entity, the Grantor Trust, the Owner Trustee, the Grantor Trust Trustee,
the Indenture Trustee, the Collateral Custodian, the Backup Servicer and the Seller and their respective officers, directors, employees and agents from and against any and all costs (including reasonable legal fees and related costs), expenses,
losses, claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon any such Person through, the negligence (other than errors in judgment), willful misconduct or bad
faith of the Servicer in the performance of its duties under this Agreement or any other Transaction Document to which it is a party, or by reason of its reckless disregard of its obligations and duties under this Agreement or any other Transaction
Document to which it is a party, or by reason of breach of any representations or warranties made herein by the Servicer (excluding, 

  
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however, costs, expenses, losses, claims, damages and liabilities to the extent resulting from the negligence (or gross negligence (except for errors in judgment) in the case where the Owner
Trustee, Grantor Trust Trustee, Indenture Trustee or Collateral Custodian is seeking indemnification) or willful misconduct on the part of the indemnified party or breach of any Transaction Document by the indemnified party (in the case of the
Indenture Trustee and Collateral Custodian, resulting from the Indenture Trustee’s or the Collateral Custodian’s negligence or willful misconduct)). Such indemnification shall include any amounts incurred by an indemnified party in
connection with the enforcement of the Servicer’s indemnification. 
 (b) Notwithstanding anything contained herein to the contrary,
the Servicer shall not be liable under this Agreement or any other Transaction Document for any special, consequential or punitive damages whatsoever, whether in contract, tort or any other legal or equitable principle; provided,
however, that such limitation shall not be applicable with respect to indemnification obligations for third-party claims made against a party. 

(c) Indemnification under this Section 4.2 by the Initial Servicer (or any successor thereto pursuant to
Section 5.1), as Servicer, with respect to the period such Person was the Servicer, will survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the resignation or removal
of any other party or the termination or assignment of this Agreement. If the Servicer has made any indemnity payments pursuant to this Section 4.2 and the Person to or on behalf of whom such payments are made thereafter
collects any of such amounts from others, such Person will promptly repay such amounts to the Servicer, without interest. If the Backup Servicer becomes the Servicer, the Backup Servicer shall continue to have the benefit of this
Section 4.2 for the period of time in which it was the Backup Servicer. 
 (d) The Servicer agrees to indemnify
and hold harmless the Sponsor, the Depositor, and each person, if any, who controls the Sponsor and the Depositor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability,
claim, damage and expense (including reasonable fees and expenses of counsel) whatsoever, as incurred that arises out of or in connection with: (i) any untrue statement or alleged untrue statement of a material fact contained in, or the
omission or alleged omission to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which they were made, not misleading in, the information under the headings
“Servicer”, “Servicing Procedures”, and “The Transaction Documents—The Servicing Agreement and Servicing of the Receivables”, in each case as set forth in (A) the Registration Statement at
the time of first effectiveness on March 18, 2022, (B) the Preliminary Prospectus, (C) each Free Writing Prospectus identified on Schedule I, and (D) the Prospectus, and (ii) any untrue statement of a material fact in the
information provided by the Servicer for inclusion in each Form 10-D and ABS-EE and related exhibits, as set forth in Schedule II. 

(e) Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the Servicer under this Section 4.2, notify the Servicer of the commencement thereof; but the omission to so notify the Servicer will not relieve it from any
liability which it may have to any indemnified party, unless, and then only to the extent that, the Servicer did not 

  
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otherwise learn of the claim and such delay is materially prejudicial to the Servicer’s ability to defend or to obtain coverage under the Servicer’s insurance policy for such claim. In
case any such action is brought against any indemnified party and it notifies the Servicer of the commencement thereof, the Servicer will be entitled to participate therein and, to the extent that it may wish and solely with respect to the
allegations in such action for which the indemnified party intends to make a claim against the Servicer pursuant to this Section 4.2, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party, and after notice from the Servicer to such indemnified party of its election so to assume the defense thereof, the Servicer will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred
by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation; provided, however, if the defendants in any such action include both the indemnified party and the Servicer and the
indemnified party shall have been advised by counsel that a conflict of interest prevents the indemnified party and the Servicer having the same counsel, the indemnified party or parties shall have the right to select a single separate counsel to
assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties, and the Servicer will reimburse any reasonable legal expenses incurred by the indemnified party having separate
counsel, as a result of any such conflict, as incurred. The Servicer shall not, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such
action and any related future claims. 
 SECTION 4.3 Limitation on Liability of Servicer and Others. 

(a) The Servicer will be liable under this Agreement only to the extent of the obligations specifically undertaken by the Servicer under this
Agreement and the representations and warranties made by the Servicer hereunder. Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer will be under any liability to the Issuing Entity, the Grantor Trust,
the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Collateral Custodian, the Backup Servicer, the Seller, the Noteholders or the Certificateholders, except as provided in Section 4.2 of this Agreement
and as otherwise provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision will not protect the
Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misconduct or bad faith in the performance of duties or by reason of its failure to perform its obligations or of reckless disregard of
obligations and duties under this Agreement, or by reason of negligence in the performance of its duties under this Agreement (except for errors in judgment). The Servicer and any director, officer or employee or agent of the Servicer may rely in
good faith on any Opinion of Counsel or on any Officer’s Certificate of the Seller or certificate of auditors believed to be genuine and to have been signed by the proper party in respect of any matters arising under this Agreement.
Additionally, the Servicer shall not be liable for any failure or delay in the performance of its obligations or the taking of any action under this Agreement if that failure or delay arises from compliance by the Servicer with any Applicable Law or
court order or the direction of a regulatory authority. 

  
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 (b) Except as explicitly provided in this Agreement or any other Transaction Document, the
Servicer will not be under any obligation to appear in, prosecute or defend any legal action that is not necessary in furtherance of its duties to service the Receivables in accordance with this Agreement and its Customary Servicing Practices. 

SECTION 4.4 Delegation of Duties. The Servicer may, at any time without notice or consent, delegate (a) any or all of its duties
under the Transaction Documents to any of its Affiliates or (b) specific duties to sub-contractors who are in the business of performing such duties; provided, that no such delegation shall relieve
the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable to the Issuing Entity, the Grantor Trust and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing
such duties. 
 SECTION 4.5 The Servicer Not to Resign as Servicer. Subject to the provisions of Sections 4.3 and 4.4,
the Servicer will not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon a determination that the performance of its duties under this Agreement is not permissible under Applicable Law. Notice of
any such determination permitting the resignation of the Servicer will be communicated to the Indenture Trustee and the Backup Servicer by the Servicer at the earliest practicable time (and, if such communication is not in writing, will be confirmed
in writing at the earliest practicable time) and any such determination will be evidenced by an Opinion of Counsel to such effect delivered to the Indenture Trustee and the Backup Servicer concurrently with or promptly after such notice. No such
resignation will become effective until a Successor Servicer has assumed the responsibilities and obligations of the Servicer. If, after the Servicer gives notice of its intent to resign or is terminated, a Successor Servicer does not take office
within (a) sixty (60) days or (b) such earlier time period set forth in the Backup Servicing Agreement under which the Backup Servicer is required to assume the obligations of the predecessor Servicer, the retiring Servicer, the Issuing
Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class of Notes may petition a court of competent jurisdiction for the appointment and designation of a Successor Servicer. 

SECTION 4.6 Servicer May Own Notes and Certificates. The Servicer, and any Affiliate of the Servicer, may, in its individual or any
other capacity, become the owner or pledgee of Notes and Certificates with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents.
Except as set forth herein or in the other Transaction Documents, Notes and Certificates so owned by or pledged to the Servicer or such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement, without
preference, priority or distinction as among all of the Noteholders and Certificateholders. 

  
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 ARTICLE V 

REPLACEMENT OF SERVICER 
 SECTION
5.1 Replacement of Servicer. 
 (a) If a Servicer Termination Event shall have occurred and be continuing, the Indenture Trustee may,
and at the direction of the Requisite Noteholders (or, if no Notes (other than Class XS Notes) are Outstanding, the Majority Certificateholders) shall, by notice given to the Servicer, the Owner Trustee, the Issuing Entity, the Administrator,
the Certificateholders and the Noteholders, terminate the rights and obligations of the Servicer under this Agreement with respect to the Receivables. In the event the Servicer is terminated or resigns as Servicer with respect to servicing the
Receivables, all authority and power of the Servicer under this Agreement shall, without further action, pass to and be vested in (i) the Backup Servicer; or (ii) if the Backup Servicer has been terminated, such Successor Servicer as may
be approved under Section 5.1(b). 
 (b) Upon the Servicer’s receipt of notice of termination pursuant to
Section 5.1(a) or the Servicer’s resignation in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this Agreement, only until the Backup
Servicer (or another Successor Servicer) has assumed the obligations of the predecessor Servicer in the time period set forth in the Backup Servicing Agreement. The Indenture Trustee shall give the Backup Servicer written notice of the
Servicer’s termination or resignation. In the event of termination or resignation of the Servicer hereunder, the Backup Servicer shall assume the obligations of Servicer hereunder (except to the extent otherwise set forth in the Backup
Servicing Agreement) by the Appointment Effective Date set forth in the Backup Servicing Agreement. In the event the Backup Servicer does not assume the role of Successor Servicer, the Requisite Noteholders (or if the Notes (other than the
Class XS Notes) have been paid in full, the Issuing Entity acting at the direction of the Majority Certificateholders) shall appoint another Person as Successor Servicer, who shall assume the obligations of Servicer hereunder (except to the
extent otherwise set forth herein or within any agreement with such Successor Servicer) on the assumption date specified in such written notice (the “Servicing Assumption Date”) pursuant to this Agreement. The amount of the
Servicing Fee payable to (i) the Backup Servicer as Successor Servicer shall be the Successor Servicing Fee Rate (Backup Servicer) and (ii) any Successor Servicer (excluding the Backup Servicer) shall be any rate pursuant to this Agreement
in an amount acceptable to the Requisite Noteholders and shall not exceed the Servicing Strip Amount unless otherwise agreed to by the Requisite Noteholders; provided that, in no event shall the amount of the Servicing Fee payable to the
predecessor Servicer be less than the pro rata share of the Servicing Fee due to such predecessor Servicer based on the number of days such predecessor Servicer served as Servicer in the related Collection Period. The Backup Servicer shall act as
Successor Servicer unless it is legally unable to do so, in which event the predecessor Servicer shall continue to act as Servicer until a successor acceptable to the Requisite Noteholders has been appointed and accepted such appointment. In the
event that a successor Servicer has not been appointed and the Backup Servicer is legally unable to act at the time when the predecessor Servicer has ceased to act as Servicer in accordance with this Section 5.1, then the
Indenture Trustee, the Issuing Entity or the Requisite Noteholders shall appoint, or petition a court of competent jurisdiction to appoint, a successor to the Servicer under this Agreement at the expense of the Issuing Entity and paid in accordance
with Section 2.7 of the Indenture. If requested by the Issuing Entity, the Indenture Trustee, the Backup Servicer or the Successor Servicer, as applicable, to the extent not inconsistent with the Master Agency Agreement, the Servicer will
terminate, or cause to be terminated, any arrangements relating to (A) the Depository Accounts; or (B) the Post-Office Boxes, and give notices thereunder or take other 

  
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actions with respect thereto, and direct the Obligors to make all payments under the Receivables directly to or at the direction of the Successor Servicer at the predecessor Servicer’s
expense (in which event the Successor Servicer shall process such payments directly, through a lock-box account with a lock-box bank or through a third-party payment
processing system, in each case, at the direction of the Indenture Trustee acting at the direction of the Requisite Noteholders). 
 (c) If
the Servicer resigns or is terminated, the Servicer agrees that it will use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Receivables to a Successor Servicer. All reasonable costs and expenses
incurred in connection with transferring the Receivable Files and Servicer Files to the Successor Servicer and all other reasonable costs and expenses (including attorneys’ fees and disbursements) incurred in connection with the transfer to the
Successor Servicer related to the performance by the Servicer hereunder will be paid by the predecessor Servicer (or, if not so paid by the predecessor Servicer, in accordance with the priorities set forth in Section 2.7(c) or 2.7(e) of the
Indenture, as applicable) upon presentation of reasonable documentation of such costs and expenses. The Successor Servicer, if the Backup Servicer, shall be entitled to payment for reasonable transaction expenses incurred in connection with acting
as Successor Servicer in accordance with the priorities and limits set forth in Section 2.7(a) or 2.7(e) of the Indenture, as applicable. The Servicer shall grant the Issuing Entity, the Indenture Trustee and the Backup Servicer reasonable
access to the Servicer’s premises at the predecessor Servicer’s expense as contemplated by, and subject the restrictions set forth in, Section 7.15. 

(d) Upon the Appointment Effective Date or the Servicing Assumption Date, as applicable, the Backup Servicer or the Successor Servicer, as
applicable, shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement with respect to the Receivables, and shall be subject to all the responsibilities, duties and liabilities relating thereto, except
with respect to the obligations of the predecessor Servicer that survive its termination as Servicer, including indemnification obligations as set forth in Section 4.2(c). In such event, the Indenture Trustee and the Owner
Trustee are hereby authorized and empowered (but not obligated) to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and
all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such termination and replacement of the Servicer, whether to complete the transfer and endorsement of the
Receivables and related documents, or otherwise. No Servicer shall resign or be relieved of its duties under this Agreement, as Servicer of the Receivables, until a newly appointed Servicer for the Receivables shall have assumed the responsibilities
and obligations of the resigning or terminated Servicer under this Agreement. Without limiting any of the foregoing, under no circumstance shall Vervent Inc. (as Successor Servicer or otherwise) or any other Successor Servicer be deemed to have
incurred any obligation to make any advance or provide indemnification for Actual Loss Amounts with respect to any Receivables or any liability or obligation with respect to any Servicer indemnification obligations of any prior servicer including
the Initial Servicer. 
 (e) The Requisite Noteholders (or, if no Notes (other than Class XS Notes) are Outstanding, the Majority
Certificateholders) may waive any Servicing Termination Event. Upon any such waiver, such Servicing Termination Event shall cease to exist and be deemed to have been cured and not to have occurred and any Servicing Termination Event arising
therefrom shall be deemed not to have occurred for every purpose of this Agreement, but no such waiver shall extend to any prior, subsequent or other Servicing Termination Event or impair any right consequent thereto. 

  
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 SECTION 5.2 Notification to Noteholders and Certificateholders. If a Responsible
Officer of the Indenture Trustee receives any written notice of a Servicer Termination Event or if the Servicer is terminated or a successor Servicer appointed pursuant to this Article V, then the Indenture Trustee will give prompt (but in no
case later than five (5) Business Days) notice of such event to the Owner Trustee (who shall in turn give written notice thereof to the Certificateholders), the Issuing Entity, the Grantor Trust Trustee, the Grantor Trust, the Administrator,
the Asset Representations Reviewer and the Noteholders. 
 ARTICLE VI 

OPTIONAL PURCHASE; TERMINATION DATE 

SECTION 6.1 Optional Purchase of Trust Estate. 

(a) On any Distribution Date after the last day of any Collection Period as of which the Pool Balance is equal to or less than the Optional
Purchase Balance, the Servicer shall have the option to purchase (and/or designate one or more other Persons (other than the Seller or its consolidated subsidiaries and parent companies) to purchase) the Grantor Trust Collateral. To exercise such
option, the Servicer shall cause to be deposited in the Collection Account an amount equal to the greater of (i) the lesser of (A) the Agreed Fair Market Value of the Receivables and (B) the sum of the Principal Balances of the
Receivables plus accrued and unpaid interest as of the last day of the related Collection Period where “Agreed Fair Market Value” means the fair market value of the Receivables as agreed to by the Servicer and a majority of the
Voting Interests of the Certificates or, at the sole election of the Servicer, the fair market value of the Receivables as determined by an independent accounting firm or appraisal firm engaged by the Servicer, and (ii) the amount necessary to
pay in full (after giving effect to the distribution of Available Funds on such Distribution Date) (A) the Outstanding Amount of all Notes (other than the Class XS Notes) including all accrued and unpaid interest thereon through but
excluding the related Distribution Date, (B) the Servicing Strip Amount for the related Collection Period and (C) all amounts then owed to the Grantor Trust Trustee, the Owner Trustee, the Indenture Trustee, the Servicer, the Collateral
Custodian, the Asset Representations Reviewer, the Administrator and the Backup Servicer. The Servicer (or its designee) may deposit the foregoing purchase price net of any Collections deposited into the Collection Account after the last day of the
Collection Period immediately preceding the Distribution Date on which such optional purchase is exercised. Any costs and expenses association with an appraisal by the independent accounting firm or appraisal firm shall be at the expense of the
Issuing Entity. 

  
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 (b) Upon the exercise of such option, the Servicer shall succeed to all interests of the
Grantor Trust, the Issuing Entity and the Indenture Trustee in and to the property comprising the Grantor Trust Collateral, but not including the Reserve Account which shall remain and be distributed to the Certificateholders pursuant to
Section 8.4(b) of the Indenture. The Indenture Trustee shall distribute the amount deposited pursuant to this Section 6.1 in accordance with Section 2.7(c) of the Indenture on such Distribution Date and the Notes
(other than the Class XS Notes) shall be redeemed pursuant to Section 10.1 of the Indenture. The Servicer shall give notice of such optional purchase to the Paying Agent and the Indenture Trustee sufficient to allow the notices required
pursuant to Section 7.1(c) of the Trust Agreement and Article X of the Indenture to be given. 
 (c) Following the payment in full of
the Outstanding Amount of the Notes (other than the Class XS Notes) and all accrued and unpaid interest thereon, the Certificateholders shall succeed to the rights of the Noteholders hereunder and the Indenture Trustee shall continue to perform
all obligations and retain all rights of the Indenture Trustee pursuant to this Agreement. 
 SECTION 6.2 Termination Date. This
Agreement will terminate on the Distribution Date in the month following the earlier of the final payment or liquidation of all the Receivables or upon the dissolution of the Grantor Trust. 

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 SECTION 7.1 Amendment. 

(a) Any term or provision of this Agreement may be amended, waived, supplemented or modified by the Servicer without the consent of any of the
Indenture Trustee, the Backup Servicer, the Administrator, the Issuing Entity, the Grantor Trust, any Noteholder, any Certificateholder the Owner Trustee, the Grantor Trust Trustee or any other Person subject to the satisfaction of one of the
following conditions: 
  

	 	(i)	 the Servicer delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Unaffiliated Certificateholders; 

  

	 	(ii)	 the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; or 

  

	 	(iii)	 to cure any ambiguity, correct or supplement any provision in this Agreement that may be defective or
inconsistent with any other provision in this Agreement or any other Transaction Document or with any description thereof in the Prospectus, the Class N Notes Confidential Offering Memorandum or the Certificate Private Placement Memorandum, or
add to the covenants, restrictions or obligations of the Servicer. 

  
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 (b) This Agreement may also be amended, waived, supplemented or modified from time to time
by the parties hereto with the consent of the Requisite Noteholders as of the close of business on the preceding Distribution Date, or if no Notes (other than the Class XS Notes) are Outstanding, the Majority Certificateholders (which consent,
whether given pursuant to this Section 7.1(b) or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such Notes or Certificates and of any Notes or
Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates), for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. 

(c) It will not be necessary for the consent of Noteholders or Certificateholders pursuant to Section 7.1(b) to
approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided
for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the
establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the execution of any amendment or consent pursuant
to Section 7.1(b), the Servicer shall provide written notification of the substance of such amendment or consent to each Rating Agency and the Administrator; and promptly after the execution of any such amendment, the
Servicer shall furnish a copy of such amendment to each Rating Agency, the Administrator, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this
Section 7.1 shall be effective which materially and adversely affects the rights, privileges, indemnities, protections or duties of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee without the prior
written consent of such Person. 
 (e) Notwithstanding anything to the contrary herein, prior to the execution of any amendment to this
Agreement, an Opinion of Counsel shall be delivered to the Grantor Trust Trustee and the Owner Trustee to the effect that such amendment would not cause the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United States
federal income tax purposes. 
 SECTION 7.2 Protection of Title. 

(a) The Servicer shall maintain (or shall cause its Subservicer to maintain) in accordance with its Customary Servicing Practices accounts and
records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and
(ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Depository Accounts and the Collection Account in respect of such Receivable. 

  
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 (b) The Servicer shall maintain (or shall cause its Subservicer to maintain) its computer
systems so that, from time to time after the conveyance of the Receivables to the Grantor Trust and the grant of security interest to the Indenture Trustee, the master computer records (including any backup archives) that refer to a Receivable shall
indicate clearly that such Receivable is owned by the Grantor Trust and has been pledged to the Indenture Trustee on behalf of the Noteholders pursuant to the Indenture. In the event the Backup Servicer has been appointed as Servicer, the Successor
Servicer shall maintain the Receivables on its computer systems in a series of isolated and partitioned branches. Indication of the Grantor Trust’s interest in a Receivable shall not be deleted from or modified on such computer systems until,
and only until, the related Receivable shall have been paid in full, repurchased, purchased or sold. 
 (c) If at any time the Servicer
shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other
transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Grantor
Trust and has been pledged to the Indenture Trustee on behalf of the Noteholders. 
 SECTION 7.3 Notices, Etc. All demands,
notices, and communications upon or to the Issuing Entity, the Grantor Trust, the Grantor Trust Trustee, the Owner Trustee, the Servicer, the Backup Servicer, the Indenture Trustee, the Administrator or each Rating Agency under this Agreement shall
be in delivered as specified in Part III of Appendix A to the Indenture. 
 SECTION 7.4 GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION
5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 SECTION 7.5 Headings. The article and section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
 SECTION 7.6
Counterparts; Electronic Signatures. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Delivery of an executed counterpart of this Agreement by
email or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the
party by means of (a) an original manual signature, (b) a faxed, scanned, or photocopied manual signature, or (c) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state
enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent
applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, 

  
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legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed,
scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual
signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. 

SECTION 7.7 Waivers. No failure or delay on the part of the Servicer, the Issuing Entity, the Grantor Trust, the Noteholders, the
Certificateholders, or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or
right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or
approval by any party hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar
waiver or approval thereafter to be granted hereunder. 
 SECTION 7.8 Entire Agreement. The Transaction Documents contain a final and
complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral
or written understandings. There are no unwritten agreements among the parties. 
 SECTION 7.9 Severability of Provisions. If any one
or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

SECTION 7.10 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree.

 SECTION 7.11 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 SECTION 7.12 Nonpetition Covenant. None of the parties hereto shall petition or otherwise invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Issuing Entity or the Grantor Trust under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Issuing Entity or the Grantor Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuing Entity or the Grantor Trust until one
(1) year and one (1) day after the final distribution with respect to the Notes (other than the Class XS Notes) to the Note Distribution Account or, with respect to the Certificates, to the Certificateholders or the Certificate
Distribution Account. This Section 7.12 shall survive the termination of this Agreement. 

  
 25 

CRVNA 2022-P3 

Servicing Agreement 

 SECTION 7.13 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties
hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any Proceeding relating to this Agreement or
any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such Proceeding may be brought
and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 7.3 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of trial by jury in any
action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 7.14 Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by each of the Owner Trustee and the Grantor Trust Trustee, not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, respectively, in the exercise of the
powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of each of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as personal
representations, undertakings and agreements by the Owner Trustee or the Grantor Trust Trustee, but is made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be
construed as creating any liability on the Owner Trustee or the Grantor Trust Trustee, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity or the Grantor Trust, all such liability,
if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) each of the Owner Trustee and the Grantor Trust Trustee has made no investigation as to the accuracy or completeness of
any representations and warranties made by the Issuing Entity or Grantor Trust, as applicable, in this Agreement and (e) under no circumstances shall the either of the Owner Trustee or the Grantor Trust Trustee be personally liable for the
payment of any indebtedness or expenses of the Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity or Grantor Trust,
as applicable under this Agreement. 

  
 26 

CRVNA 2022-P3 

Servicing Agreement 

 SECTION 7.15 Third-Party Beneficiaries. This Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective successors and permitted assigns and (a) the Owner Trustee and the Grantor Trust Trustee shall be express third party beneficiaries hereof and may enforce the provisions hereof as if
it were a party hereto, (b) the Depositor shall be an express third party beneficiary of Section 7.16 and may enforce such provisions as if it were a party hereto and (c) the Sponsor and the Depositor shall be an
express third party beneficiary of Section 4.02(d) and may enforce such provisions as if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder. 

SECTION 7.16 Information Requests. The Servicer shall provide to representatives of the Backup Servicer, the Issuing Entity, the
Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Grantor Trust and any Governmental Authority with regulatory oversight authority over the servicing of the Receivables reasonable access consistent with the Servicer’s
compliance procedures relating to data privacy and customer information to documentation and electronic information regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable request and during
normal business hours. In addition, each of the Backup Servicer, the Depositor, the Sponsor and the Administrator may provide to the Servicer a reasonable written request for information related to the Receivables and servicing of the Receivables
which information is outside the scope of information specifically to be provided by the Servicer pursuant to this Agreement. The Servicer shall respond to such request within five (5) Business Days or as reasonably shall be agreed between the
Servicer and the Backup Servicer, the Depositor, the Sponsor or the Administrator, as applicable. Any costs and expenses incurred by the Servicer in connection with responding to such request (including internal costs allocated to responding to such
information request) shall be at the expense of the party making such request. Nothing in this Section 7.16 shall derogate from the obligation of the Servicer to observe any Applicable Law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section 7.16 as a result of such obligation to observe Applicable Law shall not constitute a breach of this
Section 7.16. The Servicer shall permit the Grantor Trust, the Issuing Entity, the Indenture Trustee, the Backup Servicer, any Governmental Authority with regulatory oversight authority over the servicing of the Receivables
and their respective agents at any time upon reasonable notice, during regular business hours and in accordance with Applicable Law prohibiting disclosure of information regarding the Obligors and the Servicer’s compliance procedures relating
to data privacy and customer information, to inspect, audit, and make copies of and abstracts from the Servicer’s records regarding any Receivables. Any expenses incurred by the Servicer, the Backup Servicer, the Issuing Entity, the Indenture
Trustee, and the Owner Trustee, the Grantor Trust Trustee and the Grantor Trust shall be reimbursable by the Issuing Entity in accordance with Section 2.7 of the Indenture. 

[REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
 27 

CRVNA 2022-P3 

Servicing Agreement 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their
respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	BRIDGECREST CREDIT COMPANY, LLC,
	as Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 S-1 

CRVNA 2022-P3 

Servicing Agreement 

 
			
	CARVANA AUTO RECEIVABLES TRUST 2022-P3
		
	By:	 	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Owner Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, as Grantor Trust
		
	By:	 	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 S-2 

CRVNA 2022-P3 

Servicing Agreement 

 
			
	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	VERVENT INC., as Backup Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 S-3 

CRVNA 2022-P3 

Servicing Agreement 

 EXHIBIT A 

FORM OF SERVICER’S CERTIFICATE 

[On file with Servicer] 

  
 Exhibit A-1 

CRVNA 2022-P3 

Servicing Agreement 

 EXHIBIT B 

SERVICING CRITERIA TO BE ADDRESSED IN 

SERVICER’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Servicer shall address, at a minimum, the criteria identified below as “Servicer
Applicable Servicing Criteria”: 
  

					
	 Servicing Criteria
	  	 Servicer Applicable
Servicing
Criteria

	 Reference
	  	 Criteria
	  	 
		  	General Servicing Considerations	  	
			
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	X
			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	X
			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	 1122(d)(1)(v)
	  	 Aggregation of information, as applicable, is mathematically

accurate and the information conveyed accurately reflects
 the
information.
	  	X
			
		  	Cash Collection and Administration	  	
			
	 1122(d)(2)(i)
	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction
agreements.	  	X
			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	

  
 Exhibit B-1 

CRVNA 2022-P3 

Servicing Agreement 

					
	 Servicing Criteria
	  	 Servicer Applicable
Servicing
Criteria

	 Reference
	  	 Criteria
	  	 
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate;
(B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation;
and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	X

  
 Exhibit B-2 

CRVNA 2022-P3 

Servicing Agreement 

					
	 Servicing Criteria
	  	 Servicer Applicable
Servicing
Criteria

	 Reference
	  	 Criteria
	  	 
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	X1
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	X2
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	X

  

	1 	 Other than (c). 

	2 	 Only with respect to remittances to Indenture Trustee. 

  
 Exhibit B-3 

CRVNA 2022-P3 

Servicing Agreement 

					
	 Servicing Criteria
	  	 Servicer Applicable
Servicing
Criteria

	 Reference
	  	 Criteria
	  	 
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	X
			
	1122(d)(4)(v)	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	X
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	X
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	X
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	X
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	

  
 Exhibit B-4 

CRVNA 2022-P3 

Servicing Agreement 

					
	 Servicing Criteria
	  	 Servicer Applicable
Servicing
Criteria

	 Reference
	  	 Criteria
	  	 
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment
of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	X
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  
 Exhibit B-5 

CRVNA 2022-P3 

Servicing Agreement 

 Schedule I 

Free Writing Prospectuses 

(as contemplated by Section 4.2(d)) 

N/A. 

  
 Schedule I-1 

CRVNA 2022-P3 

Servicing Agreement 

 Schedule II 

Information Provided by the Servicer 

(as contemplated by Section 4.2(d)) 

Asset-level information provided pursuant to Section 2.8(c). 

  
 Schedule II-1 

CRVNA 2022-P3 

Servicing Agreement

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