Document:

EX-10.5

 Exhibit 10.5 
  

 
  

BACKUP SERVICING AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P3, 

as Issuing Entity 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, 

as Grantor Trust 
 and 

BRIDGECREST CREDIT COMPANY, LLC, 

as Servicer 
 and 

VERVENT INC. 
 as Backup Servicer

  
  

Dated as of September 8, 2022 
  

 
  

 
  

 

 TABLE OF CONTENTS 

 

					
		 		  	Page
	1.	 	DEFINITIONS	  	1
	2.	 	APPOINTMENT	  	2
	3.	 	DUTIES OF BACKUP SERVICER	  	2
	4.	 	BACKUP SERVICER’S FEES	  	3
	5.	 	CONSULTATION REQUIREMENTS	  	3
	6.	 	ACCESS TO RECORDS	  	3
	7.	 	REPRESENTATIONS AND WARRANTIES	  	4
	8.	 	INDEMNITY	  	5
	9.	 	LIMITATION OF LIABILITY	  	6
	10.	 	RESIGNATION AND REMOVAL	  	8
	11.	 	TERMINATION	  	8
	12.	 	CONFIDENTIAL INFORMATION	  	9
	13.	 	COUNTERPARTS; ELECTRONIC SIGNATURES	  	9
	14.	 	GOVERNING LAW	  	10
	15.	 	SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL	  	10
	16.	 	NOTICES	  	11
	17.	 	FURTHER ASSURANCES	  	11
	18.	 	ASSIGNMENT	  	11
	19.	 	AMENDMENT	  	11
	20.	 	THIRD PARTY BENEFICIARIES	  	12
	21.	 	NONPETITION COVENANT	  	12
	22.	 	CONCERNING THE TRUSTEE AND TRUST OBLIGATIONS	  	13
	23.	 	RECOURSE AGAINST CERTAIN PARTIES	  	13
	24.	 	INFORMATION TO BE PROVIDED BY THE BACKUP SERVICER	  	13
	25.	 	SURVIVAL	  	15
	26.	 	ENTIRE AGREEMENT	  	15
	27.	 	HEADINGS	  	15
	28.	 	CUMULATIVE REMEDIES	  	15
	29.	 	WAIVERS	  	15
	30.	 	SEVERABILITY OF PROVISIONS	  	16

  

			
	EXHIBIT A	  	INFORMATION TO BE CONFIRMED BY BACKUP SERVICER
	EXHIBIT B	  	BACKUP SERVICER COMPENSATION

  

  
 -i- 

CRVNA 2022-P3 

Backup Servicing Agreement 

 BACKUP SERVICING AGREEMENT 

This BACKUP SERVICING AGREEMENT, dated as of September 8, 2022 (this “Agreement”), is entered into by and among
CARVANA AUTO RECEIVABLES TRUST 2022-P3, in its capacity as a client (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST
2022-P3, in its capacity as a client (the “Grantor Trust”, together with the Issuing Entity, the “Clients,” and each individually, a “Client”),
BRIDGECREST CREDIT COMPANY, LLC, an Arizona limited liability company, in its capacity as servicer (the “Servicer”), and VERVENT INC., a Delaware corporation (the “Backup Servicer”). 

WHEREAS, Issuing Entity owns 100% of the beneficial interests in the Grantor Trust and the Grantor Trust owns a portfolio of automobile
retail installment contracts (the “Receivables”) and such Receivables are serviced by the Servicer (the “Serviced Receivables”); 

WHEREAS, the Grantor Trust has pledged the Receivables, and the Issuing Entity has pledged the Grantor Trust Certificate, each pursuant
to the Indenture, dated as of the date hereof (the “Indenture”), among the Issuing Entity, the Grantor Trust and Computershare Trust Company, National Association, as indenture trustee (the “Indenture Trustee”), as
collateral securing among other things, the Notes issued thereunder (the “Obligations”); 
 WHEREAS, Backup Servicer
is engaged in the business of primary and backup servicing of leases, loans and other financial transactions; 
 WHEREAS, each Client
and Servicer desire that Backup Servicer perform certain backup servicing duties in accordance with the terms of this Agreement, and assume the role of Successor Servicer (as defined below) if the Servicer is terminated under the Servicing
Agreement, dated as of the date hereof (the “Servicing Agreement”), among the Issuing Entity, the Grantor Trust, the Servicer, the Indenture Trustee, and the Backup Servicer; and 

WHEREAS, the Backup Servicer is willing to perform the backup servicing duties specified herein and to assume the role of Successor
Servicer if so appointed under the terms of the Servicing Agreement pursuant to the conditions described therein and herein. 
 NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, each Client, Servicer and the Backup Servicer hereby agree as
follows: 
 1. Definitions. All capitalized terms not otherwise defined herein shall have the meanings set forth 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. The rules of construction set forth in Part
II of such Appendix A shall be applicable to this Agreement. 

  
 CRVNA
2022-P3 
 Backup Servicing Agreement 

 2. Appointment. 

(a) Each Client, Backup Servicer and Servicer hereby agree that any time during the period beginning on the date hereof and
ending on the date on which this Agreement is terminated (such period, the “Appointment Period”), following the termination or resignation of the Servicer as the Servicer under the Servicing Agreement, the Backup Servicer shall be
appointed as the successor servicer (the “Successor Servicer”). Within 30 days of receipt of notice from the Indenture Trustee (the “Appointment Effective Date”) that, pursuant to Section 5.1 of the Servicing
Agreement, the Servicer has been terminated under the Servicing Agreement, or the Servicer has resigned under the Servicing Agreement, Backup Servicer shall assume the duties and rights of the Servicer under the Servicing Agreement, subject to the
Servicing Agreement Exceptions (as defined below). 
 (b) Backup Servicer hereby agrees that in the event that Backup
Servicer becomes a Successor Servicer during the Appointment Period, (i) Backup Servicer shall be ready, willing and able to assume, and shall assume, Servicer’s responsibilities under the Servicing Agreement, (ii) Backup Servicer
shall be entitled to receive the Servicing Fee and reimbursement for any unpaid indemnity amounts and any unpaid transition expenses incurred by it in connection with the transfer of servicing to Backup Servicer (including any boarding fees or other
expenses payable to Backup Servicer), in each case, solely as set forth in the Indenture and (iii) all fees set forth herein, including the Backup Servicing Fee, shall no longer be payable to Backup Servicer. Upon the Backup Servicer’s
appointment as Successor Servicer, the Backup Servicer shall be entitled to receive a one-time servicing transfer free not to exceed $150,000 in the aggregate. 

(c) Notwithstanding anything to the contrary in this Agreement, Backup Servicer shall not be obliged to assume the duties and
rights of the Servicer under the Servicing Agreement if the Servicer has failed to perform its obligation under Section 3(b) with respect to the calendar month prior to the Backup Servicer’s appointment as Successor
Servicer. 
 (d) The “Servicing Agreement Exceptions” shall be: The Collection Policy shall be the then current
collection policies of the Backup Servicer for servicing automobile retail installment contracts similar to the Receivables. 
 3. Duties of Backup
Servicer. 
 (a) In furtherance of its undertaking in Section 2 above, from and after the date
hereof until the Appointment Effective Date, Backup Servicer agrees to perform the Backup Servicer functions as set forth in this Section 3. On and after the Appointment Effective Date, Backup Servicer, as Successor
Servicer, shall serve as “Servicer” under the Servicing Agreement. 
 (b) On or before 10 a.m. Pacific Time three
Business Days following the end of each calendar month, Servicer shall transfer to Backup Servicer a detailed master file in computer readable format as reasonably agreed to by Servicer and Backup Servicer (the “Monthly Master
File”) for the Serviced Receivables as of the last day of the preceding calendar month, and Backup Servicer shall maintain and store such master file on a secure FTP site. 

  
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 (c) Within five (5) business days of receipt of the Monthly Master
File, Backup Servicer shall load the information from the Monthly Master File into Backup Servicer’s data system and provide each Client and the Indenture Trustee with a certificate stating that the Monthly Master File has been received, is in
an acceptable format and Backup Servicer is able to begin servicing of the Serviced Receivables within 30 days of receipt of the Monthly Master File. 

(d) Backup Servicer shall receive and review the Servicer’s Certificate related to such Monthly Master File. Backup
Servicer shall verify the information set forth on Exhibit A hereto, to the extent such information is contained in the Monthly Master File. The verification shall compare the information on the Servicer’s Certificate to the information
on Backup Servicer’s data system using the Monthly Master File. 
 (e) Within five (5) business days of receipt of
the Monthly Master File, Backup Servicer will deliver to Servicer, Indenture Trustee and each Client a notice either (i) certifying that it has confirmed the accuracy of the information specified in Exhibit A in the Servicer’s
Certificate related to such Monthly Master File, as described above, or (ii) describing any discrepancies discovered in the information specified in Exhibit A hereto contained in the Servicer’s Certificate related to such Monthly
Master File. 
 (f) Servicer agrees to provide Backup Servicer with any information that the Servicer has in its possession
(or is able to obtain without undue effort or expense) Backup Servicer may reasonably request that is necessary to perform its obligations hereunder. 

(g) Servicer agrees that no information shall be transferred to Backup Servicer that would be restricted under the Payment Card
Industry Data Security Standard (PCI). 
 (h) Except as provided herein, Backup Servicer shall have no obligation to
supervise, verify, monitor or administer the performance of the Servicer and shall have no liability for any action taken or omitted by the Servicer. 
 4.
Backup Servicer’s Fees. In connection with this Agreement, Issuing Entity shall pay Backup Servicer the fees set forth in Exhibit B attached hereto in accordance with Section 2.7 of the Indenture. 

5. Consultation Requirements. Servicer shall consult fully with Backup Servicer as may be reasonably necessary from time to time for Backup Servicer to
perform or carry out its obligations hereunder. 
 6. Access to Records. 

(a) Backup Servicer shall afford to Issuing Entity, Grantor Trust, Indenture Trustee and Servicer and their respective
employees, accountants and counsel, reasonable access at reasonable times during normal business hours to books, records, documents and other information concerning the conduct and performance of Backup Servicer of its obligations hereunder. 

  
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 (b) Servicer shall afford access to Backup Servicer to visit the personnel,
offices and property of Servicer or any of its Affiliate delegatees, for the purposes of examining books, records, documents and other information in possession or under control of Servicer or any of its Affiliate delegatees relating to the
Receivables and other related property. Additionally, the Backup Servicer may visit the Servicer to discuss any changes in its Collection Policy on an annual basis. Such visits may only be made upon reasonable request and during normal business
hours and in accordance with Applicable Law prohibiting disclosure of information regarding the Obligors. 
 7. Representations and Warranties.
Backup Servicer hereby makes the following representations, warranties and covenants as of the date hereof: 
 (a)
Organization and Good Standing. It is a corporation duly organized, validly existing and in good standing under the laws of the state of Delaware. It has all licenses, permits and authorizations necessary to transact the business in which it
is presently engaged and that are required to perform its services hereunder. 
 (b) Due Qualification. It is duly
qualified to do business and, where necessary, is in good standing as a foreign corporation (or is exempt from such requirements), except where the failure to so qualify or obtain such approvals would not have a material adverse effect on its
ability to perform its obligations under this Agreement. 
 (c) Due Authorization. It has duly authorized, by all
necessary action on its part, the execution and delivery of this Agreement and the consummation of the transactions provided for or contemplated by this Agreement. 

(d) No Conflict. Its execution and delivery of this Agreement, its performance of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof applicable to it will not conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any
material indenture, contract, agreement, mortgage, deed of trust or other instrument to which it is a party or by which it or its properties are bound. 

(e) No Violation. Its execution and delivery of this Agreement, its performance of the transactions contemplated by this
Agreement and its fulfillment of the terms hereof applicable to it (i) will not conflict with or violate the organizational documents of the Backup Servicer, (ii) will not conflict with or constitute a default under any applicable
provision in any material agreement, contract or other instrument to which the Backup Servicer is a party or by which the Backup Servicer or its properties are bound, and (iii) will not conflict with or violate any law, judgment or governmental
rule, regulation or order applicable to it. 
 (f) No Proceedings. There are no proceedings pending or, to the best of
its knowledge, threatened or investigations pending or threatened against it before or by 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) seeking any determination or ruling that, in its reasonable judgment, would materially and adversely affect its performance of its obligations under this Agreement or (iv) seeking any determination or
ruling that would materially and adversely affect the validity or enforceability of this Agreement. 

  
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 (g) All Consents Required. All material authorizations, consents,
orders, approvals or other actions of any governmental authority required to be obtained or effected by it in connection with its execution and delivery of this Agreement, its performance of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof applicable to it have been duly obtained or effected and are in full force and effect. 
 (h)
Enforceability. This Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms hereof, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereinafter in effect affecting the enforcement of creditors’ rights and except as such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in
equity). 
 8. Indemnity. 

(a) The Issuing Entity agrees to defend, indemnify and hold Backup Servicer and any officers, managers, members, employees or
agents of Backup Servicer harmless against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees, and expenses (collectively, “Losses”) that Backup Servicer may
sustain under this Agreement in connection with claims asserted at any time by third parties against Backup Servicer arising out of this Agreement (but not, for the avoidance of doubt, from any Losses after its appointment as the Successor Servicer
that arise out of such appointment or with respect to its duties as Successor Servicer except as set forth in the Servicing Agreement), unless such Losses are the result of (i) the breach of this Agreement or any other Transaction Document by
Backup Servicer, (ii) Backup Servicer’s failure to comply with requirements of applicable federal, state and local laws and regulations, in performing its duties as Backup Servicer hereunder, (iii) the gross negligence, bad faith or
willful misconduct of Backup Servicer or (iv) any failure of the representations and warranties made by Backup Servicer hereunder or, in connection herewith to be true and correct in all material respects when made; provided that such
indemnities shall only be payable pursuant to Section 2.7 of the Indenture. The indemnities in this Section 8 shall include reasonable and documented attorneys’ fees and expenses of external counsel in connection
with the successful enforcement of their indemnification rights hereunder and shall survive the termination of this Agreement or the removal or resignation of Backup Servicer. 

(b) Backup Servicer agrees to defend, indemnify and hold each of the Issuing Entity, the Owner Trustee, the Grantor Trust, the
Grantor Trust Trustee, the Indenture Trustee and the Servicer and their respective shareholders, members, managers, directors, affiliates, assignees, agents, and employees harmless from and against any and all Losses directly arising from
(i) Backup Servicer’s gross negligence, bad faith or willful misconduct, (ii) Backup Servicer’s material breach of this Agreement (including any 

  
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failure of the representations and warranties made by Backup Servicer hereunder or in connection herewith or any other Transaction Document, to be true and correct in all material respects),
(iii) Backup Servicer’s failure to comply with requirements of applicable federal, state and local laws and regulations or its standard operating procedures in performing its duties hereunder or (iv) any action or omission by the Backup
Servicer that compromises the confidentiality or security of Confidential Information (as defined in Section 12). Such indemnification shall include reasonable and documented legal fees and expenses of external counsel in
connection with the successful enforcement of their indemnification rights hereunder and shall survive the termination or assignment of this Agreement and the resignation or removal of any indemnified party. 

9. Limitation of Liability. 

(a) In conjunction with Backup Servicer’s obligations hereunder, Backup Servicer is authorized to accept and rely on all
the accounting, records and work of the Servicer, and Backup Servicer shall have no duty, responsibility, obligation, or liability for the acts or omissions of Servicer. The degree of examination of such accounting, records, and work which Backup
Servicer deems necessary to complete any conversion and portfolio transfer in connection with Backup Servicer becoming a Successor Servicer shall not be construed as a representation by Backup Servicer of the accuracy of such accounting, records,
and work. 
 (b) Neither Backup Servicer nor any of its members, managers, officers, employees or agents will be under any
liability to Servicer, the Issuing Entity, Indenture Trustee or the Grantor Trust or any other Person for any action taken or for refraining from the taking of any action in the capacity as Backup Servicer under this Agreement whether arising from
express or implied duties under this Agreement; provided, however, that this provision does not protect Backup Servicer or any such Person against any liability that would otherwise be imposed by reason of (i) the gross negligence, bad
faith or willful misconduct of Backup Servicer, (ii) the breach of this Agreement or any other Transaction Document by Backup Servicer, (iii) any failure of the representations and warranties made by Backup Servicer hereunder or under any
other Transaction Document or in connection herewith or therewith to be true and correct when made, (iv) the failure of Backup Servicer or such Person to comply with requirements of applicable federal, state and local laws and regulations or
its standard operating procedures in performing its duties hereunder or (v) any action or omission by the Backup Servicer or such Person that compromises the confidentiality or security of Confidential Information. Backup Servicer and any of
its members, managers, officers, employees or agents may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. 

(c) Backup Servicer will have no responsibility and will not be in default hereunder or incur any liability for any failure,
error, malfunction or any delay in carrying out any of its duties under this Agreement to the extent such failure, error, malfunction or delay results from Backup Servicer acting in accordance with information prepared or supplied by any Person
other than Backup Servicer or the failure of any such other Person 

  
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to prepare or provide such information. In the event Backup Servicer becomes aware of errors, which in the opinion of Backup Servicer, impairs its ability to perform its services hereunder,
Backup Servicer shall immediately notify the Servicer of such errors. Backup Servicer will have no responsibility, will not be in default and will incur no liability for (i) any act or failure to act of any third party, including the Servicer,
(ii) any inaccuracy or omission in a notice or communication received by Backup Servicer from any third party, (iii) the invalidity or unenforceability of any Serviced Receivable under applicable law, (iv) the breach or inaccuracy of
any representation or warranty made with respect to any Serviced Receivable, or (v) the acts or omissions of any successor Backup Servicer, in each case, except to the extent arising out of the gross negligence of, willful misconduct of, or
breach of this Agreement by the Backup Servicer. Except for the obligations undertaken by Backup Servicer in this Agreement, Backup Servicer will have no obligation to take any action, or to perform any of the duties of the Servicer until such time
as Backup Servicer has become the Successor Servicer. 
 (d) Backup Servicer offers no representations concerning, and shall
have no liability hereunder with respect to, the collectability, enforceability or other characteristics of the Serviced Receivables. Backup Servicer shall have no responsibility and shall not be in default hereunder nor incur any liability for any
failure, error, malfunction or any delay in carrying out any of its duties under this Agreement if any such failure, error, malfunction or delay results from Backup Servicer acting in accordance with applicable laws, regulations or rules or from
acts of God, war or terrorism, insurrection, strikes, stoppages of labor, power or equipment failure or malfunction (including that of any common carrier or transmission line), loss or malfunction of communications or computer (hardware or software)
services, emergency conditions, tornado, flood, fire, earthquake or similar event, adverse weather conditions or any other factor, medium, instrumentality or any cause or circumstances, directly or indirectly, where such cause or circumstance is
beyond Backup Servicer’s control or for information prepared or supplied by a Person other than Backup Servicer as contemplated hereunder or the failure of any such Person to prepare or provide such information. 

(e) EXCEPT AS EXPRESSLY SET FORTH HEREIN, THERE ARE NO WARRANTIES MADE BY BACKUP SERVICER, EXPRESS OR IMPLIED, INCLUDING, BUT
NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL ISSUING ENTITY, GRANTOR TRUST, BACKUP SERVICER OR THE SERVICER BE LIABLE FOR
ANY CONSEQUENTIAL, PUNITIVE, INCIDENTAL OR SPECIAL DAMAGES INCLUDING, BUT NOT LIMITED TO DAMAGES FOR LOSS OF CURRENCY, FUNDS, DATA, PROFITS OR GOODWILL, REGARDLESS OF WHETHER ISSUING ENTITY, GRANTOR TRUST, BACKUP SERVICER OR THE SERVICER HAS BEEN
ADVISED OF THE LIKELIHOOD OF SUCH LOSS OR DAMAGE AND REGARDLESS OF THE FORM OF ACTION. 

  
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 10. Resignation and Removal. Vervent Inc. may not resign as Backup Servicer except upon a
determination that by reason of a change in applicable law the performance of its obligations as Backup Servicer under this Agreement is no longer permissible under Applicable Law in a manner which would result in a material adverse effect on the
Backup Servicer, and Indenture Trustee, at the direction of the majority of the Holders of the Notes of the Controlling Class, does not (a) elect to waive the obligations of Backup Servicer to perform the duties that render it legally unable to
act or (b) allow Backup Servicer to delegate those duties to another Person. Any determination permitting the resignation of Backup Servicer must be in the reasonable determination of the Backup Servicer and shall be accompanied by an Opinion
of Counsel, by outside counsel reasonably acceptable to each Client, as to the Applicable Law that would be violated, delivered to each Client and the Indenture Trustee. No resignation or removal of Vervent Inc. as Backup Servicer shall relieve
Vervent Inc. of any liability to which it has previously become subject as Backup Servicer under this Agreement. 
 11. Termination. 

(a) This Agreement may be terminated by the Indenture Trustee, at the direction of the majority of the Holders of the Notes of
the Controlling Class, upon the occurrence of any of the following conditions and following one hundred twenty (120) days’ notice to the Backup Servicer and the Rating Agencies: 

(i) Backup Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 

(ii) Backup Servicer commits a material breach of this Agreement (including any failure of the representations and warranties
made by the Backup Servicer hereunder or in connection with any other Transaction Document, to be true and correct in all material respects) which has not been cured within sixty (60) days of the Indenture Trustee’s written notice of said
breach, acting at the direction of the majority of the Holders of the Notes of the Controlling Class. 
 (b) This Agreement
will be automatically and immediately terminated upon the occurrence of any of the following conditions: 
 (i) The Notes
(other than the Class XS Notes) and the Certificates have been paid in full; or 
 (ii) Backup Servicer becomes the
Successor Servicer pursuant to Section 2; or 
 (iii) The entry with respect to Backup Servicer of
a decree or order for relief by a court or agency or supervisory authority having jurisdiction under any present or future federal or state bankruptcy, insolvency or similar law; or 

  
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 (iv) A conservator, receiver or liquidator is appointed with respect to
Backup Servicer in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings. 
 12. Confidential
Information. Backup Servicer will preserve the confidentiality of any non-public information obtained by it in connection with its performance of its responsibilities hereunder, which shall include any
information concerning the Serviced Receivables or the customers, trade secrets, methods, processes or procedures, or financial or business information of the other Parties or the terms of the Transaction Documents or the parties thereto
(“Confidential Information”); provided, however, that nothing herein shall prevent Backup Servicer from disclosing such information to (a) Backup Servicer’s managers, officers, members, employees, agents,
subservicers and professional consultants in connection with Backup Servicer’s obligations under this Agreement; provided that such Persons are obligated by contractual or professional obligations to maintain the confidentiality of such
Confidential Information, (b) any federal or state regulatory agency having jurisdiction over Backup Servicer, provided that the information provided is responsive to any legally enforceable request for such information, (c) any
federal or state regulatory agency or governmental authority to which such disclosure is required (i) to effect compliance with any law, rule, regulation or order applicable to Backup Servicer, (ii) in response to any subpoena or legal
process, (iii) in connection with any litigation or adversary proceedings to which Backup Servicer or any other party hereto is a party, or (iv) as required to execute and administer this Agreement or (d) to the extent such
information becomes public through no act or fault of Backup Servicer. In the case of any disclosure permitted by clause (b) or (c), Backup Servicer shall use commercially reasonable efforts to (A) provide Servicer, each Client and
Indenture Trustee with advance notice of any such disclosure and (B) cooperate with Servicer, each Client and Indenture Trustee in limiting the extent or effect of any such disclosure. To the extent that any information provided to the Backup
Servicer in connection with this Agreement meets the definition of “non-public personal information” as that term is defined in Title V of the GLB Act and/or is subject to protection under any
federal or state statute, rule, regulation or guideline relating to privacy (including, but not limited to, the GLB Act and each federal or state rule, regulation or guideline implementing requirement of that statute) (“NPI Rules”),
the Backup Servicer shall treat such information as confidential in accordance with the terms of the GLB Act and the NPI Rules. The Backup Servicer hereby represents and warrants that it maintains an information security program that is reasonable
and in compliance with Applicable Law. This Section 12 shall survive the termination of this Agreement or the removal or resignation of Backup Servicer. 

13. 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 

  
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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. 
 14. 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. 

15. 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 16 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. 

  
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 16. Notices. All notices, demands, instructions and other communications required or permitted under
this Agreement must be in writing and will be deemed to have been duly given upon delivery or, in the case of a letter mailed by registered first class mail, postage prepaid, three days after deposit in the mail. Unless otherwise specified in a
notice sent in accordance with the provisions of this section, notices, demands, instructions and other communications in writing will be given to the respective parties at their respective addresses specified in Part III of Appendix A to the
Receivables Purchase Agreement. 
 17. Further Assurances. Each Client, Servicer and Backup Servicer agree to do and perform, from time to time, any
and all acts and to execute any and all further instruments required or reasonably requested by the other parties hereto in order to effect more fully the purposes of this Agreement. 

18. Assignment. Notwithstanding anything to the contrary contained herein, this Agreement, or any rights or obligations hereunder, shall not be
assigned by any party hereto without the prior written consent of the other parties hereto and the Indenture Trustee. Notwithstanding the foregoing, the parties hereto consent to the pledge and assignment by each Client to the Indenture Trustee of
each such Client’s rights under this Agreement. 
 19. Amendment. 

(a) Any term or provision of this Agreement may be amended, waived, supplemented or modified by each Client, the Servicer and
the Backup Servicer without the consent of any of 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: 

(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; or 

(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 Backup Servicer. 

(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 19(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 

  
 11 

CRVNA 2022-P3 

Backup Servicing Agreement 

 
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 19(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 19(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 19 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. 
 20. Third Party Beneficiaries. Each of the parties hereto hereby agrees that the Indenture Trustee
under the Indenture shall be an express third party beneficiary to this Agreement and entitled to enforce directly this Agreement, in each case as if the Indenture Trustee were a party hereto. 

21. Nonpetition Covenant. Backup Servicer hereby agrees that it will not institute against the Issuing Entity or Grantor Trust any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy law, including the Bankruptcy Code, so long as any Notes (other than the Class XS Notes) have not been
paid in full or there shall not have elapsed one (1) year and one (1) day since the last day on which any such Note shall have been reduced to zero. Backup Servicer agrees that damages will not be an adequate remedy for breach of this
covenant and that this covenant may be specifically enforced by the Issuing Entity, Grantor Trust, Servicer or the Indenture Trustee acting at the direction of the majority of the Holders of the Notes of the Controlling Class. This Section 21
shall survive termination of this Agreement. 

  
 12 

CRVNA 2022-P3 

Backup Servicing Agreement 

 22. Concerning the Trustee and Trust Obligations. 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 each Client 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 such Client, (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 the Grantor Trust, respectively, 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 each Client in this Agreement and (e) under no circumstances shall BNY Delaware be personally liable for
the payment of any indebtedness or expenses of each Client or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by each Client under this Agreement. 

23. Recourse against Certain Parties. Notwithstanding anything in this Agreement to the contrary, all amounts owed by the Issuing Entity or the
Grantor Trust on, under or in respect of its obligations and liabilities under this Agreement shall be recoverable only from and to the extent of the Collateral and upon final realization of collections thereon and in accordance with
Section 2.7 of the Indenture, the Issuing Entity and the Grantor Trust shall have no further liability and all claims in respect of the amounts owed but still unpaid shall be extinguished. 

24. Information to be Provided by the Backup Servicer. 

(a) The Backup Servicer agrees to cooperate in good faith with any reasonable request by the Depositor for information
regarding the Backup Servicer which is required in order to enable the Depositor to comply with the provisions of Items 1104(e), 1117, 1119 and 1121(c) of Regulation AB and Rule 15Ga-1 under the Exchange Act
as it relates to the Backup Servicer or to the Backup Servicer’s obligations under this Agreement; provided that with respect to Rule 15Ga-1, and Items 1121(c) and 1104(e) of Regulation AB, the
Backup Servicer shall not be deemed a “securitizer” under Regulation AB or under the Exchange Act. 
 (b) Except to
the extent disclosed by the Backup Servicer in subsection (c) or (d) below, the Backup Servicer shall be deemed to have represented to the Depositor on the first day of each Collection Period with respect to the prior Collection Period that to
the best of its knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against Vervent Inc. or any property of Vervent Inc. that would be material to any Noteholder or, to the extent that the Certificates are
registered under the Securities Act for public sale, any holder of such Certificates. 
 (c) The Backup Servicer shall, as
promptly as practicable following notice to or discovery by the Backup Servicer of any changes to any information regarding the Backup Servicer as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor,
in writing, such updated information. 

  
 13 

CRVNA 2022-P3 

Backup Servicing Agreement 

 (d) The Backup Servicer shall deliver to the Depositor on or before
March 1 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 1, 2023, a report of a representative of the Backup Servicer with respect to the immediately preceding calendar year
certifying, on behalf of the Backup Servicer, that except to the extent otherwise disclosed in writing to Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against
Vervent Inc. or any property of Vervent Inc. that would be material to any Noteholder or, to the extent that the Certificates are registered under the Securities Act for public sale, any holder of such Certificates. 

(e) The Backup Servicer shall deliver to the Depositor on or before March 1 (or, if such date is not a Business Day, the
next succeeding Business Day) of each year, beginning with March 1, 2023, a report of a representative of the Backup Servicer with respect to the immediately preceding calendar year providing to the Depositor such information regarding the
Backup Servicer as is required for the purpose of compliance with Item 1119 of Regulation AB. Such information shall include, at a minimum, a description of any affiliation between the Backup Servicer and any of the following parties to this
securitization transaction, as such parties are identified to the Backup Servicer by the Depositor in writing in advance of this securitization transaction: 

(i) the Depositor; 

(ii) Carvana, LLC, as sponsor; 

(iii) the Issuing Entity; 

(iv) the Grantor Trust; 

(v) the Servicer; 

(vi) the Collateral Custodian; 

(vii) the Indenture Trustee; 

(viii) the Owner Trustee; 

(ix) the Grantor Trust Trustee; 

(x) the Asset Representations Reviewer; and 

(xi) any other material transaction party. 

  
 14 

CRVNA 2022-P3 

Backup Servicing Agreement 

 (f) In connection with the parties listed in clauses (i) through
(xi) of Section 24(e), the Backup Servicer shall include a description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is
entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed
during the past two years and that is material to an investor’s understanding of the asset backed securities issued in this securitization transaction. 

(g) The Backup Servicer shall provide the Depositor with notification, as soon as practicable and in any event within five
(5) Business Days, of all demands delivered to a Responsible Officer of the Backup Servicer for the repurchase or replacement of any Receivable pursuant to any Transaction Document. Subject to this Section 24, the
Backup Servicer shall have no obligation to take any other action with respect to any demand. In no event shall the Backup Servicer have (i) any responsibility or liability in connection with any filing to be made by a securitizer under the
Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities except as expressly set forth in this
Section 24. 
 (h) To the extent applicable, the Backup Servicer shall comply with and provide, on
or before March 1 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, the assessments and certificates as required under Rule 13a-18 and
15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act. 
 25. Survival.
All representations, warranties, covenants, indemnities and other provisions made by the Backup Servicer herein or in connection herewith shall be considered to have been relied upon by the Issuing Entity, and shall survive the execution and
delivery of this Agreement. The terms of Section 21 shall survive the termination of this Agreement. 
 26. 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. 

27. 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. 
 28. Cumulative Remedies. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 29. Waivers. No failure or delay on the part of the Backup Servicer, 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

  
 15 

CRVNA 2022-P3 

Backup Servicing Agreement 

 
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. 

30. 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. 
 [REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
 16 

CRVNA 2022-P3 

Backup Servicing Agreement 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Backup Servicing
Agreement as of the date 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:	 	
	
	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:	 	
	
	BRIDGECREST CREDIT COMPANY, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	VERVENT INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to Backup Servicing Agreement 

  
 CRVNA
2022-P3 
 Backup Servicing Agreement 

 Exhibit A 

Information to be Confirmed by Backup Servicer 

1. The aggregate outstanding balance of the Serviced Receivables at the beginning of the Collection Period 

2. The number and Principal Balance of Delinquent Receivables and Serviced Receivables that became
Charged-Off Receivables in the related Collection Period (calculated using the Principal Balance of such Serviced Receivables immediately before they became Charged-Off
Receivables) at the close of the Collection Period 
 3. The Pool Balance of Serviced Receivables at the close of the Collection Period 

4. The following information, to the extent contained in the Servicer’s Certificate: 

a. the aggregate amount of principal distributable to each Class of Notes (other than the Class XS Notes); 

b. the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes (other than the
Class XS Notes); 
 c. any amounts distributable on the related Distribution Date which are to be paid with funds
withdrawn from the Reserve Account and the Class N Reserve Account; 
 d. the amount to be deposited into Reserve
Account and the Specified Reserve Account Balance; 
 e. the outstanding principal amount and Pool Factor for each
Class of Notes (other than the Class XS Notes); 
 f. 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; 

g. the Servicing Strip Amount; 

h. the Collateral characteristics including APR and term; and 

i. the total net loss of the Collection Period. 

. 

  
 A-1 

CRVNA 2022-P3 

Backup Servicing Agreement 

 Exhibit B 

Backup Servicer Compensation 

(a) The ongoing back-up servicing fee shall be $2,750 per month (and $3,758.33 for the first
Distribution Date), billed monthly in advance, and payable pursuant to Section 2.7 of the Indenture. 
 (b) Pre-approved, reasonable third party expenses incurred by Backup Servicer in its performance of its duties hereunder, including, but not limited to, expenses incurred for travel for site visits, due diligence and
transfer of servicing and payable pursuant to Section 2.7 of the Indenture. Such expenses related to the cost of entering into this Agreement shall be paid by Carvana, LLC. 

All payments shall be made via ACH with reference to VCRN C006607. 

  
 B-1 

CRVNA 2022-P3 

Backup Servicing AgreementEX-10.6

 Exhibit 10.6 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P3, 

as Issuing Entity 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, 

as Grantor Trust 
 and 

CARVANA, LLC, 
 as Administrator
and Sponsor 
 and 
 BRIDGECREST
CREDIT COMPANY, LLC 
 as Servicer 

and 
 CLAYTON FIXED INCOME
SERVICES LLC 
 as Asset Representations Reviewer 
  

 
 Dated as of
September 8, 2022 
  
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I. USAGE AND DEFINITIONS
	  	 	1	 
		
	 Section 1.01 Usage and Definitions
	  	 	1	 
		
	 Section 1.02 Definitions
	  	 	1	 
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	3	 
		
	 Section 2.01 Engagement; Acceptance
	  	 	3	 
		
	 Section 2.02 Confirmation of Status
	  	 	3	 
		
	 Section 2.03 Consent to Filing
	  	 	3	 
		
	 ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
		
	 Section 3.01 Asset Representations Review Notices and Identification of Review
Receivables
	  	 	3	 
		
	 Section 3.02 Review Materials
	  	 	4	 
		
	 Section 3.03 Performance of Reviews
	  	 	4	 
		
	 Section 3.04 Review Report
	  	 	5	 
		
	 Section 3.05 Review Representatives
	  	 	6	 
		
	 Section 3.06 Dispute Resolution
	  	 	7	 
		
	 Section 3.07 Limitations on Review Obligations
	  	 	7	 
		
	 ARTICLE IV. ASSET REPRESENTATIONS REVIEWER
	  	 	8	 
		
	 Section 4.01 Representations and Warranties of the Asset Representations Reviewer
	  	 	8	 
		
	 Section 4.02 Fees and Expenses
	  	 	9	 
		
	 Section 4.03 Limitation on Liability
	  	 	10	 
		
	 Section 4.04 Indemnification by Asset Representations Reviewer
	  	 	10	 
		
	 Section 4.05 Indemnification of Asset Representations Reviewer
	  	 	11	 
		
	 Section 4.06 Inspections of Asset Representations Reviewer
	  	 	12	 
		
	 Section 4.07 Delegation of Obligations
	  	 	12	 
		
	 Section 4.08 Confidential Information
	  	 	12	 
		
	 Section 4.09 Personally Identifiable Information
	  	 	14	 
		
	 ARTICLE V. REMOVAL, RESIGNATION
	  	 	16	 
		
	 Section 5.01 Eligibility of the Asset Representations Reviewer
	  	 	16	 
		
	 Section 5.02 Resignation and Removal of Asset Representations Reviewer
	  	 	17	 
		
	 Section 5.03 Successor Asset Representations Reviewer
	  	 	17	 
		
	 Section 5.04 Merger, Consolidation or Succession
	  	 	18	 

  
 -i- 

CRVNA 2022-P3 

Asset Representations Review Agreement 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 ARTICLE VI. OTHER AGREEMENTS
	  	 	18	 
		
	 Section 6.01 Independence of the Asset Representations Reviewer
	  	 	18	 
		
	 Section 6.02 No Petition
	  	 	18	 
		
	 Section 6.03 Limitation of Liability of Owner Trustee and Grantor Trust Trustee
	  	 	19	 
		
	 Section 6.04 Termination of Agreement
	  	 	19	 
		
	 ARTICLE VII. MISCELLANEOUS PROVISIONS
	  	 	19	 
		
	 Section 7.01 Amendments
	  	 	19	 
		
	 Section 7.02 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	21	 
		
	 Section 7.03 Notices
	  	 	21	 
		
	 Section 7.04 GOVERNING LAW
	  	 	21	 
		
	 Section 7.05 Submission to Jurisdiction, Waiver of Jury Trial
	  	 	22	 
		
	 Section 7.06 Waivers
	  	 	22	 
		
	 Section 7.07 Entire Agreement
	  	 	22	 
		
	 Section 7.08 Severability of Provisions
	  	 	22	 
		
	 Section 7.09 Headings
	  	 	23	 
		
	 Section 7.10 Binding Effect
	  	 	23	 
		
	 Section 7.11 Cumulative Remedies
	  	 	23	 
		
	 Section 7.12 Counterparts; Electronic Signatures
	  	 	23	 
		
	 Section 7.13 Legal Fees Associated with Indemnification
	  	 	23	 

  

			
	 SCHEDULE A
	  	 Review Materials

	 SCHEDULE B
	  	 Representations, Warranties and Tests

  
 -ii- 

CRVNA 2022-P3 

Asset Representations Review Agreement 

 This ASSET REPRESENTATIONS REVIEW AGREEMENT (this “Agreement”), entered
into as of September 8, 2022, by and among CARVANA AUTO RECEIVABLES TRUST 2022-P3, a Delaware statutory trust, as issuing entity (the “Issuing Entity”), CARVANA AUTO
RECEIVABLES GRANTOR TRUST 2022-P3, a Delaware statutory trust, as grantor trust (the “Grantor Trust”), CARVANA, LLC, an Arizona limited liability company, in its capacity as
administrator and sponsor (“Carvana,” the “Administrator” or the “Sponsor”), BRIDGECREST CREDIT COMPANY, LLC (the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware
limited liability company (the “Asset Representations Reviewer”). 
 WHEREAS, the
Issuing Entity desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with certain representations and warranties made with respect thereto; and 

WHEREAS, the Asset Representations Reviewer desires to perform such reviews of Receivables in accordance with the terms of this Agreement.

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

 USAGE AND DEFINITIONS 

Section 1.01 Usage and 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 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 Asset Representations Review 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. 
 Section 1.02 Definitions. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual Fee” has the meaning stated in Section 4.02(a). 

“Collateral Custodian Review Materials” means the documents, data, and other information required for each “Test”
in Schedule A. 
 “Confidential Information” has the meaning stated in Section 4.08(b). 

  
 CRVNA
2022-P3 
 Asset Representations Review Agreemen 

 “Eligible Representations” shall mean those representations identified
within the “Tests” included in Schedule B. 
 “Information Recipients” has the meaning stated in
Section 4.08(a). 
 “Indemnified Person” has the meaning stated in
Section 4.05(a). 
 “Issuing Entity PII” has the meaning stated in
Section 4.09(a). 
 “PII” has the meaning stated in Section 4.09(a). 

“Privacy Laws” has the meaning stated in Section 4.09(b). 

“Review Fee” has the meaning stated in Section 4.02(b). 

“Review Materials” means the Collateral Custodian Review Materials, the Servicer Review Materials and the Sponsor Review
Materials. 
 “Review Receivables” means those Delinquent Receivables that have been Delinquent Receivables for more than
60 days as of the last day of the preceding Collection Period identified by the Sponsor as requiring an Asset Representations Review by the Asset Representations Reviewer following receipt of an Asset Representations Review Notice according to
Section 3.01. 
 “Review Report” has the meaning stated in
Section 3.04. 
 “Servicer Review Materials” means the documents, data, and other information
required for each “Test” in Schedule A. 
 “Servicer System of Record” means the information storage and
retrieval system that is the authoritative data source for the Servicer’s servicing activities. 
 “Sponsor Review
Materials” means the documents, data, and other information required for each “Test” in Schedule A. 

“Tests” means the procedures listed in Schedule B as applied to the process described in
Section 3.03. 
 “Test Complete” has the meeting stated in
Section 3.03(c). 
 “Test Fail” has the meaning stated in
Section 3.03(a). 
 “Test Pass” has the meaning stated in
Section 3.03(a). 

  
 2 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuing Entity hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuing Entity.
Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

Section 2.02 Confirmation of Status. 

The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents, or if any
Receivable is required to be repurchased. 
 Section 2.03 Consent to Filing. 

The Asset Representations Reviewer hereby consents to the filing of this Agreement, including the schedules hereto, with the Commission. 

ARTICLE III. 
 ASSET
REPRESENTATIONS REVIEW PROCESS 
 Section 3.01 Asset Representations Review Notices and Identification of Review
Receivables. 
 On receipt of an Asset Representations Review Notice from the Indenture Trustee according to Section 12.2(d) of the
Indenture, the Asset Representations Reviewer will start an Asset Representations Review. The Servicer, at the direction of the Issuing Entity, will provide the list of Review Receivables to the Asset Representations Reviewer within 20 Business Days
of receipt of the Asset Representations Review Notice. 
 The Asset Representations Reviewer will not be obligated to start, and will not
start, an Asset Representations Review until an Asset Representations Review Notice and the related list of Review Receivables is received. The Asset Representations Reviewer is not obligated to verify (i) whether the conditions to the
initiation of the Asset Representations Review and the issuance of an Asset Representations Review Notice described in Section 12.2 of the Indenture were satisfied or (ii) the accuracy or completeness of the list of Review Receivables
provided by the Servicer, at the direction of the Issuing Entity. 

  
 3 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Section 3.02 Review Materials. 

(a) Access to Review Materials. Within 60 days of the Noteholder vote approving the Asset Representations Review pursuant to
Section 12.2 of the Indenture, the Issuing Entity will instruct the Servicer, the Sponsor and the Collateral Custodian (only in the case of clause (iv) below) to provide the Asset Representations Reviewer with access to the Review
Materials for all Review Receivables in one or more of the following ways, at its option: (i) by providing access to the Servicer’s systems or the Sponsor’s systems as applicable, either remotely or at an office of the applicable
party, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the applicable party, (iv) in the case of the
Collateral Custodian’s systems, by providing physical access to the Asset Representations Reviewer in the presence of an employee of the Collateral Custodian or (v) in another manner agreed by the applicable party and the Asset
Representations Reviewer, in each case in compliance with Applicable Law. The Servicer may, but shall not be obligated to, redact or remove Personally Identifiable Information from the Review Materials so long as such reduction or removal does not
result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall be entitled to rely in good faith, without independent investigation or verification, that the Review Materials are accurate and
complete in all material respects, and not misleading in any material respect. 
 (b) Missing or Insufficient Review Materials. Upon
receipt of the Review Materials, the Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset
Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer, the Sponsor and the Collateral Custodian promptly, and in any event no less than 15 calendar days before
completing the Asset Representations Review. The Servicer, the Sponsor and or the Collateral Custodian, as applicable, will have 15 calendar days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or
information to correct the insufficiency. If the missing Review Materials or other documents have not been provided by the Servicer, the Sponsor or the Collateral Custodian, as applicable, within 15 calendar days, the related Review Report will
report a Test Fail for each Test that requires use of the missing or insufficient Review Materials. 
 Section 3.03 Performance of
Reviews. 
 (a) Test Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform, for each
Review Receivable, the Tests for each Eligible Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Schedule A as specified in the description of each Test under Schedule B. For each
Test and Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”). During the course of its review,
the Asset Representations Reviewer will provide the Issuing Entity, the Grantor Trust and the Servicer and the Sponsor with a preliminary list of any Test Fail and the issues identified and, at that time, the Sponsor has the option of electing to
provide additional Review Materials or information which the Asset Representations Reviewer will analyze and consider in preparing the Review Report. 

  
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 (b) Review Period. The Asset Representations Reviewer will complete the Asset
Representations Review within 60 days of receiving access to the Review Materials. However, if missing or additional Review Materials are subsequently provided to the Asset Representations Reviewer as described in Sections 3.02(b) or
3.03(a), the Asset Representations Review period may be extended for an additional 30 days. 
 (c) Completion of Review for
Certain Review Receivables. Following the delivery of the list of the Review Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Issuing Entity or the Administrator, on the Issuing Entity’s
behalf, may notify the Asset Representations Reviewer if a Review Receivable is paid in full by the Obligor or otherwise satisfied or repurchased from the Issuing Entity and the Grantor Trust in accordance with the Transaction Documents. On receipt
of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Review Receivable, and the Asset Representations Review of such Review Receivable will be considered complete (a “Test
Complete”). In this case, the related Review Report will indicate a Test Complete for such Review Receivable and the related reason. 

(d) Previously Reviewed Receivables; Duplicative Tests. If any Review Receivable was included in a prior Review, the Asset
Representations Reviewer will not conduct additional Tests on such Review Receivable, but will include the previously reported Test results in the Review Report for the current Review. If the same Test is required for more than one Eligible
Representation, the Asset Representations Reviewer will only perform the Test once for each Review Receivable, but will report the results of the Test for each applicable Eligible Representation on the Review Report. 

(e) Termination of Review. If an Asset Representations Review is in process and the Notes will be paid in full on the next Distribution
Date, the Issuing Entity or the Administrator will notify the Asset Representations Reviewer no less than 10 days before that Distribution Date. On receipt of such notice, the Asset Representations Reviewer will terminate the Asset Representations
Review immediately and will not be obligated to deliver a Review Report. 
 (f) Review Systems; Personnel. The Asset Representations
Reviewer will maintain business process management and/or other systems necessary to ensure that it can perform each Test. The Asset Representations Reviewer will ensure that these systems allow for each Review Receivable and the related Review
Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff who are properly trained to conduct Reviews as required by this Agreement. 

Section 3.04 Review Report. 

Within five (5) Business Days after the end of the applicable Asset Representations Review period under
Section 3.03(b), the Asset Representations Reviewer will deliver to the Administrator, the Issuing Entity, the Grantor Trust, the Sponsor, the Servicer, the Depositor and the Indenture Trustee a report indicating for each
Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test (a “Review Report”). For each Test Fail or Test Complete, the Review Report will indicate the related reason, including (for example)

  
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whether the Review Receivable was a Test Fail as a result of missing or incomplete Review Materials. The Review Report will contain a summary of the Asset Representations Review results to be
included in the Issuing Entity’s Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain
any PII. On reasonable request of the Sponsor, the Asset Representations Reviewer will provide additional details on the Test results. 

Section 3.05 Review Representatives. 

(a) Sponsor Representative. The Sponsor will designate one or more representatives who will be available to assist the Asset
Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Sponsor Review Materials on the Sponsor’s originations,
receivables or other systems, obtaining missing or insufficient Sponsor Review Materials and/or providing clarification of any Sponsor Review Materials or Tests. 

(b) Collateral Custodian Representative. The Collateral Custodian will designate one or more representatives who will be available to
assist the Asset Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Collateral Custodian Review Materials,
receivables or other systems, obtaining missing or insufficient Collateral Custodian Review Materials and/or providing clarification of any Collateral Custodian Review Materials or Tests. 

(c) Servicer Representative. The Servicer will designate one or more representatives who will be available to assist the Asset
Representations Reviewer in performing the Asset Representations Review, including responding to requests and answering questions from the Asset Representations Reviewer about access to Servicer Review Materials, receivables or other systems,
obtaining missing or insufficient Servicer Review Materials and/or providing clarification of any Servicer Review Materials or Tests. 
 (d)
Asset Representations Review Representative. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer during the performance of
an Asset Representations Review. 
 (e) Questions About Review. The Asset Representations Reviewer will make appropriate personnel
available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee, the Servicer or the Sponsor until the earlier of (i) the payment in full of the Notes and (ii) one year
after the delivery of such Review Report. The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or
requests to the Administrator. 

  
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 Section 3.06 Dispute Resolution. 

If a Review Receivable that was the subject of an Asset Representations Review becomes the subject of a dispute resolution proceeding under
Section 3.1(d) of the Receivables Transfer Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will
be paid, in the case of (i) an arbitration by a party to the dispute resolution as determined by the arbitrator for the dispute resolution or (ii) a mediation, as the parties shall mutually determine, in each case according to
Section 3.1(d) of the Receivables Transfer Agreement. If not paid by a party to the dispute resolution, the expenses will be reimbursed in accordance with Section 4.02(d). 

Section 3.07 Limitations on Review Obligations. 

(a) Review Process Limitations. The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency
Trigger Event has occurred or whether the required percentage of Noteholders has voted to direct an Asset Representations Review under the Indenture, (ii) to determine which Receivables are subject to an Asset Representations Review,
(iii) to obtain or confirm the validity of the Review Materials, (iv) to obtain missing or insufficient Review Materials except as specifically described herein, (v) to take any action or cause any other party to take any action under
any of the Transaction Documents to enforce any remedies for breaches of representations or warranties about the Eligible Representations, (vi) to determine the reason for the delinquency of any Review Receivable, the creditworthiness of any
Obligor, the overall quality of any Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Review Receivable, or (vii) to establish cause, materiality or recourse for any failed Test as
described in Section 3.03. 
 (b) Testing Procedure Limitations. The Asset Representations Reviewer will
only be required to perform the Tests, and will not be obligated to perform additional procedures on any Review Receivable or to provide any information other than a Review Report. However, the Asset Representations Reviewer may provide additional
information in a Review Report about any Review Receivable that it determines in good faith to be material to the Asset Representations Review. 

(c) Maintenance of Review Materials. The Asset Representations Reviewer will maintain copies of any Review Materials, Review Reports
and other documents relating to an Asset Representations Review, including internal correspondence and work papers, until the earlier of (i) payment in full of the Notes and (ii) one year after the delivery of the applicable Review Report.
At the expiration of such period, the Asset Representations Reviewer shall return Review Materials to the Servicer, the Sponsor or the Collateral Custodian, as applicable. 

  
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 ARTICLE IV. 

ASSET REPRESENTATIONS REVIEWER 

Section 4.01 Representations and Warranties of the Asset Representations Reviewer. 

The Asset Representations Reviewer hereby makes the following representations and warranties as of the Closing Date: 

(a) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability
company in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in
which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a
material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 
 (b)
Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution,
delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy,
reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles. 
 (c) No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or
default under, any indenture, loan agreement, mortgage, deed of trust, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties
or assets of the Asset Representations Reviewer under the terms of any indenture, loan agreement, mortgage, deed of trust, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or
(iv) violate an Applicable Law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a Governmental Authority having jurisdiction over the Asset Representations Reviewer or its property that applies to the
Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(d) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or
threatened in writing before a Governmental Authority having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions
contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the
validity or enforceability of, this Agreement. 

  
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 (e) Eligibility. The Asset Representations Reviewer meets the eligibility
requirements in Section 5.01, and will notify the Issuing Entity, the Sponsor and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in
Section 5.01. 
 Section 4.02 Fees and Expenses. 

(a) Annual Fee. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual
fee (the “Annual Fee”) with respect to each annual period prior to the termination of the Grantor Trust, in an amount equal to $5,000; provided, that the Asset Representations Reviewer will return to the Administrator or the
Issuing Entity, as applicable, the pro rata portion of the Annual Fee to the extent the Issuing Entity is terminated prior to the end of an annual period for which an Annual Fee has been paid. The Annual Fee will be paid by (i) the Sponsor on
the Closing Date and (ii) the Issuing Entity on each anniversary of the Closing Date until this Agreement is terminated via the priority of payments described in Section 2.7 of the Indenture on the Distribution Date following the month in
which the invoice was received by the Sponsor and the Issuing Entity. 
 (b) Review Fee. Following the completion of an Asset
Representations Review and the delivery of the related Review Report pursuant to Section 3.04, or the termination of an Asset Representations Review according to Section 3.03(e), and the delivery
to the Issuing Entity and the Sponsor of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee payable by the Issuing Entity of $200 for each Review Receivable for which the Asset Representations Review was started (the
“Review Fee”). If the detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuing Entity pursuant to the priority of payments described in Section 2.7 of the Indenture,
starting on or before the Distribution Date in that month. However, no Review Fee will be charged for any Review Receivable (i) which was included in a prior Review, (ii) for which no Tests were completed prior to the Asset Representations
Reviewer being notified of a termination of the Asset Representations Review according to Section 3.03(e), (iii) for which no Tests were completed prior to the Asset Representations Reviewer being notified of the Review
Receivable being paid in full by the Obligor, otherwise satisfied or repurchased by the Seller as described in Section 3.03(c), or (iv) due to missing or insufficient Review Materials under
Section 3.02(b). However, if an Asset Representations Review is terminated according to Section 3.03(e), the Asset Representations Reviewer must submit its invoice to the Issuing Entity and the
Sponsor for the Review Fee for the terminated Review no later than ten (10) Business Days before the final Distribution Date to be reimbursed on such final Distribution Date. 

(c) Reimbursement of Travel Expenses. If the Servicer, the Sponsor or the Collateral Custodian provides access to the Review Materials
at one or more of its or their properties, the Issuing Entity will reimburse the Asset Representations Reviewer for its reasonable out-of-pocket travel expenses incurred
in connection with the Asset Representations Review promptly following receipt of a detailed invoice. 

  
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 (d) Dispute Resolution Expenses. If the Asset Representations Reviewer participates
in a dispute resolution proceeding under Section 3.06 of this Agreement and its reasonable out-of-pocket expenses for participating in the
proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the Issuing Entity will reimburse the Asset Representations Reviewer for such expenses promptly following receipt of a
detailed invoice via the priority of payments described in Section 2.7 of the Indenture on the Distribution Date following the month in which the invoice was received by the Sponsor and the Issuing Entity. 

(e) Payment of Invoices. When applicable pursuant to this Section 4.02, for fees and expenses of the Asset
Representations Reviewer that are not paid when due by the Issuing Entity within thirty (30) days following the receipt of an invoice by the Issuing Entity, the Asset Representations Reviewer will issue invoices to the Sponsor and the Issuing
Entity at the notices address set forth in Part III of the Indenture and the Sponsor shall pay all invoices submitted by the Asset Representations Reviewer. 

(f) Reimbursement of Servicer Expenses. The Issuing Entity shall reimburse the Servicer for all reasonable out of pocket costs and
expenses incurred by the Servicer in connection with its compliance with the terms of this Agreement. 
 Section 4.03 Limitation on
Liability. 
 The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith
under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event will the Asset
Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of
action. 
 Section 4.04 Indemnification by Asset Representations Reviewer. 

The Asset Representations Reviewer will indemnify each of the Issuing Entity, the Grantor Trust, the Depositor, the Seller, the Servicer, the
Administrator, the Sponsor, the Owner Trustee, the Grantor Trust Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities, including those incurred in
connection with the enforcement of this indemnification (and including any attorneys fees’, expenses and court costs), resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing
its obligations under this Agreement, (b) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement or (c) the Asset Representations Reviewer’s breach of any of its obligations in
Sections 4.08 and 4.09 of this Agreement. The Asset Representations Reviewer’s obligations under this Section 4.04 will survive the termination of this Agreement, the termination of the Grantor Trust and the resignation or removal of the
Asset Representations Reviewer. 

  
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 Section 4.05 Indemnification of Asset Representations Reviewer. 

(a) Indemnification. The Issuing Entity will, or will cause the Sponsor to, indemnify the Asset Representations Reviewer and its
officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the reasonable out-of-pocket fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from
(i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence, (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement or (iii) the Asset
Representations Reviewer’s breach of any of its obligations in Section 4.08 and 4.09 of this Agreement. 

(b) Proceedings. Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a
claim is to be made under Section 4.05(a), notify the Issuing Entity, the Grantor Trust and the Administrator of the Proceeding. The Sponsor and the Issuing Entity may participate in and assume the defense and settlement of
a Proceeding at its expense. If the Issuing Entity or the Sponsor notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuing
Entity or the Sponsor assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuing Entity and the Sponsor will not be liable for fees and expenses of counsel to the Indemnified Person unless there
is a conflict between the interests of the Issuing Entity or the Sponsor, as applicable, and the Indemnified Person. If there is a conflict, the Sponsor will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No
settlement of a Proceeding may be made without the approval of the Issuing Entity and the Sponsor and the Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed. 

(c) Survival of Obligations. The Issuing Entity’s and the Sponsor’s obligations under this
Section 4.05 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement. 

If all or a portion of indemnities due to the Asset Representations Reviewer are not paid by the Issuing Entity to the Asset Representations
Reviewer within 30 days of receipt of an invoice, pursuant to the priority of payments described in Sections 2.7 or 5.4(b) of the Indenture, as applicable, on the Distribution Date following the month in which the invoice was received by the Issuing
Entity, then the unpaid portion of such indemnities then due and payable shall be paid by the Sponsor. 
 (d) Repayment. If the
Issuing Entity or the Sponsor makes any payment under this Section 4.05 and the Indemnified Parties later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly
repay the amount to the Sponsor or the Issuing Entity, as applicable. 

  
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 Section 4.06 Inspections of Asset Representations Reviewer. 

The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized
representatives of the Issuing Entity, the Grantor Trust or the Sponsor, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials of the
Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and
(c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuing Entity’s, the Grantor Trust’s or the Sponsor’s representatives to make copies
and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuing Entity, the Grantor Trust and the Sponsor will, and will cause its authorized representatives to,
hold in confidence the information except if disclosure may be required by Applicable Law or if the Issuing Entity, the Grantor Trust or the Sponsor reasonably determines that it is required to make the disclosure under this Agreement or the other
Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement. In the
event the Servicer requests information pertaining to the review and examination of the Asset Representation Reviewer as described above, the Issuing Entity, the Grantor Trust, and the Sponsor, as the case may be, will notify the Asset
Representations Reviewer of such request and, with the Asset Representations Reviewer’s consent, may provide such information to the Servicer; provided it is acknowledged and agreed that such consent may be conditioned on the execution by the
Servicer of a confidentiality or non-disclosure agreement. 
 Section 4.07 Delegation of
Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuing Entity, the Grantor Trust and the Servicer, which consent will not be
unreasonably withheld or delayed. 
 Section 4.08 Confidential Information. 

(a) Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in
confidence and under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not,
without the prior consent of the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including
legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews of Review Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it
will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Seller or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications. 

  
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 (b) Definition. “Confidential Information” means oral, written and
electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including: 

(i) lists of Review Receivables and any related Review Materials; 

(ii) origination and servicing guidelines, policies and procedures, and form contracts; and 

(iii) notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information
supplied by or on behalf of the Servicer or its representatives. 
 However, Confidential Information will not include information that
(A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a
non-confidential basis from a Person or entity other than the Issuing Entity, the Grantor Trust or the Servicer before its disclosure to the Information Recipients who is not bound by confidentiality
obligations to the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the
use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer
provides permission to the applicable Information Recipients to release. 
 (c) Protection. The Asset Representations Reviewer will
take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of
care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.09. 

(d) Disclosure. If the Asset Representations Reviewer is required by Applicable Law to disclose part of the Confidential Information,
it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by Applicable Law, will use its reasonable efforts to provide the Issuing Entity, the Grantor Trust, the Sponsor
and the Servicer with notice of the requirement and will cooperate, at the Issuing Entity’s expense, in the Issuing Entity’s, the Grantor Trust’s, the Sponsor’s and the Servicer’s pursuit of a proper protective order or
other relief for the disclosure of the Confidential Information. If the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be
disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose. 

(e) Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this
Section 4.08 by its Information Recipients. 

  
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 (f) Violation. The Asset Representations Reviewer agrees that a violation of this
Agreement may cause irreparable injury to the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer and the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer may seek injunctive relief in
addition to legal remedies. If an action is initiated by the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor or the Servicer to enforce this Section 4.08, the prevailing party will be reimbursed for its
fees and expenses, including reasonable attorney’s fees, incurred for the enforcement. 
 Section 4.09 Personally Identifiable
Information. 
 (a) Definitions. “Personally Identifiable Information” or “PII” means
information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute
associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. “Issuing Entity PII” means PII furnished by the Issuing Entity,
the Grantor Trust, the Sponsor, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 (b) Use of Issuing Entity PII. The Grantor Trust does not grant the Asset Representations Reviewer any rights to Issuing Entity
PII except as provided in this Agreement. The Asset Representations Reviewer will use Issuing Entity PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuing Entity and the Grantor Trust and will
only reproduce Issuing Entity PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all Applicable Laws applicable to PII, Issuing Entity PII or the Asset Representations Reviewer’s business,
including any legally required codes of conduct, including those relating to privacy, security and data protection (collectively, “Privacy Laws”). The Asset Representations Reviewer will protect and secure Issuing Entity PII. The
Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with Applicable Law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices,
procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuing Entity PII, (ii) ensure against anticipated threats or hazards to the security or
integrity of Issuing Entity PII, (iii) protect against unauthorized access to or use of Issuing Entity PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee
training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures. 

(c) Additional Limitations. In addition to the use and protection requirements described in Section 4.09(b),
the Asset Representations Reviewer’s disclosure of Issuing Entity PII is also subject to the following requirements: 

(i) The Asset Representations Reviewer will not disclose Issuing Entity PII to its personnel or allow its personnel access to
Issuing Entity PII except (A) for the Asset Representations Reviewer personnel who require Issuing Entity PII to perform an Asset Representations Review, (B) with the prior written consent of the Issuing Entity and the Grantor Trust or
(C) as required by Applicable Law. When permitted, the disclosure of or access to Issuing Entity PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will
inform personnel with access to Issuing Entity PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuing Entity PII on the proper use and protection of Issuing Entity PII. 

  
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 (ii) The Asset Representations Reviewer will not sell, disclose, provide or
exchange Issuing Entity PII with or to any third party without the prior written consent of the Issuing Entity and the Grantor Trust. 

(iii) The Asset Representations Reviewer agrees, represents and warrants that the Asset Representations Reviewer has, and will
continue to have, adequate administrative, technical, and physical safeguards designed to: (a) to ensure the security and confidentiality of all PII; (b) to protect against any anticipated threats or hazards to the security or integrity of
PII; and (c) to protect against unauthorized acquisition of, access to or use of PII which could result in a “breach” as that terms is defined under applicable Privacy Laws, or substantial harm to Issuing Entity, the Grantor Trust or
Servicer or any individual about whom the Issuing Entity, the Grantor Trust or the Servicer has or collects financial and other information. 

(iv) The Asset Representations Reviewer agrees to provide the Sponsor, the Issuing Entity, the Servicer and the Grantor Trust
with information regarding its and its representatives’ privacy and information security systems, policies and procedures as the Sponsor, the Issuing Entity, the Grantor Trust or the Servicer may reasonably request relating to its compliance
with this Agreement and applicable Privacy Laws. The Asset Representations Reviewer agrees to provide training in the Privacy Laws and Asset Representations Reviewer’s information security policies to all Asset Representations Reviewer
personnel whose duties pursuant to this Agreement could bring them in contact with PII. The Asset Representations Reviewer shall comply at all times with Servicer’s information security policies and procedures in connection with any access to
or use of Servicer’s network, systems or data. 
 (d) Notice of Breach. The Asset Representations Reviewer will notify the
Issuing Entity, the Grantor Trust, the Sponsor and the Servicer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of
Issuing Entity PII and, where applicable, immediately take action to prevent any further breach. 
 (e) Return or Disposal of Issuing
Entity PII. Except where return or disposal is prohibited by Applicable Law, promptly on the earlier of the completion of the Asset Representations Review or the request of the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer, all
Issuing Entity PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuing Entity, the
Grantor Trust, the Sponsor or the Servicer, returned to the 

  
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Issuing Entity, the Grantor Trust, the Sponsor or the Servicer, as applicable, without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge
to the Issuing Entity, the Grantor Trust, the Sponsor or the Servicer. Where the Asset Representations Reviewer retains Issuing Entity PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer’s further use or
disclosure of Issuing Entity PII to that required by Applicable Law. 
 (f) Modification. The Asset Representations Reviewer and the
Issuing Entity, the Grantor Trust, the Sponsor and the Servicer agree to modify this Section 4.09 as necessary for either party to comply with Applicable Law. 

(g) Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuing Entity, the Grantor Trust, the
Sponsor and the Servicer and each of their authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.09 during the Asset Representations Reviewer’s normal business
hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. Each of the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer agrees
to make reasonable efforts to schedule any audit described in this Section 4.09 with the inspections described in Section 4.06, and to coordinate any such audit(s) to be performed by the auditing
parties concurrently. The Asset Representations Reviewer will also permit the Issuing Entity, Grantor Trust, the Sponsor and the Servicer during normal business hours on reasonable advance notice to audit any service providers used by the Asset
Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement. Each of the Issuing Entity, the Grantor Trust, the Sponsor and the Servicer will, and will cause its authorized representatives to, hold
in confidence the information provided by the Asset Representations Reviewer pursuant to this Section 4.09. Information to be provided by the Asset Representations Reviewer pursuant to this
Section 4.09 may be conditioned on the execution of a confidentiality or non-disclosure agreement. 

(h) Affiliates and Third Parties. If the Asset Representations Reviewer processes the PII of the Grantor Trust’s Affiliates or a
third party when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this
Section 4.09, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms of this Section 4.09 against the Asset
Representations Reviewer as if each were a signatory to this Agreement. 
 ARTICLE V. 

REMOVAL, RESIGNATION 

Section 5.01 Eligibility of the Asset Representations Reviewer. 

The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Seller, the Depositor, the Servicer, the Backup
Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Seller or any underwriter
to perform any due diligence on the Receivables prior to the Closing Date. 

  
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 Section 5.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is
legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under Applicable Law. In such event, the Asset
Representations Reviewer will deliver a notice of its resignation to the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer, together with an opinion of counsel supporting its determination. 

(b) Removal. If any of the following events occur, the Administrator, by notice to the Asset Representations Reviewer, may remove the
Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 
 (i) the Asset
Representations Reviewer no longer meets the eligibility requirements in Section 5.01; 
 (ii) the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or 

(iii) a Bankruptcy Event of the Asset Representations Reviewer occurs. 

(c) Notice of Resignation or Removal. The Issuing Entity will notify the Servicer, the Owner Trustee, the Grantor Trust Trustee, the
Administrator and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 
 (d) Continue to Perform
After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset
Representations Reviewer has accepted its engagement according to Section 5.03(b). 
 Section 5.03
Successor Asset Representations Reviewer. 
 (a) Engagement of Successor Asset Representations Reviewer. Following the
resignation or removal of the Asset Representations Reviewer, the Issuing Entity will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.01. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until
the successor Asset Representations Reviewer has executed and delivered to the Issuing Entity, Sponsor and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this
Agreement or entering into a new agreement with the Issuing Entity and the Sponsor on substantially the same terms as this Agreement. 

  
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 Asset
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 (c) Transition and Expenses. If the Asset Representations Reviewer resigns or is
removed, the Asset Representations Reviewer will cooperate with the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer and take all actions reasonably requested to assist the Issuing Entity, the Grantor Trust, the
Administrator and the Sponsor in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The outgoing Asset Representations Reviewer will
pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable
detail of the expenses from the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor and the Servicer or the successor Asset Representations Reviewer. 

Section 5.04 Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or
consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements
in Section 5.01, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuing Entity, the Grantor Trust, the Servicer, the Administrator and the Sponsor an agreement to
assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 

ARTICLE VI. 
 OTHER
AGREEMENTS 
 Section 6.01 Independence of the Asset Representations Reviewer.  

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuing Entity, the
Grantor Trust, the Administrator, the Sponsor or the Servicer for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuing Entity, the Grantor Trust, the Administrator,
the Sponsor or the Servicer, the Asset Representations Reviewer will have no authority to act for or represent the Issuing Entity, Grantor Trust, the Administrator, the Sponsor or the Servicer, and will not be considered an agent of the Issuing
Entity, the Grantor Trust, the Administrator, the Sponsor or the Servicer. Nothing in this Agreement will make the Asset Representations Reviewer and the Issuing Entity, the Grantor Trust, the Administrator, the Sponsor or the Servicer members of
any partnership, joint venture or other separate entity or impose any liability as such on any of them. 
 Section 6.02 No
Petition. 
 Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference
period) after payment in full of all securities issued by the Depositor, the Issuing Entity, the Grantor Trust or by a trust for which the Depositor was a depositor, it will not start or pursue against, or join any other Person in starting or
pursuing against the Depositor, the Issuing Entity or the Grantor Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.02 will survive
the termination of this Agreement. 

  
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 Section 6.03 Limitation of Liability of Owner Trustee and Grantor Trust
Trustee.  
 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 the 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 the 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 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 the Grantor Trust, as applicable under this Agreement. 
 Section 6.04
Termination of Agreement. 
 This Agreement will terminate, except for the obligations under Section 4.04 and the other
obligations of the Trust, the Servicer and the Asset Representations Reviewer specified as surviving the termination of this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the
Indenture, (b) the date the Issuing Entity is terminated under the Trust Agreement, (c) the date the Grantor Trust is terminated under the Grantor Trust Agreement and (d) the removal or resignation of the Asset Representations
Reviewer in accordance with the terms of this Agreement. 
 ARTICLE VII. 

MISCELLANEOUS PROVISIONS 

Section 7.01 Amendments. 

(a) Any term or provision of this Agreement may be amended, waived, supplemented or modified by the Administrator, the Servicer and the Asset
Representations Reviewer without the consent of any of the Indenture Trustee, the Issuing Entity, the Grantor Trust, 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 Administrator. 

(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 7.01(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 7.01(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, the Owner Trustee and the Grantor Trust 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 7.01(b), the Depositor 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 Depositor 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 7.01 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 by the Administrator 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 7.02 Assignment; Benefit of Agreement; Third Party Beneficiaries. 

(a) Assignment. Except as stated in Section 5.04, this Agreement may not be assigned by the Asset
Representations Reviewer without the consent of the Issuing Entity, the Grantor Trust and the Servicer. 
 (b) Benefit of Agreement;
Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee, the Grantor Trust Trustee and the Indenture Trustee, for the benefit of the
Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement. 

Section 7.03 Notices. 

(a) Notices to Parties. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in
writing and will be considered given: 
 (i) for overnight mail, on delivery or, for registered first class mail, postage
prepaid, three (3) days after deposit in the mail; 
 (ii) for a fax, when receipt is confirmed by telephone, reply
email or reply fax from the recipient; 
 (iii) for an email, when receipt is confirmed by telephone or reply email from the
recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient has access, on
delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred. 
 (b) Notice
Addresses. Any notice, request, demand, consent, waiver or other communication provided hereunder shall be delivered as specified in Part III of Appendix A to the Receivables Purchase Agreement. 

Section 7.04 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. 

  
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 Section 7.05 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 7.03 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 7.06 Waivers. No failure or delay on the part of any party hereto 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 7.07 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 7.08 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. 

  
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 Section 7.09 Headings. The headings in this Agreement are included for
convenience and will not affect the meaning or interpretation 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 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, 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 7.13 Legal Fees Associated with Indemnification. With respect to any indemnification provisions in this Agreement
providing that a party to this Agreement is required to indemnify another party to this Agreement for attorney’s fees and expenses, such fees and expenses are intended to include attorney’s fees and expenses relating to the enforcement of
such indemnity. 
 [Remainder of Page Left Blank] 

  
 23 

CRVNA 2022-P3 
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 IN WITNESS WHEREOF, the Issuing Entity, the Grantor Trust, the Servicer, the Administrator,
the Sponsor and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the date first above written. 

 

			
	CARVANA AUTO RECEIVABLES TRUST 2022-P3, as Issuing Entity
	
	By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee on behalf of the Issuing Entity
		
	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 on behalf of the Grantor Trust
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CARVANA, LLC, as Administrator
		
	By:	 	  

	Name:	 	Paul Breaux
	Title:	 	Vice President, Secretary
	
	CARVANA, LLC, as Sponsor
		
	By:	 	  

	Name:	 	Paul Breaux
	Title:	 	Vice President, Secretary

  
 [Signature Page to Asset
Representations Review Agreement] 

 
			
	BRIDGECREST CREDIT COMPANY, LLC, as Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CLAYTON FIXED INCOME SERVICES LLC, as Asset Representations Reviewer
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Review Materials 
 Collateral
Custodian Review Materials 
 Receivable File 

Servicer Review Materials 
 Servicer File 

Servicer System of Record 
 List of Approved Contract Forms 

Sponsor Review Materials 
 Data Tape 

  
 Sch. A-1 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Schedule B 

Representations, Warranties and Tests 

Representation and Warranty 
 Characteristics of
Receivables. As of the Cut-Off Date, (or such other date as may be specifically set forth below), such Receivable: 
  

	 	(1)	 was originated by the Seller in the United States of America for the retail sale of a Financed Vehicle;

  

	 	(2)	 was executed or electronically authenticated by the parties thereto; 

 

	 	(3)	 contains customary and enforceable provisions such that the rights and remedies of the holder thereof are
adequate for realization against the Financed Vehicle; 

  

	 	(4)	 provided, at origination, for level scheduled monthly payments that fully amortize the amount financed over the
original term (except that the first or last payment may be smaller or greater than the level payments); 

  

	 	(5)	 is secured by a Financed Vehicle that has not been repossessed; 

 

	 	(6)	 is a Simple Interest Receivable; 

 

	 	(7)	 as of the Cutoff Date, was not considered a Delinquent Receivable for more than 30 days; 

 

	 	(8)	 has an original term of not greater than 78 monthly payments; 

 

	 	(9)	 has a Deal Score equal to or greater than 50 at the time of origination; 

 

	 	(10)	 has an Obligor with a FICO score equal to or greater than 570 at the time of origination; and

  

	 	(11)	 has a fixed Annual Percentage Rate of not more than 28%. 

Documents 
 Receivable File 

List of Approved Contract Forms 
 Data Tape 

  
 Sch. B-1 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Procedures to be Performed 

 

	 	(i)	 Origination 

  

	 	a.	 Review the Contract and confirm that the address for each of the Seller and the Obligor is a United States
address. 

  

	 	(ii)	 Execution or Electronic Authentication 

 

	 	a.	 Review the Contract and verify it was executed or electronically authenticated by the Obligor, co-buyer (if applicable) and the Seller. 

  

	 	(iii)	 Customary and Enforceable Provisions 

 

	 	a.	 Confirm the Contract form number and revision date are listed on the List of Approved Contract Forms.

  

	 	(iv)	 Fully Amortizing Payment Schedule 

 

	 	a.	 Review the Contract and confirm that all payments are equivalent with the exception of the first or the last
payment. 

  

	 	b.	 Review the Truth-in-Lending
section of the Contract, calculate the product of the Amount of Payments with the Number of Payments, and confirm that this amount is equal to the Total of Payments. 

 

	 	(v)	 Financed Vehicle 

  

	 	a.	 Review the “Year”, “Make” and “Model” sections of the Retail Sale Contract and
confirm that the Financed Vehicle constitutes a used automobile, light-duty truck, minivan or sport utility vehicle. 

  

	 	b.	 Confirm that the records of the Servicer do not show that the Receivable has been repossessed.

  

	 	(vi)	 Simple Interest 

  

	 	a.	 Review the Contract and confirm that the Receivable is a Simple Interest Receivable. 

 

	 	(vii)	 Delinquency 

  

	 	a.	 Review the Data Tape and confirm that payment in excess of 10% of a Scheduled Payment on such Receivable was
not more than 30 days past due as of the Cutoff Date. 

  

	 	(viii)	 Maturity 

  
 Sch. B-2 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

	 	a.	 Review the Contract and confirm that the Receivable had an original term to maturity of not greater than 78
monthly payments. 

  

	 	(ix)	 Deal Score 

  

	 	a.	 Review the Data Tape and confirm that the Deal Score is equal to or greater than 50 at the time of origination.

  

	 	(x)	 FICO Score 

  

	 	a.	 Review the Data Tape and confirm that the FICO score is equal to or greater than 570 at the time of
origination. 

  

	 	(xi)	 Contract Fixed Rate 

  

	 	a.	 Confirm that the fixed Annual Percentage Rate is not more than 28%. 

 

	 	(xii)	 If steps (i) through (xi) are confirmed, then Test Passes. 

  
 Sch. B-3 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Compliance with Law. Such Receivable complied at the time it was originated in all material respects with all requirements of applicable federal, state
and local laws and regulations thereunder, except where the failure to comply (i) was remediated or cured in all material respects prior to the Cut-Off Date or (ii) would not render such Receivable
unenforceable or create liability for the Purchaser or the Issuing Entity, as assignee of such Receivable. 
 Documents 

Receivable File 
 List of Approved Contract Forms 

Servicer System of Record 
 Procedures to be Performed

  

	 	(i)	 Review the Contract and confirm that the form number and revision date are on the List of Approved Contract
Forms. 

  

	 	(ii)	 Confirm that the following disclosures are included in the Contract: 

 

	 	(A)	 Prepayment disclosure 

 

	 	(B)	 Late payment policy including the late charge amount (or calculation) 

 

	 	(C)	 Security Interest Disclosure 

 

	 	(D)	 Contract Reference 

  

	 	(E)	 Insurance Requirements 

 

	 	(iii)	 Review the Servicer System of Record and Receivable File to confirm that there is no evidence of any judgment
against Carvana indicating that the Contract was originated in violation of applicable law. 

  

	 	(iv)	 Review the Servicer System of Record and Receivable File to confirm that there is no evidence of any obligor(s)
alleging non-compliance. 

  

	 	(v)	 If steps (i) through (iv) are confirmed, then Test Passes. 

  
 Sch. B-4 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Binding Obligation. Such Receivable constitutes the legal, valid and binding obligation of the related Obligor, enforceable in all material respects by
the holder thereof in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, affecting the enforcement of creditors’ rights
generally, any state or federal consumer protection laws or regulations and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity) and (ii) as such Receivable may be
modified by the application of the Servicemembers Civil Relief Act, as amended, or other similar federal or state law to the extent applicable to the related Obligor. 

Documents 
 Receivable File 

List of Approved Forms 
 Procedures to be Performed

  

	 	(i)	 Confirm that the Contract’s form number and revision date are on the List of Approved Contract Forms.

  

	 	(ii)	 Confirm that the Obligor(s) signed or electronically authenticated the Contract. 

 

	 	(iii)	 If steps (i) and (ii) are confirmed, then Test Passes. 

  
 Sch. B-5 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

No Government Obligor. Such Receivable is not due from the United States of America or any State or from any agency, department or instrumentality of
the United States of America or any State. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Review the buyer section on the Contract and confirm that a person’s or business name is reported.

  

	 	(ii)	 If the buyer section on the Contract does not report a person’s or business name, confirm that the
internet search results do not indicate the buyer to be a government agency, department, political subdivision or instrumentality. 

  

	 	(iii)	 If step (i) or (ii) are confirmed, then Test Passes. 

  
 Sch. B-6 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Security Interest in Financed Vehicle. As of the Closing Date, is secured by a first priority perfected security interest in favor of the Seller in the
related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has
been validly assigned by the Seller to the Purchaser. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Confirm that the Certificate of Title or application therefor reports the Title Lien Nominee as the first lien
holder. 

  

	 	(ii)	 Confirm that the Obligor name on the contract matches the name on the title documents. 

 

	 	(iii)	 Confirm that the Vehicle Identification Number (VIN) on the Contract matches the vehicle identification number
as reported on Certificate of Title. 

  

	 	(iv)	 If steps (i) through (iii) are confirmed, then Test Passes. 

  
 Sch. B-7 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Receivables in Force. The Receivable has not been satisfied, subordinated or rescinded, nor do the records of the Servicer indicate that the related
Financed Vehicle been released from the Lien granted by the related Receivable in whole or in part. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Confirm that there is no indication in the Receivable File that the Receivable was subordinated or rescinded.

  

	 	(ii)	 Confirm that there is no indication in the Receivable File that the Receivable was satisfied prior to the
Cutoff Date. 

  

	 	(iii)	 Confirm that there is no indication in the Receivable File that the Financed Vehicle has been released from the
lien in whole or in part. 

  

	 	(iv)	 If steps (i) through (iii) are confirmed, then Test Passes. 

  
 Sch. B-8 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

No Defenses. The records of the Servicer do not reflect any material fact which have not been remediated or cured which would constitute a basis for any
right of recession, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 

Documents 
 Receivable File 

Data Tape 
 Procedures to be Performed 

 

	 	(i)	 Review the Data Tape and confirm that there is no evidence of litigation or other attorney involvement as of
the Closing Date. 

  

	 	(ii)	 Confirm that there is no indication of breach, default, violation or event of acceleration existing under the
related Contract: 

  

	 	a.	 Confirm in the Data Tape that no payment default other than payment delinquencies of not more than 30 days were
not present as of the Cutoff Date. 

  

	 	b.	 Confirm in the Data Tape that no right of rescission, setoff, counterclaim or defense have been asserted or
threatened. 

  

	 	(iii)	 If steps (i) and (ii) are confirmed, Test Passes. 

  
 Sch. B-9 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

No Waiver. The records of the Servicer did not disclose that any provision of the related Contract has been waived, amended or rewritten nor have any
amounts due and owing thereunder deferred or waived (except waivers, amendments, rewrites, deferrals or waivers in accordance with the Customary Servicing Practices as disclosed in the records of the Servicer). 

Documents 
 Receivable File 

Servicer File 
 Procedures to be Performed 

 

	 	(i)	 Review the Receivable File and confirm that no provision has been waived, amended, or rewritten.

  

	 	(ii)	 Review the Servicer File and confirm no amounts due and owing have been deferred or waived other than in
accordance with the Customary Servicing Practices. 

  

	 	(iii)	 If steps (i) and (ii) are confirmed, then Test Passes. 

  
 Sch. B-10 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Insurance. The Receivable requires that the Obligor thereunder obtain physical damage insurance covering the related Financed Vehicle. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	(i)	 Confirm that the Contract contains language that requires the Obligor to obtain and maintain insurance against
physical damage to the Financed Vehicle. 

  

	 	(ii)	 If step (i) is confirmed, then Test Passes. 

  
 Sch. B-11 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

No Bankruptcies. The records of the Servicer did not reflect that the related Obligor on such Receivable being currently the subject of a verified
bankruptcy proceeding. 
 Documents 
 Receivable
File 
 Data Tape 
 Procedures to be Performed

  

	 	(i)	 Review the Data Tape and confirm that the Obligor was not the subject of a bankruptcy proceeding as of the
Cutoff Date. 

  

	 	(ii)	 If step (i) is confirmed, then Test Passes. 

  
 Sch. B-12 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Chattel Paper. Such Receivable constitutes any of “chattel paper,” an “account,” an “instrument” or a “general
intangible” as defined in the UCC. 
 Documents 

Receivable File 
 List of Approved Contract Forms 

Data Tape 
 Procedures to be Performed 

 

	 	(i)	 Confirm that the Contract’s form number and revision date are included on the List of Approved Contract
Forms. 

  

	 	(ii)	 Confirm that the Amount Financed as of the Cutoff Date, as reported within the Data Tape, is greater than zero.

  

	 	(iii)	 Confirm that the Certificate of Titles shows there is documentation of a lien against the financed vehicle.

  

	 	(iv)	 If steps (i) through (iii) are confirmed, then Test Passes. 

  
 Sch. B-13 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

One Authoritative Copy or Original. Such Receivable is evidenced by a single Authoritative Copy. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	(i)	 There is a single Authoritative Copy of the Receivable with respect to “electronic chattel paper”.

  

	 	(ii)	 If step (i) is confirmed, then Test Passes. 

  
 Sch. B-14 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Prepayment. Such Receivable provides that a prepayment by the related Obligor will fully pay the principal balance and accrued interest through the date
of prepayment based on such Receivable’s Annual Percentage Rate. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	(i)	 Review the Contract and confirm that it includes a prepayment disclosure allowing the Obligor to pay off the
account early. 

  

	 	(ii)	 If step (i) is confirmed, then Test Passes. 

  
 Sch. B-15 

CRVNA 2022-P3 
 Asset
Representations Review Agreement 

 Representation and Warranty 

Origination Date. The Receivable was originated at least eight days prior to the Cutoff Date. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	(i)	 Review the Receivable File and confirm that it was originated eight days prior to the Cutoff Date.

  

	 	(ii)	 If step (i) is confirmed, then Test Passes. 

  
 Sch. B-16 

CRVNA 2022-P3 
 Asset
Representations Review Agreement

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