FWP 1 d273309dfwp.htm FWP FWP

FREE WRITING PROSPECTUS

   Filed Pursuant to Rule 433

Dated December 21, 2021

   Registration No. 333-239650
   Registration No. 333-239650-09

---Full Pricing $1.002B+ Carvana Auto Receivables Trust 2021-P4---

Issuer: Carvana Auto Receivables Trust 2021-P4

ACTIVE BOOKRUNNERS (A-1 -N) : Citi (str), Credit Suisse, Wells Fargo

ACTIVE BOOKRUNNERS (R) : Citi (str), Baird, Credit Suisse

PASSIVE BOOKRUNNERS (A-1 -N) : BNP Paribas, Deutsche Bank

CO-MANAGER : Baird

 

CLS

   AMT (MM)      Offered (MM)      WAL*     P.WIN*     Exp. Ratings
(S/K)
   L.FNL      BENCH      Launch      Yld
(%)
     Cpn
(%)
     Px  

A-1

   $ 146.600      $ 139.270        0.25       01-07     A-1+/K1+      01/23        IntL        9        0.30600        0.306        100.00000  

A-2

   $ 341.600      $ 324.520        1.10       07-22     AAA/AAA      04/25        EDSF        25        0.83000        0.820        99.99063  

A-3

   $ 341.600      $ 324.520        2.53       22-42     AAA/AAA      01/27        IntS        28        1.317        1.310        99.99157  

A-4

   $ 143.430      $ 136.258        3.91       42-54     AAA/AAA      12/27        IntS        39        1.647        1.640        99.99482  

B

   $ 33.240      $ 31.578        4.65       54-59     AA/AA+      02/28        IntS        68        1.997        1.980        99.96121  

C

   $ 31.120      $ 29.564        5.05       59-64     A/A+      02/28        IntS        100        2.346        2.330        99.97807  

D

   $ 17.410      $ 16.539        5.28       64-64     BBB/BBB+      09/28        IntS        127        2.629        2.610        99.97682  

N

   $ 40.000      $ 38.000        0.48 **      02-12 **    BB+/BBB      09/28        EDSF        185        2.16100        2.150        99.99939  

**R

   $ 58.095      $ 55.1902          NR/NR               8.00% yield     

 

*

Based on 1.30 ABS Pricing Speed to 2% Call

**

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

-Deal Summary-

Rated Notes Issued Amount : $1.055bn *No Grow*

Rated Notes Offered Amount : $1.002bn+ *No Grow*

Priced : 12/21/2021

Settle : 12/29/2021

Offering Format : A-1 - D: Public | N and R: 144A/Reg S

First Pay Date : 01/10/2022

ERISA : A-1 - D: Yes | N and R: No

Exp. Ratings : S/K

Min Denoms : A-1 - D: $1k x $1k | N: $1000k x $1k | R: 2.5k Unit x 1 Unit

BBG Ticker : CRVNA 2021-P4

Active Bookrunners (A-1 - N) : Citi, Credit Suisse, Wells Fargo

Passive Bookrunners (A-1 - N) : BNP Paribas, Deutsche Bank

Co-Manager : Baird

Active Bookrunners (R) : Citi, Baird, Credit Suisse

B&D : Citi

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