FWP 1 d340075dfwp.htm FWP FWP
FREE WRITING PROSPECTUS
Dated March 25, 2022		    Filed Pursuant to Rule 433
Registration No. 333-263473
Registration No. 333-263473-01

*Full Pricing* Carvana Auto Receivables Trust 2022-P1 (CRVNA 2022-P1)

ACTIVE BOOKRUNNERS (A-1 -N) : Citi (str), Deutsche Bank, Wells Fargo

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

PASSIVE BOOKRUNNERS (A-1 -N) : BNP Paribas, Credit Suisse, Santander

CO-MANAGER : Baird

Anticipated Capital Structure:

CLS

               AMT
(MM)		      Offered
(MM)		      WAL*     

P.WIN*

   

Exp.Ratings
(S/K)

   

E.FNL

   

L.FNL

   

BENCH

   

Lnch

         Yld                Cpn    Price  

A-1

      $ 146.000      $ 138.700        0.23      01-06    A-1+/K1+    09/22    04/23    IntL    30       1.21833%       1.21833%      100.00000  

A-2

      $ 324.000      $ 307.800        1.05      06-21    AAA/AAA    12/23    05/25    EDSF    79       2.821%       2.57%      99.75855  

A-3

      $ 324.000      $ 307.800        2.39      21-39    AAA/AAA    06/25    02/27    IntS    100       3.590%       3.35%      99.51206  

A-4

      $ 149.350      $ 141.882        3.70      39-52    AAA/AAA    07/26    02/28    IntS    110       3.758%       3.52%      99.27983  

B

      $ 31.710      $ 30.124        4.40      52-55    AA/AA+    10/26    02/28    IntS    155       4.198%       3.00%      95.33538  

C

      $ 32.230      $ 30.618        4.74      55-60    A/A+    03/27    04/28    IntS    180       4.440%       3.30%      95.30688  

D

      $ 24.940      $ 23.693        5.10      60-64    BBB/BBB+    07/27    01/29    IntS    250       5.132%       4.80%      98.75322  

N

      $ 16.250      $ 15.437        0.66 **     04-13**    BB/BBB    04/23    01/29    EDSF    280       4.396%       4.35%      99.99591  

**R

      [$ 38.8280 ]     [$ 36.8866 ]                             11.77%         
*

Based on 1.30 ABS Pricing Speed to 2% Call

**

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

-Deal Summary-

Rated Notes Issued Amount : $1.048bn+ *NO GROW*

Rated Notes Offered Amount : $996.054mm *NO GROW*

Settle : 03/30/2022

Delivery : DTC, Euroclear, Clearstream

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

First Pay Date : 04/11/2022

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

Exp. Ratings : S/K

Min Denoms : A-1 - D: $1k x $1k | N: $750k x $1k | R: 2k x 1 Unit

BBG Ticker : CRVNA 2022-P1

Active Bookrunners (A-1- N) : Citi, Deutsche Bank, Wells Fargo

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

Passive Bookrunners (A-1 - N) : BNP Paribas, Credit Suisse, Santander

Co-Manager : Baird

B&D : Citi

-Available Information-

*

Preliminary Prospectus, Preliminary Class N OM, Preliminary Certificate PPM, FWP, CDI File and SSS File (attached). Investor presentation and performance data file are available on DealRoadshow

*

Intex Deal Name: xCVAR22P1 / Password: BUXJ

-CUSIPS-

A1: 14688DAA9 / A2: 14688DAB7 / A3: 14688DAC5 / A4: 14688DAD3 / B: 14688DAE1

C: 14688DAF8 / D: 14688DAG6 / N: 14688DAH4 / R: 14688DAM3

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146. Any legends, disclaimers or notices that appear below are not applicable to this message and should be disregarded. Such text has been automatically generated via bloomberg or another system.