Carvana Receivables Depositor FWP Free writing prospectus

FREE WRITING PROSPECTUS Dated August 30, 2021 Filed Pursuant to Rule 433 Registration No. 333-239650 Registration No. 333-239650-06

**FULL PXING DETAILS** Carvana Auto Receivables Trust 2021-N3 (CRVNA 2021-N3)

ACTIVE BOOKRUNNERS (A-1 - N): Wells Fargo (str), BNP Paribas, Citi

ACTIVE BOOKRUNNERS (R): Wells Fargo (str), Baird, Credit Suisse

PASSIVE BOOKRUNNERS (A-1 - N): Credit Suisse, DB

CO-MANAGER: Baird

CLS	AMT(MM)		Offered(MM)		WAL*			P.WIN*			Exp.Ratings(S/K/D)	L.FINAL		BENCH	SPREAD		CPN%			YLD%			$PRICE
A-1	$	154.340	$	146.623		0.83			01-30		AAA/AAA/AAA		06/2028	EDSF		+21		.35	%		.360	%	$	99.99197
A-2	$	57.130	$	54.273		3.50			30-58		AAA/AAA/AAA		06/2028	IntS		+50		1.11	%		1.114	%	$	99.99512
B	$	56.490	$	53.665		1.48			08-59		AA/AA+/AA		06/2028	EDSF		+45		.66	%		.663	%	$	99.99693
C	$	53.340	$	50.673		2.13			16-59		A/A+/A(H)		06/2028	IntS		+70		1.02	%		1.030	%	$	99.98361
D	$	52.500	$	49.875		2.85			25-59		BBB/BBB+/BBB(H)		06/2028	IntS		+110		1.58	%		1.589	%	$	99.98951
E	$	46.200	$	43.890		3.91			36-59		NR/BB/BB		06/2028	IntS		+250		3.16	%		3.189	%	$	99.97060
**N	$	18.900	$	17.955		0.69	**		04-13	**	NR/BB/BB(L)		06/2028	EDSF		+240		2.53	%		2.547	%	$	99.99756
**R [Privately Placed]

* Based on 1.5 ABS Pricing Speed to 2% Call

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

-Deal Summary-

Rated Notes Issued Amount: $438.900MM *No Grow*

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Rated Notes Offered Amount: $416.954MM *No Grow*

Exp. Pricing: PRICED

Exp. Settle: 9/9/2021

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

First Pay Date: 10/12/2021

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

Exp. Ratings: S/K/D

Min Denoms: A-1 - D: $1k x $1k

E: $1.25mm x $1k

N: $750k x $1k

R: [Privately Placed]

BBG Ticker: CRVNA 2021-N3

B&D: Wells Fargo

-Available Information-

* Preliminary Prospectus, Preliminary Class E OM, 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: wscrvna2021_n3 Password: K7YX

* Link: https://dealroadshow.finsight.com/ Passcode: CRVNA2021N3

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If this communication relates to an offering of US registered securities (i) a registration statement has been filed with the SEC, (ii) before investing you should read the filed documents, and (iii) you may obtain these documents from your sales representative, by calling 1-800-326-5897 or visiting www.sec.gov. If this communication relates to a securities offering exempt from US registration, you should contact your sales representative for the complete disclosure package.

For information regarding Wells Fargo, see https://www.wellsfargo.com/com/disclaimer/wfid3.

In Japan, see: https://www.wellsfargo.com/com/disclaimer/wfsjb4.

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