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FREE WRITING PROSPECTUS Dated May 19, 2022 | | Filed Pursuant to Rule 433 Registration No. 333-263473 Registration No. 333-263473-02 |
*Pricing Details* Carvana Auto Receivables Trust 2022-P2 (CRVNA 2022-P2)
Active Joint Lead Bookrunners (A1-N): Wells Fargo(str), BNPP, Deutsche Bank
Passive Joint Lead Bookrunners (A1-N): Citi, Credit Suisse, Santander
Joint Placement Agent ( R): Wells Fargo(str), Credit Suisse, Baird
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| CLS | | SIZE(MM) | | OFFERED(MM) | | WAL* | | P.WIN* | | E.FIN | | L.FIN | | S/K | | BENCH | | SPRD | | YLD% | | CPN% | | $PX |
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A1 | | $82.000 | | $77.900 | | 0.22 | | 01-06 | | 11/22 | | 06/23 | | A1+/K1+ | | I-CURVE | | 55 | | 1.506 | | 1.506 | | 100.00000 |
A2 | | $185.500 | | $176.225 | | 1.03 | | 06-20 | | 01/24 | | 07/25 | | AAA/AAA | | I-CURVE | | 125 | | 3.362 | | 3.330 | | 99.99133 |
A3 | | $185.500 | | $176.225 | | 2.36 | | 20-38 | | 07/25 | | 04/27 | | AAA/AAA | | I-CURVE | | 150 | | 4.171 | | 4.130 | | 99.98846 |
A4 | | $97.550 | | $92.672 | | 3.70 | | 38-52 | | 09/26 | | 02/28 | | AAA/AAA | | I-CURVE | | 200 | | 4.790 | | 4.680 | | 99.78754 |
B | | $18.450 | | $17.527 | | 4.46 | | 52-56 | | 01/27 | | 04/28 | | AA/AA+ | | I-CURVE | | 250 | | 5.311 | | 5.080 | | 99.31340 |
C | | $17.550 | | $16.672 | | 4.78 | | 56-60 | | 05/27 | | 05/28 | | A/A+ | | I-CURVE | | 290 | | 5.720 | | 5.440 | | 99.11055 |
D | | $18.450 | | $17.527 | | 5.19 | | 60-65 | | 10/27 | | 05/29 | | BBB/BBB+ | | I-CURVE | | 375 | | 6.577 | | 6.280 | | 99.08356 |
**N | | $10.587 | | $10.057 | | 0.75** | | 05-15** | | 08/23 | | 05/29 | | BB-/BBB- | | I-CURVE | | 405 | | 5.843 | | 4.370 | | 98.97318 |
**R PRIVATELY PLACED | | | | |
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* Based on 1.30% ABS Pricing Speed to 2% Call
** Based on Case 2 assumptions outlined in the Class N OM and Certificate PPM attached
** Transaction Details **
Rated Notes Issued Amount: $615+MM *No Grow*
Rated Notes Offered Amount: $584+MM *No Grow*
Offering Format: A1-D: SEC Registered / N-R: 144A, Reg S
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| Exp. Ratings: | | S/K |
| ERISA: | | A1-D: Yes / N-R: No |
| Min Denoms: | | A1-D: $1k x $1k / N: $500k x $1k / R: 1.75k Unit x 1 Unit |
| Expected Settle: | | May 25, 2022 |
| First Pay Date: | | June 10, 2022 |
| B&D: | | Wells Fargo |
** Available Information **
Materials Attached:
Preliminary Prospectus
Preliminary Class N OM
