Credit standards · Auto loan credit standards
CARVANA AUTO RECEIVABLES TRUST
Summary statistics computed from the Form ABS-EE asset-level file for this shelf, filed 2026-08-14. Regulation AB II requires this loan-level data for registered public auto-loan securitizations, so every figure below is a statement about a named, dated SEC filing — not about a company.
1,049 loans analysed, sampled systematically (every 20th record) from 22,397 records. CIK 1842012. Source filing.
Distributions
| Measure | 5th | 25th | Median | 75th | 95th |
|---|---|---|---|---|---|
| Credit score | 462 | 520 | 574 | 620 | 680 |
| APR | 11.3% | 16.3% | 19.0% | 23.0% | 27.6% |
| Payment-to-income | 5.1% | 8.8% | 11.9% | 14.3% | 16.3% |
| Term (months) | 69 | 69 | 72 | 72 | 72 |
| Loan-to-value | 83.0% | 96.2% | 101.3% | 107.9% | 117.9% |
| Vehicle model year | 2012 | 2014 | 2016 | 2017 | 2019 |
LTV is not comparable across shelves for this filing: the vehicle value source is filer-specific (codes 98), and the code meanings are not asserted here.
By credit score band
| Band | Range | Loans | Share | Median APR |
|---|---|---|---|---|
| deep subprime | 300-500 | 167 | 15.9% | 24.0% |
| subprime | 501-600 | 510 | 48.6% | 20.7% |
| near prime | 601-660 | 285 | 27.2% | 15.7% |
| prime | 661-780 | 83 | 7.9% | 12.6% |
| super prime | 781-900 | 4 | 0.4% | 4.8% |
Pool composition
- Originators: Carvana, LLC (1,049)
- Used vehicles: 100.0%
- Co-obligor present: 0.0%
- Zero-APR loans: 0.0%
- States present: 47
- Top states: TX (88), FL (85), CA (82), GA (70), PA (61), NY (57), NC (54), IL (53)
What this is not
Not underwriting guidelines. Not a comparison of lenders. Not a description of any lender's programs or current practices. Each row describes one securitized pool, as reported in one filing, on one date - a sponsor-selected subset of what an originator funded. Issuers securitizing privately under Rule 144A file no asset-level data and are absent by construction.
Income and employment verification appear in the file only as raw Schedule AL codes (3 and 2). Their meanings are not asserted here — the filer's codebook is the only authority for what a code means, and this shelf published 63 codebook fields.
underwritingIndicator is recorded upstream but omitted here: filers apply it inconsistently and it cannot be read as an exception rate. Verification codes are raw and are not comparable across filers. LTV carries a per-shelf comparability flag.
Method: how these figures are computed. Data generated 2026-08-25 from the filing above.