# CRVNA-2021-P1
Carvana · prime · 61 monthly tapes, 2021-01-31 to 2026-02-28

**Score 0** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 6.5% |
| Cumulative net loss (of original pool) | 1.79% |
| 60+ reported (balance-weighted) | 4.20% |
| 60+ extension-adjusted (6-month lookback) | 4.20% |
| Masking gap | 0 bps |
| Extension stock (touched in trailing 6 months) | 0.00% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.00% |
| Recoveries / charge-offs, cumulative | 55.1% |
| Loans remaining | 5,533 · balance $19.7M |
| At issuance | 21,606 loans, $303.1M, WA score 703, WA term 69.8, used 100% |

Opening gap: 2021-01-31 -> 2021-03-31 (issuer filed the opening tapes under one report date).

## Flags

- none

## Reads on the desk

- WATCH: Extension-adjusted 60+ delinquency (4.20%) sits 0bps above reported (4.20%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.
- WATCH: Cumulative net loss is 1.79% of the initial $0.30B pool at month 60, pool factor 6.5%. No other deal on tape has reached this seasoning yet, so there is no band to compare against and no rating-agency presale band is loaded.
- WATCH: Cumulative recoveries stand at 55.1% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 61 monthly tapes.

## The bonds on top (servicer report, 2026-02-28)

Pool $19.7M · notes $415.0M in 7 classes · overcollateralization $19.7M (4.76%) · reserve $2.1M · delinquency – vs trigger 4.50%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-1 | $50.0M | $386.8M | 1958.8% | +$386.4M | +$386.1M |
| A-2 | $130.0M | $256.8M | 1300.5% | +$256.4M | +$256.1M |
| A-3 | $130.0M | $126.8M | 642.2% | +$126.4M | +$126.1M |
| A-4 | $68.0M | $58.8M | 297.9% | +$58.4M | +$58.1M |
| B | $14.0M | $44.8M | 227.0% | +$44.4M | +$44.1M |
| C | $16.0M | $28.8M | 146.0% | +$28.4M | +$28.1M |
| D | $7.0M | $21.8M | 110.5% | +$21.4M | +$21.1M |

Stress 1 = the tape's extension-adjusted 60+ balance (4.20% of pool) charged off at this deal's own severity (45%): $372,665. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Not read from this issuer's layout: cnl_pct not parsed; dq_pct not parsed. Source: https://www.sec.gov/Archives/edgar/data/1841341/000184134126000012/crvna2021-p1servicerrepo.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=CRVNA-2021-P1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

---
Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide