# CRVNA-2025-P1
Carvana · prime · 18 monthly tapes, 2025-02-28 to 2026-07-31

**Score 3** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 54.1% |
| Cumulative net loss (of original pool) | 0.94% |
| 60+ reported (balance-weighted) | 1.44% |
| 60+ extension-adjusted (6-month lookback) | 1.44% |
| 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 | 36.5% |
| Loans remaining | 16,958 · balance $329.0M |
| At issuance | 24,964 loans, $608.3M, WA score 684, WA term 72.5, used 100% |

## Flags

- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)
- **Reported 60+ delinquency above the peer median at the same seasoning** (`dq_above_band`)

## Reads on the desk

- HIGH: Cumulative net loss is 0.94% at month 17, against a median of 0.72% across the 42 deals on tape at the same seasoning. Above the band by 0.22 points.
- WATCH: Extension-adjusted 60+ delinquency (1.44%) sits 0bps above reported (1.44%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.
- WATCH: Cumulative recoveries stand at 36.5% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 18 monthly tapes.

## The bonds on top (servicer report, 2026-07-31)

Pool $329.0M · notes $602.8M in 7 classes · overcollateralization $1.2M · reserve $3.0M · delinquency – vs trigger 3.25%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-1 | $66.8M | $540.2M | 164.2% | +$537.2M | +$534.2M |
| A-2 | $172.5M | $367.7M | 111.8% | +$364.7M | +$361.7M |
| A-3 | $211.5M | $156.2M | 47.5% | +$153.2M | +$150.2M |
| A-4 | $112.8M | $43.4M | 13.2% | +$40.4M | +$37.4M |
| B | $10.6M | $32.9M | 10.0% | +$29.9M | +$26.9M |
| C | $20.2M | $12.7M | 3.8% | +$9.7M | +$6.7M |
| D | $8.4M | $4.2M | 1.3% | +$1.2M | −$1.8M |

Stress 1 = the tape's extension-adjusted 60+ balance (1.44% of pool) charged off at this deal's own severity (64%): $3.0M. 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/2037956/000203795626000034/crvna2025-p1servicerrepo.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=CRVNA-2025-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.

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