Carvana secures $4B commitment from Ally to purchase auto finance receivables over one year

CARVANA CO.

Ally commits to purchase up to $4.0B in Carvana auto finance receivables from Jan 11, 2024 to Jan 10, 2025.
Fifth Amendment to Master Purchase and Sale Agreement reestablishes the commitment with Ally Bank and Ally Financial.
Commitment requires sale of at least one receivables pool per quarter, with minimum pool size of $300M.
Amendment updates definitions and terms including eligible receivables criteria and pricing model change procedures.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CARVANA CO. amended Second Amended and Restated Master Purchase and Sale Agreement with Ally Bank and Ally Financial Inc. (together, the "Ally Parties") valued at $4.0 billion (effective 2024-01-11).

Action: amendment
Agreement: credit facility
Counterparty: Ally Bank and Ally Financial Inc. (together, the "Ally Parties")
Value: $4.0 billion
Effective: 2024-01-11

Exact text from the filing

On January 11, 2024, a subsidiary of Carvana Co., Ally Bank, and Ally Financial Inc. (together, the "Ally Parties") amended the Second Amended and Restated Master Purchase and Sale Agreement to, among other things, reestablish a commitment by the Ally Parties to purchase up to $4.0 billion of automotive finance receivables between January 11, 2024 and January 10, 2025.

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Source: SEC EDGAR

accession 0001690820-24-000020

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