Carvana enters underwriting agreement for $1.01B auto loan ABS issuance

Carvana Receivables Depositor LLC

$1,011,670,000 aggregate principal of Publicly Registered Notes across Classes A-1 through D.
Issuance closing expected September 23, 2025; underwriter Santander US Capital Markets LLC.
Five percent of notes and certificates retained for risk retention by Carvana or affiliates.
Transaction involves sale of auto receivables to Carvana Auto Receivables Trust 2025-P3.

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