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Presale: Carvana Auto Receivables Trust 2021-P3

The preliminary ratings assigned to Carvana Auto Receivables Trust 2021-P3's (CRVNA 2021-P3) asset-backed notes series 2021-P3 reflect our view of the following: The availability of approximately 14.5%, 11.7%, 9.0%, 6.2%, and 5.6% credit support for the class A, B, C, D, and N notes, respectively, based on stressed break-even cash flow scenarios (including excess spread). These credit support levels provide approximately 5.00x, 4.00x, 3.00x, 2.00x, and 1.73x coverage of our expected net loss range of 2.50%-3.00% for the class A, B, C, D, and N notes, respectively (see the Cash Flow Modeling Assumptions And Results section below for more information). The timely interest and principal payments by the legal final maturity dates made under stressed cash flow modeling scenarios that