Carvana Auto Receivables Trust 2024-P4 Annual Report - How They Did This Year

This guide explains the Carvana Auto Receivables Trust 2024-P4 in plain English. Use this as a cheat sheet to decide if this investment fits your goals, without the confusing Wall Street jargon.

1. What is this trust and how did it perform?

The Carvana Auto Receivables Trust 2024-P4 is a financial vehicle that holds a $500 million pool of auto loans from Carvana. When you invest, you buy notes backed by the monthly payments of thousands of car buyers.

In 2025, the Trust acted as a pass-through entity. It collected payments from about 22,000 borrowers and passed them to investors according to a strict payment order, prioritizing senior investors.

2. Financial performance

Success for this trust is measured by how many borrowers pay on time and how fast loans are paid off. The average interest rate on these loans was 14.5%. In 2025, the Trust paid out $82.4 million in principal and interest. Every payment arrived on time and in full.

3. Major wins and oversight

The Win: The pool of loans remained stable, with an average borrower credit score of 635. The risk is spread out; the largest single loan makes up less than 0.01% of the total, meaning no single borrower failing to pay will hurt the Trust’s ability to pay you.

The Oversight: Bridgecrest Credit Company, the firm that collects these payments, confirmed they met all their duties in 2025. Their CFO, Daniel Gaudreau, certified that they managed the records and financial reporting correctly.

4. Financial health and backup plans

The Trust maintains a 3.5% reserve account to cover potential losses. Bridgecrest uses automated systems to collect payments and follows strict data standards. If Bridgecrest ever fails, a backup firm, Vervent Inc., is ready to take over collections within 30 days.

5. Key risks

The biggest risk is "credit migration," which means borrowers might stop paying if the economy worsens. If annual losses exceed 4.5%, the reserve account will shrink, which could delay payments to lower-tier investors. Additionally, the Trust missed an SEC filing deadline by one day in early 2025. While this did not affect your cash or the value of the loans, it highlights the importance of administrative oversight.

6. Strategy changes

Carvana is updating its filing process to prevent future delays. They now use a master log for all SEC documents and require external lawyers to review every report before submission to ensure all future reports arrive on time.

Investor Takeaway: This investment offers a steady stream of income backed by a large, diversified pool of auto loans. It has performed reliably to date, but investors should be comfortable with the risk that economic shifts could impact borrower repayment rates. If you are looking for a straightforward, income-focused asset, this trust’s track record of full and timely payments is a key factor to consider.