Carvana is preparing its first securitization this year backed by a pool of prime retail auto loans, selling $602.7 million in notes through the Carvana Auto Receivables Trust, series 2025-P1.

A pool of auto loans extended to subprime borrowers will secure $239.7 million in securitized bonds, in a deal sponsored by First Help Financial.

The pass-through certificates are supported by a full pool of amortizing loans, which have no interest-only periods.

The deal is structured as a public securitization, under Rule 144A, and is supported by lending indirectly through more than 1,100 partnerships across the country.

The United Auto 2025-1 series of notes has a more mixed subordination element compared with the previous deal.

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A set of performance-related triggers—cash trapping and expense reserve—will help maintain cash flow to the notes.

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The deal also offers a subordination piece that represents 14% of the pool balance, helping to boost the credit to the notes.

Full documentation accounts for a little over a third of the pool, but otherwise FICO scores are high, as are weighted ...

Excess cash flow will pay timely interest and protect against realized losses in the rated certificates before being paid out ...