Thu, Mar 27, 6:17 PM (33 days ago)
**Summary of Carvana Auto Receivables Trust 2021-N1 10-K FY24** **Company Overview:** Carvana Auto Receivables Trust 2021-N1 (Carvana) is a non-accelerated filer, focused on auto receivables. The trust is sponsored by Carvana, LLC, and the depositor is Carvana Receivables Depositor LLC. **Financial Performance:** The 10-K does not provide specific financial figures for revenue, net income, or operating expenses. However, it mentions that no single obligor represents 10% or more of the pool assets, and there is no external credit enhancement or derivative instruments altering payment characteristics. **Strategic Overview & Future Outlook:** Carvana has transitioned its trustee and related roles from Wells Fargo to Computershare, effective December 31, 2023. This change aims to streamline operations and ensure compliance with servicing criteria. The trust has implemented new policies and procedures to enhance oversight and compliance, particularly in filing requirements. **Risk Factors & Financial Condition:** A material instance of noncompliance was identified related to incorrect filings of Form 10-D. Carvana has addressed this by instituting new policies, including additional attorney oversight and compliance checks. No other material instances of noncompliance were reported by servicing participants. **Market Position Changes:** There are no significant changes in market position reported. The trust has no voting or non-voting class of common equity outstanding and held by non-affiliates. **Earnings Per Share:** Not applicable, as the trust has no common equity outstanding. **Exhibits:** The 10-K includes various exhibits, such as certificates of formation, indentures, agreements, and reports on assessment of compliance with servicing criteria. **Conclusion:** Carvana Auto Receivables Trust 2021-N1 has undergone a significant transition in its trustee and related roles, aiming to enhance compliance and operational efficiency. The trust has addressed a material instance of noncompliance and implemented new policies to prevent future occurrences. The financial condition and market position remain stable, with no significant changes reported.