10-K - Carvana Auto Receivables Trust 2021-N2 (0001843643) (Filer)

Thu, Mar 27, 6:18 PM (24 days ago)

**Summary of Carvana Auto Receivables Trust 2021-N2 10-K** **Company Overview:** Carvana Auto Receivables Trust 2021-N2 (Carvana) is a securitization vehicle for Carvana, LLC, focusing on auto receivables. The trust is managed by Carvana Receivables Depositor LLC, with Computershare Trust Company, N.A. (CTCNA) as the indenture trustee and collateral custodian. **Financial Performance:** The 10-K does not provide detailed financial statements, but it highlights compliance and operational aspects. The trust has no material instances of noncompliance with servicing criteria, except for a filing error that was promptly corrected. **Strategic Overview:** Carvana has transitioned its trustee and custodian roles from Wells Fargo to Computershare, enhancing its operational framework. The trust has implemented new policies and procedures to ensure compliance with SEC filings and servicing criteria. **Future Outlook:** Carvana aims to maintain robust compliance and operational standards, with a focus on timely and accurate filings. The trust's future outlook is tied to the performance of Carvana, LLC, and the auto receivables market. **Risk Factors:** The primary risk factor noted is the potential for noncompliance with SEC filings, which Carvana has addressed through enhanced oversight and procedural changes. No other material risks were disclosed. **Financial Condition:** The trust's financial condition is not explicitly detailed, but it is implied to be stable given the absence of material noncompliance and the implementation of stringent compliance measures. **Market Position:** Carvana's market position is not explicitly detailed, but the trust's focus on compliance and operational efficiency suggests a commitment to maintaining a strong market standing. **Changes and Amendments:** The 10-K highlights the transition of trustee and custodian roles from Wells Fargo to Computershare, which is a significant operational change. The trust has also amended its filings to correct a previous error, demonstrating its commitment to accuracy and compliance.