Thu, Mar 27, 6:26 PM (24 days ago)
**Carvana Auto Receivables Trust 2022-P1 (CVNA)** **Financial Summary (FY 2024):** Carvana Auto Receivables Trust 2022-P1, sponsored by Carvana, LLC, filed its annual report for the fiscal year ended December 31, 2024. The report highlights the financial performance and compliance status of the trust, which securitizes auto receivables. **Financial Performance:** - **Revenue and Net Income:** Specific revenue and net income figures are not provided in the summary, as the detailed financial statements are omitted. - **Operating Expenses:** Not explicitly detailed in the summary. - **Earnings Per Share (EPS):** Not applicable, as the trust does not have common equity outstanding. **Strategic Overview and Future Outlook:** The trust focuses on securitizing auto receivables, with no single obligor representing 10% or more of the pool assets. The trust has implemented new policies and procedures to ensure compliance with filing requirements and to enhance the accuracy of servicer's certificates. These measures include additional layers of attorney oversight, compliance checks, and a comprehensive log of all outstanding transactions and filings. **Risk Factors and Financial Condition:** The trust identified a material instance of noncompliance related to the filing of Form 10-D reports. Specifically, certain filings in December 2024 included incorrect servicer's certificates. The trust has addressed this issue by amending the affected filings and implementing new procedures to prevent future occurrences. The trust's financial condition is supported by the compliance statements and attestation reports from registered public accounting firms. **Market Position Changes:** The trust does not have common equity outstanding, and thus, market position changes related to equity are not applicable. The trust's focus remains on the securitization of auto receivables and ensuring compliance with regulatory requirements. **Conclusion:** Carvana Auto Receivables Trust 2022-P1 has taken steps to address compliance issues and enhance its filing processes. The trust's financial condition is supported by compliance statements and attestation reports, indicating a commitment to regulatory adherence and operational improvements.