Carvana hasn't publicly sold subprime since their 2025-N1 issuance. In the past they issued prime and subprime ABS notes at about the same frequency; they've issued 4 prime notes this year, so they've probably issued 1 public subprime note and 3 through Bridgecrest/their other secondary buyer that they won't disclose. The delinquency rate for all their notes are within the models for Morningstar/S&P Global but they rate their prime/subprime transactions based on internal metrics ("Deal Score") rather than FICO. Their prime issuance No FICO loans shot up from around 0.1% (I think? EDIT: 0.8%) prior to 2025 to ~3-5% this year, depending on the set of notes you're talking about (~5% in 2025-P4, ~3% in 2025-P5, I think?) All this to say is that their lending standards have declined drastically this year. Not sure how long it will take for subprime car loans to go bad vs. subprime MBS but they sure are playing the game!

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