10-D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER DISTRIBUTION REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934.

For the monthly distribution period from September 1, 2021 to September 30, 2021

Commission File Number of issuing entity: 333-239650-04

Central Index Key Number of issuing entity: 0001843643

Carvana Auto Receivables Trust 2021-N2

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-239650

Central Index Key Number of depositor: 0001770373

Carvana Receivables Depositor LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor: 0001576462

Carvana, LLC

(Exact name of sponsor as specified in its charter)

Mike McKeever, President and Chief Executive Officer, (480) 719-8809

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

86-6427197

(I.R.S. Employer Identification No.)

1930 West Rio Salado Parkway, Tempe, AZ 85281

(Address, including zip code, of principal executive offices of the issuing entity)

(480) 719-8809

(Telephone number, including area code, of the issuing entity)

Former name or former address, if changed since last report: Not applicable.


	Registered/reporting pursuant to (check one):			Name of exchange (If Section 12(b))
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	Name of exchange (If Section 12(b))
Asset Backed Notes, Class A-1	☐	☐	☒	☐
Asset Backed Notes, Class A-2	☐	☐	☒	☐
Asset Backed Notes, Class B	☐	☐	☒	☐
Asset Backed Notes, Class C	☐	☐	☒	☐
Asset Backed Notes, Class D	☐	☐	☒	☐

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

PART I – DISTRIBUTION INFORMATION

Item 1.

Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the asset pool of Carvana Auto Receivables Trust 2021-N2 (the “Issuing Entity”) for the reporting period covered by this Form 10-D (the “Reporting Period”) is set forth in the Servicer’s Certificate, attached hereto as Exhibit 99.1 and incorporated by reference into this Item 1.

No assets held by Issuing Entity were the subject of a demand to repurchase or replace for breach of the representations and warranties during the Reporting Period.

Carvana Receivables Depositor LLC (Central Index Key Number: 0001770373), as securitizer, most recently filed a Form ABS-15G on January 25, 2021, with the Securities and Exchange Commission (the “Commission”) with respect to all asset-backed securities sponsored by it.

Item 1A.

Asset-Level Information.

Asset level data for the Reporting Period is included in Exhibit 102 to the Form ABS-EE filed by the Issuing Entity with the Commission on the date hereof (the “Form ABS-EE”) and is incorporated by reference into this Item 1A.

Additional asset level information or explanatory language is included in Exhibit 103 to the Form ABS-EE and is also incorporated by reference into this Item 1A.

Item 1B.

Asset Representations Reviewer and Investor Communication.

None.

PART II – OTHER INFORMATION

Item 2.

Legal Proceedings.

None.

Item 3.

Sales of Securities and Use of Proceeds.

None.

Item 4.

Defaults Upon Senior Securities.

None.

Item 5.

[Reserved.]

Item 6.

Significant Obligors of Pool Assets.

None.

Item 7.

Change in Sponsor Interest in the Securities.

None.

Item 8.

Significant Enhancement Provider Information.

None.

Item 9.

Other Information.

None.

Item 10.

Exhibits.

99.1	Servicer’s Certificate, relating to the Reporting Period.

102	Asset Data File for the Reporting Period (incorporated by reference to Exhibit 102 to the Form ABS-EE).

103	Asset Related Document for the Reporting Period (incorporated by reference to Exhibit 103 to the Form ABS-EE).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	By:	CARVANA RECEIVABLES DEPOSITOR LLC
		(Depositor)

Date: October 18, 2021		/s/ Mike McKeever
		Mike McKeever
		President and Chief Executive Officer

EX-99.1

Exhibit 99.1

CRVNA 2021-N2 Servicer Report

Distribution Date:

10/12/2021

Collection Period:

9/1/2021

Through

9/30/2021

Accrual Period:

9/10/2021

Through

10/11/2021


		Principal Balance Rollforward of Receivables and Additonal Collection Activity

																						Unit			Principal
			Principal																			Reconciliation			Reconciliation
(1)						Beginning Pool Balance														(1	)		20,008			367,896,224.04
(2)						Collateral Pledged (Subsequent Receivables Acquired in Collection Period)														(2	)		0			0.00
(3)						Collateral Takeout & Unwinds														(3	)		29			580,236.58
(4)						Principal Collections														(4	)
(5)								Total collections allocable to principal & Units Paid in Full												(5	)		300			8,673,197.24
(6)								Purchased Receivables & receivables purchased pursuant to section 6.1												(6	)		0			0.00
(7)						Charged-Off Losses (Gross)														(7	)
(8)								Charged-off Losses (system current period)												(8	)		106			1,405,121.49

(9)						Ending Pool Balance														(9	)		19,573			357,237,668.73

				Interest, Fees and Recoveries
(10)						Collections allocable to interest														(10	)					5,666,778.18
(11)						Collections from Recoveries (prior charge-offs)														(11	)					346,878.80
(12)						All other amounts and fees received and not allocable to principal														(12	)					31,465.38

(13)						Total non-Principal Collections														(13	)					6,045,122.36

(14)				Original Pool Balance as of Cutoff Date																(14	)					400,000,003.48
(15)				The Pool Factor as of the close of business on the last day set forth above {(9)/(14)}																(15	)					89.31	%

		Overcollateralization & Principal Calculations

(16)				Overcollateralization in Dollars																			(16	)		16,432,932.76
(17)				Overcollateralization Target Amount (Greater of {4.6% * (9)} or {1.5% * (14)}																			(17	)		16,432,932.76

(18)				Beginning of Period AAA through BB Note Balance {sum of (25:30)}																(18	)					350,972,997.73
(19)						Ending Collateral Balance {(9)}														(19	)		357,237,668.73
(20)						OC Target Amount {(17)}														(20	)		16,432,932.76

(21)						Required ProForma Note Balance														(21	)					340,804,735.97

(22)				Excess																(22	)					10,168,261.77

(23)				Total amount allocated to principal																			(23	)		10,168,261.77

			Class		Orig Balance		BOM Note Bal.		Target Subordination %			Target Subordination Amount		Target Balance		Senior Target Balance			Principal Allocated			EOM Note Bal.			Note Factor
(24)				Class A Notes		185,400,000.00		136,372,997.73		69.50	%		248,280,179.77		92,524,556.20		0.00			10,168,261.77			126,204,735.97			68.07	%
(25)				Class A-1		143,000,000.00		93,972,997.73												10,168,261.77			83,804,735.97			58.60	%
(26)				Class A-2		42,400,000.00		42,400,000.00												0.00			42,400,000.00			100.00	%
(27)				Class B		53,600,000.00		53,600,000.00		60.25	%		215,235,695.41		33,044,484.36		92,524,556.20			0.00			53,600,000.00			100.00	%
(28)				Class C		58,200,000.00		58,200,000.00		48.75	%		174,153,363.51		41,082,331.90		125,569,040.56			0.00			58,200,000.00			100.00	%
(29)				Class D		40,800,000.00		40,800,000.00		43.00	%		153,612,197.55		20,541,165.95		166,651,372.46			0.00			40,800,000.00			100.00	%
(30)				Class E		62,000,000.00		62,000,000.00		0.00	%		0.00		62,000,000.00		187,192,538.41			0.00			62,000,000.00			100.00	%

		Reserve Account Reconciliation

		(a)		Reserve Account Rollforward
(31)				Specified Reserve Account Amount {(14) * 1.25%}																			(31	)		5,000,000.00
(32)				Aggregate Note Balance after all distributions {sum of (25:30)}																			(32	)		340,804,735.97
(33)				Specified Reserve Amount {Lesser of (31),(32)}																			(33	)		5,000,000.00

(34)				Beginning of Period Reserve Account Balance																			(34	)		5,000,000.00
(35)						Amount withdrawn from the Reserve Account																	(35	)		0.00
(36)						Amount deposited to the Reserve Account																	(36	)		0.00

(37)				Ending Reserve Account Balance																			(37	)		5,000,000.00

		Performance Data for the Collection Period

		Loss Data
		(a)		Gross Losses
(38)				Aggregate Gross Charged-Off Receivables losses as of the last day of the previous Collection Period																			(38	)		1,641,019.98
(39)				Gross Charged-Off Receivables losses occurring in current Collection Period {(8)}																			(39	)		1,405,121.49

(40)				Aggregate Gross Charged-Off Receivables losses as of the last day of the current Collection Period																			(40	)		3,046,141.47

	(b)		Liquidation Proceeds
(41)				The aggregate amount of Liquidation Proceeds as of the last day of the previous Collection Period																			(41	)		341,440.81
(42)				Gross Liquidation Proceeds occurring in the current Collection Period {(11)}																			(42	)		346,878.80
(43)				Less Liquidation Expenses incurred in the current Collection Period																			(43	)		(55,298.61	)

(44)				The aggregate amount of Liquidation Proceeds as of the last day of the current Collection Period																			(44	)		633,021.00

		(c)		Net Losses
(45)				The aggregate amount of Net Charged-Off Receivables losses as of the last day of the previous Collection Period																			(45	)		1,299,579.17
(46)				Net Charged-Off Receivables losses occurring in current Collection Period {(39)-(42)+(43)}																			(46	)		1,113,541.30

(47)				The aggregate amount of Net Charged-Off Receivables losses as of the last day of the current Collection Period																			(47	)		2,413,120.47

	(d)		Historical Net Loss Data

																			Average Principal Balance			Net Loss Amount			Net Loss Percentage
				Net Losses in Third Preceding Collection Period																393,908,355			311,440			0.08	%
				Net Losses in Second Preceding Collection Period																383,130,650			327,713			0.09	%
				Net Losses in First Preceding Collection Period																373,170,408			660,426			0.18	%
				Net Losses in Current Collection Period																362,566,946			1,113,541			0.31	%

		Delinquency Data
	(a)		The number of Receivables and the aggregate principal balance for which Obligors are delinquent as of the last day of the Collection Period																Current Collection Period 5

																			Delinquency Bucket			No. of Receivables			Principal Balance
(48)																	(48	)		31-60			1,033			18,649,613.36
(49)																	(49	)		61-90			309			5,326,813.31
(50)																	(50	)		91-120			146			2,169,711.85
(51)																	(51	)		Total Delinquencies			1,488			26,146,138.52
(52)				Receivables greater than 60 days delinquent at end of Collection Period													(52	)								2.10	%
(53)				Delinquency Trigger Rate (based on Current Collection Period)													(53	)								29.00	%

		Statistical Data

	(e)		Pool Statistics in the Collection Period																Original			Prev. Month			Current
(54)				Weighted Average APR of the Receivables													(54	)		19.19	%		19.25	%		19.25	%
(55)				Weighted Average Remaining Term of the Receivables													(55	)		70.00			67.79			66.80
(56)				Weighted Average Original Term of the Receivables													(56	)		71.00			71.26			71.26
(57)				Average Principal Balance													(57	)		19,113.15			18,387.46			18,251.55
(58)				Net Losses in Period {(46)}													(58	)		0.00			660,425.74			1,113,541.30
(59)				Aggregate Realized Losses {(47)}													(59	)		0.00			1,299,579.17			2,413,120.47
(60)				Aggregate Realized Loss percentage {(59)/(14)}													(60	)		0.00	%		0.32	%		0.60	%
(61)				Number of Receivables at End of Collection Period													(61	)		20,928			20,008			19,573

		Extension Data
	(f)		Collection Period Extension Data
(62)				Number of receivables extended in Collection Period (A)																			(62	)		124
(63)				Principal Balance of receivables extended in Collection Period (B)																			(63	)		2,416,216.98
(64)				Total number of receivables in Grantor Trust at beginning of Collection Period (C)																			(64	)		20,008
(65)				Pool Balance as of the beginning of the Collection Period (D)																			(65	)		367,896,224.04
(66)				Ratio of (A) over (C)																			(66	)		0.62	%
(67)				Ratio of (B) over (D)																			(67	)		0.66	%


	Amounts Deposited into the Collection Account

		Available Principal
(68)		Collections allocable to principal {(5)}													(68	)		8,673,197.24
(69)		Current Period Liquidation Proceeds Gross of Servicer Liquidation Reimbursements {(11)}													(69	)		346,878.80
(70)		Purchase Amount of Receivables (Purchased Receivables & receivables purchased pursuant to section 6.1)													(70	)		0.00
(71)		Purchase Amount for Collateral Takeout & Unwinds													(71	)		677,328.40

(72)		Total Collected Principal													(72	)		9,697,404.44

		Collected Interest and Supplemental Servicing Fees
(73)		Collections allocable to interest {(10)}													(73	)		5,666,778.18
(74)		Collections allocable to Supplemental Servicing Fees {(12)}													(74	)		31,465.38

(75)		Total Collected Interest and Supplemental Servicing Fees													(75	)		5,698,243.56

(76)		Excess amount withdrawn from Reserve Account {(35)}													(76	)		0.00

(77)		Amount deposited to Collection Account													(77	)		15,395,648.00


	Calculation of Interest Distributable Amount

		Class	BOM Note Bal.		Interest Carryover		Note Interest Rates			Days		Days Basis Rate					Calculated Interest
(78)		Class A-1		93,972,997.73		0		0.32	%		30		8.33	%				25,059.47
(79)		Class A-2		42,400,000.00		0		0.97	%		30		8.33	%				34,273.33
(80)		Class B		53,600,000.00		0		0.75	%		30		8.33	%				33,500.00
(81)		Class C		58,200,000.00		0		1.07	%		30		8.33	%				51,895.00
(82)		Class D		40,800,000.00		0		1.27	%		30		8.33	%				43,180.00
(83)		Class E		62,000,000.00		0		2.90	%		30		8.33	%				149,833.33



Cash Distributions for Activity in Collection Period (Waterfall)

				Pursuant to
				Paid per Indent 2.7(b)		Shortfall		Change from Prior Period
	Total Deposited to Collection Account				15,395,648.00		0.00		-2.0	%
	Supplemental Servicing Fees				31,465.38		0.00		13.5	%
	Unpaid Supplemental Servicing Fees from prior Distribution Date				0.00		0.00		0.0	%
	Servicer Liquidation Reimbursements				55,298.61		0.00		76.7	%
	Unpaid Servicer Liquidation Reimbursements from prior Distribution Date				0.00		0.00		0.0	%
	Available Funds				15,308,884.01		0.00		-2.2	%

1	Serv. Strip Amount to Pay Servicing Fee (Excess Distributed to Class XS Notes)	2.50	%		766,450.47		0.00		-2.8	%
	Servicing Fee Payable from Servicing Strip Amount	1.41	%		432,278.06		0.00		-2.8	%
	Servicing Strip Amount distributed to Class XS Notes	1.09	%		334,172.40		0.00		-2.8	%
	Unpaid Serv. Strip Amount to Pay Servicing Fee (Excess Distributed to Class XS Notes)				0.00		0.00		0.0	%
2	Indemnity amounts due to Backup Servicer as successor servicer				0.00		0.00		0.0	%
	Fees due to:
	Indenture Trustee				1,500.00		0.00		0.0	%
	Owner Trustee				0.00		0.00		0.0	%
	Grantor Trust Trustee				0.00		0.00		0.0	%
	Administrator				83.33		0.00		0.0	%
	Regulatory Filing Fees				1,950.00		0.00		0.0	%
	Collateral Custodian				1,654.81		0.00		-8.2	%
	Asset Representations Reviewer				0.00		0.00		0.0	%
	Rating Agency				0.00		0.00		0.0	%
3	Backup Servicer Fee				2,750.00		0.00		0.0	%
4	Class A Interest Distributable Amount				59,332.80		0.00		-6.1	%
5	First Priority PDA				0.00		0.00		0.0	%
6	Class B Interest Distributable Amount				33,500.00		0.00		0.0	%
7	Second Priority PDA				0.00		0.00		0.0	%
8	Class C Interest Distributable Amount				51,895.00		0.00		0.0	%
9	Third Priority PDA				0.00		0.00		0.0	%
10	Class D Interest Distributable Amount				43,180.00		0.00		0.0	%
11	Fourth Priority PDA				0.00		0.00		0.0	%
12	Class E Interest Distributable Amount				149,833.33		0.00		0.0	%
13	Fifth Priority PDA				0.00		0.00		0.0	%
14	Reserve Account (amount required to fund Reserve Account to required amount)				0.00		0.00		0.0	%
15	Regular PDA (other than Class XS Notes)				10,168,261.77		0.00		-29.3	%
16	Unpaid indemnity amounts due to Backup Servicer as successor servicer				0.00		0.00		0.0	%
	Unpaid Fees due to:
	Indenture Trustee				0.00		0.00		0.0	%
	Owner Trustee				0.00		0.00		0.0	%
	Grantor Trust Trustee				0.00		0.00		0.0	%
	Administrator				0.00		0.00		0.0	%
	Collateral Custodian				0.00		0.00		0.0	%
	Asset Representations Reviewer				0.00		0.00		0.0	%
	Rating Agency				0.00		0.00		0.0	%
	Backup Servicer				0.00		0.00		0.0	%
17	To holders of the certificates, any remaining amounts				4,028,492.51		0.00		2797.5	%