...The preliminary ratings assigned to Carvana Auto Receivables Trust 2024-P4's (CRVNA 2024-P4) automobile asset-backed notes reflect: - The availability of 15.25%, 13.04%, 9.97%, 6.34%, and 7.72% credit support (hard credit enhancement and haircut to excess spread) for the class A (class A-1, A-2, A-3, and A-4, collectively), B, C, D, and N notes, respectively, based on stressed cash flow scenarios. These credit support levels provide over 5.00x, 4.50x, 3.33x, 2.00x, and 1.73x coverage of our expected cumulative net loss (ECNL) of 2.40% for the class A, B, C, D, and N notes, respectively (see the Credit Enhancement And Collateral and the Cash Flow Modeling Assumptions And Results sections below). - The expectation that under a moderate ('###') stress scenario (2.00x our expected loss level), all else being equal, our preliminary '### (sf)', '##+ (sf)', 'A+ (sf)', '### (sf)', and '##+ (sf)' ratings on the class A, B, C, D, and N notes, respectively, are within our credit stability limits (see...
