The preliminary ratings assigned to Carvana Auto Receivables Trust 2021-N4's (CRVNA 2021-N4) asset-backed notes series 2021-N4 reflect our view of: The availability of approximately 56.1%, 49.2%, 40.2%, and 31.6% credit support for the class A, B, C, and D notes, respectively, based on stressed break-even cash flow scenarios (including excess spread). These credit support levels provide approximately 3.00x, 2.60x, 2.10x, and 1.60x coverage of our expected net loss range of 17.75%-18.75% for the class A, B, C, and D notes, respectively.