Summary by Moomoo AI
Carvana Co. has entered into a significant amendment to its financial agreements with Ally Bank and Ally Financial Inc. On January 11, 2024, the parties amended the Second Amended and Restated Master Purchase and Sale Agreement, which now includes a commitment from the Ally Parties to purchase up to $4.0 billion of automotive finance receivables over the course of a year, from January 11, 2024, to January 10, 2025. This amendment is expected to have a material impact on Carvana's financial operations. The details of the amendment were disclosed in a Form 8-K filed with the SEC, which also included the Fifth Amendment to the agreement as an exhibit. The filing was signed by Paul Breaux, Vice President, General Counsel, and Secretary of Carvana Co., and was dated January 16, 2024.
