Bridgecrest 2024-1 Trust Details Compliance, Trustee Lawsuit

TL;DR

**This 10-K confirms solid compliance and no major internal red flags for Bridgecrest 2024-1, but keep an eye on that Wilmington Trust lawsuit – it's a potential ripple in the ABS market.**

AI Summary

Bridgecrest Lending Auto Securitization Trust 2024-1 filed its 10-K for the fiscal year ended December 31, 2025, primarily focusing on compliance and structural disclosures rather than traditional financial performance metrics like revenue or net income, as it is a securitization trust. The filing confirms that no single obligor represents 10% or more of the pool assets, indicating a diversified asset base. Furthermore, there is no external credit enhancement or derivative instruments altering cashflow characteristics, suggesting a straightforward securitization structure. A key risk highlighted is a civil complaint served on February 3, 2026, against Wilmington Trust, National Association, as owner trustee and grantor trust trustee, for unspecified damages related to alleged breaches of contract and duties in Tricolor Holdings, LLC asset-backed securitization transactions. Despite this, Wilmington Trust, National Association, does not believe the resolution will be material to the security holders of Bridgecrest Lending Auto Securitization Trust 2024-1. The Servicer and Indenture Trustee have both reported compliance with applicable servicing criteria, with no material instances of noncompliance identified by their respective public accounting firms, Grant Thornton LLP and PricewaterhouseCoopers LLP.

Why It Matters

This 10-K provides crucial transparency for investors in Bridgecrest Lending Auto Securitization Trust 2024-1, confirming the absence of concentrated obligor risk and complex derivatives, which simplifies risk assessment. The legal action against Wilmington Trust, National Association, while not directly against Bridgecrest Lending Auto Securitization Trust 2024-1, introduces potential reputational or operational risks for a key service provider, which could indirectly impact investor confidence in the broader securitization market. This competitive context is vital as investors evaluate the stability and oversight of their asset-backed securities. Employees of Bridgecrest Acceptance Corporation and Bridgecrest Auto Funding LLC are indirectly affected by the continued smooth operation and compliance of the trust, ensuring ongoing business stability.

Risk Assessment

Risk Level: medium — The risk level is medium due to the ongoing civil complaint against Wilmington Trust, National Association, served on February 3, 2026, for unspecified damages related to alleged breaches of contract and duties in Tricolor Holdings, LLC asset-backed securitization transactions. While Wilmington Trust, National Association, states the resolution would not be material to Bridgecrest Lending Auto Securitization Trust 2024-1 security holders, any adverse outcome could impact the trustee's capacity or reputation, potentially affecting the trust's operations. However, the filing also notes no single obligor represents 10% or more of the pool assets, mitigating concentration risk.

Analyst Insight

Investors should monitor developments in the lawsuit against Wilmington Trust, National Association, as it could signal broader systemic issues in trustee oversight within the ABS market. While the trust itself shows strong compliance and diversification, the legal challenge to a key service provider warrants attention for potential indirect impacts on operational stability or market sentiment.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 10% — Maximum percentage of pool assets represented by a single obligor (No single obligor represents 10% or more, indicating diversification.)
• 2025-12-31 — Fiscal year end date (The period covered by this 10-K filing.)
• 2026-02-03 — Date civil complaint served on WTNA (Marks the beginning of a significant legal proceeding for a key service provider.)
• 333-271899-02 — Commission File Number of Issuing Entity (Unique identifier for Bridgecrest Lending Auto Securitization Trust 2024-1 with the SEC.)

Key Players & Entities

• Bridgecrest Lending Auto Securitization Trust 2024-1 (company) — Issuing Entity
• Bridgecrest Auto Funding LLC (company) — Depositor
• Bridgecrest Acceptance Corporation (company) — Sponsor and Servicer
• Wilmington Trust, National Association (company) — Owner Trustee and Grantor Trust Trustee, facing a civil complaint
• Computershare Trust Company, National Association (company) — Indenture Trustee and Standby Servicer
• Tricolor Holdings, LLC (company) — Company related to the asset-backed securitization transactions in the lawsuit against WTNA
• Grant Thornton LLP (company) — Public accounting firm for Servicer's attestation report
• PricewaterhouseCoopers LLP (company) — Public accounting firm for Indenture Trustee's attestation report
• Daniel Gaudreau (person) — President (senior officer in charge of securitization) of Bridgecrest Auto Funding LLC
• Clayton Fixed Income Services LLC (company) — Asset Representations Reviewer

FAQ

Risk Factors

• Civil Complaint Against Owner Trustee [medium — legal]: A civil complaint was served on February 3, 2026, against Wilmington Trust, National Association (WTNA), in its capacities as owner trustee and grantor trust trustee. The complaint alleges unspecified damages related to breaches of contract and duties in prior Tricolor Holdings, LLC asset-backed securitization transactions. Despite this, WTNA does not believe the resolution will be material to the security holders of Bridgecrest Lending Auto Securitization Trust 2024-1.
• Servicing Compliance [low — operational]: The Servicer and Indenture Trustee have reported compliance with applicable servicing criteria. Their respective public accounting firms, Grant Thornton LLP and PricewaterhouseCoopers LLP, identified no material instances of noncompliance. This indicates operational stability in the core servicing functions.

Industry Context

The auto securitization market is a significant component of the broader asset-backed securities (ABS) market, providing essential financing for vehicle purchases. Competition among originators and servicers is often driven by loan performance, servicing efficiency, and the ability to structure attractive deals. Regulatory scrutiny and evolving consumer protection laws are ongoing trends impacting the industry.

Regulatory Implications

The filing emphasizes compliance with servicing criteria, which is a key regulatory focus in the ABS market. The civil complaint against the Owner Trustee, while deemed immaterial, highlights potential legal and reputational risks associated with the broader securitization ecosystem.

What Investors Should Do

1. Monitor developments regarding the civil complaint against Wilmington Trust, National Association.
2. Review the compliance reports from the Servicer and Indenture Trustee's auditors.
3. Assess the diversified nature of the asset pool.

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, providing a snapshot of the trust's structural disclosures.
• 2026-02-03: Civil Complaint Served on Wilmington Trust, National Association — Initiation of a legal proceeding against a key trustee, which could potentially impact trust administration or investor confidence, though deemed immaterial by the trustee.
• 2024-01-24: Closing Date of Indenture — Establishes the formal commencement of the securitization trust and the governing indenture agreement.

Glossary

Securitization Trust

A legal entity created to pool assets (like auto loans) and issue securities backed by the cash flows from those assets. (This is the core structure of Bridgecrest Lending Auto Securitization Trust 2024-1, defining its purpose and operational framework.)

Owner Trustee

A trustee that holds legal title to the assets within a securitization trust on behalf of the certificate holders. (Wilmington Trust, National Association serves in this role and is currently involved in a civil complaint.)

Grantor Trust Trustee

A trustee responsible for administering a grantor trust, which often holds assets before they are transferred to the securitization trust. (Wilmington Trust, National Association also serves in this capacity for the related grantor trust.)

Servicer

The entity responsible for collecting payments from borrowers, managing the underlying assets, and distributing cash flows to investors. (The Servicer's compliance with servicing criteria is crucial for the smooth operation of the trust.)

Indenture Trustee

A trustee appointed under an indenture agreement to represent the interests of bondholders or noteholders in a securitization. (The Indenture Trustee's compliance is also a key indicator of operational integrity.)

Depositor

An entity that transfers assets into a securitization trust. (The Depositor is a key party in the formation and operation of the trust.)

Sponsor

The entity that originates or purchases the assets to be securitized and initiates the securitization process. (The Sponsor is fundamental to the existence of the asset pool.)

Year-Over-Year Comparison

This filing focuses on structural disclosures and compliance rather than year-over-year financial performance, as is typical for a securitization trust's 10-K. Key metrics like revenue, net income, and margins are not applicable. The primary new information relates to the civil complaint served on Wilmington Trust, National Association, and the confirmation of servicing compliance by independent auditors.

Filing Documents

• tm261236d1_10k.htm (10-K) — 54KB
• tm261236d1_ex31-1.htm (EX-31.1) — 7KB
• tm261236d1_ex33-1.htm (EX-33.1) — 72KB
• tm261236d1_ex33-2.htm (EX-33.2) — 53KB
• tm261236d1_ex34-1.htm (EX-34.1) — 12KB
• tm261236d1_ex34-2.htm (EX-34.2) — 11KB
• tm261236d1_ex35-1.htm (EX-35.1) — 5KB
• tm261236d1_ex31-1img001.jpg (GRAPHIC) — 5KB
• tm261236d1_ex33-2img001.jpg (GRAPHIC) — 3KB
• tm261236d1_ex34-1img001.jpg (GRAPHIC) — 3KB
• tm261236d1_ex34-2img001.jpg (GRAPHIC) — 2KB
• 0001104659-26-035114.txt ( ) — 233KB

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Not Applicable.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not Applicable. Substitute information provided in accordance with General Instruction J to Form 10-K:

(b) of Regulation AB. Significant Obligors of

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets ( Financial Information ). No single obligor represents 10% or more of the pool assets held by Bridgecrest Lending Auto Securitization Trust 2024-1 (the “ Issuing Entity ”).

(b)(2) of Regulation

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments ( Financial Information Regarding Significant Enhancement Providers ). No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment of the pool assets held by the Issuing Entity or payments on the notes (the “ Notes ”) or certificates (the “ Certificates ”) issued by the Issuing Entity.

(b) of Regulation AB

Item 1115(b) of Regulation AB. Certain Derivatives Instruments ( Financial Information ). No entity or group of affiliated entities provides any derivative instruments that are used to alter the payment characteristics of the cashflows from the Issuing Entity.

of Regulation AB. Legal

Item 1117 of Regulation AB. Legal Proceedings. No legal proceedings are pending, and no proceedings are known to be contemplated by governmental authorities, against any of the following companies, or of which any property of the following companies is the subject, that are or would be material to holders of the Notes or the Certificates: Bridgecrest Acceptance Corporation (the “ Sponsor ”), Bridgecrest Auto Funding LLC (the “ Depositor ”), Computershare Trust Company, National Association (the “ Indenture Trustee ”), Bridgecrest Acceptance Corporation (the “ Servicer ”) or the Issuing Entity. Wilmington Trust, National Association (“ WTNA ”), as the owner trustee and grantor trust trustee, has provided the following paragraph for purposes of compliance with Regulation AB: On February 3, 2026, certain investors served WTNA with a civil complaint, filed in the Supreme Court of the State of New York, County of New York, for an unspecified amount of damages arising from alleged breaches of contract and duties related to WTNA’s roles as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions. The plaintiffs generally assert causes of action related to WTNA’s purported failure to comply with certain provisions related to waterfall payments, servicing transition costs and post-event of default duties and related to WTNA’s purported failure to perform certain actions as custodian with respect to the related receivables. WTNA intends to vigorously defend itself against this legal action. WTNA does not believe that the ultimate resolution of this proceeding, or any other proceedings, would be material to the security holders. PART II The following items have been omitted in accordance with General Instruction J to Form 10-K:

Market for Registrant’s Common Equity, Related Stockholder

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Management’s Discussion and Analysis of Financial

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data.

Changes in and Disagreements With Accountants on Accounting

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Controls and Procedures

Item 9A. Controls and Procedures.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions that Prevent

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not Applicable. PART III The following items have been omitted in accordance with General Instruction J to Form 10-K:

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance.

Executive Compensation

Item 11. Executive Compensation.

Security Ownership of Certain Beneficial Owners and Management

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Certain Relationships and Related Transactions, and Director

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Substitute information provided in accordance with General Instruction J to Form 10-K:

of Regulation AB. Affiliations

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions. Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119 of Regulation AB.

of Regulation AB. Compliance

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria. The Servicer and the Indenture Trustee (collectively, the “ Servicing Participants ”) have each been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by the Issuing Entity. Each of the Servicing Participants has provided a report on an assessment of compliance with the servicing criteria applicable to it (each, a “ Servicing Report ”), which Servicing Reports are attached as exhibits to this Form 10-K. In addition, each of the Servicing Participants has provided an attestation report (each, a “ Report on Assessment ”) by one or more registered public accounting firms, which Reports on Assessment are also attached as exhibits to this Form 10-K. None of the Servicing Reports or the Reports on Assessment have identified any material instance of noncompliance with the servicing criteria applicable to the respective Servicing Participants.

of Regulation AB. Servicer

Item 1123 of Regulation AB. Servicer Compliance Statement. The Servicer has been identified by the registrant as a servicer with respect to the asset pool held by the Issuing Entity. The Servicer has provided a statement of compliance with applicable servicing criteria (a “ Compliance Statement ”), signed by an authorized officer of the Servicer. The Compliance Statement is attached as an exhibit to this Form 10-K. PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules. (a)(1) Not Applicable. (a)(2) Not Applicable. (a)(3) Those exhibits required by Item 601 of Regulation S-K are listed in Item 15(b) below. (b) The exhibits required by Item 601 of Regulation S-K. The exhibits listed below are either included or incorporated by reference as indicated: Exhibit No. Document Description 3.1 Certificate of Formation of the Depositor (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form SF-3 (No. 333-271899) filed with the Commission by the Depositor on May 12, 2023 (the “Registration Statement”)). 3.2 Limited Liability Company Agreement of the Depositor (incorporated by reference to Exhibit 3.2 to the Registration Statement). 4.1 Indenture, dated as of January 24, 2024 (the “Closing Date”), between Bridgecrest Lending Auto Securitization Trust 2024-1 (the “Issuer”), Bridgecrest Lending Auto Securitization Grantor Trust 2024-1 (the “Grantor Trust”) and the Indenture Trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Commission by the Depositor on January 24, 2024 (the “Closing 8-K”)). 10.1 Purchase Agreement, dated as of the Closing Date, between the Sponsor and the Depositor (incorporated by reference to Exhibit 10.1 to the Current Report on the Closing 8-K). 10.2 Sale and Servicing Agreement, dated as of the Closing Date, among the Issuer, the Grantor Trust, the Depositor, the Servicer, Computershare Trust Company, National Association, as standby servicer (the “Standby Servicer”), and the Indenture Trustee (incorporated by reference to Exhibit 10.2 to the Current Report on the Closing 8-K). 10.3 Receivables Contribution Agreement, dated as the Closing Date, between the Issuer and the Grantor Trust (incorporated by reference to Exhibit 10.3 to the Current Report on the Closing 8-K). 10.4 Administrati

Form 10-K Summary

Item 16. Form 10-K Summary. Not applicable.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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. BRIDGECREST AUTO FUNDING LLC, as Depositor By: /s/ Daniel Gaudreau Name: Daniel Gaudreau Title: President (senior officer in charge of securitization) March 26, 2026 Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act No annual report to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to security holders or is anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K.

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