Bridgecrest 2024-2 Reports Stable Operations, Trustee Faces Lawsuit

TL;DR

Bridgecrest 2024-2 is operationally sound, but the lawsuit against its trustee, Wilmington Trust, National Association, introduces a material counterparty risk that investors should monitor closely.

AI Summary

Bridgecrest Lending Auto Securitization Trust 2024-2, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no significant changes in its core business of holding auto loan pool assets. The filing explicitly states that no single obligor represents 10% or more of the pool assets, and no external credit enhancement or derivative instruments are used to alter cashflow characteristics. A key risk highlighted is a civil complaint served on February 3, 2026, against Wilmington Trust, National Association (WTNA), 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. WTNA intends to vigorously defend itself, not believing the resolution would be material to Bridgecrest's noteholders or certificate holders. The Servicer and Indenture Trustee have both provided reports on compliance with servicing criteria, with no material instances of noncompliance identified, suggesting operational stability. The strategic outlook remains focused on managing the existing pool assets without new external enhancements or complex derivatives.

Why It Matters

This 10-K provides a snapshot of the operational health and risk profile for investors in Bridgecrest Lending Auto Securitization Trust 2024-2. The absence of significant obligor concentration and external credit enhancements means investors are directly exposed to the performance of the underlying auto loan pool. The lawsuit against Wilmington Trust, National Association, while not directly against Bridgecrest, introduces counterparty risk for investors, as WTNA serves critical trustee roles. This could impact market perception of securitization trusts generally, especially those involving subprime auto loans, in a competitive landscape where investor confidence is paramount.

Risk Assessment

Risk Level: medium — The risk level is medium due to the legal proceedings against Wilmington Trust, National Association (WTNA), which serves as the owner trustee and grantor trust trustee for Bridgecrest Lending Auto Securitization Trust 2024-2. While WTNA states it does not believe the outcome will be material to Bridgecrest's security holders, the unspecified amount of damages and allegations of breaches of contract and duties in other asset-backed securitization transactions (Tricolor Holdings, LLC) introduce a significant counterparty risk and potential reputational spillover.

Analyst Insight

Investors should closely monitor the legal proceedings against Wilmington Trust, National Association, as the outcome could impact the trustee's ability to perform its duties or its financial stability, potentially affecting Bridgecrest Lending Auto Securitization Trust 2024-2. Evaluate the specific terms of the trust agreements regarding trustee replacement or indemnification in light of this litigation.

Financial Highlights

total Assets

Not Disclosed

total Debt

Not Disclosed

Key Numbers

• 10% — Maximum percentage of pool assets represented by a single obligor (No single obligor represents 10% or more of the pool assets, indicating diversification.)
• 2025-12-31 — Fiscal year end date (The reporting period for this 10-K filing.)
• 2026-02-03 — Date of civil complaint against WTNA (Indicates a recent legal development affecting a key service provider.)

Key Players & Entities

• Bridgecrest Lending Auto Securitization Trust 2024-2 (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 civil complaint
• Computershare Trust Company, National Association (company) — Indenture Trustee and Standby Servicer
• Tricolor Holdings, LLC (company) — Entity related to the lawsuit against WTNA
• Daniel Gaudreau (person) — President (senior officer in charge of securitization) of Bridgecrest Auto Funding LLC
• Clayton Fixed Income Services LLC (company) — Asset Representations Reviewer
• Grant Thornton LLP (company) — Public accounting firm for Servicer's attestation report
• PricewaterhouseCoopers LLP (company) — Public accounting firm for Indenture Trustee's attestation report

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 capacity 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. WTNA intends to defend itself vigorously, stating the resolution is not expected to be material to noteholders or certificate holders.

Industry Context

The auto loan securitization market is a significant component of the broader asset-backed securities (ABS) market. It allows originators to access funding by pooling loans and selling them to investors. Key trends include evolving credit standards, increasing use of technology in loan origination and servicing, and ongoing regulatory scrutiny.

Regulatory Implications

Securitization trusts are subject to various regulations, including those related to disclosure, risk retention, and consumer protection. The civil complaint against WTNA highlights potential legal and reputational risks that can arise from past transactions, even if not directly impacting the current trust's operations.

What Investors Should Do

1. Monitor the outcome of the civil complaint against WTNA.
2. Review the Servicer and Indenture Trustee compliance reports.
3. Assess the diversification of the underlying auto loan pool.

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-02-03: Civil Complaint Served on WTNA — Introduces a new legal risk involving a key trustee, although management believes it will not be material to investors.
• 2024-04-24: Closing Date of Indenture — Establishes the formal start date for the securitization trust's primary debt instrument.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by the cash flows from those assets. (Bridgecrest Lending Auto Securitization Trust 2024-2 is a securitization entity holding auto loan assets.)

Owner Trustee

A trustee that holds legal title to the assets transferred into a trust for the benefit of the security holders. (Wilmington Trust, National Association serves as the owner trustee for Bridgecrest Lending Auto Securitization Trust 2024-2.)

Grantor Trust Trustee

A trustee responsible for administering a grantor trust, which is often used in securitization structures. (Wilmington Trust, National Association also serves as the grantor trust trustee for this securitization.)

Indenture Trustee

A trustee appointed under an indenture to represent the interests of bondholders and ensure compliance with the indenture's terms. (The Indenture Trustee plays a role in the debt structure of the securitization trust.)

Servicer

The entity responsible for collecting payments from the underlying assets (auto loans in this case) and distributing them to investors. (The Servicer's compliance with servicing criteria is reported, indicating operational stability.)

Obligor

The party who owes an obligation, in this context, the borrower of an auto loan. (The diversification of obligors is noted, with no single obligor exceeding 10% of the pool assets.)

Year-Over-Year Comparison

This 10-K filing for Bridgecrest Lending Auto Securitization Trust 2024-2 does not provide comparative financial data from a prior year's 10-K. However, it highlights the establishment of the trust with an Indenture dated April 24, 2024, and the absence of external credit enhancements or derivatives. A new significant event is the civil complaint filed against WTNA on February 3, 2026, which represents a new risk factor compared to the trust's inception.

Filing Documents

• tm261237d1_10k.htm (10-K) — 54KB
• tm261237d1_ex31-1.htm (EX-31.1) — 6KB
• tm261237d1_ex33-1.htm (EX-33.1) — 77KB
• tm261237d1_ex33-2.htm (EX-33.2) — 60KB
• tm261237d1_ex34-1.htm (EX-34.1) — 11KB
• tm261237d1_ex34-2.htm (EX-34.2) — 11KB
• tm261237d1_ex35-1.htm (EX-35.1) — 4KB
• tm261237d1_ex31-1img01.jpg (GRAPHIC) — 4KB
• tm261237d1_ex33-1img01.jpg (GRAPHIC) — 4KB
• tm261237d1_ex33-2img01.jpg (GRAPHIC) — 3KB
• tm261237d1_ex34-1img01.jpg (GRAPHIC) — 2KB
• tm261237d1_ex34-2img01.jpg (GRAPHIC) — 2KB
• tm261237d1_ex35-1img01.jpg (GRAPHIC) — 4KB
• 0001104659-26-035115.txt ( ) — 252KB

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 2024-2 (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

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 April 24, 2024 (the “Closing Date”), between Bridgecrest Lending Auto Securitization Trust 2024-2 (the “Issuer”), Bridgecrest Lending Auto Securitization Grantor Trust 2024-2 (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 April 25, 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 Administration Agreement

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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