| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 275.1 | 17.6% | 9.25% | 0.26 | 5.51% | +13 I-curve | 2025-01-15 | A-1+ | F1+ |
| Class A-2A | 325.0 | 20.8% | 9.25% | 1.12 | 5.30% | +62 I-curve | 2027-03-15 | AAA | AAA |
| Class A-2B | 237.7 | 15.2% | 9.25% | 1.12 | floating | +62 SOFR | 2027-03-15 | AAA | AAA |
| Class A-3 | 500.3 | 32.0% | 9.25% | 2.59 | 4.92% | +75 I-curve | 2028-10-16 | AAA | AAA |
| Class A-4 | 86.7 | 5.5% | 9.25% | 3.71 | 4.94% | +90 I-curve | 2029-08-15 | AAA | AAA |
| Class B | 46.9 | 3.0% | 6.25% | 3.89 | 5.17% | +115 I-curve | 2029-08-15 | AA | AA |
| Class C | 44.6 | 2.8% | 3.40% | 3.89 | 5.47% | +145 I-curve | 2029-08-15 | A | A |
| Class D | 33.7 | 2.2% | 1.25% | 3.89 | 6.00% | +200 I-curve | 2030-07-15 | BBB | BBB |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | CarMax Auto Funding LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, TD Securities, Wells Fargo Securities, Scotia Capital, Mizuho Securities, SMBC Nikko Securities |
| CAOT 2024-1 | CAOT 2023-4 | CAOT 2023-3 | CAOT 2023-2 | CAOT 2023-1 | CAOT 2022-4 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-01-24 | 2023-10-18 | 2023-07-26 | 2023-04-26 | 2023-01-25 | 2022-10-31 | 424B5 |
| Pool balance | $1,565.7MM | $1,519.0MM | $1,522.8MM | $1,530.6MM | $1,491.0MM | $1,430.0MM | 424B5 |
| WA Credit Score | 719+3 | 718 | 717 | 716 | 714 | 714 | 424B5 |
| WA APR | 10.90%+1.33pp | 10.71% | 10.38% | 9.57% | 9.09% | 8.84% | 424B5 |
| WA original term mo | 65.4−0.5 | 65.4 mo | 65.4 mo | 65.9 mo | 66.4 mo | 66.2 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 16.4% TX 11.3% FL 8.1% | CA 16.9% TX 11.5% FL 8.3% | CA 16.8% TX 11.8% FL 8.8% | CA 16.6% TX 11.7% FL 8.4% | CA 16.5% TX 11.8% FL 8.2% | CA 17.8% TX 12.5% FL 8.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 9.25%−0.50pp | 9.65% | 9.75% | 9.65% | 10.85% | 10.96% | calc |
| Enhancement, target | 9.25% | 9.65% | 9.75% | 9.65% | 10.85% | 10.96% | calc |
| Subordinate notes | 8.0%−0.2pp | 8.2% | 8.0% | 7.4% | 8.2% | 8.2% | calc |
| OC (initial) | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 2.40% | 424B5 |
| OC target | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 2.40% | 424B5 |
| OC floor | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 2.40% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.40% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +75 bps−25bps A-3 · 2.6y | +115 bps A-3 · 2.6y | +85 bps A-3 · 2.6y | +105 bps A-3 · 2.6y | +83 bps A-3 · 2.5y | +100 bps A-3 · 2.5y | FWP |
| Terms | |||||||
| Tranches | 8 | 8 | 8 | 8 | 8 | 8 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
| CAOT 2024-1 | BLAST 2024-1 | MBART 2024-1 | SDART 2024-1 | GMCAR 2024-1 | FCAOT 2023-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-01-24 | 2024-01-24 | 2024-01-24 | 2024-01-18 | 2024-01-17 | 2023-11-21 | 424B5 |
| Pool balance | $1,565.7MM | $700.0MM | $1,459.5MM | $1,609.6MM | $1,657.3MM | $1,443.4MM | 424B5 |
| WA Credit Score | 719−34 | 552 | 754 | 606 | 783 | 753 | 424B5 |
| WA APR | 10.90%+3.16pp | 23.34% | 7.74% | 18.52% | 5.96% | 4.92% | 424B5 |
| WA original term mo | 65.4−3.6 | 64.0 mo | 69.6 mo | 71.8 mo | 69.0 mo | 63.6 mo | 424B5 |
| % new vehicles | 0.0% | 0.1% | 40.3% | 31.1% | — | 91.2% | 424B5 |
| Geo top-3 | CA 16.4% TX 11.3% FL 8.1% | TX 13.8% FL 12.1% GA 10.0% | CA 21.6% FL 15.3% TX 14.3% | TX 14.4% FL 11.2% CA 8.9% | TX 14.0% FL 7.3% CA 5.4% | TX 16.0% CA 9.6% FL 8.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 9.25%+3.15pp | 58.00% | 2.75% | 42.45% | 6.10% | 5.25% | calc |
| Enhancement, target | 9.25% | 63.30% | 2.75% | 48.15% | 6.60% | 7.25% | calc |
| Subordinate notes | 8.0%+3.0pp | 41.0% | 0.0% | 31.9% | 4.4% | 5.0% | calc |
| OC (initial) | 1.00% | 15.50% | 2.50% | 9.50% | 1.50% | 0.00% | 424B5 |
| OC target | 1.00% | 20.80% | 2.50% | 15.20% | 2.00% | 2.00% | 424B5 |
| OC floor | 1.00% | 3.25% | 2.50% | 2.00% | 2.00% | 2.00% | 424B5 |
| Reserve account | 0.25% | 1.50% | 0.25% | 1.00% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | 4.47% | n.a. | 5.45% | 8.84% | 424B5 |
| Pricing | |||||||
| AAA spread | +75 bps−13bps A-3 · 2.6y | +95 bps A-3 · 1.3y | +66 bps A-3 · 2.7y | +90 bps A-3 · 1.8y | — | +86 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 8 | 7 | 5 | 6 | 8 | 7 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.
Left: per-series cumulative NET loss at matched seasoning 10-D (10-D servicer distribution reports). IQR band uses a fixed cohort of all peer series with ≥18 months of data (4 series across 3 issuers). Right: portfolio-level 60+ DQ rate aggregated across all active deals per issuer (calendar time, last 3 years), from ABS-EE loan-level data ABS-EE.
CarMax Business Services, LLC — ticker CAOT.
Peer tier: near-prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.