| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 275.1 | 17.6% | 81.4% | +13 bps | 0.26 | 2025-01-15 | A-1+ | F1+ |
| Class A-2A | 325.0 | 20.8% | 60.7% | +62 bps | 1.12 | 2027-03-15 | AAA | AAA |
| Class A-2B | 237.7 | 15.2% | 45.5% | +62 bps SOFR | 1.12 | 2027-03-15 | AAA | AAA |
| Class A-3 | 500.3 | 32.0% | 13.5% | +75 bps | 2.59 | 2028-10-16 | AAA | AAA |
| Class A-4 | 86.7 | 5.5% | 8.0% | +90 bps | 3.71 | 2029-08-15 | AAA | AAA |
| Class B | 46.9 | 3.0% | 5.0% | +115 bps | 3.89 | 2029-08-15 | AA | AA |
| Class C | 44.6 | 2.8% | 2.2% | +145 bps | 3.89 | 2029-08-15 | A | A |
| Class D | 33.7 | 2.2% | 0.0% | +200 bps | 3.89 | 2030-07-15 | BBB | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | — |
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,565.7MM | $1,519.0MM | $1,522.8MM | $1,530.6MM | $1,491.0MM | $1,430.0MM |
| WA Credit Score | 719+3 | 718 | 717 | 716 | 714 | 714 |
| WA APR | 10.90%+1.34pp | 10.71% | 10.38% | 9.56% | 9.08% | 8.84% |
| WA original term mo | 65.4−0.5 | 65.4 mo | 65.4 mo | 65.9 mo | 66.4 mo | 66.2 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 2.40% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +62 bps−18bps | +80 bps | +60 bps | +85 bps | +70 bps | +90 bps |
| AAA % of pool | 73.4%+2.4pp | 73.3% | 70.5% | 71.0% | 70.3% | 72.3% |
| Subordination below AAA | 8.0%−0.2pp | 8.2% | 8.0% | 7.4% | 8.2% | 8.2% |
| OC (initial) | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 2.40% |
| OC target | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 2.40% |
| OC floor | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 2.40% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 8 | 8 | 8 | 8 | 8 | 8 |
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 | MBART 2024-1 | BLAST 2024-1 | SDART 2024-1 | VALET 2023-2 | FCAOT 2023-C | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-01-24 | 2024-01-24 | 2024-01-24 | 2024-01-18 | 2023-11-21 | 2023-11-21 |
| Pool balance | $1,565.7MM | — | $700.0MM | $1,731.8MM | $1,418.8MM | $1,443.4MM |
| WA Credit Score | 719−34 | 754 | 554 | 606 | 774 | 753 |
| WA APR | 10.90%+3.16pp | 7.74% | 19.10% | 17.63% | 5.69% | 4.92% |
| WA original term mo | 65.4−1.4 | 69.6 mo | 64.0 mo | 71.8 mo | — | 63.6 mo |
| % new vehicles | 0.0% | 40.3% | 0.1% | 31.1% | 73.4% | 91.2% |
| Reserve % | 1.00% | — | 1.50% | 1.00% | 0.23% | 0.23% |
| Geo top-3 | CA 16.4% TX 11.3% FL 8.1% | CA 21.6% FL 15.3% TX 14.3% | TX 13.8% FL 12.1% GA 10.0% | TX 14.4% FL 11.2% CA 8.9% | TX 14.8% CA 13.6% FL 9.6% | TX 16.0% CA 9.6% FL 8.4% |
| Structure (at issuance) | ||||||
| AAA spread | +62 bps−4bps | +66 bps | +70 bps | +72 bps | +64 bps | +55 bps |
| AAA % of pool | 73.4%+26.1pp | 42.3% | 35.0% | 47.4% | 70.8% | 68.2% |
| Subordination below AAA | 8.0%+3.4pp | 0.0% | 41.0% | 29.7% | 0.0% | 4.6% |
| OC (initial) | 1.00% | 2.50% | 15.50% | 9.50% | 3.00% | 2.00% |
| OC target | 1.00% | 2.50% | 20.80% | 15.20% | — | 2.00% |
| OC floor | 1.00% | 2.50% | 3.25% | 2.00% | — | 2.00% |
| YSOC | n.a. | — | n.a. | n.a. | 9.17% | 7.07% |
| Tranches | 8 | 5 | 7 | 6 | 5 | 7 |
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 in Explorer ↗ for
FICO sub-band and new/used stratification.