| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 309.0 | 19.2% | 80.1% | 5.53% fxd | 0.28 | 2025-05-15 | A-1+ | F1+ |
| Class A-2A | 410.0 | 25.4% | 54.6% | 5.65% fxd | 1.13 | 2027-05-17 | AAA | AAA |
| Class A-2B | 125.0 | 7.8% | 46.9% | +58 bps SOFR | 1.13 | 2027-11-17 | AAA | AAA |
| Class A-3 | 535.0 | 33.2% | 13.7% | 5.50% fxd | 2.58 | 2029-01-16 | AAA | AAA |
| Class A-4 | 88.8 | 5.5% | 8.2% | 5.51% fxd | 3.74 | 2029-11-15 | AAA | AAA |
| Class B | 50.8 | 3.2% | 5.1% | 5.69% fxd | 3.89 | 2029-11-15 | AA | AA |
| Class C | 48.4 | 3.0% | 2.1% | 5.84% fxd | 3.89 | 2029-12-17 | A | A |
| Class D | 33.0 | 2.1% | 0.0% | 6.42% fxd | 3.89 | 2030-10-15 | 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 | BofA Securities, Academy Securities, RBC Capital Markets, MUFG Securities Americas, Mizuho Securities, SMBC Nikko Securities |
| CAOT 2024-2 | CAOT 2024-1 | CAOT 2023-4 | CAOT 2023-3 | CAOT 2023-2 | CAOT 2023-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-04-24 | 2024-01-24 | 2023-10-18 | 2023-07-26 | 2023-04-26 | 2023-01-25 |
| Pool balance | $1,612.1MM | $1,565.7MM | $1,519.0MM | $1,522.8MM | $1,530.6MM | $1,491.0MM |
| WA Credit Score | 721+4 | 719 | 718 | 717 | 716 | 714 |
| WA APR | 11.01%+0.63pp | 10.90% | 10.71% | 10.38% | 9.56% | 9.08% |
| WA original term mo | 65.8+0.4 | 65.4 mo | 65.4 mo | 65.4 mo | 65.9 mo | 66.4 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% |
| Geo top-3 | CA 16.2% TX 11.1% FL 8.2% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +58 bps−12bps | +62 bps | +80 bps | +60 bps | +85 bps | +70 bps |
| AAA % of pool | 71.9%+0.9pp | 73.4% | 73.3% | 70.5% | 71.0% | 70.3% |
| Subordination below AAA | 8.2%+0.2pp | 8.0% | 8.2% | 8.0% | 7.4% | 8.2% |
| OC (initial) | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% |
| OC target | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% |
| OC floor | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 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 2024-2 | GMCAR 2024-2 | HART 2024-A | FCAOT 2024-A | AART 2024-1 | HAROT 2024-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2024-04-24 | 2024-04-10 | 2024-03-20 | 2024-03-19 | 2024-03-13 | 2024-02-21 |
| Pool balance | $1,612.1MM | $1,654.1MM | $1,812.8MM | $1,696.7MM | $1,122.0MM | $2,159.2MM |
| WA Credit Score | 721−45 | 784 | 766 | 756 | 734 | 768 |
| WA APR | 11.01%+5.55pp | 5.46% | 5.70% | 4.80% | 6.93% | 4.59% |
| WA original term mo | 65.8−0.8 | 68.0 mo | 66.6 mo | 63.7 mo | 71.0 mo | 62.2 mo |
| % new vehicles | 0.0% | 87.7% | 95.8% | 92.5% | 40.0% | 86.1% |
| Reserve % | 0.75% | 0.24% | 0.25% | 0.23% | — | 0.25% |
| Geo top-3 | CA 16.2% TX 11.1% FL 8.2% | TX 14.4% FL 7.1% NY 5.3% | TX 12.9% FL 11.5% CA 6.4% | TX 16.0% CA 9.1% FL 8.6% | TX 13.1% FL 9.1% CA 6.9% | NJ 4.9% MA 4.9% CA 4.8% |
| Structure (at issuance) | ||||||
| AAA spread | +58 bps+17bps | +39 bps | +42 bps | +36 bps | +42 bps | — |
| AAA % of pool | 71.9%+1.2pp | 71.5% | 69.7% | 70.4% | 70.7% | 73.6% |
| Subordination below AAA | 8.2%+3.7pp | 2.9% | 4.5% | 4.7% | 5.2% | 0.0% |
| OC (initial) | 0.75% | 1.50% | 3.00% | 2.00% | 0.45% | 2.50% |
| OC target | 0.75% | 2.00% | 3.00% | 2.00% | 1.30% | — |
| OC floor | 0.75% | 2.00% | 3.00% | 2.00% | 1.30% | — |
| YSOC | n.a. | 5.27% | 5.15% | 5.77% | n.a. | — |
| Tranches | 8 | 7 | 7 | 7 | 7 | 4 |
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 (202 series across 22 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: prime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.