| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 309.0 | 19.2% | 9.20% | 0.28 | 5.53% | +13 I-curve | 2025-05-15 | A-1+ | F1+ |
| Class A-2A | 410.0 | 25.4% | 9.20% | 1.13 | 5.65% | +58 I-curve | 2027-05-17 | AAA | AAA |
| Class A-2B | 125.0 | 7.8% | 9.20% | 1.13 | floating | +58 SOFR | 2027-11-17 | AAA | AAA |
| Class A-3 | 535.0 | 33.2% | 9.20% | 2.58 | 5.50% | +72 I-curve | 2029-01-16 | AAA | AAA |
| Class A-4 | 88.8 | 5.5% | 9.20% | 3.74 | 5.51% | +85 I-curve | 2029-11-15 | AAA | AAA |
| Class B | 50.8 | 3.2% | 6.05% | 3.89 | 5.69% | +105 I-curve | 2029-11-15 | AA | AA |
| Class C | 48.4 | 3.0% | 3.05% | 3.89 | 5.84% | +120 I-curve | 2029-12-17 | A | A |
| Class D | 33.0 | 2.1% | 1.00% | 3.89 | 6.42% | +180 I-curve | 2030-10-15 | 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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,612.1MM | $1,565.7MM | $1,519.0MM | $1,522.8MM | $1,530.6MM | $1,491.0MM | 424B5 |
| WA Credit Score | 721+4 | 719 | 718 | 717 | 716 | 714 | 424B5 |
| WA APR | 11.02%+0.64pp | 10.90% | 10.71% | 10.38% | 9.57% | 9.09% | 424B5 |
| WA original term mo | 65.8+0.4 | 65.4 mo | 65.4 mo | 65.4 mo | 65.9 mo | 66.4 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 9.20%−0.45pp | 9.25% | 9.65% | 9.75% | 9.65% | 10.85% | calc |
| Enhancement, target | 9.20% | 9.25% | 9.65% | 9.75% | 9.65% | 10.85% | calc |
| Subordinate notes | 8.2%+0.2pp | 8.0% | 8.2% | 8.0% | 7.4% | 8.2% | calc |
| OC (initial) | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 424B5 |
| OC target | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 424B5 |
| OC floor | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 2.40% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +72 bps−13bps A-3 · 2.6y | +75 bps 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 | 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 2024-2 | GMCAR 2024-2 | HART 2024-A | FCAOT 2024-A | AART 2024-1 | HAROT 2024-1 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,612.1MM | $1,654.1MM | $1,812.8MM | $1,696.7MM | $1,122.0MM | $2,159.2MM | 424B5 |
| WA Credit Score | 721−45 | 784 | 766 | 756 | 734 | 768 | 424B5 |
| WA APR | 11.02%+5.32pp | 6.23% | 5.70% | 4.79% | 9.62% | 4.59% | 424B5 |
| WA original term mo | 65.8−0.8 | 68.0 mo | 66.6 mo | 63.7 mo | 71.0 mo | 62.2 mo | 424B5 |
| % new vehicles | 0.0% | 87.7% | 95.8% | 92.5% | 40.0% | 86.1% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 9.20%+3.35pp | 6.10% | 7.55% | 5.25% | 5.85% | 2.75% | calc |
| Enhancement, target | 9.20% | 6.60% | 8.05% | 7.25% | 6.70% | — | calc |
| Subordinate notes | 8.2%+3.4pp | 4.4% | 4.8% | 5.0% | 5.2% | 0.0% | calc |
| OC (initial) | 0.75% | 1.50% | 2.50% | 0.00% | 0.45% | 2.50% | 424B5 |
| OC target | 0.75% | 2.00% | 3.00% | 2.00% | 1.30% | — | 424B5 |
| OC floor | 0.75% | 2.00% | 3.00% | 2.00% | 1.30% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 5.27% | 6.82% | 6.94% | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +72 bps+9bps A-3 · 2.6y | +57 bps A-3 · 2.5y | +63 bps A-3 · 2.5y | +57 bps A-3 · 2.4y | +66 bps A-3 · 2.3y | +66 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 8 | 8 | 7 | 7 | 7 | 4 | 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 (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 the performance page ↗ for
FICO sub-band and new/used stratification.