| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 265.2 | 18.8% | 5.00% | 0.26 | 5.44% | +13 I-curve | 2025-08-15 | A-1+ | P-1 |
| Class A-2a | 249.2 | 17.6% | 5.00% | 1.15 | 5.21% | +47 I-curve | 2027-09-15 | AAA | Aaa |
| Class A-2b | 249.2 | 17.6% | 5.00% | — | floating | +47 SOFR | 2027-09-15 | — | Aaa |
| Class A-3 | 498.4 | 35.2% | 5.00% | 2.70 | 4.89% | +62 I-curve | 2029-07-15 | AAA | Aaa |
| Class A-4 | 85.0 | 6.0% | 5.00% | 3.87 | 4.85% | +69 I-curve | 2030-01-15 | AAA | Aaa |
| Class B | 17.7 | 1.3% | 3.75% | 3.88 | 5.08% | +93 I-curve | 2030-02-15 | AA+ | Aa2 |
| Class C | 17.7 | 1.3% | 2.50% | 3.88 | 5.28% | +113 I-curve | 2030-03-15 | AA- | A2 |
| Class D | 17.7 | 1.3% | 1.25% | 3.88 | 5.67% | +153 I-curve | 2031-01-15 | A+ | Baa1 |
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 | J.P. Morgan Securities, RBC Capital Markets, TD Securities, Drexel Hamilton, Wells Fargo Securities, Mizuho Securities |
| CAOT 2024-3 | CAOT 2024-2 | CAOT 2024-1 | CAOT 2023-4 | CAOT 2023-3 | CAOT 2023-2 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-07-30 | 2024-04-24 | 2024-01-24 | 2023-10-18 | 2023-07-26 | 2023-04-26 | 424B5 |
| Pool balance | $1,414.1MM | $1,612.1MM | $1,565.7MM | $1,519.0MM | $1,522.8MM | $1,530.6MM | 424B5 |
| WA Credit Score | 758+39 | 721 | 719 | 718 | 717 | 716 | 424B5 |
| WA APR | 9.53%−1.18pp | 11.02% | 10.90% | 10.71% | 10.38% | 9.57% | 424B5 |
| WA original term mo | 66.0+0.6 | 65.8 mo | 65.4 mo | 65.4 mo | 65.4 mo | 65.9 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 17.4% TX 10.7% FL 8.0% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.00%−4.65pp | 9.20% | 9.25% | 9.65% | 9.75% | 9.65% | calc |
| Enhancement, target | 5.25% | 9.20% | 9.25% | 9.65% | 9.75% | 9.65% | calc |
| Subordinate notes | 3.8%−4.2pp | 8.2% | 8.0% | 8.2% | 8.0% | 7.4% | calc |
| OC (initial) | 1.00% | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 424B5 |
| OC target | 1.25% | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 424B5 |
| OC floor | 1.25% | 0.75% | 1.00% | 1.25% | 1.50% | 2.00% | 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 | +62 bps−23bps A-3 · 2.7y | +72 bps 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 | 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 2024-3 | TAOT 2024-C | HART 2024-B | GMCAR 2024-3 | FCAOT 2024-B | BMWOT 2024-A | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-07-30 | 2024-07-30 | 2024-07-24 | 2024-07-10 | 2024-06-24 | 2024-06-11 | 424B5 |
| Pool balance | $1,414.1MM | $1,864.8MM | $1,925.2MM | $1,420.3MM | $1,999.5MM | $1,910.0MM | 424B5 |
| WA Credit Score | 758−11 | 769 | 768 | 783 | 755 | 789 | 424B5 |
| WA APR | 9.53%+3.55pp | 6.04% | 5.98% | 6.52% | 4.65% | 5.35% | 424B5 |
| WA original term mo | 66.0+0.7 | 65.4 mo | 67.3 mo | 69.0 mo | 64.8 mo | 63.6 mo | 424B5 |
| % new vehicles | 0.0% | 87.0% | 96.5% | 87.7% | 93.6% | 68.2% | 424B5 |
| Geo top-3 | CA 17.4% TX 10.7% FL 8.0% | CA 16.3% TX 16.2% PA 4.6% | TX 12.4% CA 12.2% FL 10.4% | TX 14.5% FL 7.5% MI 5.2% | TX 16.0% CA 8.5% FL 8.4% | CA 16.7% TX 13.2% FL 11.0% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.00%−0.25pp | 2.75% | 7.55% | 6.10% | 5.25% | 2.75% | calc |
| Enhancement, target | 5.25% | 3.60% | 8.05% | 6.60% | 7.25% | 2.75% | calc |
| Subordinate notes | 3.8%−0.6pp | 2.5% | 4.8% | 4.3% | 5.0% | 0.0% | calc |
| OC (initial) | 1.00% | 0.00% | 2.50% | 1.50% | 0.00% | 2.50% | 424B5 |
| OC target | 1.25% | 0.85% | 3.00% | 2.00% | 2.00% | 2.50% | 424B5 |
| OC floor | 1.25% | 0.85% | 3.00% | 2.00% | 2.00% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 6.16% | 6.43% | 4.40% | 7.87% | 6.03% | 424B5 |
| Pricing | |||||||
| AAA spread | +62 bps+7bps A-3 · 2.7y | +55 bps A-3 · 2.4y | +55 bps A-3 · 2.4y | +54 bps A-3 · 2.4y | +56 bps A-3 · 2.4y | +54 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 8 | 6 | 7 | 8 | 7 | 5 | 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 (209 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.