| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Moody's |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 219.7 | 15.5% | 5.00% | 0.21 | 4.73% | +10 I-curve | 2025-09-15 | A-1+ | P-1 |
| Class A-2a | 355.9 | 25.1% | 5.00% | 1.06 | 4.67% | +45 I-curve | 2027-12-15 | AAA | Aaa |
| Class A-2b | 165.0 | 11.6% | 5.00% | 1.06 | floating | +45 SOFR | 2027-12-15 | AAA | Aaa |
| Class A-3 | 520.9 | 36.7% | 5.00% | 2.67 | 4.60% | +53 I-curve | 2029-10-15 | AAA | Aaa |
| Class A-4 | 88.9 | 6.3% | 5.00% | 3.86 | 4.64% | +56 I-curve | 2030-04-15 | AAA | Aaa |
| Class B | 14.2 | 1.0% | 4.00% | 3.86 | 4.82% | +75 I-curve | 2030-05-15 | AA+ | Aa2 |
| Class C | 17.7 | 1.2% | 2.75% | 3.86 | 4.97% | +90 I-curve | 2030-06-17 | AA- | A1 |
| Class D | 17.7 | 1.2% | 1.50% | 3.86 | 5.36% | +130 I-curve | 2031-08-15 | A+ | Baa2 |
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, RBC Capital Markets, SMBC Nikko Securities, Mizuho Securities, MUFG Securities Americas, Scotia Capital |
| CAOT 2024-4 | CAOT 2024-3 | CAOT 2024-2 | CAOT 2024-1 | CAOT 2023-4 | CAOT 2023-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-11-05 | 2024-07-30 | 2024-04-24 | 2024-01-24 | 2023-10-18 | 2023-07-26 | 424B5 |
| Pool balance | $1,417.7MM | $1,414.1MM | $1,612.1MM | $1,565.7MM | $1,519.0MM | $1,522.8MM | 424B5 |
| WA Credit Score | 758+39 | 758 | 721 | 719 | 718 | 717 | 424B5 |
| WA APR | 9.66%−1.05pp | 9.53% | 11.02% | 10.90% | 10.71% | 10.38% | 424B5 |
| WA original term mo | 66.2+0.8 | 66.0 mo | 65.8 mo | 65.4 mo | 65.4 mo | 65.4 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 16.7% TX 11.1% FL 7.3% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.00%−4.25pp | 5.00% | 9.20% | 9.25% | 9.65% | 9.75% | calc |
| Enhancement, target | 5.00% | 5.25% | 9.20% | 9.25% | 9.65% | 9.75% | calc |
| Subordinate notes | 3.5%−4.5pp | 3.8% | 8.2% | 8.0% | 8.2% | 8.0% | calc |
| OC (initial) | 1.25% | 1.00% | 0.75% | 1.00% | 1.25% | 1.50% | 424B5 |
| OC target | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% | 1.50% | 424B5 |
| OC floor | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% | 1.50% | 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 | +53 bps−22bps A-3 · 2.7y | +62 bps 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 | 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 2024-4 | HAROT 2024-4 | NAROT 2024-B | TAOT 2024-D | GMCAR 2024-4 | HART 2024-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2024-11-05 | 2024-10-24 | 2024-10-23 | 2024-10-17 | 2024-10-16 | 2024-10-16 | 424B5 |
| Pool balance | $1,417.7MM | $2,159.2MM | $1,397.8MM | $1,841.9MM | $1,346.6MM | $1,859.5MM | 424B5 |
| WA Credit Score | 758−12 | 768 | 783 | 770 | 782 | 769 | 424B5 |
| WA APR | 9.66%+3.70pp | 4.88% | 4.63% | 5.96% | 6.73% | 5.97% | 424B5 |
| WA original term mo | 66.2−0.4 | 61.2 mo | — | 65.4 mo | 69.0 mo | 68.0 mo | 424B5 |
| % new vehicles | 0.0% | 86.2% | 10.0% | 90.0% | 87.7% | 96.7% | 424B5 |
| Geo top-3 | CA 16.7% TX 11.1% FL 7.3% | CA 17.5% TX 9.9% FL 6.9% | TX 17.1% FL 8.8% CA 6.2% | TX 17.3% CA 15.6% PA 4.5% | TX 15.3% FL 7.2% MI 5.3% | TX 12.7% FL 10.6% CA 8.9% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.00%+0.75pp | 2.75% | 4.25% | 2.75% | 6.10% | 7.55% | calc |
| Enhancement, target | 5.00% | — | 4.25% | 3.60% | 6.60% | 8.05% | calc |
| Subordinate notes | 3.5%+1.0pp | 0.0% | 0.0% | 2.5% | 4.4% | 4.8% | calc |
| OC (initial) | 1.25% | 2.50% | 4.00% | 0.00% | 1.50% | 2.50% | 424B5 |
| OC target | 1.25% | — | 4.00% | 0.85% | 2.00% | 3.00% | 424B5 |
| OC floor | 1.25% | — | 4.00% | 0.85% | 2.00% | 3.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | 6.85% | 4.99% | 3.04% | 4.98% | 424B5 |
| Pricing | |||||||
| AAA spread | +53 bps+2bps A-3 · 2.7y | +48 bps A-3 · 2.3y | +47 bps A-3 · 2.2y | +51 bps A-3 · 2.5y | +53 bps A-3 · 2.5y | +53 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 8 | 4 | 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 (217 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.