| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P |
|---|---|---|---|---|---|---|---|
| Class A-1 | 219.7 | 15.5% | 83.3% | 4.73% fxd | — | 2025-09-15 | A-1+ |
| Class A-2a | 355.9 | 25.1% | 58.2% | 4.67% fxd | — | 2027-12-15 | AAA |
| Class A-2b | 165.0 | 11.6% | 46.5% | +45 bps SOFR | — | 2027-12-15 | AAA |
| Class A-3 | 520.9 | 36.7% | 9.8% | 4.60% fxd | — | 2029-10-15 | AAA |
| Class A-4 | 88.9 | 6.3% | 3.5% | 4.64% fxd | — | 2030-04-15 | AAA |
| Class B | 14.2 | 1.0% | 2.5% | 4.82% fxd | — | 2030-05-15 | AA+ |
| Class C | 17.7 | 1.2% | 1.2% | 4.97% fxd | — | 2030-06-17 | AA- |
| Class D | 17.7 | 1.2% | 0.0% | 5.36% fxd | — | 2031-08-15 | A+ |
| 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, 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,417.7MM | $1,414.1MM | $1,612.1MM | $1,565.7MM | $1,519.0MM | $1,522.8MM |
| WA Credit Score | 758+39 | 758 | 721 | 719 | 718 | 717 |
| WA APR | 9.66%−1.05pp | 9.54% | 11.01% | 10.90% | 10.71% | 10.38% |
| WA original term mo | 66.2+0.8 | 66.0 mo | 65.8 mo | 65.4 mo | 65.4 mo | 65.4 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% | 1.50% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +45 bps−15bps | +47 bps | +58 bps | +62 bps | +80 bps | +60 bps |
| AAA % of pool | 79.8%+6.5pp | 76.5% | 71.9% | 73.4% | 73.3% | 70.5% |
| Subordination below AAA | 3.5%−4.5pp | 3.8% | 8.2% | 8.0% | 8.2% | 8.0% |
| OC (initial) | 1.25% | 1.00% | 0.75% | 1.00% | 1.25% | 1.50% |
| OC target | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% | 1.50% |
| OC floor | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% | 1.50% |
| 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 2024-4 | HAROT 2024-4 | NAROT 2024-B | TAOT 2024-D | HART 2024-C | GMCAR 2024-4 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,417.7MM | $2,159.2MM | $1,397.8MM | $1,841.9MM | $1,859.5MM | $1,346.6MM |
| WA Credit Score | 758−12 | 768 | 783 | 770 | 769 | 782 |
| WA APR | 9.66%+3.83pp | 4.88% | 4.62% | 5.96% | 5.97% | 5.83% |
| WA original term mo | 66.2−0.4 | 61.2 mo | — | 65.4 mo | 68.0 mo | 69.0 mo |
| % new vehicles | 0.0% | 86.2% | 10.0% | 90.0% | 96.7% | 87.7% |
| Reserve % | 1.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.24% |
| 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 12.7% FL 10.6% CA 8.9% | TX 15.3% FL 7.2% MI 5.3% |
| Structure (at issuance) | ||||||
| AAA spread | +45 bps+5bps | +45 bps | +38 bps | +39 bps | +40 bps | +40 bps |
| AAA % of pool | 79.8%+7.0pp | 73.4% | 67.6% | 73.7% | 69.8% | 72.8% |
| Subordination below AAA | 3.5%+1.9pp | 0.0% | 0.0% | 2.4% | 4.6% | 1.6% |
| OC (initial) | 1.25% | — | 4.00% | 0.85% | 3.00% | 1.50% |
| OC target | 1.25% | — | 4.00% | 0.85% | 3.00% | 2.00% |
| OC floor | 1.25% | — | 4.00% | 0.85% | 3.00% | 2.00% |
| YSOC | n.a. | 5.38% | 6.85% | 4.99% | 4.98% | 3.04% |
| Tranches | 8 | 4 | 5 | 6 | 7 | 6 |
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 in Explorer ↗ for
FICO sub-band and new/used stratification.