| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 268.8 | 17.7% | 81.3% | 4.41% fxd | 0.27 | 2026-01-15 | A-1+ | F1+ |
| Class A-2a | 268.7 | 17.7% | 63.5% | 4.63% fxd | — | 2028-03-15 | — | — |
| Class A-2b | 268.7 | 17.7% | 45.8% | +43 bps SOFR | — | 2028-03-15 | — | — |
| Class A-3 | 537.4 | 35.5% | 10.3% | 4.84% fxd | 2.69 | 2030-01-15 | AAA | AAA |
| Class A-4 | 94.3 | 6.2% | 4.1% | 4.95% fxd | 3.88 | 2030-08-15 | AAA | AAA |
| Class B | 28.0 | 1.8% | 2.2% | 5.11% fxd | 3.90 | 2030-09-15 | AA+ | AA |
| Class C | 18.9 | 1.3% | 1.0% | 5.26% fxd | 3.90 | 2030-10-15 | AA- | A |
| Class D | 15.2 | 1.0% | 0.0% | 5.60% fxd | 3.90 | 2031-07-15 | A+ | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | — |
| Indenture Trustee | Wilmington Trust, National Association |
| Owner Trustee | U.S. Bank Trust National |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | RBC Capital Markets, Barclays Capital, Wells Fargo Securities, TD Securities, Scotia Capital, Mizuho Securities |
| CAOT 2025-1 | CAOT 2024-4 | CAOT 2024-3 | CAOT 2024-2 | CAOT 2024-1 | CAOT 2023-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-01-22 | 2024-11-05 | 2024-07-30 | 2024-04-24 | 2024-01-24 | 2023-10-18 |
| Pool balance | $1,515.2MM | $1,417.7MM | $1,414.1MM | $1,612.1MM | $1,565.7MM | $1,519.0MM |
| WA Credit Score | 759+38 | 758 | 758 | 721 | 719 | 718 |
| WA APR | 9.40%−1.31pp | 9.66% | 9.54% | 11.01% | 10.90% | 10.71% |
| WA original term mo | 66.2+0.5 | 66.2 mo | 66.0 mo | 65.8 mo | 65.4 mo | 65.4 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% |
| Geo top-3 | CA 17.2% TX 10.7% FL 7.3% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | — | +45 bps | +47 bps | +58 bps | +62 bps | +80 bps |
| AAA % of pool | 41.7%−31.7pp | 79.8% | 76.5% | 71.9% | 73.4% | 73.3% |
| Subordination below AAA | 4.1%−3.9pp | 3.5% | 3.8% | 8.2% | 8.0% | 8.2% |
| OC (initial) | 1.00% | 1.25% | 1.00% | 0.75% | 1.00% | 1.25% |
| OC target | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% |
| OC floor | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% |
| 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 2025-1 | GMCAR 2025-1 | COPAR 2024-1 | VALET 2024-1 | FCAOT 2024-D | HAROT 2024-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-01-22 | 2025-01-15 | 2024-11-26 | 2024-11-26 | 2024-11-22 | 2024-10-24 |
| Pool balance | $1,515.2MM | $1,644.9MM | $1,116.1MM | $1,749.4MM | $1,683.4MM | $2,159.2MM |
| WA Credit Score | 759−15 | 781 | 777 | 774 | 754 | 768 |
| WA APR | 9.40%+4.52pp | 6.08% | 7.56% | 4.68% | 4.79% | 4.88% |
| WA original term mo | 66.2+3.2 | 13.0 mo | 68.0 mo | — | 64.9 mo | 61.2 mo |
| % new vehicles | 0.0% | 87.9% | 28.6% | 80.0% | 94.2% | 86.2% |
| Reserve % | 1.00% | 0.24% | 0.24% | 0.22% | 0.23% | 0.25% |
| Geo top-3 | CA 17.2% TX 10.7% FL 7.3% | TX 13.9% FL 7.0% MI 5.6% | TX 12.5% FL 8.3% CA 7.9% | TX 13.9% CA 10.6% FL 8.3% | TX 16.1% CA 8.6% FL 8.5% | CA 17.5% TX 9.9% FL 6.9% |
| Structure (at issuance) | ||||||
| AAA spread | — | +33 bps | +32 bps | +36 bps | +32 bps | +45 bps |
| AAA % of pool | 41.7%−29.8pp | 73.4% | — | 68.9% | 69.5% | 73.4% |
| Subordination below AAA | 4.1%+2.6pp | 3.0% | — | 0.0% | 4.7% | 0.0% |
| OC (initial) | 1.00% | 2.75% | 0.00% | 4.00% | 2.00% | — |
| OC target | 1.00% | 2.75% | 0.25% | — | 2.00% | — |
| OC floor | 1.00% | 2.75% | 0.25% | — | 2.00% | — |
| YSOC | n.a. | 3.13% | 2.77% | 10.68% | 6.20% | 5.38% |
| Tranches | 8 | 7 | 8 | 5 | 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 (226 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.