| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 268.8 | 17.7% | 5.35% | 0.27 | 4.41% | +9 I-curve | 2026-01-15 | A-1+ | F1+ |
| Class A-2a | 268.7 | 17.7% | 5.35% | — | 4.63% | — | 2028-03-15 | — | — |
| Class A-2b | 268.7 | 17.7% | 5.35% | — | floating | +43 SOFR | 2028-03-15 | — | — |
| Class A-3 | 537.4 | 35.5% | 5.35% | 2.69 | 4.84% | +46 I-curve | 2030-01-15 | AAA | AAA |
| Class A-4 | 94.3 | 6.2% | 5.35% | 3.88 | 4.95% | +48 I-curve | 2030-08-15 | AAA | AAA |
| Class B | 28.0 | 1.8% | 3.50% | 3.90 | 5.11% | +65 I-curve | 2030-09-15 | AA+ | AA |
| Class C | 18.9 | 1.3% | 2.25% | 3.90 | 5.26% | +80 I-curve | 2030-10-15 | AA- | A |
| Class D | 15.2 | 1.0% | 1.25% | 3.90 | 5.60% | +115 I-curve | 2031-07-15 | A+ | 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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,515.2MM | $1,417.7MM | $1,414.1MM | $1,612.1MM | $1,565.7MM | $1,519.0MM | 424B5 |
| WA Credit Score | 759+38 | 758 | 758 | 721 | 719 | 718 | 424B5 |
| WA APR | 9.40%−1.31pp | 9.66% | 9.53% | 11.02% | 10.90% | 10.71% | 424B5 |
| WA original term mo | 66.2+0.5 | 66.2 mo | 66.0 mo | 65.8 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 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.35%−3.85pp | 5.00% | 5.00% | 9.20% | 9.25% | 9.65% | calc |
| Enhancement, target | 5.35% | 5.00% | 5.25% | 9.20% | 9.25% | 9.65% | calc |
| Subordinate notes | 4.1%−3.9pp | 3.5% | 3.8% | 8.2% | 8.0% | 8.2% | calc |
| OC (initial) | 1.00% | 1.25% | 1.00% | 0.75% | 1.00% | 1.25% | 424B5 |
| OC target | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% | 424B5 |
| OC floor | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% | 1.25% | 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 | +46 bps−26bps A-3 · 2.7y | +53 bps 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 | 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 2025-1 | GMCAR 2025-1 | COPAR 2024-1 | VALET 2024-1 | FCAOT 2024-D | HAROT 2024-4 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,515.2MM | $1,644.9MM | $1,116.1MM | $1,749.4MM | $1,683.4MM | $2,159.2MM | 424B5 |
| WA Credit Score | 759−15 | 781 | 782 | 774 | 754 | 768 | 424B5 |
| WA APR | 9.40%+4.52pp | 7.03% | 7.56% | 4.67% | 4.79% | 4.88% | 424B5 |
| WA original term mo | 66.2+3.2 | 13.0 mo | 68.0 mo | — | 64.9 mo | 61.2 mo | 424B5 |
| % new vehicles | 0.0% | 87.9% | 28.6% | 80.0% | 94.2% | 86.2% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.35%+1.10pp | 6.10% | 3.25% | 4.25% | 5.25% | 2.75% | calc |
| Enhancement, target | 5.35% | 6.10% | 3.50% | — | 7.25% | — | calc |
| Subordinate notes | 4.1%+1.1pp | 3.1% | 3.0% | 0.0% | 5.0% | 0.0% | calc |
| OC (initial) | 1.00% | 2.75% | 0.00% | 4.00% | 0.00% | 2.50% | 424B5 |
| OC target | 1.00% | 2.75% | 0.25% | — | 2.00% | — | 424B5 |
| OC floor | 1.00% | 2.75% | 0.25% | — | 2.00% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 3.13% | 2.77% | 10.68% | 6.20% | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +46 bps+5bps A-3 · 2.7y | +38 bps A-3 · 2.4y | +41 bps A-3 · 2.5y | — | +41 bps A-3 · 2.4y | +48 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 8 | 7 | 8 | 5 | 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 (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 the performance page ↗ for
FICO sub-band and new/used stratification.