| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 283.2 | 20.1% | 79.2% | +16 bps | 0.26 | 2026-05-15 | A-1+ | F1+ |
| Class A-2a | 350.0 | 24.8% | 54.4% | +69 bps | 1.17 | 2028-07-17 | AAA | AAA |
| Class A-2b | 161.5 | 11.4% | 42.9% | +69 bps SOFR | 1.17 | 2028-07-17 | AAA | AAA |
| Class A-3 | 452.1 | 32.1% | 10.9% | +72 bps | 2.70 | 2030-03-15 | AAA | AAA |
| Class A-4 | 89.0 | 6.3% | 4.6% | +83 bps | 3.84 | 2030-11-15 | AAA | AAA |
| Class B | 28.9 | 2.1% | 2.5% | +115 bps | 3.87 | 2030-11-15 | AA | AA |
| Class C | 21.2 | 1.5% | 1.0% | +135 bps | 3.87 | 2031-01-15 | A+ | A |
| Class D | 14.1 | 1.0% | 0.0% | +195 bps | 3.87 | 2031-10-15 | 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 | Barclays Capital, BofA Securities, Mizuho Securities, MUFG Securities Americas, Scotia Capital |
| CAOT 2025-2 | CAOT 2025-1 | CAOT 2024-4 | CAOT 2024-3 | CAOT 2024-2 | CAOT 2024-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-02 | 2025-01-22 | 2024-11-05 | 2024-07-30 | 2024-04-24 | 2024-01-24 |
| Pool balance | $1,410.6MM | $1,515.2MM | $1,417.7MM | $1,414.1MM | $1,612.1MM | $1,565.7MM |
| WA Credit Score | 758+1 | 759 | 758 | 758 | 721 | 719 |
| WA APR | 9.30%−0.36pp | 9.40% | 9.66% | 9.54% | 11.01% | 10.90% |
| WA original term mo | 66.4+0.4 | 66.2 mo | 66.2 mo | 66.0 mo | 65.8 mo | 65.4 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% |
| Geo top-3 | CA 17.8% TX 9.9% FL 7.6% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +69 bps+16bps | — | +45 bps | +47 bps | +58 bps | +62 bps |
| AAA % of pool | 74.6%+1.2pp | 41.7% | 79.8% | 76.5% | 71.9% | 73.4% |
| Subordination below AAA | 4.6%+0.5pp | 4.1% | 3.5% | 3.8% | 8.2% | 8.0% |
| OC (initial) | 0.75% | 1.00% | 1.25% | 1.00% | 0.75% | 1.00% |
| OC target | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% |
| OC floor | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% |
| 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 2025-2 | TAOT 2025-B | VALET 2025-1 | FCAOT 2025-A | HART 2025-A | BMWOT 2025-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-05-02 | 2025-04-30 | 2025-03-25 | 2025-03-25 | 2025-03-12 | 2025-02-12 |
| Pool balance | $1,410.6MM | $1,988.8MM | $1,427.5MM | $1,668.4MM | $2,188.3MM | $1,897.4MM |
| WA Credit Score | 758−11 | 769 | 772 | 755 | 769 | 784 |
| WA APR | 9.30%+3.87pp | 6.05% | 5.43% | 4.81% | 5.57% | 3.35% |
| WA original term mo | 66.4+1.0 | 65.7 mo | — | 64.8 mo | 67.9 mo | 65.1 mo |
| % new vehicles | 0.0% | 88.0% | 79.0% | 94.3% | 96.6% | 70.5% |
| Reserve % | 0.75% | 0.25% | 0.23% | 0.24% | 0.25% | 0.25% |
| Geo top-3 | CA 17.8% TX 9.9% FL 7.6% | CA 20.9% TX 16.8% IL 4.0% | TX 16.3% FL 8.5% CA 7.8% | TX 15.6% CA 8.9% FL 8.8% | CA 12.9% TX 12.5% FL 9.5% | CA 14.6% TX 14.6% FL 11.6% |
| Structure (at issuance) | ||||||
| AAA spread | +69 bps+28bps | +54 bps | +44 bps | +41 bps | +34 bps | +30 bps |
| AAA % of pool | 74.6%+3.6pp | 71.7% | 69.6% | 71.0% | 67.4% | 73.8% |
| Subordination below AAA | 4.6%+2.2pp | 2.4% | 0.0% | 4.7% | 4.5% | 0.0% |
| OC (initial) | 0.75% | 0.85% | 4.00% | 2.00% | 3.00% | 2.50% |
| OC target | 0.75% | 0.85% | — | 2.00% | 3.00% | 2.50% |
| OC floor | 0.75% | 0.85% | — | 2.00% | 3.00% | 2.50% |
| YSOC | n.a. | 4.46% | 8.78% | 5.36% | 6.01% | 5.40% |
| Tranches | 8 | 6 | 5 | 7 | 7 | 5 |
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 (233 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.