| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 283.2 | 20.1% | 5.55% | 0.26 | 4.47% | +16 I-curve | 2026-05-15 | A-1+ | F1+ |
| Class A-2a | 350.0 | 24.8% | 5.55% | 1.17 | 4.59% | +69 I-curve | 2028-07-17 | AAA | AAA |
| Class A-2b | 161.5 | 11.4% | 5.55% | 1.17 | floating | +69 SOFR | 2028-07-17 | AAA | AAA |
| Class A-3 | 452.1 | 32.1% | 5.55% | 2.70 | 4.48% | +72 I-curve | 2030-03-15 | AAA | AAA |
| Class A-4 | 89.0 | 6.3% | 5.55% | 3.84 | 4.65% | +83 I-curve | 2030-11-15 | AAA | AAA |
| Class B | 28.9 | 2.1% | 3.50% | 3.87 | 4.96% | +115 I-curve | 2030-11-15 | AA | AA |
| Class C | 21.2 | 1.5% | 2.00% | 3.87 | 5.16% | +135 I-curve | 2031-01-15 | A+ | A |
| Class D | 14.1 | 1.0% | 1.00% | 3.87 | 5.74% | +195 I-curve | 2031-10-15 | 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 | 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 | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,410.6MM | $1,515.2MM | $1,417.7MM | $1,414.1MM | $1,612.1MM | $1,565.7MM | 424B5 |
| WA Credit Score | 758+1 | 759 | 758 | 758 | 721 | 719 | 424B5 |
| WA APR | 9.30%−0.36pp | 9.40% | 9.66% | 9.53% | 11.02% | 10.90% | 424B5 |
| WA original term mo | 66.4+0.4 | 66.2 mo | 66.2 mo | 66.0 mo | 65.8 mo | 65.4 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 17.8% 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.55%+0.20pp | 5.35% | 5.00% | 5.00% | 9.20% | 9.25% | calc |
| Enhancement, target | 5.55% | 5.35% | 5.00% | 5.25% | 9.20% | 9.25% | calc |
| Subordinate notes | 4.6%+0.5pp | 4.1% | 3.5% | 3.8% | 8.2% | 8.0% | calc |
| OC (initial) | 0.75% | 1.00% | 1.25% | 1.00% | 0.75% | 1.00% | 424B5 |
| OC target | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% | 424B5 |
| OC floor | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% | 1.00% | 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 | +72 bps+10bps A-3 · 2.7y | +46 bps 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 | 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 2025-2 | TAOT 2025-B | FCAOT 2025-A | VALET 2025-1 | HART 2025-A | BMWOT 2025-A | Source | |
|---|---|---|---|---|---|---|---|
| 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 | 424B5 |
| Pool balance | $1,410.6MM | $1,988.8MM | $1,668.4MM | $1,427.5MM | $2,188.3MM | $1,897.4MM | 424B5 |
| WA Credit Score | 758−11 | 769 | 755 | 772 | 769 | 790 | 424B5 |
| WA APR | 9.30%+3.87pp | 6.05% | 4.80% | 5.43% | 5.56% | 5.41% | 424B5 |
| WA original term mo | 66.4+1.0 | 65.7 mo | 64.8 mo | — | 67.9 mo | 65.1 mo | 424B5 |
| % new vehicles | 0.0% | 88.0% | 94.3% | 79.0% | 96.6% | 70.5% | 424B5 |
| Geo top-3 | CA 17.8% TX 9.9% FL 7.6% | CA 20.9% TX 16.8% IL 4.0% | TX 15.6% CA 8.9% FL 8.8% | TX 16.3% FL 8.5% CA 7.8% | CA 12.9% TX 12.5% FL 9.5% | CA 14.6% TX 14.6% FL 11.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.55%+1.30pp | 2.75% | 5.25% | 4.25% | 7.55% | 2.75% | calc |
| Enhancement, target | 5.55% | 3.60% | 7.25% | — | 8.05% | 2.75% | calc |
| Subordinate notes | 4.6%+2.1pp | 2.5% | 5.0% | 0.0% | 4.8% | 0.0% | calc |
| OC (initial) | 0.75% | 0.00% | 0.00% | 4.00% | 2.50% | 2.50% | 424B5 |
| OC target | 0.75% | 0.85% | 2.00% | — | 3.00% | 2.50% | 424B5 |
| OC floor | 0.75% | 0.85% | 2.00% | — | 3.00% | 2.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 4.46% | 5.36% | 8.78% | 6.01% | 5.40% | 424B5 |
| Pricing | |||||||
| AAA spread | +72 bps+24bps A-3 · 2.7y | +57 bps A-3 · 2.5y | +48 bps A-3 · 2.3y | +52 bps A-3 · 2.4y | +42 bps A-3 · 2.3y | +38 bps A-3 · 2.3y | FWP |
| Terms | |||||||
| Tranches | 8 | 6 | 7 | 5 | 7 | 5 | 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 (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 the performance page ↗ for
FICO sub-band and new/used stratification.