| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 287.2 | 19.7% | 79.8% | +13 bps | 0.27 | 2026-07-15 | A-1+ | F1+ |
| Class A-2a | 385.1 | 26.4% | 53.4% | +37 bps | 1.11 | 2028-08-15 | AAA | AAA |
| Class A-2b | 120.0 | 8.2% | 45.1% | +37 bps SOFR | 1.11 | 2028-08-15 | AAA | AAA |
| Class A-3 | 505.1 | 34.7% | 10.5% | +46 bps | 2.67 | 2030-07-15 | AAA | AAA |
| Class A-4 | 92.8 | 6.4% | 4.1% | +54 bps | 3.89 | 2031-01-15 | AAA | AAA |
| Class B | 30.6 | 2.1% | 2.0% | +75 bps | 3.89 | 2031-03-15 | AA | AA |
| Class C | 14.6 | 1.0% | 1.0% | +95 bps | 3.89 | 2031-04-15 | A+ | A |
| Class D | 14.6 | 1.0% | 0.0% | +130 bps | 3.89 | 2032-05-15 | 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 Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, TD Securities, RBC Capital Markets, MUFG Securities Americas, Scotia Capital, Mizuho Securities |
| CAOT 2025-3 | CAOT 2025-2 | CAOT 2025-1 | CAOT 2024-4 | CAOT 2024-3 | CAOT 2024-2 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-07-23 | 2025-05-02 | 2025-01-22 | 2024-11-05 | 2024-07-30 | 2024-04-24 |
| Pool balance | $1,457.3MM | $1,410.6MM | $1,515.2MM | $1,417.7MM | $1,414.1MM | $1,612.1MM |
| WA Credit Score | 758−0 | 758 | 759 | 758 | 758 | 721 |
| WA APR | 9.20%−0.34pp | 9.30% | 9.40% | 9.66% | 9.54% | 11.01% |
| WA original term mo | 66.5+0.2 | 66.4 mo | 66.2 mo | 66.2 mo | 66.0 mo | 65.8 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 0.50% | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% |
| Geo top-3 | CA 17.4% TX 9.6% FL 7.3% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +37 bps−15bps | +69 bps | — | +45 bps | +47 bps | +58 bps |
| AAA % of pool | 75.7%+1.1pp | 74.6% | 41.7% | 79.8% | 76.5% | 71.9% |
| Subordination below AAA | 4.1%+0.0pp | 4.6% | 4.1% | 3.5% | 3.8% | 8.2% |
| OC (initial) | 0.50% | 0.75% | 1.00% | 1.25% | 1.00% | 0.75% |
| OC target | 0.50% | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% |
| OC floor | 0.50% | 0.75% | 1.00% | 1.25% | 1.25% | 0.75% |
| 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 2025-3 | GMCAR 2025-3 | HART 2025-B | HDMT 2025-A | NAROT 2025-A | WOART 2025-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2025-07-23 | 2025-07-16 | 2025-06-11 | 2025-05-28 | 2025-05-27 | 2025-05-14 |
| Pool balance | $1,457.3MM | $974.1MM | $2,188.2MM | $584.4MM | $1,668.5MM | $1,281.8MM |
| WA Credit Score | 758−12 | 783 | 770 | 752 | 789 | 756 |
| WA APR | 9.20%+3.25pp | 5.70% | 5.95% | 9.86% | 4.46% | 6.49% |
| WA original term mo | 66.5−2.0 | 69.0 mo | 67.5 mo | 70.0 mo | — | 67.9 mo |
| % new vehicles | 0.0% | 87.9% | 97.5% | 72.8% | 6.9% | 96.4% |
| Reserve % | 0.50% | 0.25% | 0.25% | — | 0.25% | 0.24% |
| Geo top-3 | CA 17.4% TX 9.6% FL 7.3% | TX 13.7% FL 7.4% CA 6.4% | CA 14.3% TX 11.9% FL 9.3% | TX 13.4% CA 9.4% FL 8.7% | TX 14.8% FL 7.3% CA 6.7% | FL 47.7% GA 18.7% NC 15.4% |
| Structure (at issuance) | ||||||
| AAA spread | +37 bps−9bps | +30 bps | — | +66 bps | +45 bps | +47 bps |
| AAA % of pool | 75.7%+5.6pp | 72.9% | 56.0% | 75.2% | 68.0% | 70.1% |
| Subordination below AAA | 4.1%+1.1pp | 3.0% | 4.6% | 0.0% | 1.4% | 4.3% |
| OC (initial) | 0.50% | 2.75% | 3.00% | 9.94% | 2.50% | — |
| OC target | 0.50% | 2.75% | 3.00% | 4.75% | 2.50% | 0.90% |
| OC floor | 0.50% | 2.75% | 3.00% | 4.75% | 2.50% | 0.50% |
| YSOC | n.a. | 3.50% | 5.22% | n.a. | 7.79% | 5.38% |
| Tranches | 8 | 7 | 7 | 5 | 6 | 7 |
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 (239 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.