| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 241.5 | 18.5% | 4.75% | 0.31 | 4.09% | +15 I-curve | 2026-11-16 | A-1+ | F1+ |
| Class A-2a | 315.0 | 24.1% | 4.75% | 1.23 | 3.95% | +41 I-curve | 2029-03-15 | AAA | AAA |
| Class A-2b | 142.4 | 10.9% | 4.75% | 1.23 | floating | +41 SOFR | 2029-03-15 | AAA | AAA |
| Class A-3 | 457.4 | 35.0% | 4.75% | 2.78 | 3.97% | +50 I-curve | 2030-12-16 | AAA | AAA |
| Class A-4 | 91.4 | 7.0% | 4.75% | 3.97 | 4.02% | +55 I-curve | 2031-06-16 | AAA | AAA |
| Class B | 23.5 | 1.8% | 2.95% | 3.98 | 4.42% | +90 I-curve | 2031-07-15 | AA | AA |
| Class C | 15.7 | 1.2% | 1.75% | 3.98 | 4.81% | +130 I-curve | 2031-09-15 | A+ | A |
| Class D | 13.1 | 1.0% | 0.75% | 3.98 | 5.11% | +160 I-curve | 2032-05-17 | 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 Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | J.P. Morgan Securities, TD Securities, Academy Securities, Mizuho Securities, SMBC Nikko Securities, MUFG Securities Americas |
| CAOT 2025-4 | CAOT 2025-3 | CAOT 2025-2 | CAOT 2025-1 | CAOT 2024-4 | CAOT 2024-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-10-22 | 2025-07-23 | 2025-05-02 | 2025-01-22 | 2024-11-05 | 2024-07-30 | 424B5 |
| Pool balance | $1,306.5MM | $1,457.3MM | $1,410.6MM | $1,515.2MM | $1,417.7MM | $1,414.1MM | 424B5 |
| WA Credit Score | 759+1 | 758 | 758 | 759 | 758 | 758 | 424B5 |
| WA APR | 9.40%0.00pp | 9.20% | 9.30% | 9.40% | 9.66% | 9.53% | 424B5 |
| WA original term mo | 66.20.0 | 66.5 mo | 66.4 mo | 66.2 mo | 66.2 mo | 66.0 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 17.2% TX 9.8% FL 6.7% | 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.75%−0.25pp | 4.85% | 5.55% | 5.35% | 5.00% | 5.00% | calc |
| Enhancement, target | 4.75% | 4.85% | 5.55% | 5.35% | 5.00% | 5.25% | calc |
| Subordinate notes | 4.0%−0.1pp | 4.1% | 4.6% | 4.1% | 3.5% | 3.8% | calc |
| OC (initial) | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% | 1.00% | 424B5 |
| OC target | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% | 1.25% | 424B5 |
| OC floor | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% | 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 | +41 bps−12bps A-2a · 1.2y | +46 bps A-3 · 2.7y | +72 bps A-3 · 2.7y | +46 bps A-3 · 2.7y | +53 bps A-3 · 2.7y | +62 bps A-3 · 2.7y | 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 2025-4 | AART 2025-1 | WOART 2025-D | FCAOT 2025-B | HART 2025-C | HAROT 2025-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2025-10-22 | 2025-10-16 | 2025-10-15 | 2025-09-26 | 2025-09-17 | 2025-08-12 | 424B5 |
| Pool balance | $1,306.5MM | $1,122.0MM | $982.7MM | $1,645.7MM | $2,148.3MM | $2,483.1MM | 424B5 |
| WA Credit Score | 759+2 | 734 | 757 | 752 | 772 | 769 | 424B5 |
| WA APR | 9.40%+3.79pp | 9.52% | 6.15% | 5.21% | 5.61% | 4.97% | 424B5 |
| WA original term mo | 66.2−1.7 | 70.6 mo | 68.6 mo | 66.0 mo | 67.9 mo | 61.9 mo | 424B5 |
| % new vehicles | 0.0% | 40.0% | 97.6% | 93.5% | 99.5% | 86.0% | 424B5 |
| Geo top-3 | CA 17.2% TX 9.8% FL 6.7% | TX 12.8% FL 8.8% CA 7.4% | FL 46.0% GA 18.7% NC 15.7% | TX 16.5% CA 8.7% FL 8.2% | TX 13.0% FL 9.8% CA 8.2% | CA 16.3% TX 9.8% PA 7.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 4.75%−0.50pp | 5.85% | 4.75% | 5.25% | 7.55% | 2.75% | calc |
| Enhancement, target | 4.75% | 6.70% | 5.65% | 7.25% | 8.05% | — | calc |
| Subordinate notes | 4.0%−0.8pp | 5.1% | 4.5% | 5.0% | 4.8% | 0.0% | calc |
| OC (initial) | 0.50% | 0.45% | 0.00% | 0.00% | 2.50% | 2.50% | 424B5 |
| OC target | 0.50% | 1.30% | 0.90% | 2.00% | 3.00% | — | 424B5 |
| OC floor | 0.50% | 1.30% | 0.50% | 2.00% | 3.00% | — | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | 6.55% | 4.06% | 5.09% | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +41 bps+3bps A-2a · 1.2y | +43 bps A-3 · 2.1y | +41 bps A-3 · 2.7y | +35 bps A-3 · 2.3y | +38 bps A-3 · 2.3y | +37 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 8 | 7 | 7 | 7 | 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 (246 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.