| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 241.5 | 18.5% | 81.0% | +15 bps | 0.31 | 2026-11-16 | A-1+ | F1+ |
| Class A-2a | 315.0 | 24.1% | 56.9% | +41 bps | 1.23 | 2029-03-15 | AAA | AAA |
| Class A-2b | 142.4 | 10.9% | 46.0% | +41 bps SOFR | 1.23 | 2029-03-15 | AAA | AAA |
| Class A-3 | 457.4 | 35.0% | 11.0% | +50 bps | 2.78 | 2030-12-16 | AAA | AAA |
| Class A-4 | 91.4 | 7.0% | 4.0% | +55 bps | 3.97 | 2031-06-16 | AAA | AAA |
| Class B | 23.5 | 1.8% | 2.2% | +90 bps | 3.98 | 2031-07-15 | AA | AA |
| Class C | 15.7 | 1.2% | 1.0% | +130 bps | 3.98 | 2031-09-15 | A+ | A |
| Class D | 13.1 | 1.0% | 0.0% | +160 bps | 3.98 | 2032-05-17 | A | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | CarMax Funding |
| 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 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,306.5MM | $1,457.3MM | $1,410.6MM | $1,515.2MM | $1,417.7MM | $1,414.1MM |
| WA Credit Score | 759+1 | 758 | 758 | 759 | 758 | 758 |
| WA APR | 9.40%0.00pp | 9.20% | 9.30% | 9.40% | 9.66% | 9.54% |
| WA original term mo | 66.2−0.0 | 66.5 mo | 66.4 mo | 66.2 mo | 66.2 mo | 66.0 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% | 1.25% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +41 bps−5bps | +37 bps | +69 bps | — | +45 bps | +47 bps |
| AAA % of pool | 77.0%+1.3pp | 75.7% | 74.6% | 41.7% | 79.8% | 76.5% |
| Subordination below AAA | 4.0%−0.1pp | 4.1% | 4.6% | 4.1% | 3.5% | 3.8% |
| OC (initial) | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% | 1.00% |
| OC target | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% | 1.25% |
| OC floor | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% | 1.25% |
| 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 2025-4 | AART 2025-1 | WOART 2025-D | FCAOT 2025-B | HART 2025-C | HAROT 2025-3 | |
|---|---|---|---|---|---|---|
| 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 |
| Pool balance | $1,306.5MM | $1,122.0MM | $982.7MM | $1,645.7MM | $2,148.3MM | $2,483.1MM |
| WA Credit Score | 759+2 | 734 | 757 | 752 | 772 | 769 |
| WA APR | 9.40%+3.79pp | 6.93% | 6.15% | 5.21% | 5.61% | 4.97% |
| WA original term mo | 66.2−1.7 | 70.6 mo | 68.6 mo | 66.0 mo | 67.9 mo | 61.9 mo |
| % new vehicles | 0.0% | 40.0% | 97.6% | 93.5% | 99.5% | 86.0% |
| Reserve % | 0.50% | 1.00% | 0.23% | 0.24% | 0.25% | 0.25% |
| 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% |
| Structure (at issuance) | ||||||
| AAA spread | +41 bps+8bps | — | +31 bps | +30 bps | +35 bps | +35 bps |
| AAA % of pool | 77.0%+5.9pp | 71.1% | 69.9% | 71.7% | 68.9% | 72.5% |
| Subordination below AAA | 4.0%−0.6pp | 5.1% | 4.2% | 4.8% | 4.6% | 0.0% |
| OC (initial) | 0.50% | 0.45% | — | 2.00% | 3.00% | — |
| OC target | 0.50% | 1.30% | 0.90% | 2.00% | 3.00% | — |
| OC floor | 0.50% | 1.30% | 0.50% | 2.00% | 3.00% | — |
| YSOC | n.a. | n.a. | 6.55% | 4.06% | 5.09% | 4.77% |
| Tranches | 8 | 7 | 7 | 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 (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 in Explorer ↗ for
FICO sub-band and new/used stratification.