| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 317.0 | 24.3% | 75.2% | +14 bps | 0.30 | 2027-02-01 | A-1+ | F1+ |
| Class A-2A | 250.0 | 19.1% | 56.1% | +37 bps | 1.19 | 2029-04-01 | AAA | AAA |
| Class A-2B | 170.5 | 13.0% | 43.1% | +37 bps SOFR | 1.19 | 2029-04-01 | AAA | AAA |
| Class A-3 | 420.5 | 32.2% | 10.9% | +44 bps | 2.73 | 2031-03-01 | AAA | AAA |
| Class A-4 | 85.2 | 6.5% | 4.4% | +48 bps | 3.94 | 2032-03-01 | AAA | AAA |
| Class B | 26.1 | 2.0% | 2.4% | +60 bps | 3.96 | 2032-03-01 | AA | AA |
| Class C | 17.6 | 1.4% | 1.0% | +85 bps | 3.96 | 2032-03-01 | A+ | A |
| Class D | 13.1 | 1.0% | 0.0% | +125 bps | 3.96 | 2033-01-01 | A- | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | CarMax Funding |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, RBC Capital Markets, TD Securities, MUFG Securities Americas, SMBC Nikko Securities, U.S. Bancorp Investments |
| CAOT 2026-1 | CAOT 2025-4 | CAOT 2025-3 | CAOT 2025-2 | CAOT 2025-1 | CAOT 2024-4 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-01-28 | 2025-10-22 | 2025-07-23 | 2025-05-02 | 2025-01-22 | 2024-11-05 |
| Pool balance | $1,306.5MM | $1,306.5MM | $1,457.3MM | $1,410.6MM | $1,515.2MM | $1,417.7MM |
| WA Credit Score | 760+2 | 759 | 758 | 758 | 759 | 758 |
| WA APR | 8.73%−0.67pp | 9.40% | 9.20% | 9.30% | 9.40% | 9.66% |
| WA original term mo | 67.1+0.8 | 66.2 mo | 66.5 mo | 66.4 mo | 66.2 mo | 66.2 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 0.50% | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% |
| Geo top-3 | CA 17.6% TX 10.1% FL 6.8% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +37 bps−6bps | +41 bps | +37 bps | +69 bps | — | +45 bps |
| AAA % of pool | 70.9%−4.8pp | 77.0% | 75.7% | 74.6% | 41.7% | 79.8% |
| Subordination below AAA | 4.4%+0.3pp | 4.0% | 4.1% | 4.6% | 4.1% | 3.5% |
| OC (initial) | 0.50% | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% |
| OC target | 0.50% | 0.50% | 0.50% | 0.75% | 1.00% | 1.25% |
| OC floor | 0.50% | 0.50% | 0.50% | 0.75% | 1.00% | 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 2026-1 | TAOT 2026-A | GMCAR 2026-1 | VALET 2025-2 | FCAOT 2025-C | NAROT 2025-B | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-01-28 | 2026-01-21 | 2026-01-14 | 2025-11-25 | 2025-11-25 | 2025-11-25 |
| Pool balance | $1,306.5MM | $1,995.4MM | $1,317.6MM | $1,141.3MM | $1,096.6MM | $1,381.3MM |
| WA Credit Score | 760−17 | 771 | 779 | 777 | 752 | 795 |
| WA APR | 8.73%+3.58pp | 5.68% | 5.97% | 5.02% | 5.15% | 4.61% |
| WA original term mo | 67.1+1.2 | 65.9 mo | 70.0 mo | — | 65.9 mo | — |
| % new vehicles | 0.0% | 88.0% | 80.8% | 78.4% | 93.7% | 10.0% |
| Reserve % | 0.50% | 0.25% | 0.25% | 0.23% | 0.24% | 0.25% |
| Geo top-3 | CA 17.6% TX 10.1% FL 6.8% | CA 23.8% TX 16.7% IL 3.8% | TX 14.6% FL 7.1% CA 6.3% | TX 14.2% CA 11.5% FL 7.3% | TX 16.6% CA 8.8% FL 8.4% | TX 17.5% FL 7.4% CA 6.5% |
| Structure (at issuance) | ||||||
| AAA spread | +37 bps+1bps | +33 bps | +32 bps | +37 bps | +36 bps | +38 bps |
| AAA % of pool | 70.9%+1.3pp | 73.6% | 75.6% | 69.6% | 69.3% | 68.8% |
| Subordination below AAA | 4.4%+2.0pp | 2.4% | 3.0% | 0.0% | 4.8% | 1.5% |
| OC (initial) | 0.50% | 0.85% | 2.75% | 4.00% | 2.00% | 2.35% |
| OC target | 0.50% | 0.85% | 2.75% | 4.75% | 2.00% | 2.35% |
| OC floor | 0.50% | 0.85% | 2.75% | 4.75% | 2.00% | 2.35% |
| YSOC | n.a. | 4.78% | 2.44% | 8.73% | 4.01% | 7.33% |
| Tranches | 8 | 6 | 7 | 5 | 7 | 6 |
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 (254 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.