| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 209.2 | 17.7% | 81.8% | 3.84% fxd | 0.28 | 2027-05-17 | A-1+ | F1+ |
| Class A-2a | 343.3 | 29.1% | 52.7% | 4.11% fxd | 1.21 | 2029-08-15 | AAA | AAA |
| Class A-2b | 75.0 | 6.4% | 46.4% | +45 bps SOFR | 1.21 | 2029-08-15 | AAA | AAA |
| Class A-3 | 418.3 | 35.4% | 10.9% | 4.22% fxd | 2.77 | 2031-06-16 | AAA | AAA |
| Class A-4 | 74.3 | 6.3% | 4.6% | 4.31% fxd | 3.95 | 2032-06-15 | AAA | AAA |
| Class B | 23.0 | 2.0% | 2.7% | 4.51% fxd | 3.96 | 2032-06-15 | AA | AA |
| Class C | 20.1 | 1.7% | 1.0% | 4.75% fxd | 3.96 | 2032-06-15 | A+ | A |
| Class D | 11.8 | 1.0% | 0.0% | 5.10% fxd | 3.96 | 2033-04-18 | A- | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | CarMax Funding |
| Indenture Trustee | Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | RBC Capital Markets, BofA Securities, Drexel Hamilton, Scotia Capital, SMBC Nikko Securities, U.S. Bancorp Investments |
| CAOT 2026-2 | CAOT 2026-1 | CAOT 2025-4 | CAOT 2025-3 | CAOT 2025-2 | CAOT 2025-1 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-04-29 | 2026-01-28 | 2025-10-22 | 2025-07-23 | 2025-05-02 | 2025-01-22 |
| Pool balance | $1,180.9MM | $1,306.5MM | $1,306.5MM | $1,457.3MM | $1,410.6MM | $1,515.2MM |
| WA Credit Score | 764+6 | 760 | 759 | 758 | 758 | 759 |
| WA APR | 8.65%−0.65pp | 8.73% | 9.40% | 9.20% | 9.30% | 9.40% |
| WA original term mo | 67.1+0.6 | 67.1 mo | 66.2 mo | 66.5 mo | 66.4 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% | 0.50% | 0.75% | 1.00% |
| Geo top-3 | CA 18.5% TX 10.5% FL 7.1% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | +45 bps+6bps | +37 bps | +41 bps | +37 bps | +69 bps | — |
| AAA % of pool | 77.1%+2.5pp | 70.9% | 77.0% | 75.7% | 74.6% | 41.7% |
| Subordination below AAA | 4.6%+0.5pp | 4.4% | 4.0% | 4.1% | 4.6% | 4.1% |
| OC (initial) | 0.50% | 0.50% | 0.50% | 0.50% | 0.75% | 1.00% |
| OC target | 0.50% | 0.50% | 0.50% | 0.50% | 0.75% | 1.00% |
| OC floor | 0.50% | 0.50% | 0.50% | 0.50% | 0.75% | 1.00% |
| 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 2026-2 | TAOT 2026-B | GMCAR 2026-2 | FCAOT 2026-A | AART 2026-1 | WOART 2026-A | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-04-29 | 2026-04-21 | 2026-04-15 | 2026-03-24 | 2026-03-10 | 2026-02-18 |
| Pool balance | $1,180.9MM | $2,000.6MM | $1,335.0MM | $1,489.0MM | $1,121.9MM | $1,312.6MM |
| WA Credit Score | 764+6 | 770 | 777 | 754 | 734 | 758 |
| WA APR | 8.65%+2.78pp | 5.57% | 6.11% | 4.84% | 6.93% | 5.87% |
| WA original term mo | 67.1−1.3 | 66.0 mo | 70.0 mo | 65.8 mo | 70.4 mo | 68.4 mo |
| % new vehicles | 0.0% | 87.6% | 80.8% | 93.8% | 40.0% | 98.0% |
| Reserve % | 0.50% | 0.25% | 0.25% | 0.18% | 1.00% | 0.24% |
| Geo top-3 | CA 18.5% TX 10.5% FL 7.1% | CA 24.1% TX 16.1% AZ 3.6% | TX 14.2% FL 7.1% CA 6.7% | TX 16.5% FL 8.6% CA 8.5% | TX 13.4% FL 8.6% CA 7.1% | FL 44.5% GA 18.6% NC 16.2% |
| Structure (at issuance) | ||||||
| AAA spread | +45 bps+6bps | +38 bps | +40 bps | +43 bps | +39 bps | +31 bps |
| AAA % of pool | 77.1%+6.0pp | 72.6% | 75.7% | 70.7% | 71.1% | 69.7% |
| Subordination below AAA | 4.6%+0.4pp | 2.4% | 3.0% | 4.8% | 5.2% | 4.2% |
| OC (initial) | 0.50% | 0.85% | 2.75% | 2.00% | 0.45% | — |
| OC target | 0.50% | 0.85% | 2.75% | 2.00% | 1.30% | 0.90% |
| OC floor | 0.50% | 0.85% | 2.75% | 2.00% | 1.30% | 0.50% |
| YSOC | n.a. | 5.03% | 2.19% | 4.56% | n.a. | 5.47% |
| Tranches | 8 | 6 | 7 | 7 | 7 | 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 (262 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.