| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 190.0 | 19.0% | 80.8% | — | — | 2027-10-15 | A-1+ | F1+ |
| Class A-2 | 349.5 | 34.9% | 45.9% | — | — | 2030-02-15 | AAA | AAA |
| Class A-3 | 349.5 | 34.9% | 11.1% | — | — | 2032-01-15 | AAA | AAA |
| Class A-4 | 60.9 | 6.1% | 5.0% | — | — | 2032-12-15 | AAA | AAA |
| Class B | 17.5 | 1.7% | 3.2% | — | — | 2032-12-15 | AA | AA |
| Class C | 19.1 | 1.9% | 1.3% | — | — | 2032-12-15 | A | A |
| Class D | 13.5 | 1.3% | 0.0% | — | — | 2033-10-17 | BBB | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | CarMax Auto Funding LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | MUFG Securities Americas, BofA Securities, Mizuho Securities, TD Securities, Academy Securities, CIBC Capital Markets, Loop Capital Markets, Truist Securities |
| CAOT 2026-4 | CAOT 2026-3 | CAOT 2026-2 | CAOT 2026-1 | CAOT 2025-4 | CAOT 2025-3 | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-10-21 | 2026-07-22 | 2026-04-29 | 2026-01-28 | 2025-10-22 | 2025-07-23 |
| Pool balance | $1,002.5MM | $1,353.4MM | $1,180.9MM | $1,306.5MM | $1,306.5MM | $1,457.3MM |
| WA Credit Score | 766+6 | 765 | 764 | 760 | 759 | 758 |
| WA APR | 9.01%+0.28pp | 8.41% | 8.65% | 8.73% | 9.40% | 9.20% |
| WA original term mo | 67.3+0.2 | 67.1 mo | 67.1 mo | 67.1 mo | 66.2 mo | 66.5 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | CA 17.3% TX 10.5% FL 6.4% | CA 18.2% TX 10.4% FL 6.5% | 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% |
| Structure (at issuance) | ||||||
| AAA spread | — | — | +45 bps | +37 bps | +41 bps | +37 bps |
| AAA % of pool | 75.8%+0.1pp | 72.8% | 77.1% | 70.9% | 77.0% | 75.7% |
| Subordination below AAA | 5.0%+0.6pp | 4.9% | 4.6% | 4.4% | 4.0% | 4.1% |
| OC (initial) | 0.25% | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% |
| OC target | 0.25% | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% |
| OC floor | 0.25% | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 7 | 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 2026-4 | TAOT 2026-D | GMCAR 2026-4 | NAROT 2026-B | FCAOT 2026-C | HART 2026-C | |
|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||||
| Closing date | 2026-10-21 | 2026-10-15 | 2026-10-14 | 2026-09-30 | 2026-09-28 | 2026-09-23 |
| Pool balance | $1,002.5MM | $1,402.0MM | $1,073.3MM | $1,440.0MM | $1,663.6MM | $2,306.5MM |
| WA Credit Score | 766−7 | 772 | 773 | 784 | 753 | 774 |
| WA APR | 9.01%+3.92pp | 5.09% | 6.26% | 4.03% | 5.13% | 4.49% |
| WA original term mo | 67.3+1.5 | 65.7 mo | 13.0 mo | — | 66.5 mo | 65.9 mo |
| % new vehicles | 0.0% | 87.4% | 80.8% | 4.5% | 92.9% | 99.9% |
| Reserve % | 0.25% | — | 0.25% | 0.25% | 0.25% | 0.25% |
| Geo top-3 | CA 17.3% TX 10.5% FL 6.4% | CA 24.2% TX 16.0% IL 3.7% | TX 14.5% CA 7.0% FL 6.7% | FL 7.5% CA 6.4% GA 4.0% | TX 17.7% FL 8.9% CA 8.6% | TX 13.0% FL 9.6% CA 8.6% |
| Structure (at issuance) | ||||||
| AAA spread | — | — | +37 bps | +33 bps | +33 bps | +37 bps |
| AAA % of pool | 75.8%+7.6pp | — | 73.2% | 67.4% | 69.0% | 64.9% |
| Subordination below AAA | 5.0%+1.3pp | — | 3.0% | 2.7% | 4.7% | 4.4% |
| OC (initial) | 0.25% | 0.85% | 2.75% | 1.00% | 2.00% | 3.00% |
| OC target | 0.25% | 0.85% | 2.75% | 1.00% | 2.00% | 3.00% |
| OC floor | 0.25% | 0.85% | 2.75% | 1.00% | 2.00% | 3.00% |
| YSOC | n.a. | 7.27% | 2.68% | 9.81% | 5.09% | 8.12% |
| Tranches | 7 | 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 (275 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.