| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 110.0 | 16.5% | 30.00% | 0.19 | 5.62% | — | 2025-07-15 | A-1+ | F1+ |
| Class A-2A | 153.3 | 23.0% | 30.00% | 0.92 | 5.78% | — | 2027-09-15 | AAA | AAA |
| Class A-2B | 80.0 | 12.0% | 30.00% | 0.92 | floating | +73 SOFR | 2027-09-15 | AAA | AAA |
| Class A-3 | 130.0 | 19.5% | 30.00% | 2.12 | 5.40% | — | 2028-11-15 | AAA | AAA |
| Class B | 46.7 | 7.0% | 23.00% | 2.86 | 5.35% | — | 2030-01-15 | AA | AA |
| Class C | 49.3 | 7.4% | 15.60% | 3.38 | 5.62% | — | 2030-01-15 | A | A |
| Class D | 55.7 | 8.4% | 7.25% | 3.72 | 6.27% | — | 2030-12-15 | BBB | 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 | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Wells Fargo Securities, Barclays Capital, J.P. Morgan Securities, RBC Capital Markets, MUFG Securities Americas, SMBC Nikko Securities |
Earliest CarMax Select Receivables Trust transaction in our coverage — no prior issuance to compare.
| CMXS 2024-A | SDART 2024-3 | EART 2024-3 | DRIVE 2024-1 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2024-06-26 | 2024-06-20 | 2024-05-28 | 2024-02-21 | 424B5 |
| Pool balance | $666.7MM | $1,960.1MM | $869.8MM | $1,642.6MM | 424B5 |
| WA Credit Score | 603+12 | 606 | 591 | 586 | 424B5 |
| WA APR | 16.06%−3.78pp | 18.54% | 22.92% | 19.84% | 424B5 |
| WA original term mo | 68.5−2.8 | 71.2 mo | 74.0 mo | 71.2 mo | 424B5 |
| % new vehicles | 0.0% | 28.0% | — | 19.1% | 424B5 |
| Geo top-3 | CA 15.2% TX 14.4% FL 9.4% | TX 15.8% FL 13.4% CA 8.6% | TX 15.4% CA 9.6% FL 8.0% | TX 21.2% FL 12.8% CA 8.2% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 30.00%−26.35pp | 42.40% | 57.75% | 56.35% | calc |
| Enhancement, target | 38.10% | 47.40% | 66.75% | 65.60% | calc |
| Subordinate notes | 22.8%−9.6pp | 32.4% | 50.5% | 22.3% | calc |
| OC (initial) | 6.25% | 9.00% | 6.25% | 33.10% | 424B5 |
| OC target | 14.35% | 14.00% | 15.25% | 42.35% | 424B5 |
| OC floor | 0.50% | 2.00% | 1.50% | 3.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||
| AAA spread | — | +80 bps A-3 · 1.7y | +68 bps A-3 · 1.3y | +73 bps A-3 · 1.4y | FWP |
| Terms | |||||
| Tranches | 7 | 6 | 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.
No performance data available for this issuer.
Interactive view: Performance ↗