| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 110.0 | 16.5% | 77.2% | 5.62% fxd | 0.19 | 2025-07-15 | A-1+ | F1+ |
| Class A-2A | 153.3 | 23.0% | 54.3% | 5.78% fxd | 0.92 | 2027-09-15 | AAA | AAA |
| Class A-2B | 80.0 | 12.0% | 42.3% | +73 bps SOFR | 0.92 | 2027-09-15 | AAA | AAA |
| Class A-3 | 130.0 | 19.5% | 22.8% | 5.40% fxd | 2.12 | 2028-11-15 | AAA | AAA |
| Class B | 46.7 | 7.0% | 15.7% | 5.35% fxd | 2.86 | 2030-01-15 | AA | AA |
| Class C | 49.3 | 7.4% | 8.4% | 5.62% fxd | 3.38 | 2030-01-15 | A | A |
| Class D | 55.7 | 8.4% | 0.0% | 6.27% fxd | 3.72 | 2030-12-15 | BBB | BBB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | — |
| 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 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-06-26 | 2024-06-20 | 2024-05-28 | 2024-02-21 |
| Pool balance | $666.7MM | $1,960.1MM | $869.8MM | $1,642.6MM |
| WA Credit Score | 603+12 | 606 | 591 | 575 |
| WA APR | 16.06%−2.32pp | 18.38% | 21.76% | 18.29% |
| WA original term mo | 68.5−2.8 | 71.2 mo | 74.0 mo | 71.2 mo |
| % new vehicles | 0.0% | 28.0% | — | 19.1% |
| Reserve % | 6.25% | 1.00% | 1.00% | 1.00% |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | +73 bps+11bps | +68 bps | +56 bps | +62 bps |
| AAA % of pool | 54.5%+19.8pp | 50.9% | 33.3% | 34.7% |
| Subordination below AAA | 22.8%−9.6pp | 32.4% | 50.5% | 22.3% |
| OC (initial) | 6.25% | 9.00% | 6.25% | 33.10% |
| OC target | 14.35% | 14.00% | 15.25% | 42.35% |
| OC floor | 0.50% | 2.00% | 1.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 6 | 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.
No performance data available for this issuer.
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