| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 138.0 | 16.7% | 80.1% | +27 bps | 0.19 | 2026-04-15 | A-1+ | F1+ |
| Class A-2A | 184.9 | 22.4% | 57.7% | +68 bps | 0.92 | 2028-05-15 | AAA | AAA |
| Class A-2B | 100.0 | 12.1% | 45.6% | +68 bps SOFR | 0.92 | 2028-05-15 | AAA | AAA |
| Class A-3 | 164.2 | 19.9% | 25.7% | +78 bps | 2.04 | 2029-09-17 | AAA | AAA |
| Class B | 57.9 | 7.0% | 18.8% | +105 bps | 2.74 | 2030-09-16 | AA | AA+ |
| Class C | 62.0 | 7.5% | 11.2% | +150 bps | 3.20 | 2031-07-15 | A | A |
| Class D | 70.3 | 8.5% | 2.8% | +190 bps | 3.62 | 2031-07-15 | BBB | BBB |
| Class E | 22.7 | 2.8% | 0.0% | — | 3.64 | 2032-03-15 | BB | BB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | — |
| Indenture Trustee | Wilmington Trust, National Association |
| Owner Trustee | U.S. Bank Trust National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Wells Fargo Securities, Barclays Capital, J.P. Morgan Securities, MUFG Securities Americas, SMBC Nikko Securities, Mizuho Securities |
| CMXS 2025-A | CMXS 2024-A | |
|---|---|---|
| Collateral (pool at cut-off) | ||
| Closing date | 2025-03-26 | 2024-06-26 |
| Pool balance | $826.9MM | $666.7MM |
| WA Credit Score | 608 | 603 |
| WA APR | 15.96% | 16.06% |
| WA original term mo | 68.9 | 68.5 mo |
| % new vehicles | 0.0% | 0.0% |
| Reserve % | 3.25% | 6.25% |
| Geo top-3 | CA 16.5% TX 13.9% FL 8.6% | CA 15.2% TX 14.4% FL 9.4% |
| Structure (at issuance) | ||
| AAA spread | +68 bps | +73 bps |
| AAA % of pool | 54.3% | 54.5% |
| Subordination below AAA | 25.7% | 22.8% |
| OC (initial) | 3.25% | 6.25% |
| OC target | 9.50% | 14.35% |
| OC floor | 0.50% | 0.50% |
| YSOC | n.a. | n.a. |
| Tranches | 8 | 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.
| CMXS 2025-A | SDART 2025-2 | EART 2025-2 | DRIVE 2024-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-03-26 | 2025-03-26 | 2025-03-26 | 2024-09-25 |
| Pool balance | $826.9MM | $2,060.6MM | $1,050.3MM | $2,191.8MM |
| WA Credit Score | 608+22 | 604 | 583 | 586 |
| WA APR | 15.96%−3.40pp | 18.06% | 19.36% | 19.84% |
| WA original term mo | 68.9−2.8 | 71.6 mo | 75.0 mo | 71.7 mo |
| % new vehicles | 0.0% | 32.4% | — | 31.7% |
| Reserve % | 3.25% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | CA 16.5% TX 13.9% FL 8.6% | FL 19.2% TX 14.9% CA 6.3% | TX 16.7% CA 11.2% FL 8.3% | TX 20.6% FL 12.7% CA 7.6% |
| Structure (at issuance) | ||||
| AAA spread | +68 bps+8bps | +60 bps | — | +60 bps |
| AAA % of pool | 54.3%+4.3pp | 53.2% | 50.1% | 38.2% |
| Subordination below AAA | 25.7%−7.1pp | 32.9% | 47.3% | 30.3% |
| OC (initial) | 3.25% | 3.75% | 3.15% | 22.00% |
| OC target | 9.50% | 5.25% | 13.45% | 26.75% |
| OC floor | 0.50% | 2.00% | 1.50% | 3.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 8 | 7 | 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 (77 series across 3 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 CMXS.
Peer tier: subprime.
Open in Explorer ↗ for
FICO sub-band and new/used stratification.