| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 138.0 | 16.7% | 30.00% | 0.19 | 4.56% | +27 I-curve | 2026-04-15 | A-1+ | F1+ |
| Class A-2A | 184.9 | 22.4% | 30.00% | 0.92 | 4.76% | +68 I-curve | 2028-05-15 | AAA | AAA |
| Class A-2B | 100.0 | 12.1% | 30.00% | 0.92 | floating | +68 SOFR | 2028-05-15 | AAA | AAA |
| Class A-3 | 164.2 | 19.9% | 30.00% | 2.04 | 4.77% | +78 I-curve | 2029-09-17 | AAA | AAA |
| Class B | 57.9 | 7.0% | 23.00% | 2.74 | 5.01% | +105 I-curve | 2030-09-16 | AA | AA+ |
| Class C | 62.0 | 7.5% | 15.50% | 3.20 | 5.46% | +150 I-curve | 2031-07-15 | A | A |
| Class D | 70.3 | 8.5% | 7.00% | 3.62 | 5.86% | +190 I-curve | 2031-07-15 | BBB | BBB |
| Class Eretained | 22.7 | 2.8% | 4.25% | 3.64 | — | — | 2032-03-15 | BB | BB |
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 | 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 | Source | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-03-26 | 2024-06-26 | 424B5 |
| Pool balance | $826.9MM | $666.7MM | 424B5 |
| WA Credit Score | 608 | 603 | 424B5 |
| WA APR | 15.96% | 16.06% | 424B5 |
| WA original term mo | 68.9 | 68.5 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 16.5% TX 13.9% FL 8.6% | CA 15.2% TX 14.4% FL 9.4% | 424B5 |
| Enhancement beneath the AAA term notes | |||
| Enhancement, initial | 30.00% | 30.00% | calc |
| Enhancement, target | 36.25% | 38.10% | calc |
| Subordinate notes | 25.7% | 22.8% | calc |
| OC (initial) | 3.25% | 6.25% | 424B5 |
| OC target | 9.50% | 14.35% | 424B5 |
| OC floor | 0.50% | 0.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | 424B5 |
| Pricing | |||
| AAA spread | +78 bps A-3 · 2.0y | — | FWP |
| Terms | |||
| Tranches | 8 | 7 | 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.
| CMXS 2025-A | EART 2025-2 | SDART 2025-2 | DRIVE 2024-2 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-03-26 | 2025-03-26 | 2025-03-26 | 2024-09-25 | 424B5 |
| Pool balance | $826.9MM | $1,050.3MM | $2,060.6MM | $2,191.8MM | 424B5 |
| WA Credit Score | 608+22 | 583 | 604 | 586 | 424B5 |
| WA APR | 15.96%−3.77pp | 22.01% | 18.12% | 19.73% | 424B5 |
| WA original term mo | 68.9−2.8 | 75.0 mo | 71.6 mo | 71.7 mo | 424B5 |
| % new vehicles | 0.0% | — | 32.4% | 31.7% | 424B5 |
| Geo top-3 | CA 16.5% TX 13.9% FL 8.6% | TX 16.7% CA 11.2% FL 8.3% | FL 19.2% TX 14.9% CA 6.3% | TX 20.6% FL 12.7% CA 7.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 30.00%−21.45pp | 51.45% | 37.65% | 53.25% | calc |
| Enhancement, target | 36.25% | 61.75% | 39.15% | 58.00% | calc |
| Subordinate notes | 25.7%−7.1pp | 47.3% | 32.9% | 30.3% | calc |
| OC (initial) | 3.25% | 3.15% | 3.75% | 22.00% | 424B5 |
| OC target | 9.50% | 13.45% | 5.25% | 26.75% | 424B5 |
| OC floor | 0.50% | 1.50% | 2.00% | 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 | +78 bps+10bps A-3 · 2.0y | +67 bps A-3 Notes · 1.2y | +68 bps A-3 · 1.9y | +78 bps A-3 · 1.5y | FWP |
| Terms | |||||
| Tranches | 8 | 7 | 7 | 6 | 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.
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 the performance page ↗ for
FICO sub-band and new/used stratification.