| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| Class A-1 | 203.8 | 22.1% | 75.4% | +19 bps | 0.25 | 2026-10-15 | A-1+ | F1+ |
| Class A-2 | 303.2 | 32.8% | 42.6% | +63 bps | 1.07 | 2029-03-15 | AAA | AAA |
| Class A-3 | 177.0 | 19.2% | 23.4% | +63 bps | 2.18 | 2030-03-15 | AAA | AAA |
| Class B | 60.9 | 6.6% | 16.8% | +88 bps | 2.88 | 2030-07-15 | AA | AA |
| Class C | 71.5 | 7.8% | 9.1% | +135 bps | 3.37 | 2031-06-16 | A | A |
| Class D | 68.8 | 7.5% | 1.6% | +185 bps | 3.64 | 2031-07-15 | BBB | BBB |
| Class E | 14.8 | 1.6% | 0.0% | +345 bps | 3.64 | 2032-09-15 | BB | BB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | — |
| Indenture Trustee | Wilmington Trust, National Association |
| Owner Trustee | — |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | J.P. Morgan Securities, RBC Capital Markets, Wells Fargo Securities, Barclays Capital, MUFG Securities Americas |
| CMXS 2025-B | CMXS 2025-A | CMXS 2024-A | |
|---|---|---|---|
| Collateral (pool at cut-off) | |||
| Closing date | 2025-09-24 | 2025-03-26 | 2024-06-26 |
| Pool balance | $923.1MM | $826.9MM | $666.7MM |
| WA Credit Score | 612+7 | 608 | 603 |
| WA APR | 16.05%+0.04pp | 15.96% | 16.06% |
| WA original term mo | 69.4+0.7 | 68.9 mo | 68.5 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% |
| Reserve % | 2.50% | 3.25% | 6.25% |
| Geo top-3 | CA 16.3% TX 12.8% FL 9.2% | CA 16.5% TX 13.9% FL 8.6% | CA 15.2% TX 14.4% FL 9.4% |
| Structure (at issuance) | |||
| AAA spread | +63 bps−7bps | +68 bps | +73 bps |
| AAA % of pool | 52.0%−2.4pp | 54.3% | 54.5% |
| Subordination below AAA | 23.4%−0.9pp | 25.7% | 22.8% |
| OC (initial) | 2.50% | 3.25% | 6.25% |
| OC target | 8.50% | 9.50% | 14.35% |
| OC floor | 0.50% | 0.50% | 0.50% |
| YSOC | n.a. | n.a. | n.a. |
| Tranches | 7 | 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-B | DRIVE 2025-2 | EART 2025-4 | SDART 2025-3 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-09-24 | 2025-09-24 | 2025-08-27 | 2025-07-30 |
| Pool balance | $923.1MM | $1,866.5MM | $1,298.2MM | $2,150.3MM |
| WA Credit Score | 612+27 | 585 | 585 | 604 |
| WA APR | 16.05%−2.41pp | 19.81% | 18.46% | 18.12% |
| WA original term mo | 69.4−2.3 | 71.7 mo | 76.0 mo | 71.6 mo |
| % new vehicles | 0.0% | 28.1% | — | 27.7% |
| Reserve % | 2.50% | 1.00% | 1.00% | 1.00% |
| Geo top-3 | CA 16.3% TX 12.8% FL 9.2% | TX 17.7% FL 12.4% CA 7.8% | TX 19.6% CA 10.8% FL 8.0% | TX 15.8% FL 12.8% CA 9.2% |
| Structure (at issuance) | ||||
| AAA spread | +63 bps+7bps | +56 bps | +54 bps | +56 bps |
| AAA % of pool | 52.0%+9.9pp | 42.2% | 41.1% | 52.9% |
| Subordination below AAA | 23.4%−9.5pp | 32.8% | 45.7% | 32.4% |
| OC (initial) | 2.50% | 14.50% | 4.20% | 4.40% |
| OC target | 8.50% | 19.00% | 11.20% | 5.90% |
| OC floor | 0.50% | 3.00% | 1.50% | 2.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 7 | 6 | 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 (83 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.