| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 203.8 | 22.1% | 26.90% | 0.25 | 4.17% | +19 I-curve | 2026-10-15 | A-1+ | F1+ |
| Class A-2 | 303.2 | 32.8% | 26.90% | 1.07 | 4.19% | +63 I-curve | 2029-03-15 | AAA | AAA |
| Class A-3 | 177.0 | 19.2% | 26.90% | 2.18 | 4.12% | +63 I-curve | 2030-03-15 | AAA | AAA |
| Class B | 60.9 | 6.6% | 20.30% | 2.88 | 4.35% | +88 I-curve | 2030-07-15 | AA | AA |
| Class C | 71.5 | 7.8% | 12.55% | 3.37 | 4.83% | +135 I-curve | 2031-06-16 | A | A |
| Class D | 68.8 | 7.5% | 5.10% | 3.64 | 5.33% | +185 I-curve | 2031-07-15 | BBB | BBB |
| Class Eretained | 14.8 | 1.6% | 3.50% | 3.64 | 6.89% | +345 I-curve | 2032-09-15 | 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 | — |
| 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 | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2025-09-24 | 2025-03-26 | 2024-06-26 | 424B5 |
| Pool balance | $923.1MM | $826.9MM | $666.7MM | 424B5 |
| WA Credit Score | 612+7 | 608 | 603 | 424B5 |
| WA APR | 16.03%+0.02pp | 15.96% | 16.06% | 424B5 |
| WA original term mo | 69.4+0.7 | 68.9 mo | 68.5 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | ||||
| Enhancement, initial | 26.90%−3.10pp | 30.00% | 30.00% | calc |
| Enhancement, target | 32.90% | 36.25% | 38.10% | calc |
| Subordinate notes | 23.4%−0.9pp | 25.7% | 22.8% | calc |
| OC (initial) | 2.50% | 3.25% | 6.25% | 424B5 |
| OC target | 8.50% | 9.50% | 14.35% | 424B5 |
| OC floor | 0.50% | 0.50% | 0.50% | 424B5 |
| Reserve account | 1.00% | 1.00% | 1.00% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | 424B5 |
| Pricing | ||||
| AAA spread | +63 bps A-3 · 2.2y | +78 bps A-3 · 2.0y | — | FWP |
| Terms | ||||
| Tranches | 7 | 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-B | DRIVE 2025-2 | EART 2025-4 | SDART 2025-3 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2025-09-24 | 2025-09-24 | 2025-08-27 | 2025-07-30 | 424B5 |
| Pool balance | $923.1MM | $1,866.5MM | $1,298.2MM | $2,150.3MM | 424B5 |
| WA Credit Score | 612+27 | 585 | 585 | 604 | 424B5 |
| WA APR | 16.03%−3.73pp | 19.76% | 21.55% | 17.99% | 424B5 |
| WA original term mo | 69.4−2.3 | 71.7 mo | 76.0 mo | 71.6 mo | 424B5 |
| % new vehicles | 0.0% | 28.1% | — | 27.7% | 424B5 |
| 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% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 26.90%−21.45pp | 48.35% | 50.86% | 37.85% | calc |
| Enhancement, target | 32.90% | 52.85% | 57.86% | 39.35% | calc |
| Subordinate notes | 23.4%−9.5pp | 32.8% | 45.7% | 32.4% | calc |
| OC (initial) | 2.50% | 14.50% | 4.20% | 4.40% | 424B5 |
| OC target | 8.50% | 19.00% | 11.20% | 5.90% | 424B5 |
| OC floor | 0.50% | 3.00% | 1.50% | 2.00% | 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 | +63 bps+3bps A-3 · 2.2y | +62 bps A-3 · 1.5y | +60 bps A-3 · 1.4y | +60 bps A-3 · 1.9y | FWP |
| Terms | |||||
| Tranches | 7 | 6 | 7 | 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.
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 the performance page ↗ for
FICO sub-band and new/used stratification.