| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| A-1 | 143.0 | 18.6% | 27.15% | 0.19 | 3.91% | +22 I-curve | 2027-03-16 | A-1+ | F1+ |
| A-2A | 272.8 | 35.5% | 27.15% | 1.07 | 4.03% | +58 I-curve | 2029-12-16 | AAA | AAA |
| A-2B | 45.0 | 5.8% | 27.15% | 1.07 | floating | +58 SOFR | 2029-12-16 | AAA | AAA |
| A-3 | 107.3 | 13.9% | 27.15% | 2.35 | 3.99% | +56 I-curve | 2032-05-16 | AAA | AAA |
| B | 46.5 | 6.1% | 21.10% | 2.94 | 4.20% | +75 I-curve | 2032-05-16 | AA | AA |
| C | 65.8 | 8.6% | 12.55% | 3.46 | 4.43% | +95 I-curve | 2032-05-16 | A | A |
| D | 53.5 | 6.9% | 5.60% | 3.81 | 4.90% | +140 I-curve | 2032-05-16 | BBB | BBB |
| Eretained | 16.2 | 2.1% | 3.50% | 3.81 | 6.56% | +310 I-curve | 2033-02-16 | 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 | U.S. Bank Trust Company, National Association |
| Owner Trustee | — |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | Barclays Capital, J.P. Morgan Securities, Wells Fargo Securities, Mizuho Securities, U.S. Bancorp Investments |
| CMXS 2026-A | CMXS 2025-B | CMXS 2025-A | CMXS 2024-A | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-02-25 | 2025-09-24 | 2025-03-26 | 2024-06-26 | 424B5 |
| Pool balance | $769.2MM | $923.1MM | $826.9MM | $666.7MM | 424B5 |
| WA Credit Score | 612+4 | 612 | 608 | 603 | 424B5 |
| WA APR | 16.49%+0.46pp | 16.03% | 15.96% | 16.06% | 424B5 |
| WA original term mo | 70.1+1.2 | 69.4 mo | 68.9 mo | 68.5 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 15.0% TX 13.2% FL 8.6% | 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 | 27.15%−2.85pp | 26.90% | 30.00% | 30.00% | calc |
| Enhancement, target | 33.30% | 32.90% | 36.25% | 38.10% | calc |
| Subordinate notes | 23.7%+0.3pp | 23.4% | 25.7% | 22.8% | calc |
| OC (initial) | 2.50% | 2.50% | 3.25% | 6.25% | 424B5 |
| OC target | 8.65% | 8.50% | 9.50% | 14.35% | 424B5 |
| OC floor | 0.50% | 0.50% | 0.50% | 0.50% | 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 | +56 bps−14bps A-3 · 2.4y | +63 bps A-3 · 2.2y | +78 bps A-3 · 2.0y | — | FWP |
| Terms | |||||
| Tranches | 8 | 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 2026-A | SDART 2026-1 | EART 2026-1 | DRIVE 2025-2 | Source | |
|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||
| Closing date | 2026-02-25 | 2026-02-25 | 2026-01-28 | 2025-09-24 | 424B5 |
| Pool balance | $769.2MM | $1,936.2MM | $1,123.3MM | $1,866.5MM | 424B5 |
| WA Credit Score | 612+14 | 605 | 598 | 585 | 424B5 |
| WA APR | 16.49%−3.27pp | 18.25% | 21.10% | 19.76% | 424B5 |
| WA original term mo | 70.1−1.7 | 71.8 mo | 76.0 mo | 71.7 mo | 424B5 |
| % new vehicles | 0.0% | 26.7% | — | 28.1% | 424B5 |
| Geo top-3 | CA 15.0% TX 13.2% FL 8.6% | TX 15.6% FL 13.2% CA 9.3% | TX 22.2% CA 10.9% FL 7.9% | TX 17.7% FL 12.4% CA 7.8% | 424B5 |
| Enhancement beneath the AAA term notes | |||||
| Enhancement, initial | 27.15%−21.20pp | 37.10% | 51.00% | 48.35% | calc |
| Enhancement, target | 33.30% | 38.55% | 58.40% | 52.85% | calc |
| Subordinate notes | 23.7%−10.2pp | 33.9% | 45.2% | 32.8% | calc |
| OC (initial) | 2.50% | 2.20% | 4.85% | 14.50% | 424B5 |
| OC target | 8.65% | 3.65% | 12.25% | 19.00% | 424B5 |
| OC floor | 0.50% | 2.00% | 1.50% | 3.00% | 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 | +56 bps+5bps A-3 · 2.4y | +51 bps A3 · 1.9y | +51 bps A-3 · 1.5y | +62 bps A-3 · 1.5y | FWP |
| Terms | |||||
| Tranches | 8 | 7 | 8 | 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 (88 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.