| Class | Size ($MM) | % of Pool | Sub % | CPN / Spread | WAL | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|
| A-1 | 143.0 | 18.6% | 78.9% | +22 bps | 0.19 | 2027-03-16 | A-1+ | F1+ |
| A-2A | 272.8 | 35.5% | 43.4% | +58 bps | 1.07 | 2029-12-16 | AAA | AAA |
| A-2B | 45.0 | 5.8% | 37.6% | +58 bps SOFR | 1.07 | 2029-12-16 | AAA | AAA |
| A-3 | 107.3 | 13.9% | 23.7% | +56 bps | 2.35 | 2032-05-16 | AAA | AAA |
| B | 46.5 | 6.1% | 17.6% | +75 bps | 2.94 | 2032-05-16 | AA | AA |
| C | 65.8 | 8.6% | 9.1% | +95 bps | 3.46 | 2032-05-16 | A | A |
| D | 53.5 | 6.9% | 2.1% | +140 bps | 3.81 | 2032-05-16 | BBB | BBB |
| E | 16.2 | 2.1% | 0.0% | +310 bps | 3.81 | 2033-02-16 | BB+ | BB |
| Sponsor | CarMax Business Services, LLC |
|---|---|
| Servicer | CarMax Business Services, LLC |
| Depositor / Transferor | — |
| 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 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-02-25 | 2025-09-24 | 2025-03-26 | 2024-06-26 |
| Pool balance | $769.2MM | $923.1MM | $826.9MM | $666.7MM |
| WA Credit Score | 612+4 | 612 | 608 | 603 |
| WA APR | 16.49%+0.44pp | 16.05% | 15.96% | 16.06% |
| WA original term mo | 70.1+1.2 | 69.4 mo | 68.9 mo | 68.5 mo |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% |
| Reserve % | 2.50% | 2.50% | 3.25% | 6.25% |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | +58 bps−10bps | +63 bps | +68 bps | +73 bps |
| AAA % of pool | 55.3%+0.9pp | 52.0% | 54.3% | 54.5% |
| Subordination below AAA | 23.7%+0.3pp | 23.4% | 25.7% | 22.8% |
| OC (initial) | 2.50% | 2.50% | 3.25% | 6.25% |
| OC target | 8.65% | 8.50% | 9.50% | 14.35% |
| OC floor | 0.50% | 0.50% | 0.50% | 0.50% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 8 | 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 2026-A | SDART 2026-1 | EART 2026-1 | DRIVE 2025-2 | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2026-02-25 | 2026-02-25 | 2026-01-28 | 2025-09-24 |
| Pool balance | $769.2MM | $1,936.2MM | $1,123.3MM | $1,866.5MM |
| WA Credit Score | 612+14 | 605 | 598 | 585 |
| WA APR | 16.49%−2.22pp | 18.04% | 18.71% | 19.81% |
| WA original term mo | 70.1−1.7 | 71.8 mo | 76.0 mo | 71.7 mo |
| % new vehicles | 0.0% | 26.7% | — | 28.1% |
| Reserve % | 2.50% | 1.00% | 1.00% | 1.00% |
| 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% |
| Structure (at issuance) | ||||
| AAA spread | +58 bps+5bps | +53 bps | +49 bps | +56 bps |
| AAA % of pool | 55.3%+13.1pp | 53.7% | 41.6% | 42.2% |
| Subordination below AAA | 23.7%−10.2pp | 33.9% | 47.8% | 32.8% |
| OC (initial) | 2.50% | 2.20% | 4.85% | 14.50% |
| OC target | 8.65% | 3.65% | 12.25% | 19.00% |
| OC floor | 0.50% | 2.00% | 1.50% | 3.00% |
| YSOC | n.a. | n.a. | n.a. | n.a. |
| Tranches | 8 | 7 | 8 | 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 (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.
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FICO sub-band and new/used stratification.