| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | S&P | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1 | 257.0 | 19.0% | 5.50% | 0.29 | 4.38% | +14 I-curve | 2027-10-15 | A-1+ | F1+ |
| Class A-2a | 271.5 | 20.1% | 5.50% | 1.18 | 5.01% | +50 I-curve | 2030-02-15 | AAA | AAA |
| Class A-2b | 200.0 | 14.8% | 5.50% | 1.18 | floating | +50 SOFR | 2030-02-15 | AAA | AAA |
| Class A-3 | 471.5 | 34.8% | 5.50% | 2.79 | 5.38% | +55 I-curve | 2032-01-15 | AAA | AAA |
| Class A-4 | 82.3 | 6.1% | 5.50% | 4.04 | 5.52% | +63 I-curve | 2032-12-15 | AAA | AAA |
| Class B | 23.7 | 1.7% | 3.75% | 4.07 | 5.69% | +80 I-curve | 2032-12-15 | AA | AA |
| Class C | 25.7 | 1.9% | 1.85% | 4.07 | 5.88% | +100 I-curve | 2032-12-15 | A | A |
| Class D | 18.3 | 1.3% | 0.50% | 4.07 | 6.32% | +145 I-curve | 2033-10-17 | BBB | BBB |
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 | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | MUFG Securities Americas, BofA Securities, Mizuho Securities, TD Securities, Academy Securities, CIBC Capital Markets, Loop Capital Markets, Truist Securities |
| CAOT 2026-4 | CAOT 2026-3 | CAOT 2026-2 | CAOT 2026-1 | CAOT 2025-4 | CAOT 2025-3 | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-10-21 | 2026-07-22 | 2026-04-29 | 2026-01-28 | 2025-10-22 | 2025-07-23 | 424B5 |
| Pool balance | $1,353.4MM | $1,353.4MM | $1,180.9MM | $1,306.5MM | $1,306.5MM | $1,457.3MM | 424B5 |
| WA Credit Score | 766+6 | 765 | 764 | 760 | 759 | 758 | 424B5 |
| WA APR | 9.01%+0.28pp | 8.41% | 8.65% | 8.73% | 9.40% | 9.20% | 424B5 |
| WA original term mo | 67.3+0.2 | 67.1 mo | 67.1 mo | 67.1 mo | 66.2 mo | 66.5 mo | 424B5 |
| % new vehicles | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 424B5 |
| Geo top-3 | CA 17.0% TX 10.5% FL 6.4% | CA 18.2% TX 10.4% FL 6.5% | CA 18.5% TX 10.5% FL 7.1% | CA 17.6% TX 10.1% FL 6.8% | CA 17.2% TX 9.8% FL 6.7% | CA 17.4% TX 9.6% FL 7.3% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.50%+0.40pp | 5.45% | 5.40% | 5.10% | 4.75% | 4.85% | calc |
| Enhancement, target | 5.50% | 5.45% | 5.40% | 5.10% | 4.75% | 4.85% | calc |
| Subordinate notes | 5.0%+0.6pp | 4.9% | 4.6% | 4.4% | 4.0% | 4.1% | calc |
| OC (initial) | 0.25% | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 424B5 |
| OC target | 0.25% | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 424B5 |
| OC floor | 0.25% | 0.25% | 0.50% | 0.50% | 0.50% | 0.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 424B5 |
| Pricing | |||||||
| AAA spread | +55 bps+11bps A-3 · 2.8y | +43 bps A-3 · 2.8y | +47 bps A-3 · 2.8y | +44 bps A-3 · 2.7y | +41 bps A-2a · 1.2y | +46 bps A-3 · 2.7y | FWP |
| Terms | |||||||
| Tranches | 8 | 7 | 8 | 8 | 8 | 8 | 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.
| CAOT 2026-4 | TAOT 2026-D | GMCAR 2026-4 | NAROT 2026-B | FCAOT 2026-C | HART 2026-C | Source | |
|---|---|---|---|---|---|---|---|
| Collateral (pool at cut-off) | |||||||
| Closing date | 2026-10-21 | 2026-10-15 | 2026-10-14 | 2026-09-30 | 2026-09-28 | 2026-09-23 | 424B5 |
| Pool balance | $1,353.4MM | $2,049.2MM | $1,073.3MM | $1,440.0MM | $1,663.6MM | $2,306.5MM | 424B5 |
| WA Credit Score | 766−7 | 772 | 773 | 784 | 753 | 774 | 424B5 |
| WA APR | 9.01%+3.93pp | 5.08% | 6.95% | 4.03% | 5.13% | 4.49% | 424B5 |
| WA original term mo | 67.3+1.5 | 65.7 mo | 13.0 mo | — | 66.5 mo | 65.9 mo | 424B5 |
| % new vehicles | 0.0% | 87.4% | 80.8% | 4.5% | 92.9% | 99.9% | 424B5 |
| Geo top-3 | CA 17.0% TX 10.5% FL 6.4% | CA 24.2% TX 15.9% IL 3.6% | TX 14.5% CA 7.0% FL 6.7% | FL 7.5% CA 6.4% GA 4.0% | TX 17.7% FL 8.9% CA 8.6% | TX 13.0% FL 9.6% CA 8.6% | 424B5 |
| Enhancement beneath the AAA term notes | |||||||
| Enhancement, initial | 5.50%+0.25pp | 2.75% | 6.10% | 4.25% | 5.25% | 7.55% | calc |
| Enhancement, target | 5.50% | 3.60% | 6.10% | 4.25% | 7.25% | 8.05% | calc |
| Subordinate notes | 5.0%+1.9pp | 2.5% | 3.1% | 3.0% | 5.0% | 4.8% | calc |
| OC (initial) | 0.25% | 0.00% | 2.75% | 1.00% | 0.00% | 2.50% | 424B5 |
| OC target | 0.25% | 0.85% | 2.75% | 1.00% | 2.00% | 3.00% | 424B5 |
| OC floor | 0.25% | 0.85% | 2.75% | 1.00% | 2.00% | 3.00% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 424B5 |
| YSOC | n.a. | 7.28% | 2.68% | 9.81% | 5.09% | 8.12% | 424B5 |
| Pricing | |||||||
| AAA spread | +55 bps+17bps A-3 · 2.8y | +46 bps A-3 · 2.5y | +47 bps A-3 · 2.4y | +38 bps A-3 · 2.3y | +37 bps A-3 · 2.3y | +38 bps A-3 · 2.4y | FWP |
| Terms | |||||||
| Tranches | 8 | 6 | 7 | 7 | 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 (277 series across 22 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 CAOT.
Peer tier: prime.
Open the performance page ↗ for
FICO sub-band and new/used stratification.