CARMAX AUTO FUNDING LLC 8-K

What Happened

• CarMax Auto Funding LLC announced the closing of a securitization on January 28, 2026: CarMax Auto Owner Trust 2026-1 issued Class A-1, A-2a, A-2b, A-3, A-4, B, C and D asset-backed notes with an aggregate original principal amount of $1,300,000,000.
• On the Closing Date the depositor purchased specified motor vehicle retail installment sale contracts (auto loan receivables) from CarMax Business Services, LLC and transferred those receivables to the Issuing Entity. Related transaction documents (trust agreement, receivables purchase agreement, sale and servicing agreement, indenture, administration agreement, asset review agreement and securities control agreement) were executed and filed as exhibits.

Key Details

• Aggregate principal issued: $1,300,000,000 in multiple note classes.
• Closing Date: January 28, 2026; Issuing Entity (CarMax Auto Owner Trust 2026-1) was created November 6, 2025.
• Seller/Servicer/Administrator: CarMax Business Services, LLC. Indenture Trustee: U.S. Bank Trust Company, N.A.; Owner Trustee: Wilmington Trust, N.A.; Asset Representations Reviewer: Clayton Fixed Income Services LLC; Securities Intermediary: U.S. Bank National Association.
• Registration statement for the offering was previously filed on Form SF-3 (Commission File No. 333-288943) on July 25, 2025.

Why It Matters

• This filing documents a $1.3 billion securitization of CarMax-originated auto loans, which provides funding/liquidity tied to those receivables and establishes the legal and servicing structure for the notes.
• Retail investors should note this concerns a financing vehicle (CarMax Auto Funding LLC / CarMax Auto Owner Trust 2026-1) and not a corporate earnings or executive change; details and credit terms are in the filed exhibits for anyone evaluating risk or exposure to these asset-backed notes.