CARMAX AUTO FUNDING LLC 8-K

What Happened

• CarMax Business Services, LLC and CarMax Auto Funding LLC entered an Underwriting Agreement (April 21, 2026) with RBC Capital Markets, LLC as lead underwriter to sell $1,175,000,000 aggregate principal of asset-backed notes issued by CarMax Auto Owner Trust 2026-2. The offering is registered on Form SF-3 (File No. 333-288943) and the notes are expected to be issued on or about April 29, 2026.
• On the anticipated Issuance Date, the transaction will include an Amended and Restated Trust Agreement, a Receivables Purchase Agreement (sale of specified motor vehicle retail installment contracts), a Sale and Servicing Agreement (CarMax Business Services to service the assets), an Indenture with U.S. Bank Trust Company as indenture trustee, and related administration, asset review and securities account control agreements. Legal opinions and the depositor CEO certification were filed with the 8-K.

Key Details

• Total offering size: $1,175,000,000 aggregate principal across nine note classes:
  • Class A-1: $209,150,000
  • Class A-2a: $343,300,000
  • Class A-2b: $75,000,000
  • Class A-3: $418,300,000
  • Class A-4: $74,340,000
  • Class B: $23,030,000
  • Class C: $20,070,000
  • Class D: $11,810,000
• Underwriting Agreement dated April 21, 2026; Issuance Date anticipated on or about April 29, 2026.
• Key parties: RBC Capital Markets (underwriters’ representative), Wilmington Trust (owner trustee), U.S. Bank Trust Company (indenture trustee), Clayton Fixed Income Services (asset representations reviewer). Legal opinions by Mayer Brown LLP were filed.

Why It Matters

• This is a securitization transaction that converts specified CarMax retail installment contracts into publicly offered asset-backed notes, providing CarMax-related entities with funding and offering fixed‑income securities to investors.
• The size, structure, and pricing (via underwriters) determine near-term funding available to CarMax affiliates and signal access to capital markets; investors in the notes will be exposed to performance of the underlying auto loan receivables and the credit/support features specified in the transaction documents.