CARMAX AUTO FUNDING LLC 8-K

What Happened
CarMax Auto Funding LLC announced the issuance of asset-backed notes totaling $1,175,000,000 on April 29, 2026, through a newly formed trust, CarMax Auto Owner Trust 2026-2. The securitization is backed by specified motor vehicle retail installment sale contracts that were sold by CarMax Business Services, LLC to the Depositor (CarMax Auto Funding LLC) and then transferred to the Issuing Entity. Key parties named in the filing include Wilmington Trust, N.A. (owner trustee), U.S. Bank Trust Company, N.A. (indenture trustee), U.S. Bank National Association (securities intermediary), and CarMax Business Services as servicer and administrator. The issuance was made pursuant to a Registration Statement on Form SF-3 filed July 25, 2025.

Key Details

• Aggregate original principal amount issued: $1,175,000,000 in multiple note classes (Class A-1, A-2a, A-2b, A-3, A-4, B, C and D).
• Closing date: April 29, 2026; CarMax Auto Owner Trust 2026-2 was formed March 6, 2026.
• Underlying collateral: specified motor vehicle retail installment sale contracts and related property sold by CarMax Business Services to the Depositor and transferred to the Issuing Entity.
• Agreements filed/executed at closing: Amended & Restated Trust Agreement, Receivables Purchase Agreement, Sale & Servicing Agreement, Indenture, Administration Agreement, Asset Representations Review Agreement, and Securities Account Control Agreement.

Why It Matters
This filing documents a securitization transaction that provides funding secured by CarMax-originated auto loan receivables. For investors, it signals CarMax-affiliated financing activity and the transfer of consumer auto loan assets into an ABS structure; it is a financing—not an equity issuance—and does not by itself change operating results disclosed elsewhere. Market participants who follow CarMax’s credit and financing operations or who invest in auto asset-backed securities will view this as a material funding event and a new ABS issuance under the previously filed SF-3 registration statement.