CARMAX AUTO FUNDING LLC 8-K

What Happened
CarMax Auto Funding LLC announced the closing of a securitization transaction on July 22, 2026. The Depositor formed CarMax Auto Owner Trust 2026-3 (a Delaware statutory trust) and, pursuant to agreements with CarMax Business Services, LLC, sold specified motor vehicle retail installment sale contracts into the trust. The trust issued seven classes of asset-backed notes (Class A-1, A-2, A-3, A-4, B, C and D) totaling $1,333,123,000. Transaction documents (trust agreement, receivables purchase and sale/servicing agreements, indenture, administration and related agreements) were filed as exhibits to the 8-K.

Key Details

• Closing Date: July 22, 2026; Trust created June 10, 2026.
• Principal amount issued: $1,333,123,000 across Classes A-1 through D.
• Seller/Servicer: CarMax Business Services, LLC; Owner Trustee: Wilmington Trust, N.A.; Indenture Trustee/administrator roles involve U.S. Bank Trust Company, N.A. and U.S. Bank National Association.
• An Asset Representations Review Agreement with Clayton Fixed Income Services LLC was put in place to review receivables upon certain triggers.

Why It Matters
This filing documents a standard auto-loan securitization that moves retail installment contracts off CarMax’s balance sheet into a trust and raises $1.333B of financing. For investors, the transaction shows how CarMax uses asset-backed note issuance to fund operations and manage receivables; the filed agreements provide the legal and operational framework (servicing, trustee roles, review procedures) that determine cash flow priority and protections for noteholders. Transaction documents are included as exhibits for detailed review.