CARMAX AUTO FUNDING LLC Issues $600M Asset-Backed Notes (2026-C)

What Happened

• CARMAX AUTO FUNDING LLC filed an 8-K on Sept. 28, 2026 reporting the closing of a securitization transaction. CarMax Select Receivables Trust 2026‑C (issuer) and CarMax Select Receivables Grantor Trust 2026‑C (grantor trust) were used to issue asset‑backed notes with an aggregate original principal amount of $600,000,000. The transaction transfers motor vehicle retail installment sale contracts (auto loans) originated by CarMax Business Services, LLC into the trust structure.

Key Details

• Closing Date: September 28, 2026; the trusts were created August 20, 2026. The underlying registration statement (Form SF‑3, File No. 333-288943) was originally filed July 25, 2025.
• Notes issued: Class A‑1, A‑2, A‑3, B, C, D and E Asset‑backed Notes totaling $600,000,000 under an Indenture with U.S. Bank Trust Company, N.A. as indenture trustee.
• Transaction parties: Depositor — CarMax Auto Funding LLC; Seller/Servicer/Administrator — CarMax Business Services, LLC; Owner/Grantor Trust Trustee — Wilmington Trust, N.A.; Asset Representations Reviewer — Clayton Fixed Income Services LLC; Securities Intermediary — U.S. Bank National Association.
• Documents: Receivables Purchase Agreement, Sale and Servicing Agreement, Receivables Contribution Agreement, Administration Agreement, Asset Representations Review Agreement and related agreements were entered and are filed as exhibits to the 8‑K.

Why It Matters

• This filing documents a financing move by CarMax-affiliated entities to raise $600M by securitizing retail auto loans. For investors, securitizations like this affect how CarMax funds its credit portfolio and may influence liquidity and funding sources for auto financing operations. The filing does not present earnings, management changes, or forecasts — it records the completed financing and related legal agreements.