CarMax Auto Trust 2022-3 Files 10-K, Confirms Compliance

TL;DR

**CarMax Auto Owner Trust 2022-3's 10-K is a routine compliance check, signaling stability for ABS investors but offering no new operational insights.**

AI Summary

CarMax Auto Owner Trust 2022-3, an asset-backed securities issuer focused on auto loans, filed its 10-K for the fiscal year ended February 28, 2025. As a statutory trust, its primary function is to hold and manage a pool of auto loan receivables originated by CarMax Business Services, LLC, and issue securities backed by these assets. The filing confirms the trust has met all reporting requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months. The trust is not a well-known seasoned issuer and is not required to submit Interactive Data Files. The report does not detail traditional revenue or net income figures as it operates as a pass-through entity for securitized assets, with its financial performance tied directly to the underlying auto loan portfolio's principal and interest collections and default rates. Key risks include the performance of the underlying auto loans and broader economic conditions impacting consumer credit.

Why It Matters

This 10-K filing provides transparency for investors holding asset-backed securities issued by CarMax Auto Owner Trust 2022-3, confirming the trust's adherence to SEC reporting obligations. For investors, it signals continued oversight of the underlying auto loan portfolio, which directly impacts the performance and stability of their investments. While not a traditional operating company, the trust's consistent compliance helps maintain confidence in the structured finance market, particularly in the competitive auto loan securitization space where CarMax Business Services, LLC is a significant player. This regulatory diligence is crucial for maintaining liquidity and investor interest in future CarMax-backed offerings.

Risk Assessment

Risk Level: low — The risk level is low because this 10-K primarily confirms regulatory compliance for a statutory trust, not an operating company with fluctuating revenues or complex business risks. The filing indicates the registrant has filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934, demonstrating adherence to regulatory standards. There are no indications of financial distress or operational changes within the trust itself, which functions as a pass-through entity for auto loan receivables.

Analyst Insight

Investors in CarMax Auto Owner Trust 2022-3 securities should view this filing as a confirmation of ongoing regulatory compliance and stability. No immediate action is required based on this routine filing, but investors should continue to monitor the performance of the underlying auto loan collateral through servicer reports for any changes in delinquency or default rates.

Financial Highlights

debt To Equity

N/A

revenue

$N/A

operating Margin

N/A

total Assets

$N/A

total Debt

$N/A

net Income

$N/A

eps

$N/A

gross Margin

N/A

cash Position

$N/A

revenue Growth

N/A

Key Numbers

• 20250228 — Conformed Period of Report (Indicates the fiscal year end for this 10-K filing.)
• 0001934479 — Central Index Key (CIK) (Unique identifier for CarMax Auto Owner Trust 2022-3, ensuring proper identification in SEC filings.)
• 333-260819-03 — Commission File Number (Specific SEC registration number for the issuing entity's securities.)
• 88-6508071 — IRS Employer Identification Number (EIN) (Tax identification for the Issuing Entity, CarMax Auto Owner Trust 2022-3.)

Key Players & Entities

• CarMax Auto Owner Trust 2022-3 (company) — Issuing Entity
• CarMax Auto Funding LLC (company) — Depositor
• CarMax Business Services, LLC (company) — Sponsor
• SEC (regulator) — Securities and Exchange Commission
• February 28, 2025 (date) — Fiscal year end
• 333-260819-03 (regulator) — Commission File Number of issuing entity
• 0001934479 (company) — Central Index Key Number of issuing entity
• 1934 Act (regulator) — Securities Exchange Act of 1934
• Richmond, VA (company) — Business address location

FAQ

Risk Factors

• Performance of Underlying Auto Loans [high — financial]: The primary risk to CarMax Auto Owner Trust 2022-3 is the performance of the underlying pool of auto loan receivables. Delinquencies and defaults on these loans directly impact the cash flows available to pay the securities. For instance, if a significant portion of borrowers experience financial hardship, it could lead to increased losses for the trust.
• Broader Economic Conditions [high — market]: Downturns in the general economy can negatively affect consumer creditworthiness and the ability of borrowers to repay auto loans. Factors such as rising unemployment, inflation, or interest rate hikes can increase the risk of defaults within the securitized portfolio, thereby affecting the trust's performance.
• Servicing and Management of Receivables [medium — operational]: The effective servicing and management of the auto loan portfolio by CarMax Business Services, LLC are critical. Any operational inefficiencies, inadequate collection efforts, or missteps in managing the receivables could lead to increased losses and negatively impact the trust's ability to meet its obligations.
• Changes in Consumer Protection Laws [low — regulatory]: Evolving consumer protection regulations related to auto lending and debt collection could impose additional compliance burdens or alter the rights and obligations of borrowers and servicers. Such changes might affect the recovery rates on defaulted loans or increase operational costs for the trust's administrator.

Industry Context

The auto finance industry is characterized by its reliance on consumer credit and is sensitive to economic cycles. Competition is significant, with traditional banks, credit unions, and specialized finance companies vying for market share. Trends include increasing adoption of digital lending platforms, evolving vehicle ownership models (like subscriptions), and a growing focus on data analytics for risk assessment and customer engagement.

Regulatory Implications

As an issuer of asset-backed securities, CarMax Auto Owner Trust 2022-3 is subject to SEC regulations governing financial reporting and disclosure. While not a well-known seasoned issuer, it must adhere to the requirements of the Securities Exchange Act of 1934. The underlying auto loans are also subject to federal and state consumer protection laws, impacting origination, servicing, and collection practices.

What Investors Should Do

1. Monitor Delinquency and Default Rates
2. Assess Macroeconomic Factors
3. Review Servicer's Performance

Key Dates

• 2025-02-28: Fiscal Year End — Marks the end of the reporting period for the 10-K filing, encompassing the financial performance and operational activities of the trust for the preceding twelve months.
• 2025-05-23: 10-K Filing Date — The date on which CarMax Auto Owner Trust 2022-3 submitted its annual report to the SEC, providing investors with audited financial information and disclosures for the fiscal year.

Glossary

Asset-Backed Securities (ABS)

Securities that are backed by a pool of assets such as auto loans, credit card receivables, or mortgages. The cash flows from these assets are used to pay investors in the ABS. (CarMax Auto Owner Trust 2022-3 is an issuer of ABS, specifically backed by auto loan receivables.)

Receivables

Money owed to a business by its customers for goods or services provided. In this context, it refers to the outstanding balances on auto loans. (The trust's primary assets are the auto loan receivables originated by CarMax Business Services, LLC.)

Securitization

The process of pooling various types of contractual debt, such as mortgages, auto loans, or credit card debt, and selling their related cash flows to third-party investors as securities. (This is the fundamental structure through which CarMax Auto Owner Trust 2022-3 operates, transforming auto loans into tradable securities.)

Pass-Through Entity

An entity that passes income, losses, deductions, and credits through to its investors for tax purposes. For financial reporting, it means the entity's performance is directly tied to the underlying assets. (The trust functions as a pass-through entity, meaning its financial results are a direct reflection of the performance of the auto loan portfolio.)

Year-Over-Year Comparison

As this is an annual report for the fiscal year ended February 28, 2025, a direct comparison of key financial metrics like revenue, net income, or margins to a prior year's 10-K is not possible from the provided filing excerpt. The filing confirms the trust has met its reporting requirements for the preceding 12 months, indicating continuity in operations and compliance. No new risks or significant changes in existing risk factors were detailed in the provided summary information.

Filing Details

This Form 10-K (Form 10-K) was filed with the SEC on May 23, 2025 regarding CarMax Auto Owner Trust 2022-3.

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR