CarMax Auto Owner Trust 2022-4 Files 10-K, Confirms Compliance

TL;DR

CarMax Auto Owner Trust 2022-4's 10-K confirms solid compliance, making it a reliable, albeit niche, investment for ABS holders.

AI Summary

CarMax Auto Owner Trust 2022-4, an asset-backed securities issuer, 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 for the preceding 12 months. The trust's business address is 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, VA 23238, and its telephone number is (804) 935-4512. The trust is not a well-known seasoned issuer and is not required to submit Interactive Data Files. No securities are registered under Section 12(b) or 12(g) of the Act, indicating its specialized nature as an ABS issuer.

Why It Matters

This 10-K filing provides crucial transparency for investors holding securities issued by CarMax Auto Owner Trust 2022-4, confirming the trust's ongoing compliance with SEC reporting obligations. For the broader market, it signals the continued health and operational stability of CarMax's securitization program, a key component of its financing strategy. Investors rely on these filings to assess the performance of the underlying auto loan collateral and the trust's ability to meet its payment obligations, especially in a competitive auto lending environment where credit quality can fluctuate. The consistent filing demonstrates robust governance, which can instill confidence among ABS investors.

Risk Assessment

Risk Level: low — The risk level is low because the filing indicates full compliance with SEC reporting requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended February 28, 2025. The trust is not a well-known seasoned issuer and has no securities registered under Section 12(b) or 12(g), which is typical for a specialized asset-backed trust, reducing general market volatility exposure.

Analyst Insight

Investors in CarMax Auto Owner Trust 2022-4 should view this filing as a positive signal of operational compliance and transparency. Continue to monitor the trust's periodic distribution reports (Form 10-D) for specific performance metrics of the underlying auto loan collateral, such as delinquency rates and prepayment speeds, to assess the ongoing health of their investment.

Key Numbers

• 2025-02-28 — Fiscal Year End Date (The period covered by this annual report.)
• 0001946521 — Issuing Entity CIK (Unique identifier for CarMax Auto Owner Trust 2022-4.)
• 333-260819-04 — Commission File Number (SEC registration number for the issuing entity.)
• 804-935-4512 — Business Phone Number (Contact number for the registrant.)

Key Players & Entities

• CarMax Auto Owner Trust 2022-4 (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
• 0001946521 (company) — Central Index Key Number of issuing entity
• 0001259380 (company) — Central Index Key Number of depositor
• 0001601902 (company) — Central Index Key Number of sponsor
• 88-6679158 (company) — I.R.S. Employer Identification No. for the Issuing Entity
• 12800 Tuckahoe Creek Parkway, Suite 400, Richmond, VA 23238 (location) — Principal executive offices address

FAQ

Industry Context

The asset-backed securities market, particularly for auto loans, is a significant component of the broader financial services industry. It relies on the consistent performance of underlying loan portfolios. Trends in consumer credit, interest rates, and the used car market directly influence the value and risk of these securitized assets. Competition among originators and issuers is driven by factors such as loan origination volume, credit quality, and the ability to structure attractive ABS deals.

Regulatory Implications

As an ABS issuer, CarMax Auto Owner Trust 2022-4 is subject to reporting requirements under the Securities Exchange Act of 1934. While not a well-known seasoned issuer and not required to submit interactive data files, it must adhere to disclosure obligations. Compliance with these regulations ensures transparency for investors regarding the trust's assets and operations.

What Investors Should Do

1. Review the underlying asset quality and performance metrics of the auto loan receivables.
2. Assess the creditworthiness and operational stability of CarMax Business Services, LLC (the sponsor).
3. Monitor macroeconomic factors impacting auto loan performance.

Key Dates

• 2025-02-28: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2025-05-23: 10-K Filing Date — Indicates the date the annual report was officially submitted to the SEC.

Glossary

Asset-Backed Securities (ABS)

Securities that are backed by a pool of assets such as loans, leases, or credit card debt. (CarMax Auto Owner Trust 2022-4 is an issuer of ABS, specifically backed by auto loan receivables.)

Statutory Trust

A legal entity created by statute, often used for securitization purposes to hold assets and issue securities. (CarMax Auto Owner Trust 2022-4 is structured as a statutory trust to manage its pool of auto loan receivables.)

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC) that gives a comprehensive summary of a company's financial performance. (This document is the 10-K filing for CarMax Auto Owner Trust 2022-4, detailing its financial status and operations for the fiscal year.)

CarMax Business Services, LLC

The originator of the auto loan receivables that are pooled and securitized by the trust. (As the sponsor and originator, its performance and underwriting practices directly impact the quality of the assets held by the trust.)

CarMax Auto Funding LLC

The depositor entity that transfers the auto loan receivables to the trust. (Acts as an intermediary in the securitization process, facilitating the transfer of assets from the originator to the trust.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended February 28, 2025. Specific comparative financial data against the prior fiscal year (ended February 28, 2024) is not detailed within the provided excerpt. However, the filing confirms the trust has met all reporting requirements for the preceding 12 months, indicating ongoing operational compliance. No new risks or significant changes in the trust's structure or reporting obligations are highlighted in this initial review.

Filing Details

This Form 10-K (Form 10-K) was filed with the SEC on May 23, 2025 regarding CarMax Auto Owner Trust 2022-4.

View full filing on EDGAR

View Full Filing

View this 10-K filing on SEC EDGAR