CarMax Trust 2025-B Enters Definitive Agreement
| Field | Detail |
|---|---|
| Company | Carmax Select Receivables Trust 2025-B |
| Form Type | 8-K |
| Filed Date | Sep 19, 2025 |
| Risk Level | low |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $840,950,000, $203,800,000, $303,160,000, $177,040,000, $60,920,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: securitization, auto-loans, financing
TL;DR
CarMax Auto Funding LLC just dropped an 8-K about their 2025-B receivables trust. Looks like a standard auto loan securitization.
AI Summary
CarMax Auto Funding LLC, through its trust CarMax Select Receivables Trust 2025-B, entered into a material definitive agreement on September 17, 2025. This filing pertains to asset-backed securities, specifically auto loans, and involves the Office of Structured Finance.
Why It Matters
This filing indicates a new securitization of auto loans by CarMax, which is a common financing method for auto retailers.
Risk Assessment
Risk Level: low — This is a routine securitization filing for auto loans, not indicating any unusual financial distress or significant new business ventures.
Key Players & Entities
- CarMax Auto Funding LLC (company) — Filer of the agreement
- CarMax Select Receivables Trust 2025-B (company) — Trust involved in the agreement
- Office of Structured Finance (company) — Organizational entity related to the trust
- 12800 TUCKAHOE CREEK PARKWAY (location) — Business and mailing address
- RICHMOND, VA (location) — City and State of business address
FAQ
What type of agreement was entered into on September 17, 2025?
The filing indicates the entry into a Material Definitive Agreement.
What is the primary asset class involved in this filing?
The primary asset class is Auto loans.
Which CarMax entity is listed as the filer?
CarMax Auto Funding LLC is listed as the filer.
What is the name of the specific trust mentioned in the filing?
The specific trust mentioned is CarMax Select Receivables Trust 2025-B.
Where are the business and mailing addresses for the entities listed?
The business and mailing addresses for both CarMax Auto Funding LLC and CarMax Select Receivables Trust 2025-B are listed as 12800 TUCKAHOE CREEK PARKWAY, SUITE 400, RICHMOND, VA 23238.
Filing Stats: 1,796 words · 7 min read · ~6 pages · Grade level 11.8 · Accepted 2025-09-19 16:08:20
Key Financial Figures
- $840,950,000 — riters has severally agreed to purchase $840,950,000 aggregate principal balance of various
- $203,800,000 — he collateral pool and the structure of $203,800,000 aggregate principal amount of the Class
- $303,160,000 — t-backed Notes (the "Class A-1 Notes"), $303,160,000 aggregate principal amount of the Class
- $177,040,000 — t-backed Notes (the "Class A-2 Notes"), $177,040,000 aggregate principal amount of the Class
- $60,920,000 — t-backed Notes (the "Class A-3 Notes"), $60,920,000 aggregate principal amount of the Class
- $71,540,000 — set-backed Notes (the "Class B Notes"), $71,540,000 aggregate principal amount of the Class
- $68,770,000 — -backed Notes (the "Class C Notes") and $68,770,000 aggregate principal amount of the Class
- $14,770,000 — etained Notes, the "Offered Notes") and $14,770,000 aggregate principal amount of the Class
Filing Documents
- d15649d8k.htm (8-K) — 33KB
- d15649dex11.htm (EX-1.1) — 176KB
- d15649dex41.htm (EX-4.1) — 901KB
- d15649dex42.htm (EX-4.2) — 348KB
- d15649dex43.htm (EX-4.3) — 222KB
- d15649dex51.htm (EX-5.1) — 10KB
- d15649dex52.htm (EX-5.2) — 18KB
- d15649dex81.htm (EX-8.1) — 11KB
- d15649dex361.htm (EX-36.1) — 4KB
- d15649dex991.htm (EX-99.1) — 639KB
- d15649dex992.htm (EX-99.2) — 119KB
- d15649dex993.htm (EX-99.3) — 75KB
- d15649dex994.htm (EX-99.4) — 99KB
- d15649dex995.htm (EX-99.5) — 168KB
- g15649dsp06.jpg (GRAPHIC) — 12KB
- g15649dsp06a.jpg (GRAPHIC) — 10KB
- g15649g0918121754430.jpg (GRAPHIC) — 3KB
- 0001193125-25-209071.txt ( ) — 2861KB
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 1.1 Underwriting Agreement, dated as of September 17, 2025, by and among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and J.P. Morgan Securities LLC, as representative of the several underwriters named therein. 4.1 Indenture, to be dated September 1, 2025, between CarMax Select Receivables Trust 2025-B, CarMax Select Receivables Grantor Trust 2025-B and Wilmington Trust, National Association, as indenture trustee. 4.2 Amended and Restated Trust Agreement, to be dated September 1, 2025, between CarMax Auto Funding LLC, as depositor, and U.S. Bank Trust National Association, as owner trustee. 4.3 Amended and Restated Grantor Trust Agreement, to be dated September 1, 2025, between CarMax Select Receivables Trust 2025-B, as grantor trust seller, and U.S. Bank Trust National Association, as grantor trust trustee. 5.1 Opinion of Mayer Brown LLP, dated as of September 19, 2025, with respect to enforceability of securities. 5.2 Opinion of Richards, Layton & Finger, P.A. dated as of September 19, 2025, with respect to enforceability of the Grantor Trust Certificate. 8.1 Opinion of Mayer Brown LLP, dated as of September 19, 2025, with respect to tax matters. 23.1 Consent of Mayer Brown LLP (included as part of Exhibit 5.1 and Exhibit 8.1 ). 23.2 Consent of Richards, Layton & Finger, P.A. (included as part of Exhibit 5.2 ). 36.1 Depositor CEO Certification 99.1 Sale and Servicing Agreement, to be dated September 1, 2025, among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, CarMax Select Receivables Trust 2025-B and CarMax Select Receivables Grantor Trust 2025-B. 99.2 Receivables Purchase Agreement, to be dated September 1, 2025, between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser. 99.3 Receivables Contribution Agreement, to be dated September 1, 20
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the depositor has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CarMax Auto Funding LLC (Depositor) Dated: September 19, 2025 By: /s/ Greg Dostich Name: Greg Dostich Title: Vice President and Treasurer