CarMax Auto Trust 2025-4 Files 8-K on Asset-Backed Securities
| Field | Detail |
|---|---|
| Company | Carmax Auto Owner Trust 2025-4 |
| Form Type | 8-K |
| Filed Date | Oct 17, 2025 |
| Risk Level | low |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $1,300,000,000, $241,500,000, $315,000,000, $142,400,000, $457,400,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: asset-backed-securities, auto-loans, securitization
TL;DR
CarMax Auto Owner Trust 2025-4 filed an 8-K for asset-backed securities related to auto loans.
AI Summary
CarMax Auto Owner Trust 2025-4, a securitization vehicle for CarMax Auto Funding LLC, filed an 8-K on October 17, 2025, reporting on the entry into a material definitive agreement related to asset-backed securities. The filing pertains to auto loans and was made as of October 15, 2025.
Why It Matters
This filing indicates ongoing activity in CarMax's securitization programs, which is crucial for its financing and liquidity management in the auto loan market.
Risk Assessment
Risk Level: low — The filing is a routine disclosure for a securitization trust and does not indicate any immediate financial distress or significant operational changes.
Key Players & Entities
- CarMax Auto Owner Trust 2025-4 (company) — Securitization vehicle
- CarMax Auto Funding LLC (company) — Issuer of auto loans
- October 15, 2025 (date) — Earliest event reported
- October 17, 2025 (date) — Filing date
FAQ
What specific material definitive agreement was entered into by CarMax Auto Owner Trust 2025-4?
The filing indicates the entry into a material definitive agreement but does not specify the exact nature of the agreement in the provided text; further details would be in the exhibits.
What is the primary asset class being securitized by CarMax Auto Owner Trust 2025-4?
The primary asset class is Auto loans, as indicated by the filing's context.
Who is the filer responsible for the auto loans being securitized?
CarMax Auto Funding LLC is the company responsible for the auto loans.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on October 15, 2025.
What is the fiscal year end for CarMax Auto Funding LLC and CarMax Auto Owner Trust 2025-4?
The fiscal year end for both entities is February 28.
Filing Stats: 1,471 words · 6 min read · ~5 pages · Grade level 12.5 · Accepted 2025-10-17 15:46:37
Key Financial Figures
- $1,300,000,000 — riters has severally agreed to purchase $1,300,000,000 aggregate principal balance of various
- $241,500,000 — he collateral pool and the structure of $241,500,000 aggregate principal amount of the Class
- $315,000,000 — t-backed Notes (the "Class A-1 Notes"), $315,000,000 aggregate principal amount of the Class
- $142,400,000 — -backed Notes (the "Class A-2a Notes"), $142,400,000 aggregate principal amount of the Class
- $457,400,000 — -backed Notes (the "Class A-2b Notes"), $457,400,000 aggregate principal amount of the Class
- $91,430,000 — t-backed Notes (the "Class A-3 Notes"), $91,430,000 aggregate principal amount of the Class
- $23,520,000 — t-backed Notes (the "Class A-4 Notes"), $23,520,000 aggregate principal amount of the Class
- $15,680,000 — set-backed Notes (the "Class B Notes"), $15,680,000 aggregate principal amount of the Class
- $13,070,000 — -backed Notes (the "Class C Notes") and $13,070,000 aggregate principal amount of the Class
Filing Documents
- d23889d8k.htm (8-K) — 29KB
- d23889dex11.htm (EX-1.1) — 182KB
- d23889dex41.htm (EX-4.1) — 945KB
- d23889dex42.htm (EX-4.2) — 248KB
- d23889dex51.htm (EX-5.1) — 9KB
- d23889dex81.htm (EX-8.1) — 10KB
- d23889dex361.htm (EX-36.1) — 5KB
- d23889dex991.htm (EX-99.1) — 619KB
- d23889dex992.htm (EX-99.2) — 115KB
- d23889dex993.htm (EX-99.3) — 90KB
- d23889dex994.htm (EX-99.4) — 162KB
- g23889g1016101742679.jpg (GRAPHIC) — 3KB
- 0001193125-25-242433.txt ( ) — 2420KB
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit No. Description 1.1 Underwriting Agreement, dated as of October 15, 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 October 1, 2025, between CarMax Auto Owner Trust 2025-4 and Wilmington Trust, National Association, as indenture trustee. 4.2 Amended and Restated Trust Agreement, to be dated October 1, 2025, between CarMax Auto Funding LLC, as depositor, and U.S. Bank Trust National Association, as owner trustee. 5.1 Opinion of Mayer Brown LLP, dated as of October 17, 2025, with respect to enforceability of securities. 8.1 Opinion of Mayer Brown LLP, dated as of October 17, 2025, with respect to tax matters. 23.1 Consent of Mayer Brown LLP (included as part of Exhibit 5.1 and Exhibit 8.1 ). 36.1 Depositor CEO Certification 99.1 Sale and Servicing Agreement, to be dated October 1, 2025, among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and CarMax Auto Owner Trust 2025-4. 99.2 Receivables Purchase Agreement, to be dated October 1, 2025, between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser. 99.3 Administration Agreement, to be dated October 1, 2025, among CarMax Business Services, LLC, as administrator, CarMax Auto Owner Trust 2025-4 and Wilmington Trust, National Association, as indenture trustee. 99.4 Asset Representations Review Agreement, to be dated October 1, 2025, among CarMax Auto Owner Trust 2025-4, CarMax Business Services, LLC, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer.
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: October 17, 2025 By: /s/ Greg Dostich Name: Greg Dostich Title: Vice President and Treasurer