# CARMX-2021-1
CarMax · prime · 49 monthly tapes, 2021-01-31 to 2025-01-31

**Score 3** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 10.7% |
| Cumulative net loss (of original pool) | 2.70% |
| 60+ reported (balance-weighted) | 3.09% |
| 60+ extension-adjusted (6-month lookback) | 3.11% |
| Masking gap | 2 bps |
| Extension stock (touched in trailing 6 months) | 0.02% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.18% |
| Recoveries / charge-offs, cumulative | 34.8% |
| Loans remaining | 27,962 · balance $161.5M |
| At issuance | 89,890 loans, $1.51B, WA score 702, WA term 68, used 100% |

## Flags

- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)
- **Reported 60+ delinquency above the peer median at the same seasoning** (`dq_above_band`)

## Reads on the desk

- HIGH: Cumulative net loss is 2.70% at month 48, against a median of 1.97% across the 12 deals on tape at the same seasoning. Above the band by 0.72 points.
- WATCH: Extension-adjusted 60+ delinquency (3.11%) sits 2bps above reported (3.09%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.
- WATCH: Cumulative recoveries stand at 34.8% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 49 monthly tapes.

## The bonds on top (servicer report, 2025-01-31)

Pool $161.5M · notes $156.2M in 4 classes · overcollateralization $5.3M · reserve $0 · reported cumulative net loss 1.47%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-4 | $62.2M | $99.3M | 61.5% | +$96.0M | +$92.8M |
| B | $45.1M | $54.2M | 33.6% | +$50.9M | +$47.7M |
| C | $28.6M | $25.6M | 15.9% | +$22.3M | +$19.1M |
| D | $20.4M | $5.3M | 3.3% | +$2.0M | −$1.3M |

Stress 1 = the tape's extension-adjusted 60+ balance (3.11% of pool) charged off at this deal's own severity (65%): $3.3M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Not read from this issuer's layout: reserve not parsed; dq_pct not parsed; dq_trigger not parsed. Source: https://www.sec.gov/Archives/edgar/data/1836214/000183621425000010/a2021-1ex991021825.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=CARMX-2021-1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide