# CARMX-2022-1
CarMax · prime · 51 monthly tapes, 2021-12-31 to 2026-02-28

**Score 4** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 9.8% |
| Cumulative net loss (of original pool) | 4.61% |
| 60+ reported (balance-weighted) | 4.72% |
| 60+ extension-adjusted (6-month lookback) | 4.73% |
| Masking gap | 1 bps |
| Extension stock (touched in trailing 6 months) | 0.01% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.30% |
| Recoveries / charge-offs, cumulative | 30.4% |
| Loans remaining | 24,012 · balance $160.6M |
| At issuance | 86,274 loans, $1.63B, WA score 703, WA term 67.2, 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`)
- **Cumulative recoveries under a third of charged-off principal** (`recovery_weak`)

## Reads on the desk

- HIGH: Cumulative net loss is 4.61% at month 50, against a median of 2.02% across the 10 deals on tape at the same seasoning. Above the band by 2.59 points.
- HIGH: Cumulative recoveries stand at 30.4% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 51 monthly tapes.
- WATCH: Extension-adjusted 60+ delinquency (4.73%) sits 1bps above reported (4.72%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.

## The bonds on top (servicer report, 2026-02-28)

Pool $160.6M · notes $156.6M in 4 classes · overcollateralization $4.0M · reserve $0 · reported cumulative net loss 2.63%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-4 | $71.5M | $89.0M | 55.4% | +$83.7M | +$78.5M |
| B | $17.6M | $71.4M | 44.5% | +$66.1M | +$60.8M |
| C | $41.7M | $29.7M | 18.5% | +$24.4M | +$19.1M |
| D | $25.7M | $4.0M | 2.5% | −$1.3M | −$6.6M |

Stress 1 = the tape's extension-adjusted 60+ balance (4.73% of pool) charged off at this deal's own severity (70%): $5.3M. 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/1899236/000189923626000016/a2022-1ex991031626.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=CARMX-2022-1
- 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