# CARMX-2023-1
CarMax · prime · 42 monthly tapes, 2023-01-31 to 2026-07-31

**Score 4** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 16.2% |
| Cumulative net loss (of original pool) | 5.90% |
| 60+ reported (balance-weighted) | 3.69% |
| 60+ extension-adjusted (6-month lookback) | 3.69% |
| Masking gap | 0 bps |
| Extension stock (touched in trailing 6 months) | 0.00% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.28% |
| Recoveries / charge-offs, cumulative | 27.8% |
| Loans remaining | 24,758 · balance $240.9M |
| At issuance | 75,490 loans, $1.49B, WA score 711, WA term 66.9, used 100% |

Opening gap: 2023-01-31 -> 2023-03-31 (issuer filed the opening tapes under one report date).

## 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 5.90% at month 41, against a median of 1.72% across the 20 deals on tape at the same seasoning. Above the band by 4.18 points.
- HIGH: Cumulative recoveries stand at 27.8% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 42 monthly tapes.
- WATCH: Extension-adjusted 60+ delinquency (3.69%) sits 0bps above reported (3.69%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.

## How to verify

- Page: https://getbookiq.com/intel/#deal=CARMX-2023-1
- 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.

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