# CARMX-2024-1
CarMax · prime · 32 monthly tapes, 2023-12-31 to 2026-07-31

**Score 4** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 29.0% |
| Cumulative net loss (of original pool) | 4.21% |
| 60+ reported (balance-weighted) | 3.00% |
| 60+ extension-adjusted (6-month lookback) | 3.00% |
| Masking gap | 0 bps |
| Extension stock (touched in trailing 6 months) | 0.00% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.25% |
| Recoveries / charge-offs, cumulative | 27.2% |
| Loans remaining | 35,459 · balance $462.8M |
| At issuance | 81,506 loans, $1.59B, WA score 714, WA term 65.8, 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 4.21% at month 31, against a median of 1.52% across the 27 deals on tape at the same seasoning. Above the band by 2.70 points.
- HIGH: Cumulative recoveries stand at 27.2% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 32 monthly tapes.
- WATCH: Extension-adjusted 60+ delinquency (3.00%) sits 0bps above reported (3.00%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.

## The bonds on top (servicer report, 2026-07-31)

Pool $462.8M · notes $447.1M in 5 classes · overcollateralization $15.7M · reserve $0 · reported cumulative net loss 2.70%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-3 | $235.3M | $227.5M | 49.2% | +$217.4M | +$207.3M |
| A-4 | $86.7M | $140.9M | 30.4% | +$130.7M | +$120.6M |
| B | $46.9M | $94.0M | 20.3% | +$83.8M | +$73.7M |
| C | $44.6M | $49.4M | 10.7% | +$39.2M | +$29.1M |
| D | $33.7M | $15.7M | 3.4% | +$5.5M | −$4.6M |

Stress 1 = the tape's extension-adjusted 60+ balance (3.00% of pool) charged off at this deal's own severity (73%): $10.1M. 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/2003263/000200326326000042/a2024-1ex991081726.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=CARMX-2024-1
- 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