# CARMX-2025-1
CarMax · prime · 20 monthly tapes, 2024-12-31 to 2026-07-31

**Score 1** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 47.8% |
| Cumulative net loss (of original pool) | 0.69% |
| 60+ reported (balance-weighted) | 0.46% |
| 60+ extension-adjusted (6-month lookback) | 0.46% |
| Masking gap | 0 bps |
| Extension stock (touched in trailing 6 months) | 0.00% |
| New extensions this month | 0.00% |
| Repossessed, not yet liquidated | 0.06% |
| Recoveries / charge-offs, cumulative | 32.8% |
| Loans remaining | 46,917 · balance $739.1M |
| At issuance | 82,495 loans, $1.55B, WA score 759, WA term 66.7, used 100% |

## Flags

- **Cumulative recoveries under a third of charged-off principal** (`recovery_weak`)

## Reads on the desk

- HIGH: Cumulative recoveries stand at 32.8% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 20 monthly tapes.
- WATCH: Extension-adjusted 60+ delinquency (0.46%) sits 0bps above reported (0.46%), inside the 75bps threshold. Extensions are present but are not currently flattering the curve.
- WATCH: Cumulative net loss is 0.69% at month 19, against a median of 0.82% across the 37 deals on tape at the same seasoning. Below the band by 0.13 points.

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

Pool $739.1M · notes $723.9M in 7 classes · overcollateralization $15.2M · reserve $0 · reported cumulative net loss 0.50%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-2A | $15.1M | $724.0M | 98.0% | +$721.7M | +$719.4M |
| A-2B | $15.1M | $709.0M | 95.9% | +$706.6M | +$704.3M |
| A-3 | $537.4M | $171.6M | 23.2% | +$169.3M | +$167.0M |
| A-4 | $94.3M | $77.3M | 10.5% | +$75.0M | +$72.7M |
| B | $28.0M | $49.2M | 6.7% | +$46.9M | +$44.6M |
| C | $18.9M | $30.3M | 4.1% | +$28.0M | +$25.7M |
| D | $15.2M | $15.2M | 2.1% | +$12.8M | +$10.5M |

Stress 1 = the tape's extension-adjusted 60+ balance (0.46% of pool) charged off at this deal's own severity (67%): $2.3M. 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/2049715/000204971526000042/a2025-1ex991081726.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=CARMX-2025-1
- 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