Consumer ABS

This series of CarMax Select Receivables notes is offering 8.42% in excess spread, a reduction from 9.85% on the CMXS 2026-A notes.

Defaults have also bumped up, another problematic indication of stress for investors in securitizations of consumer loans.

Before the transaction has amortization event, principal payments will enter full turbo during the deal's first 12 months.

New securitization volume should surpass 2024 business by 16%, after getting a boost from consumer asset-backed securities (ABS) classes and do $948 billion in new business in 2026.

Subordination and a reserve account are among the protections on notes supported by subprime loans on primarily used vehicles.

A significant percentage of the Barclays Dryrock accounts, about 74.2%, were co-branded with 13 different partner credit card accounts.

Principal will only be paid out to Huntington's noteholders when each tranche of notes maintains a certain level of credit enhancement.

Marine vehicles and recreational vehicle loans compose half the collateral pool, 50.8%, but long original terms exposes the collateral pool to some risk.

A few structural changes are in SFUEL 2025-B, compared with SFUEL 2025-A, and the classes A and B notes benefit from higher subordination levels.