CarMax is prepping its first auto loan securitization of 2015, according to a regulatory filing.
The trust, CarMax Auto Owner Trust 2015-1, will issue a total of $1 billion of securities, including four classes of A notes with a final distribution date of March 2016, March 2018, November 2019, and July 2020.
Bank of America Merrill Lynch, RBC Capital Markets, and Wells Fargo Securities are joint bookrunners of the class A, B, C, and D notes. Barclays, MUFG, ScotiaBank and SunTrust Robinson Humphrey are co-managers of the class A notes.
The vast majority of loans in the pool, over 99%, were used to purchase used cars. All have an original term of no more than 72 days and have a fixed contract rate of no more than 25%.
The loans used as collateral are most heavily concentrated in California (17.1%), Texas (12.89%), and Florida (12.23%).