CarMax Auto Owner Trust 2026-4 has entered into an underwriting agreement with MUFG Securities Americas Inc. to sell asset-backed notes. The transaction, dated October 14, 2026, involves the issuance of securities backed by motor vehicle retail installment sale contracts.
Under the agreement, the underwriters have agreed to purchase an aggregate principal balance of $1,333,122,000 across various classes of notes. The offering is registered under the Securities Act of 1933, with the final prospectus dated October 14, 2026. It is anticipated that the notes will be issued on or about October 21, 2026.
The transaction structure includes multiple classes of notes. The offered notes consist of Class A-1 notes with an aggregate principal amount of $253,787,000, Class A-2a notes totaling $268,106,000, Class A-2b notes of $197,500,000, Class A-3 notes of $465,606,000, Class A-4 notes of $81,310,000, Class B notes of $23,384,000, Class C notes of $25,388,000, and Class D notes of $18,041,000.
In addition to the offered notes, the Issuing Entity will issue retained notes on the issuance date. These retained notes include Class A-1 notes of $3,213,000, Class A-2a notes of $3,394,000, Class A-2b notes of $2,500,000, Class A-3 notes of $5,894,000, Class A-4 notes of $1,030,000, Class B notes of $296,000, Class C notes of $322,000, and Class D notes of $229,000. The retained notes will initially be held by the Depositor.
The transaction involves several agreements to be executed on the issuance date. The Depositor will enter into an Amended and Restated Trust Agreement with Wilmington Trust, National Association, as owner trustee. The Issuing Entity will enter into an Indenture with U.S. Bank Trust Company, National Association, as indenture trustee. Additionally, the Issuing Entity, the Depositor, and CarMax Business Services, as servicer, will enter into a Sale and Servicing Agreement, and a Receivables Purchase Agreement will be executed between CarMax Business Services and the Depositor.
