CarMax Select Receivables Trust 2026-C filed a Current Report on Form 8-K with the Securities and Exchange Commission on September 28, 2026, to finalize the closing of an asset-backed securities (ABS) issuance. The filing details the execution of a series of agreements on the Closing Date to establish the trust structure and transfer assets.
The transaction involves CarMax Auto Funding LLC as the Depositor and CarMax Business Services, LLC as the Servicer. On the Closing Date, the Depositor entered into an Amended and Restated Trust Agreement with Wilmington Trust, National Association, serving as the Owner Trustee. Simultaneously, the Issuing Entity entered into an Amended and Restated Grantor Trust Agreement with Wilmington Trust, National Association, acting as the Grantor Trust Trustee. These trusts were created as Delaware statutory trusts on August 20, 2026.
Key agreements executed on the Closing Date include a Receivables Purchase Agreement between CarMax Business Services and the Depositor, and a Sale and Servicing Agreement between the Issuing Entity, the Grantor Trust, the Depositor, and CarMax Business Services. Additionally, the Issuing Entity and the Grantor Trust executed a Receivables Contribution Agreement to transfer assets between the entities.
Under the terms of the transaction, the Issuing Entity issued multiple classes of asset-backed notes to the Depositor. These include Class A-1, Class A-2, Class A-3, Class B, Class C, Class D, and Class E notes. The aggregate original principal amount of these notes is $600,000,000. The notes were issued pursuant to an Indenture with U.S. Bank Trust Company, National Association, acting as the Indenture Trustee.
Other agreements filed as exhibits include an Administration Agreement with CarMax Business Services as administrator, an Asset Representations Review Agreement with Clayton Fixed Income Services LLC, and a Securities Account Control Agreement with U.S. Bank National Association as the securities intermediary.
