CARMAX AUTO FUNDING LLC 8-K

What Happened
CarMax Auto Funding LLC (the Depositor) and CarMax Business Services, LLC entered an Underwriting Agreement dated January 21, 2026, with MUFG Securities Americas Inc. as lead underwriter to sell $1,300,000,000 aggregate principal of asset-backed notes issued by CarMax Auto Owner Trust 2026-1. The offering is registered on Form SF-3 (filed July 25, 2025), and the notes are anticipated to be issued on or about January 28, 2026. The filing (dated January 23, 2026) also describes related transaction documents (receivables purchase and sale/servicing agreements, indenture, trust and administration agreements) and includes legal opinions and a CEO certification.

Key Details

• Underwriting Agreement dated Jan 21, 2026 for $1,300,000,000 aggregate principal of Asset-backed Notes; anticipated Issuance Date ~Jan 28, 2026.
• Public offering includes multiple classes totaling $1.3B: Class A-1 $317.0M; A-2a $250.0M; A-2b $170.5M; A-3 $420.5M; A-4 $85.16M; Class B $26.13M; Class C $17.64M; Class D $13.07M.
• CarMax Business Services will sell specified motor-vehicle retail installment contracts to the Depositor under a Receivables Purchase Agreement and will act as servicer under a Sale and Servicing Agreement.
• Transaction documents include an Indenture (U.S. Bank Trust Co. NA as indenture trustee), Trust Agreement (Wilmington Trust NA as owner trustee), and an Asset Representations Review Agreement (Clayton Fixed Income Services LLC), with Mayer Brown LLP providing legal opinions and consent.

Why It Matters
This securitization converts CarMax-originated auto retail installment contracts into publicly offered notes, providing about $1.3 billion of financing. For investors, the filing shows CarMax is accessing capital markets via a registered asset-backed offering — a key funding channel for auto-finance operations. Retail investors should note the issuance date, class structure and amounts (which affect risk and payment priority), and that legal opinions and required certifications were filed with the 8-K.