UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~January~~February 2818, 2026

CARMAX ~~AUTO~~SELECT ~~OWNER~~RECEIVABLES TRUST 2026-1A

(Issuing Entity with respect to Securities)

(Central Index Key Number: ~~0002094950~~0002104651)

CARMAX BUSINESS SERVICES, LLC

(Sponsor with respect to Securities)

(Central Key Index Number: 0001601902)

CARMAX AUTO FUNDING LLC

(Depositor with respect to Securities)

(Central Key Index Number: 0001259380)

Delaware		333-288943-03 333-288943		01-0794037
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(Registrant’s IRS Employer Identification No.)

Delaware

~~12800~~(State ~~Tuckahoe~~or ~~Creek~~other jurisdiction ~~Parkway,~~of ~~Suite 400~~

incorporation or organization)

333-288943-04

(Commission File Number)

01-0794037

(Registrant’s IRS Employer Identification No.)

12800 Tuckahoe Creek Parkway

Richmond, VA 23238-1115

(Address of principal executive offices of registrant, including zip ~~code~~Code)

Registrant’s telephone number, including area code: (804) 935-4512

Former name or former address, if changed since last report: Not applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 81.01. ~~Other~~Entry ~~Events~~into a Material Definitive Agreement

On February 18, 2026, CarMax Business Services, LLC (“CarMax Business Services”) and CarMax Auto Funding LLC (the “Depositor”) entered into an Underwriting Agreement with Barclays Capital Inc., aas ~~Delaware~~representative ~~limited~~of ~~liability~~the ~~company~~several underwriters named therein (collectively, the “~~Depositor~~Underwriters”), whereby each of the Underwriters has ~~registered~~severally anagreed ~~issuance~~to purchase $750,000,000 aggregate principal balance of ~~asset~~various classes of Asset-backed ~~notes~~Notes onto ~~Form~~be SFissued by CarMax Select Receivables Trust 2026-3A (~~Commission~~the ~~File~~“Issuing ~~No. 333-288943~~Entity”), ~~filed~~a onDelaware ~~July~~statutory trust created pursuant to that certain Trust Agreement, dated as of January 2514, ~~2025~~2026, as will be amended and restated by the Amended and Restated Trust Agreement to be dated as of February 1, 2026 between the Depositor and Wilmington Trust, National Association, as owner trustee (the “~~Registration~~Owner ~~Statement~~Trustee”). The Underwriting Agreement provides that the obligations of the Underwriters are subject to specified conditions precedent and that the Underwriters will purchase the Notes (defined below).

OnThe ~~January 28,~~sale ~~2026~~of (the ~~“Closing~~Offered ~~Date”),~~Notes ~~the~~has ~~Depositor~~been ~~entered~~registered ~~into~~pursuant anto ~~Amended~~the ~~and~~Securities ~~Restated~~Act ~~Trust Agreement, a copy~~ of ~~which is filed as an exhibit hereto~~1933, ~~with Wilmington Trust, National Association,~~ as ~~owner~~amended ~~trustee~~ (the “~~Owner~~Securities ~~Trustee~~Act”), ~~relating~~under toa Registration ~~CarMax~~Statement ~~Auto~~on ~~Owner~~Form ~~Trust 2026~~SF-13 (~~the~~Commission ~~“Issuing~~File ~~Entity”~~No. 333-288943), afiled ~~Delaware statutory trust created~~ on ~~November~~July 625, 2025. OnIt ~~the Closing Date, CarMax Business Services, LLC (“CarMax Business Services”) and the Depositor entered into a Receivables Purchase Agreement, a copy of which~~ is ~~filed~~anticipated asthat ~~an exhibit hereto, pursuant to which specified motor vehicle retail installment sale contracts and related property were sold by CarMax Business Services to~~ the ~~Depositor.~~Notes On the Closing Date, the Issuing Entity, the Depositor and CarMax Business Services, as servicer, entered into a Sale and Servicing Agreement, a copy of which is filed as an exhibit hereto, pursuant to which motor vehicle retail installment sale contracts and related property were transferred by the Depositor to the Issuing Entity, and the Issuing Entity will ~~engage~~be ~~CarMax Business Services to service those assets. On the Closing Date, the Issuing Entity~~ issued to the Depositor the Class A-1 Asset-backed Notes, Class A-2a Asset-backed Notes, Class A-2b Asset-backed Notes, Class A-3 Asset-backed Notes, Class A-4 Asset-backed Notes, Class B Asset-backed Notes, Class C Asset-backed Notes and Class D Asset-backed Notes, having an aggregate original principal amount of $1,300,000,000, pursuant to an Indenture entered into between the Issuing Entity and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”), on ~~the~~or Closing Date, a copy of which is filed as an exhibit hereto. On the Closing Date, the Issuing Entity, the Indenture Trustee and CarMax Business Services, as administrator, entered into an Administration Agreement, a copy of which is filed as an exhibit hereto, pursuant to which the administrator agreed to perform certain duties and obligations of the Issuing Entity and the Owner Trustee under the transaction documents. On the Closing Date, the Issuing Entity, CarMax Business Services, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (the “Asset Representations Reviewer”), entered into an Asset Representations Review Agreement, a copy of which is filed as an exhibit hereto, pursuant to which the Asset Representations Reviewer agreed to perform, upon satisfaction of certain trigger events, reviews of certain receivables for compliance with the representations and warranties made by CarMax Business Services and the Depositor about ~~such receivables. On the Closing Date, the Issuing Entity, CarMax~~ ~~Business Services~~February 25, as2026 ~~servicer, the Indenture Trustee and U.S. Bank National Association, as securities intermediary~~ (the “~~Securities~~Issuance ~~Intermediary~~Date”)~~, entered into a Securities Account Control Agreement, a copy of which is filed as an exhibit hereto, pursuant to which the Securities Intermediary will maintain certain accounts~~.

~~Item~~The 9Underwriting Agreement is attached as Exhibit 1.011. ~~Exhibits.~~

Exhibit No.		Description
4.1		Indenture between CarMax Auto Owner Trust 2026-1 and U.S. Bank Trust Company, National Association, as indenture trustee, dated as of January 1, 2026.
4.2		Amended and Restated Trust Agreement between CarMax Auto Funding LLC, as depositor, and Wilmington Trust, National Association, as owner trustee, dated as of January 1, 2026.
99.1		Sale and Servicing Agreement among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and CarMax Auto Owner Trust 2026-1, dated as of January 1, 2026.
99.2		Receivables Purchase Agreement between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser, dated as of January 1, 2026.
99.3		Administration Agreement among CarMax Business Services, LLC, as administrator, CarMax Auto Owner Trust 2026-1 and U.S. Bank Trust Company, National Association, as indenture trustee, dated as of January 1, 2026.
99.4		Asset Representations Review Agreement among CarMax Auto Owner Trust 2026-1, CarMax Business Services, LLC, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer, dated as of January 1, 2026.
99.5		Securities Account Control Agreement among CarMax Auto Owner Trust 2026-1, CarMax Business Services, LLC, as servicer, U.S. Bank Trust Company, National Association, as indenture trustee and as secured party, and U.S. Bank National Association, as securities intermediary, dated as of January 1, 2026.

Item 8.01.

Other Events.

~~SIGNATURES~~The registrant has filed a final prospectus, dated February 18, 2026, setting forth a description of the collateral pool and the structure of $143,000,000 aggregate principal amount of the Class A-1 Asset-backed Notes (the “Class A-1 Notes”), $272,790,000 aggregate principal amount of the Class A-2a Asset-backed Notes (the “Class A-2a Notes”), $45,000,000 aggregate principal amount of the Class A-2b Asset-backed Notes (the “Class A-2b Notes”), $107,280,000 aggregate principal amount of the Class A-3 Asset-backed Notes (the “Class A-3 Notes”), $46,540,000 aggregate principal amount of the Class B Asset-backed Notes (the “Class B Notes”), $65,770,000 aggregate principal amount of the Class C Asset-backed Notes (the “Class C Notes”) and $53,460,000 aggregate principal amount of the Class D Asset-backed Notes (the “Class D Notes” and together with the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class B Notes and the Class C Notes, the “Offered Notes”) and $16,160,000 aggregate principal amount of the Class E Asset-backed Notes (the “Class E Notes”, and together with the Offered Notes, the “Notes”) issued by the Issuing Entity. Each of the Offered Notes is being offered publicly for sale. The Class E Notes are not being publicly offered for sale under the prospectus.

~~Pursuant~~On the Issuance Date, the Depositor will enter into an Amended and Restated Trust Agreement, in substantially the form of which is filed as an exhibit hereto, with the Owner Trustee, relating to the ~~requirements~~Issuing Entity. On the Issuance Date, the Issuing Entity, as grantor trust seller, will enter into an Amended and Restated Grantor Trust Agreement, in substantially the form of which is filed as an exhibit hereto, with Wilmington Trust, National Association, as grantor trust trustee (the ~~Securities~~“Grantor ~~Exchange~~Trust ~~Act~~Trustee”), relating to CarMax Select Receivables Grantor Trust 2026-A (the “Grantor Trust”), a Delaware statutory trust created pursuant to that certain Grantor Trust Agreement, dated as of ~~1934~~January 14, 2026. On the Issuance Date, CarMax Business Services and the Depositor will enter into a Receivables Purchase Agreement, in substantially the form of which is filed as ~~amended~~an exhibit hereto, pursuant to which specified motor vehicle retail installment sale contracts and related property will be sold by CarMax Business Services to the ~~depositor~~Depositor. ~~has~~On ~~duly~~the ~~caused~~Issuance ~~this~~Date, ~~report~~the Issuing Entity, the Grantor Trust, the Depositor and CarMax Business Services, as servicer (the “Servicer”), will enter into a Sale and Servicing Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which motor vehicle retail installment sale contracts and related property will be ~~signed~~transferred onby ~~its~~the Depositor to the Issuing Entity, and the Issuing Entity and the Grantor ~~behalf~~Trust will engage CarMax Business Services to service those assets. On the Issuance Date, the Issuing Entity and the Grantor Trust will enter into a Receivables Contribution Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which motor vehicle retail installment sale contracts and related property will be transferred by the ~~undersigned~~Issuing ~~hereunto~~Entity ~~duly~~to ~~authorized~~the Grantor Trust. On the Issuance Date, the Issuing Entity will issue to the Depositor the Notes pursuant to an Indenture, in substantially the form of which is filed as an exhibit hereto, to be entered into between the Issuing Entity, the Grantor Trust and U.S. Bank Trust Company, National Association, as indenture trustee (the “Indenture Trustee”). On the Issuance Date, the Issuing Entity, the Grantor Trust, the Indenture Trustee and CarMax Business Services, as administrator, will enter into an Administration Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which the administrator agrees to perform certain duties and obligations of the Issuing Entity, the Grantor Trust, the Owner Trustee and the Grantor Trust Trustee under the transaction documents. On the Issuance Date, the Issuing Entity, the Grantor Trust, the Servicer and Clayton Fixed Income Services LLC, as asset representations reviewer (the “Asset Representations Reviewer”), will enter into an Asset Representations Review Agreement, in substantially the form of which is filed as an exhibit hereto, pursuant to which the Asset Representations Reviewer will agree to perform, upon satisfaction of certain trigger events, reviews of certain receivables for compliance with the representations and warranties made by CarMax Business Services and the Depositor about such receivables. On the Issuance Date, the Issuing Entity, the Servicer, the Indenture Trustee and U.S. Bank National Association, as securities intermediary (the “Securities Intermediary”), will enter into a Securities Account Control Agreement, in substantially the form of which it is filed as an exhibit hereto.

Legal opinions and a consent of Mayer Brown LLP are attached as Exhibit 5.1 and Exhibit 8.1. A legal opinion and consent of Richards, Layton & Finder, P.A., is attached as Exhibit 5.2.

In connection with the offering of the Offered Notes, the chief executive officer of the Registrant has made the certifications required by Paragraph I.B.1(a) of Form SF-3 attached as Exhibit 36.1. The certification is being filed on this Current Report to satisfy the requirements of Item 601(b)(36) of Regulation S-K.

Item 9.01.

Financial Statements and Exhibits.


Exhibit No.		Description

1.1		Underwriting Agreement, dated as of February 18, 2026, by and among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, and Barclays Capital Inc., as representative of the several underwriters named therein.

4.1		Indenture, to be dated February 1, 2026, between CarMax Select Receivables Trust 2026-A, CarMax Select Receivables Grantor Trust 2026-A and U.S. Bank Trust Company, National Association, as indenture trustee.

4.2		Amended and Restated Trust Agreement, to be dated February 1, 2026, between CarMax Auto Funding LLC, as depositor, and Wilmington Trust, National Association, as owner trustee.

4.3		Amended and Restated Grantor Trust Agreement, to be dated February 1, 2026, between CarMax Select Receivables Trust 2026-A, as grantor trust seller, and Wilmington Trust, National Association, as grantor trust trustee.

5.1		Opinion of Mayer Brown LLP, dated as of February 20, 2026, with respect to enforceability of securities.

5.2		Opinion of Richards, Layton & Finger, P.A. dated as of February 20, 2026, with respect to enforceability of the Grantor Trust Certificate.

8.1		Opinion of Mayer Brown LLP, dated as of February 20, 2026, with respect to tax matters.

23.1		Consent of Mayer Brown LLP (included as part of Exhibit 5.1 and Exhibit 8.1).

23.2		Consent of Richards, Layton & Finger, P.A. (included as part of Exhibit 5.2).

36.1		Depositor CEO Certification

99.1		Sale and Servicing Agreement, to be dated February 1, 2026, among CarMax Business Services, LLC, as servicer, CarMax Auto Funding LLC, as depositor, CarMax Select Receivables Trust 2026-A and CarMax Select Receivables Grantor Trust 2026-A.

99.2		Receivables Purchase Agreement, to be dated February 1, 2026, between CarMax Business Services, LLC, as seller, and CarMax Auto Funding LLC, as purchaser.

99.3		Receivables Contribution Agreement, to be dated February 1, 2026, between CarMax Select Receivables Trust 2026-A, as issuer, and CarMax Select Receivables Grantor Trust 2026-A, as grantor trust.

99.4		Administration Agreement, to be dated February 1, 2026, among CarMax Business Services, LLC, as administrator, CarMax Select Receivables Trust 2026-A, CarMax Select Receivables Grantor Trust 2026-A and U.S. Bank Trust Company, National Association, as indenture trustee.

99.5		Asset Representations Review Agreement, to be dated February 1, 2026, among CarMax Select Receivables Trust 2026-A, CarMax Select Receivables Grantor Trust 2026-A, CarMax Business Services, LLC, as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer.


99.6		Securities Account Control Agreement, to be dated February 1, 2026, among CarMax Select Receivables Trust 2026-A, CarMax Business Services, LLC, as servicer, U.S. Bank Trust Company, National Association, as indenture trustee and as secured party and U.S. Bank National Association, as securities intermediary.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the depositor has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	CarMax Auto Funding LLC

	(Depositor)

Dated: February 20, 2026	By:	/s/ Greg Dostich
	Name: Greg Dostich Title: Vice President and Treasurer

CarMax Auto Funding LLC (Depositor)

Dated: January 28, 2026

/s/ Greg Dostich

Greg Dostich

Vice President and Treasurer

Filing Compare · CARMAX AUTO FUNDING LLC