CarMax Auto Finance is preparing to offer a $1 billion securitization consisting of prime auto loan receivables, according to a presale report by Standard & Poor’s. The transaction, CarMax’s third this year, is
expected to close Aug. 13.
Barclays acted as the lead underwriter for the securitization, which has seven tranches, the last of which matures Feb. 16, 2021. The weighted average Fico score is 701.6, up from 699.3 in the previous offering; the weighted average seasoning for the loans earmarked for securitization is 3.57 months, down from 3.69 months. Established in 1993, Carmax is the nation’s largest retailer of used cars, with 137 stores in 68 markets as of midyear.
