CarMax | Auto Finance News | Page 3 | Auto Finance News - Part 3

CarMax Auto Finance Not Afraid of Rising Interest Rates, Says CFO

A higher interest rate won’t slow down CarMax Auto Finance. The company’s executive vice president and chief financial officer, Tom Reedy, told analysts to look at CAF’s past securitization deals and the benchmarks in them as a good estimate of where it is locking down long-term financing, during the company’s third quarter earnings call on […]

CarMax Nonprime Loan Test Continues as Portfolio Hits $56.7 Million

Richmond, Va.-based CarMax Inc. reported a total of $56.7 million in nonprime loans during its 2014 test period. CarMax reported a boost in its earnings across the company and CarMax Auto Finance during the third quarter of 2014 on an earnings call Dec. 19. For the fiscal period ending November 30, the company reported $3.41 billion in […]

CarMax Auto Preps Securitization

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. […]

Halfway Through Loan Test, CarMax Praises Finance Partners

CarMax is approving 90% of loan applications, the company announced in its quarterly conference call today. President and CEO Tom Folliard and Vice President and Treasurer Tom Reedy -- told analysts Friday morning that the company was very happy with the auto finance partners it has today.

Carmax Test Yields $9M of Subprime Loans

Carmax Inc.’s new in-house test run of a subprime lending unit originated $9 million in auto loans since January 2013, according to last week’s earnings report. The company has said it will limit its in-house subprime test to $70 million, at least for now.  The test will last about a year. And at the end […]
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