CarMax Select Receivables Trust expects note ratings for 2026-C auto loan issuance
CarMax Select Receivables Trust is moving ahead with a new securitization backed by receivables from CarMax's used vehicle sales and financing business. The planned 2026-C notes are expected to be assessed on collateral quality, prior transaction performance and the company's underwriting standards.
Highlights
- Fitch Ratings expects to assign note ratings to CarMax Select Receivables Trust 2026-C, backed by auto receivables from CarMax's used vehicle portfolio.
- The anticipated ratings are based on collateral quality, performance of past transactions, and CarMax's underwriting standards linked to the issuance.
- The presale report for the 2026-C transaction will provide detailed risk profile, deal structure, and asset performance measures to guide investor evaluation.
Expected ratings and transaction structure
As reported by Fitch Ratings, the agency expects to assign ratings to notes issued by CarMax Select Receivables Trust 2026-C, a transaction tied to a portfolio of auto receivables generated through CarMax's used vehicle operations.The expected ratings reflect the credit quality of the underlying loans and the amount of credit enhancement supporting the notes. Fitch says its analysis draws on the quality of the collateral, the performance of earlier transactions and the underwriting approach used by CarMax.
Investor relevance and risk assessment
The structure is designed to support investor demand while managing risk within the issuance. The transaction's risk profile is expected to be outlined in greater detail when the presale report is published.That report is set to provide additional information on the structure of the deal, performance measures and the characteristics of the underlying assets. The fuller assessment is intended to help market participants evaluate the securitization and its credit fundamentals.
Our earlier coverage of Fitch’s expected ratings for GS Mortgage-Backed Securities Trust 2026-PJ10 explained how a $380.6 million pool of 320 prime, fixed-rate mortgages is structured to support multiple AAA(EXP)sf note classes through credit enhancement and a senior-subordinate, shifting-interest design. We also highlighted Fitch’s stress-case assumptions and sensitivity analysis showing that further home-price declines could pressure ratings, underscoring the transaction’s exposure to housing market performance.
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