Virginia
(State or other jurisdiction
of incorporation) |
1-31420
(Commission File Number) |
54-1821055
(I.R.S. Employer
Identification No.) | |
12800 Tuckahoe Creek Parkway
Richmond, Virginia
(Address of principal executive offices) |
23238
(Zip Code) |
Initial |
Interest Rate |
Weighted |
Ratings | ||
Class |
Principal Amount |
Per Annum |
Average Life |
S & P |
Fitch |
A-1 Notes |
$111,000,000 |
0.28% |
0.28 years |
A-1+ |
F1+ |
A-2 Notes |
149,000,000 |
0.93% |
0.95 years |
AAA |
AAA |
A-3 Notes |
190,000,000 |
1.74% |
2.15 years |
AAA |
AAA |
A-4 Notes |
88,500,000 |
2.82% |
3.49 years |
AAA |
AAA |
B Notes |
42,000,000 |
4.65% |
3.93 years |
A+ |
A+ |
C Notes |
10,500,000 |
6.21% |
3.93 years |
BBB+ |
BBB+ |
Overcollat. |
9,000,000 |
||||
Total |
$600,000,000 |
§ |
The initial reserve account balance is $1.5 million, which is 0.25% of the aggregate initial outstanding principal balance of the auto loan receivables. The structure of the transaction is designed to apply certain excess collections on the auto loans receivable to increase over time the reserve account balance to a required amount of $3.0 million,
which is 0.50% of the aggregate initial outstanding principal balance of the auto loan receivables. |
§ |
The initial amount of overcollateralization is $9.0 million, representing 1.5% of the aggregate initial outstanding principal balance of the auto loan receivables. The structure of the transaction is designed to apply certain excess collections on the auto loan receivables to additional principal payments on the notes so that the amount of overcollateralization
increases over time to a target amount equal to the greater of (a) 3.35% of the currently outstanding principal balance of the auto loan receivables or (b) 0.50% of the initial outstanding principal balance of the auto loan receivables. If certain performance tests with respect to cumulative net losses on the auto loan receivables are met, the percentages in clauses (a) and (b) above will be reduced. |
CARMAX, INC. | |
(Registrant) | |
Dated: November 10, 2009 |
By: /s/ Keith D. Browning |
Keith D. Browning | |
Executive Vice President, | |
and Chief Financial Officer |