CarMax Auto Owner Trust 2022-1
07/15/2024 | Press release | Distributed by Public on 07/15/2024 10:47
Asset Backed Issuer Distribution Report Form 10 D
MONTHLY SERVICER'S CERTIFICATE
CARMAX BUSINESS SERVICES, LLC
CARMAX AUTO OWNER TRUST
SERIES 2022-1
| Collection Period | 06/01/24-06/30/24 |
| Determination Date | 7/9/2024 |
| Distribution Date | 7/15/2024 |
| Additional information, including defined terms, can be found in the prospectus on the SEC's EDGAR system (http://www.sec.gov) under File No. 333-260819-01. |
| Pool Balance | ||||
| 1. | Pool Balance on the close of the last day of the preceding Collection Period | $ | 542,029,778.02 | |
| 2. | Collections allocable to Principal | $ | 19,909,966.69 | |
| 3. | Purchase Amount allocable to Principal | $ | 0.00 | |
| 4. | Defaulted Receivables | $ | 1,330,585.48 | |
| 5. | Pool Balance on the close of the last day of the related Collection Period | $ | 520,789,225.85 | |
| (Ln1 - Ln2 - Ln3 - Ln4) | ||||
| 6. | Total number of Receivables outstanding on the close of the last day of the related Collection Period | 38,561 | ||
| 7. | Initial Pool Balance | $ | 1,604,011,099.07 | |
| Beginning of Period | End of Period | |||
| 8. | Note Balances | |||
|
a. Class A-1 Note Balance
|
$ | 0.00 | $ | 0.00 |
| b. Class A-2 Note Balance | $ | 0.00 | $ | 0.00 |
| c. Class A-3 Note Balance | $ | 306,419,750.27 | $ | 285,179,198.10 |
| d. Class A-4 Note Balance | $ | 146,580,000.00 | $ | 146,580,000.00 |
| e. Class B Note Balance | $ | 17,650,000.00 | $ | 17,650,000.00 |
| f. Class C Note Balance | $ | 41,700,000.00 | $ | 41,700,000.00 |
| g. Class D Note Balance | $ | 25,670,000.00 | $ | 25,670,000.00 |
| h. Note Balance (sum a - g) | $ | 538,019,750.27 | $ | 516,779,198.10 |
| 9. | Pool Factors | |||
| a. Class A-1 Note Pool Factor | 0.0000000 | 0.0000000 | ||
| b. Class A-2 Note Pool Factor | 0.0000000 | 0.0000000 | ||
| c. Class A-3 Note Pool Factor | 0.5667094 | 0.5274259 | ||
| d. Class A-4 Note Pool Factor | 1.0000000 | 1.0000000 | ||
| e. Class B Note Pool Factor | 1.0000000 | 1.0000000 | ||
| f. Class C Note Pool Factor | 1.0000000 | 1.0000000 | ||
| g. Class D Note Pool Factor | 1.0000000 | 1.0000000 | ||
| h. Note Pool Factor | 0.3362623 | 0.3229870 | ||
| 10. | Overcollateralization Target Amount | $ | 4,010,027.75 | |
| 11. | Current overcollateralization amount (Pool Balance - Note Balance) | $ | 4,010,027.75 | |
| 12. | Weighted Average Coupon | 8.31 | % | |
| 13. | Weighted Average Original Term | months | 67.40 | |
| 14. | Weighted Average Remaining Term | months | 35.33 | |
| Collections | ||||
| 15. | Finance Charges: | |||
| a. Collections allocable to Finance Charge | $ | 3,756,343.19 | ||
| b. Liquidation Proceeds allocable to Finance Charge | $ | 1,532.07 | ||
| c. Purchase Amount allocable to Finance Charge | $ | 0.00 | ||
| d. Available Finance Charge Collections (sum a - c) | $ | 3,757,875.26 | ||
| 16. | Principal: | |||
| a. Collections allocable to Principal | $ | 19,909,966.69 | ||
| b. Liquidation Proceeds allocable to Principal | $ | 646,727.13 | ||
| c. Purchase Amount allocable to Principal | $ | 0.00 | ||
| d. Available Principal Collections (sum a - c) | $ | 20,556,693.82 |
| 17. | Total Finance Charge and Principal Collections (15d + 16d) | $ | 24,314,569.08 |
| 18. | Interest Income from Collection Account | $ | 92,299.46 |
| 19. | Simple Interest Advances | $ | 0.00 |
| 20. | Available Collections (Ln17 + 18 + 19) | $ | 24,406,868.54 |
| Available Funds | |||
| 21. | Available Collections | $ | 24,406,868.54 |
| 22. | Reserve Account Draw Amount | $ | 0.00 |
| 23. | Available Funds | $ | 24,406,868.54 |
| Application of Available Funds | |||
| 24. | Servicing Fee | 0.15 | % |
| a. Monthly Servicing Fee | $ | 451,691.48 | |
| b. Amount Unpaid from Prior Months | $ | 0.00 | |
| c. Amount Paid | $ | 451,691.48 | |
| d. Shortfall Amount (a + b - c) | $ | 0.00 | |
| 25. | Unreimbursed Servicer Advances | $ | 0.00 |
| 26. | Successor Servicer and Asset Representations Reviewer Unpaid Expenses and Indemnity Amounts | ||
| a. Successor Servicer Unpaid Transition Expenses and Indemnity Amounts (Capped at $175,000 annually) | $ | 0.00 | |
| b. Successor Servicer Amount Paid | $ | 0.00 | |
| c. Successor Servicer Shortfall Amount (a - b) | $ | 0.00 | |
| d. Asset Representations Reviewer Fees, Expenses and Indemnity Amounts (Capped at $175,000 annually) | $ | 0.00 | |
| e. Asset Representations Reviewer Amount Paid | $ | 0.00 | |
| f. Asset Representations Reviewer Shortfall Amount (d - e) | $ | 0.00 | |
| 27. | Class A Noteholder Interest Amounts | ||
| a. Class A-1 Monthly Interest | $ | 0.00 | |
| b. Additional Note Interest related to Class A-1 Monthly Interest | $ | 0.00 | |
| c. Interest Due on Additional Note Interest related to Class A-1 Monthly Interest | $ | 0.00 | |
| d. Total Class A-1 Note Interest (sum a - c) | $ | 0.00 | |
| e. Class A-2 Monthly Interest | $ | 0.00 | |
| f. Additional Note Interest related to Class A-2 Monthly Interest | $ | 0.00 | |
| g. Interest Due on Additional Note Interest related to Class A-2 Monthly Interest | $ | 0.00 | |
| h. Total Class A-2 Note Interest (sum e - g) | $ | 0.00 | |
| i. Class A-3 Monthly Interest | $ | 375,364.19 | |
| j. Additional Note Interest related to Class A-3 Monthly Interest | $ | 0.00 | |
| k. Interest Due on Additional Note Interest related to Class A-3 Monthly Interest | $ | 0.00 | |
| l. Total Class A-3 Note Interest (sum i - k) | $ | 375,364.19 | |
| m. Class A-4 Monthly Interest | $ | 207,655.00 | |
| n. Additional Note Interest related to Class A-4 Monthly Interest | $ | 0.00 | |
| o. Interest Due on Additional Note Interest related to Class A-4 Monthly Interest | $ | 0.00 | |
| p. Total Class A-4 Note Interest (sum m - o) | $ | 207,655.00 | |
| 28. | Priority Principal Distributable Amount | $ | 0.00 |
| 29. | Class B Noteholder Interest Amount | ||
| a. Class B Monthly Interest | $ | 28,681.25 | |
| b. Additional Note Interest related to Class B Monthly Interest | $ | 0.00 | |
| c. Interest Due on Additional Note Interest related to Class B Monthly Interest | $ | 0.00 | |
| d. Total Class B Note Interest (sum a - c) | $ | 28,681.25 | |
| 30. | Secondary Principal Distributable Amount | $ | 0.00 |
| 31. | Class C Noteholder Interest Amount | ||
| a. Class C Monthly Interest | $ | 76,450.00 | |
| b. Additional Note Interest related to Class C Monthly Interest | $ | 0.00 | |
| c. Interest Due on Additional Note Interest related to Class C Monthly Interest | $ | 0.00 | |
| d. Total Class C Note Interest (sum a - c) | $ | 76,450.00 | |
| 32. | Tertiary Principal Distributable Amount | $ | 0.00 |
| 33. | Class D Noteholder Interest Amount | |
| a. Class D Monthly Interest | $ | 52,837.42 |
| b. Additional Note Interest related to Class D Monthly Interest | $ | 0.00 |
| c. Interest Due on Additional Note Interest related to Class D Monthly Interest | $ | 0.00 |
| d. Total Class D Note Interest (sum a - c) | $ | 52,837.42 | |
| 34. | Quaternary Principal Distributable Amount | $ | 17,230,524.42 |
| 35. | Required Payment Amount (Ln 24 + Ln 26 + (sum of Ln 27 through Ln 34)) | $ | 18,423,203.76 |
| 36. | Reserve Account Deficiency | $ | 0.00 |
| 37. | Regular Principal Distributable Amount | $ | 4,010,027.75 |
| 38. | Remaining Unpaid Servicer Transition Expenses and Additional Servicing Fees, if any | $ | 0.00 |
| 39. | Remaining Unpaid Trustee and Asset Representations Reviewer Fees, Expenses and Indemnity Amounts, if any | ||
| a. Remaining Unpaid Trustee Fees, Expenses and Indemnity Amounts | $ | 0.00 | |
| b. Remaining Unpaid Asset Representations Reviewer Fees, Expenses and Indemnity Amounts | $ | 0.00 | |
| 40. | Remaining Unpaid Successor Servicer Indemnity Amounts, if any | $ | 0.00 |
| Collection Account Activity | 0.15 | % | |
| 41. | Deposits | ||
| a. Total Daily Deposits of Finance Charge Collections | $ | 3,757,875.26 | |
| b. Total Daily Deposits of Principal Collections | $ | 20,556,693.82 | |
| c. Withdrawal from Reserve Account | $ | 0.00 | |
| d. Interest Income | $ | 92,299.46 | |
| e. Total Deposits to Collection Account (sum a - d) | $ | 24,406,868.54 | |
| 42. | Withdrawals | ||
| a. Servicing Fee and Unreimbursed Servicer Advances | $ | 451,691.48 | |
| b. Successor Servicer Transition Expenses and Indemnity Amounts | $ | 0.00 | |
| c. Deposit to Note Payment Account for Monthly Note Interest/Principal | $ | 21,981,540.03 | |
| d. Deposit to Reserve Account | $ | 0.00 | |
| e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder) | $ | 1,973,637.03 | |
| f. Total Withdrawals from Collection Account (sum a - e) | $ | 24,406,868.54 | |
| Note Payment Account Activity | |||
| 43. | Deposits | ||
| a. Class A-1 Interest Distribution | $ | 0.00 | |
| b. Class A-2 Interest Distribution | $ | 0.00 | |
| c. Class A-3 Interest Distribution | $ | 375,364.19 | |
| d. Class A-4 Interest Distribution | $ | 207,655.00 | |
| e. Class B Interest Distribution | $ | 28,681.25 | |
| f. Class C Interest Distribution | $ | 76,450.00 | |
| g. Class D Interest Distribution | $ | 52,837.42 | |
| h. Class A-1 Principal Distribution | $ | 0.00 | |
| i. Class A-2 Principal Distribution | $ | 0.00 | |
| j. Class A-3 Principal Distribution | $ | 21,240,552.17 | |
| k. Class A-4 Principal Distribution | $ | 0.00 | |
| l. Class B Principal Distribution | $ | 0.00 | |
| m. Class C Principal Distribution | $ | 0.00 | |
| n. Class D Principal Distribution | $ | 0.00 | |
| o. Total Deposits to Note Payment Account (sum a - n) | $ | 21,981,540.03 | |
| 44. | Withdrawals | ||
| a. Class A-1 Distribution | $ | 0.00 | |
| b. Class A-2 Distribution | $ | 0.00 | |
| c. Class A-3 Distribution | $ | 21,615,916.36 | |
| d. Class A-4 Distribution | $ | 207,655.00 | |
| e. Class B Distribution | $ | 28,681.25 | |
| f. Class C Distribution | $ | 76,450.00 | |
| g. Class D Distribution | $ | 52,837.42 | |
| h. Total Withdrawals from Note Payment Account (sum a - g) | $ | 21,981,540.03 |
| Certificate Payment Account Activity | |||
| 45. | Deposits to Certificate Payment Account from Excess Collections | $ | 1,973,637.03 |
| 46. | Withdrawals from Certificate Payment Account for Certificateholder Distribution | $ | 1,973,637.03 |
| Required Reserve Account Amount | 0.15 | % | |
| 47. | Required Reserve Account Amount (0.25% of Initial Pool Balance) | $ | 4,010,027.75 |
| Reserve Account Reconciliation | |||
| 48. | Beginning Balance (as of end of preceding Distribution Date) | $ | 4,010,027.75 |
| 49. | Investment Earnings | $ | 17,199.55 |
| 50. | Reserve Account Draw Amount | $ | 0.00 |
| 51. | Reserve Account Amount (Ln 48 + Ln 49 - Ln 50) | $ | 4,027,227.30 |
| 52. | Deposit from Available Funds (Ln 42d) | $ | 0.00 |
| 53. | If Reserve Account Balance exceeds Required Reserve Account Amount, payment to | ||
| a. the Note Payment Account for the payment of principal to the extent of any unfunded Regular Principal Distribution Amount; and | $ | 0.00 | |
| b. any Successor Servicer for the payment of any unfunded Transition Costs and Additional Servicing Fee | $ | 0.00 | |
| 54. | Payment to Depositor if Reserve Account Balance exceeds Required Reserve Account Amount and to the extent no unfunded amounts described in Ln 53 exist | $ | 17,199.55 |
| 55. | Ending Balance (Ln51 + Ln52 - Ln53 - Ln54) | $ | 4,010,027.75 |
| 56. | Reserve Account Deficiency (Ln48 - Ln55) | $ | 0.00 |
| Instructions to the Trustee | |||
| 57. | Amount to be deposited from the Reserve Account into the Collection Account | $ | 0.00 |
| 58. | Amount to be paid to Servicer from the Collection Account | $ | 451,691.48 |
| 59. | Amount to be deposited from the Collection Account into the Note Payment Account | $ | 21,981,540.03 |
| 60. | Amount to be deposited from the Collection Account into the Certificate Payment Account | $ | 1,973,637.03 |
| 61. | Amount to be deposited from the Collection Account into the Reserve Account | $ | 0.00 |
| 62. | Amount to be deposited from the Reserve Account, if Reserve Account Balance exceeds Required Reserve Account Amount, into | ||
| a. the Note Payment Account for any unfunded Regular Principal Distributable Amount | $ | 0.00 | |
| b. the Depositor, if no unfunded Regular Principal distributable amount exists | $ | 17,199.55 | |
| 63. | Amount to be paid to Class A-1 Noteholders from the Note Payment Account | $ | 0.00 |
| 64. | Amount to be paid to Class A-2 Noteholders from the Note Payment Account | $ | 0.00 |
| 65. | Amount to be paid to Class A-3 Noteholders from the Note Payment Account | $ | 21,615,916.36 |
| 66. | Amount to be paid to Class A-4 Noteholders from the Note Payment Account | $ | 207,655.00 |
| 67. | Amount to be paid to Class B Noteholders from the Note Payment Account | $ | 28,681.25 |
| 68. | Amount to be paid to Class C Noteholders from the Note Payment Account | $ | 76,450.00 |
| 69. | Amount to be paid to Class D Noteholders from the Note Payment Account | $ | 52,837.42 |
| 70. | Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections | $ | 1,973,637.03 |
| Delinquency Activity | ||||
| Number of Loans | Principal Balance | |||
| 71. | Delinquency Analysis | |||
| a. 31 to 60 days past due | 1,200 | $ | 21,111,188.14 | |
| b. 61 to 90 days past due | 755 | $ | 13,805,915.45 | |
| c. 91 to 120 days past due | 143 | $ | 2,247,477.86 | |
| d. 121 or more days past due | 0 | $ | 0.00 | |
| e. Total Past Due (sum a - d) | 2,098 | $ | 37,164,581.45 | |
| f. Delinquent Loans as a percentage of end of period Pool Balance (Ln 71e / Ln 5) | 7.1362 | % | ||
| 72. | Has a Delinquency Trigger Event occurred? | No | ||
| Loss Activity | ||||
| Number of Loans | Principal Balance | |||
| 73. | Defaulted Receivables (charge-offs) | 87 | $ | 1,330,585.48 |
| 74. | Recoveries | 198 | $ | 648,259.20 |
| 75. | Net Losses (Ln 73 - Ln 74) | $ | 682,326.28 | |
| 76. | Ratio of Net Losses to Beginning of Period Pool Balance (Ln 75 / Ln 1) | 0.1259 | % | |
| Cumulative Loss Activity | ||||
| Number of Loans | Principal Balance | |||
| 77. | Defaulted Receivables (charge-offs) | 2,859 | $ | 52,553,283.59 |
| 78. | Recoveries | 2,295 | $ | 22,710,542.96 |
| 79. | Cumulative Net Losses (Ln 77 - Ln 78) | $ | 29,842,740.63 | |
| 80. | Ratio of Cumulative Net Losses to Initial Pool Balance (Ln 79 / Ln 7) | 1.8605 | % | |
| 81. | Average Net Loss on Defaulted Receivables | $ | 10,438.17 | |
| Other Servicing Information | ||||
| 82. | Principal Balance of Receivables extended during the Collection Period | $ | 5,956,914.72 | |
| 83. | Pool Balance on the close of the last day of the preceding Collection Period | $ | 542,029,778.02 | |
| 84. | Ratio of extensions to pool balance (Ln 82 / Ln 83) | 1.10 | % |
IN WITNESS WHEREOF, the undersigned has duly executed this certificate on July 9, 2024.
| CARMAX BUSINESS SERVICES, LLC | |
| As Servicer | |
| By: | /s/ Greg Dostich |
| Name: | Greg Dostich |
| Title: | Vice President and Treasurer |