07/15/2024 | Press release | Distributed by Public on 07/15/2024 10:42
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. 333-228375-08. |
Pool Balance | ||||
1. | Pool Balance on the close of the last day of the preceding Collection Period | $ | 224,956,350.35 | |
2. | Collections allocable to Principal | $ | 14,226,937.20 | |
3. | Purchase Amount allocable to Principal | $ | 0.00 | |
4. | Defaulted Receivables | $ | 435,764.45 | |
5. | Pool Balance on the close of the last day of the related Collection Period | $ | 210,293,648.70 | |
(Ln1 - Ln2 - Ln3 - Ln4) | ||||
6. | Total number of Receivables outstanding on the close of the last day of the related Collection Period | 33,854 | ||
7. | Initial Pool Balance | $ | 1,506,024,109.27 | |
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 | $ | 0.00 | $ | 0.00 |
d. Class A-4 Note Balance | $ | 108,242,253.91 | $ | 93,579,552.26 |
e. Class B Note Balance | $ | 48,190,000.00 | $ | 48,190,000.00 |
f. Class C Note Balance | $ | 38,400,000.00 | $ | 38,400,000.00 |
g. Class D Note Balance | $ | 24,100,000.00 | $ | 24,100,000.00 |
h. Note Balance (sum a - g) | $ | 218,932,253.91 | $ | 204,269,552.26 |
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 | 0.0000000 | 0.0000000 | ||
d. Class A-4 Note Pool Factor | 0.8637958 | 0.7467844 | ||
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 | 0.1459548 | 0.1361797 | ||
10. | Overcollateralization Target Amount | $ | 6,024,096.44 | |
11. | Current overcollateralization amount (Pool Balance - Note Balance) | $ | 6,024,096.44 | |
12. | Weighted Average Coupon | 8.31 | % | |
13. | Weighted Average Original Term | months | 67.83 | |
14. | Weighted Average Remaining Term | months | 21.05 | |
Collections | ||||
15. | Finance Charges: | |||
a. Collections allocable to Finance Charge | $ | 1,564,553.02 | ||
b. Liquidation Proceeds allocable to Finance Charge | $ | 1,659.93 | ||
c. Purchase Amount allocable to Finance Charge | $ | 0.00 | ||
d. Available Finance Charge Collections (sum a - c) | $ | 1,566,212.95 | ||
16. | Principal: | |||
a. Collections allocable to Principal | $ | 14,226,937.20 | ||
b. Liquidation Proceeds allocable to Principal | $ | 156,036.32 | ||
c. Purchase Amount allocable to Principal | $ | 0.00 | ||
d. Available Principal Collections (sum a - c) | $ | 14,382,973.52 |
17. | Total Finance Charge and Principal Collections (15d + 16d) | $ | 15,949,186.47 |
18. | Interest Income from Collection Account | $ | 61,525.68 |
19. | Simple Interest Advances | $ | 0.00 |
20. | Available Collections (Ln17 + 18 + 19) | $ | 16,010,712.15 |
Available Funds | |||
21. | Available Collections | $ | 16,010,712.15 |
22. | Reserve Account Draw Amount | $ | 0.00 |
23. | Available Funds | $ | 16,010,712.15 |
Application of Available Funds | |||
24. | Servicing Fee | 0.15 | % |
a. Monthly Servicing Fee | $ | 187,463.63 | |
b. Amount Unpaid from Prior Months | $ | 0.00 | |
c. Amount Paid | $ | 187,463.63 | |
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 | $ | 0.00 | |
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) | $ | 0.00 | |
m. Class A-4 Monthly Interest | $ | 56,827.18 | |
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) | $ | 56,827.18 | |
28. | Priority Principal Distributable Amount | $ | 0.00 |
29. | Class B Noteholder Interest Amount | ||
a. Class B Monthly Interest | $ | 34,134.58 | |
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) | $ | 34,134.58 | |
30. | Secondary Principal Distributable Amount | $ | 0.00 |
31. | Class C Noteholder Interest Amount | ||
a. Class C Monthly Interest | $ | 41,600.00 | |
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) | $ | 41,600.00 | |
32. | Tertiary Principal Distributable Amount | $ | 0.00 |
33. | Class D Noteholder Interest Amount | |
a. Class D Monthly Interest | $ | 35,145.83 |
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) | $ | 35,145.83 | |
34. | Quaternary Principal Distributable Amount | $ | 8,638,605.21 |
35. | Required Payment Amount (Ln 24 + Ln 26 + (sum of Ln 27 through Ln 34)) | $ | 8,993,776.43 |
36. | Reserve Account Deficiency | $ | 0.00 |
37. | Regular Principal Distributable Amount | $ | 6,024,096.44 |
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 | $ | 1,566,212.95 | |
b. Total Daily Deposits of Principal Collections | $ | 14,382,973.52 | |
c. Withdrawal from Reserve Account | $ | 0.00 | |
d. Interest Income | $ | 61,525.68 | |
e. Total Deposits to Collection Account (sum a - d) | $ | 16,010,712.15 | |
42. | Withdrawals | ||
a. Servicing Fee and Unreimbursed Servicer Advances | $ | 187,463.63 | |
b. Successor Servicer Transition Expenses and Indemnity Amounts | $ | 0.00 | |
c. Deposit to Note Payment Account for Monthly Note Interest/Principal | $ | 14,830,409.24 | |
d. Deposit to Reserve Account | $ | 0.00 | |
e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder) | $ | 992,839.28 | |
f. Total Withdrawals from Collection Account (sum a - e) | $ | 16,010,712.15 | |
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 | $ | 0.00 | |
d. Class A-4 Interest Distribution | $ | 56,827.18 | |
e. Class B Interest Distribution | $ | 34,134.58 | |
f. Class C Interest Distribution | $ | 41,600.00 | |
g. Class D Interest Distribution | $ | 35,145.83 | |
h. Class A-1 Principal Distribution | $ | 0.00 | |
i. Class A-2 Principal Distribution | $ | 0.00 | |
j. Class A-3 Principal Distribution | $ | 0.00 | |
k. Class A-4 Principal Distribution | $ | 14,662,701.65 | |
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) | $ | 14,830,409.24 | |
44. | Withdrawals | ||
a. Class A-1 Distribution | $ | 0.00 | |
b. Class A-2 Distribution | $ | 0.00 | |
c. Class A-3 Distribution | $ | 0.00 | |
d. Class A-4 Distribution | $ | 14,719,528.83 | |
e. Class B Distribution | $ | 34,134.58 | |
f. Class C Distribution | $ | 41,600.00 | |
g. Class D Distribution | $ | 35,145.83 | |
h. Total Withdrawals from Note Payment Account (sum a - g) | $ | 14,830,409.24 |
Certificate Payment Account Activity | |||
45. | Deposits to Certificate Payment Account from Excess Collections | $ | 992,839.28 |
46. | Withdrawals from Certificate Payment Account for Certificateholder Distribution | $ | 992,839.28 |
Required Reserve Account Amount | 0.15 | % | |
47. | Required Reserve Account Amount (0.25% of Initial Pool Balance) | $ | 7,530,120.55 |
Reserve Account Reconciliation | |||
48. | Beginning Balance (as of end of preceding Distribution Date) | $ | 7,530,120.55 |
49. | Investment Earnings | $ | 32,309.22 |
50. | Reserve Account Draw Amount | $ | 0.00 |
51. | Reserve Account Amount (Ln 48 + Ln 49 - Ln 50) | $ | 7,562,429.77 |
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 | $ | 32,309.22 |
55. | Ending Balance (Ln51 + Ln52 - Ln53 - Ln54) | $ | 7,530,120.55 |
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 | $ | 187,463.63 |
59. | Amount to be deposited from the Collection Account into the Note Payment Account | $ | 14,830,409.24 |
60. | Amount to be deposited from the Collection Account into the Certificate Payment Account | $ | 992,839.28 |
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 | $ | 32,309.22 | |
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 | $ | 0.00 |
66. | Amount to be paid to Class A-4 Noteholders from the Note Payment Account | $ | 14,719,528.83 |
67. | Amount to be paid to Class B Noteholders from the Note Payment Account | $ | 34,134.58 |
68. | Amount to be paid to Class C Noteholders from the Note Payment Account | $ | 41,600.00 |
69. | Amount to be paid to Class D Noteholders from the Note Payment Account | $ | 35,145.83 |
70. | Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections | $ | 992,839.28 |
Delinquency Activity | ||||
Number of Loans | Principal Balance | |||
71. | Delinquency Analysis | |||
a. 31 to 60 days past due | 702 | $ | 6,075,435.24 | |
b. 61 to 90 days past due | 434 | $ | 4,372,542.57 | |
c. 91 to 120 days past due | 68 | $ | 639,809.19 | |
d. 121 or more days past due | 0 | $ | 0.00 | |
e. Total Past Due (sum a - d) | 1,204 | $ | 11,087,787.00 | |
f. Delinquent Loans as a percentage of end of period Pool Balance (Ln 71e / Ln 5) | 5.2725 | % | ||
72. | Has a Delinquency Trigger Event occurred? | No | ||
Loss Activity | ||||
Number of Loans | Principal Balance | |||
73. | Defaulted Receivables (charge-offs) | 46 | $ | 435,764.45 |
74. | Recoveries | 101 | $ | 157,696.25 |
75. | Net Losses (Ln 73 - Ln 74) | $ | 278,068.20 | |
76. | Ratio of Net Losses to Beginning of Period Pool Balance (Ln 75 / Ln 1) | 0.1236 | % | |
Cumulative Loss Activity | ||||
Number of Loans | Principal Balance | |||
77. | Defaulted Receivables (charge-offs) | 2,409 | $ | 32,430,943.51 |
78. | Recoveries | 2,007 | $ | 16,708,436.42 |
79. | Cumulative Net Losses (Ln 77 - Ln 78) | $ | 15,722,507.09 | |
80. | Ratio of Cumulative Net Losses to Initial Pool Balance (Ln 79 / Ln 7) | 1.0440 | % | |
81. | Average Net Loss on Defaulted Receivables | $ | 6,526.57 | |
Other Servicing Information | ||||
82. | Principal Balance of Receivables extended during the Collection Period | $ | 2,546,225.57 | |
83. | Pool Balance on the close of the last day of the preceding Collection Period | $ | 224,956,350.35 | |
84. | Ratio of extensions to pool balance (Ln 82 / Ln 83) | 1.13 | % |
CARMAX BUSINESS SERVICES, LLC | |
As Servicer | |
By: | /s/ Greg Dostich |
Name: | Greg Dostich |
Title: | Vice President and Treasurer |