Carmax Auto Owner Trust 2023-4

10/15/2024 | Press release | Distributed by Public on 10/15/2024 13:48

Asset Backed Issuer Distribution Report Form 10 D


MONTHLY SERVICER'S CERTIFICATE
CARMAX BUSINESS SERVICES, LLC
CARMAX AUTO OWNER TRUST
SERIES 2023-4
Collection Period 09/01/24-09/30/24
Determination Date 10/9/2024
Distribution Date 10/15/2024
Additional information, including defined terms, can be found in the prospectus on the SEC's EDGAR system (http://www.sec.gov) under File No. 333-260819-08.



Pool Balance
1. Pool Balance on the close of the last day of the preceding Collection Period $ 1,056,258,742.07
2. Collections allocable to Principal $ 32,886,443.45
3. Purchase Amount allocable to Principal $ 0.00
4. Defaulted Receivables $ 2,938,254.05
5. Pool Balance on the close of the last day of the related Collection Period $ 1,020,434,044.57
(Ln1 - Ln2 - Ln3 - Ln4)
6. Total number of Receivables outstanding on the close of the last day of the related Collection Period 57,137
7. Initial Pool Balance $ 1,518,987,901.90
Beginning of Period End of Period
8. Note Balances
a. Class A-1 Note Balance
$ 0.00 $ 0.00
b. Class A-2a Note Balance $ 171,385,696.66 $ 153,473,347.91
c. Class A-2b Floating Rate Note Balance $ 171,385,696.64 $ 153,473,347.89
d. Class A-3 Note Balance $ 480,000,000.00 $ 480,000,000.00
e. Class A-4 Note Balance $ 90,700,000.00 $ 90,700,000.00
f. Class B Note Balance $ 44,810,000.00 $ 44,810,000.00
g. Class C Note Balance $ 42,530,000.00 $ 42,530,000.00
h. Class D Note Balance $ 36,460,000.00 $ 36,460,000.00
i. Note Balance (sum a - h) $ 1,037,271,393.30 $ 1,001,446,695.80
9. Pool Factors
a. Class A-1 Note Pool Factor 0.0000000 0.0000000
b. Class A-2a Note Pool Factor 0.6318367 0.5658004
c. Class A-2b Floating Rate Note Pool Factor 0.6318367 0.5658004
d. Class A-3 Note Pool Factor 1.0000000 1.0000000
e. Class A-4 Note Pool Factor 1.0000000 1.0000000
f. Class B Note Pool Factor 1.0000000 1.0000000
g. Class C Note Pool Factor 1.0000000 1.0000000
h. Class D Note Pool Factor 1.0000000 1.0000000
i. Note Pool Factor 0.6915143 0.6676311
10. Overcollateralization Target Amount $ 18,987,349
11. Current overcollateralization amount (Pool Balance - Note Balance) $ 18,987,349
12. Weighted Average Coupon 10.90 %
13. Weighted Average Original Term months 65.56
14. Weighted Average Remaining Term months 48.67
15. 30 day Average SOFR for the accrual period ending 10/14/2024 5.34207 %
16. Note Rate applicable to the Class A-2b notes for the interest period ending 10/14/2024 6.14207 %
Collections
17. Finance Charges:
a. Collections allocable to Finance Charge $ 9,448,533.40
b. Liquidation Proceeds allocable to Finance Charge $ 272.28
c. Purchase Amount allocable to Finance Charge $ 0.00
d. Available Finance Charge Collections (sum a - c) $ 9,448,805.68
18. Principal:
a. Collections allocable to Principal $ 32,886,443.45
b. Liquidation Proceeds allocable to Principal $ 891,676.63
c. Purchase Amount allocable to Principal $ 0.00
d. Available Principal Collections (sum a - c) $ 33,778,120.08
19. Total Finance Charge and Principal Collections (17d + 18d) $ 43,226,925.76
20. Interest Income from Collection Account $ 155,061.38
21. Simple Interest Advances $ 0.00
22. Available Collections (Ln19 + 20 + 21) $ 43,381,987.14


Available Funds
23. Available Collections $ 43,381,987.14
24. Reserve Account Draw Amount $ 0.00
25. Available Funds $ 43,381,987.14
Application of Available Funds
26. Servicing Fee 0.15 %
a. Monthly Servicing Fee $ 880,215.62
b. Amount Unpaid from Prior Months $ 0.00
c. Amount Paid $ 880,215.62
d. Shortfall Amount (a + b - c) $ 0.00
27. Unreimbursed Servicer Advances $ 0.00
28. 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
29. 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-2a Monthly Interest $ 868,354.20
f. Additional Note Interest related to Class A-2a Monthly Interest $ 0.00
g. Interest Due on Additional Note Interest related to Class A-2a Monthly Interest $ 0.00
h. Total Class A-2a Note Interest (sum e - g) $ 868,354.20
i. Class A-2b Monthly Interest $ 847,978.48
j. Additional Note Interest related to Class A-2b Monthly Interest $ 0.00
k. Interest Due on Additional Note Interest related to Class A-2b Monthly Interest $ 0.00
l. Total Class A-2b Note Interest (sum i - k) $ 847,978.48
m. Class A-3 Monthly Interest $ 2,400,000.00
n. Additional Note Interest related to Class A-3 Monthly Interest $ 0.00
o. Interest Due on Additional Note Interest related to Class A-3 Monthly Interest $ 0.00
p. Total Class A-3 Note Interest (sum m - o) $ 2,400,000.00
q. Class A-4 Monthly Interest $ 450,476.67
r. Additional Note Interest related to Class A-4 Monthly Interest $ 0.00
r. Additional Note Interest related to Class A-4 Monthly Interest $ 0.00
t. Total Class A-4 Note Interest (sum q - s) $ 450,476.67
30. Priority Principal Distributable Amount $ 0.00
31. Class B Noteholder Interest Amount
a. Class B Monthly Interest $ 238,613.25
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) $ 238,613.25
32. Secondary Principal Distributable Amount $ 0.00
33. Class C Noteholder Interest Amount
a. Class C Monthly Interest $ 233,206.17
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) $ 233,206.17
34. Tertiary Principal Distributable Amount $ 0.00
35. Class D Noteholder Interest Amount
a. Class D Monthly Interest $ 217,544.67
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) $ 217,544.67


36. Quaternary Principal Distributable Amount $ 16,837,348.73
37. Required Payment Amount (Ln 26 + Ln 28 + (sum of Ln 29 through Ln 36)) $ 22,973,737.79
38. Reserve Account Deficiency $ 0.00
39. Regular Principal Distributable Amount $ 18,987,348.77
40. Remaining Unpaid Servicer Transition Expenses and Additional Servicing Fees, if any $ 0.00
41. 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
42. Remaining Unpaid Successor Servicer Indemnity Amounts, if any $ 0.00
Collection Account Activity 0.15 %
43. Deposits
a. Total Daily Deposits of Finance Charge Collections $ 9,448,805.68
b. Total Daily Deposits of Principal Collections $ 33,778,120.08
c. Withdrawal from Reserve Account $ 0.00
d. Interest Income $ 155,061.38
e. Total Deposits to Collection Account (sum a - d) $ 43,381,987.14
44. Withdrawals
a. Servicing Fee and Unreimbursed Servicer Advances $ 880,215.62
b. Successor Servicer Transition Expenses and Indemnity Amounts $ 0.00
c. Deposit to Note Payment Account for Monthly Note Interest/Principal $ 41,080,870.94
d. Deposit to Reserve Account $ 0.00
e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder) $ 1,420,900.58
f. Total Withdrawals from Collection Account (sum a - e) $ 43,381,987.14
Note Payment Account Activity
45. Deposits
a. Class A-1 Interest Distribution $ 0.00
b. Class A-2a Interest Distribution $ 868,354.20
c. Class A-2b Interest Distribution $ 847,978.48
d. Class A-3 Interest Distribution $ 2,400,000.00
e. Class A-4 Interest Distribution $ 450,476.67
f. Class B Interest Distribution $ 238,613.25
g. Class C Interest Distribution $ 233,206.17
h. Class D Interest Distribution $ 217,544.67
i. Class A-1 Principal Distribution $ 0.00
j. Class A-2a Principal Distribution $ 17,912,348.75
k. Class A-2b Principal Distribution $ 17,912,348.75
l. Class A-3 Principal Distribution $ 0.00
m. Class A-4 Principal Distribution $ 0.00
n. Class B Principal Distribution $ 0.00
o. Class C Principal Distribution $ 0.00
p. Class D Principal Distribution $ 0.00
q. Total Deposits to Note Payment Account (sum a - p) $ 41,080,870.94
46. Withdrawals
a. Class A-1 Distribution $ 0.00
b. Class A-2a Distribution $ 18,780,702.95
c. Class A-2b Distribution $ 18,760,327.23
d. Class A-3 Distribution $ 2,400,000.00
e. Class A-4 Distribution $ 450,476.67
f. Class B Distribution $ 238,613.25
g. Class C Distribution $ 233,206.17
h. Class D Distribution $ 217,544.67
i. Total Withdrawals from Note Payment Account (sum a - h) $ 41,080,870.94


Certificate Payment Account Activity
47. Deposits to Certificate Payment Account from Excess Collections $ 1,420,900.58
48. Withdrawals from Certificate Payment Account for Certificateholder Distribution $ 1,420,900.58
Required Reserve Account Amount 0.15 %
49. Required Reserve Account Amount (1.00% of Initial Pool Balance) $ 3,797,469.75
Reserve Account Reconciliation
50. Beginning Balance (as of end of preceding Distribution Date) $ 3,797,469.75
51. Investment Earnings $ 15,721.27
52. Reserve Account Draw Amount $ 0.00
53. Reserve Account Amount (Ln 50 + Ln 51 - Ln 52) $ 3,813,191.02
54. Deposit from Available Funds (Ln 44d) $ 0.00
55. 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
56. Payment to Depositor if Reserve Account Balance exceeds Required Reserve Account Amount and to the extent no unfunded amounts described in Ln 55 exist $ 15,721.27
57. Ending Balance (Ln53 + Ln54 - Ln55 - Ln56) $ 3,797,469.75
58. Reserve Account Deficiency (Ln50 - Ln57) $ 0.00
Instructions to the Trustee
59. Amount to be deposited from the Reserve Account into the Collection Account $ 0.00
60. Amount to be paid to Servicer from the Collection Account $ 880,215.62
61. Amount to be deposited from the Collection Account into the Note Payment Account $ 41,080,870.94
62. Amount to be deposited from the Collection Account into the Certificate Payment Account $ 1,420,900.58
63. Amount to be deposited from the Collection Account into the Reserve Account $ 0.00
64. 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 $ 15,721.27
65. Amount to be paid to Class A-1 Noteholders from the Note Payment Account $ 0.00
66. Amount to be paid to Class A-2a Noteholders from the Note Payment Account $ 18,780,702.95
67. Amount to be paid to Class A-2b Noteholders from the Note Payment Account $ 18,760,327.23
68. Amount to be paid to Class A-3 Noteholders from the Note Payment Account $ 2,400,000.00
69. Amount to be paid to Class A-4 Noteholders from the Note Payment Account $ 450,476.67
70. Amount to be paid to Class B Noteholders from the Note Payment Account $ 238,613.25
71. Amount to be paid to Class C Noteholders from the Note Payment Account $ 233,206.17
72. Amount to be paid to Class D Noteholders from the Note Payment Account $ 217,544.67
73. Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections $ 1,420,900.58


Delinquency Activity
Number of Loans Principal Balance
74. Delinquency Analysis
a. 31 to 60 days past due 1,185 $ 25,263,924.58
b. 61 to 90 days past due 593 $ 13,357,049.74
c. 91 to 120 days past due 194 $ 4,330,126.52
d. 121 or more days past due 1 $ 21,332.14
e. Total Past Due (sum a - d) 1,973 $ 42,972,432.98
f. Delinquent Loans as a percentage of end of period Pool Balance (Ln 74e / Ln 5) 4.2112 %
75. Has a Delinquency Trigger Event occurred? No
Loss Activity
Number of Loans Principal Balance
76. Defaulted Receivables (charge-offs) 135 $ 2,938,254.05
77. Recoveries 163 $ 891,948.91
78. Net Losses (Ln 76 - Ln 77) $ 2,046,305.14
79. Ratio of Net Losses to Beginning of Period Pool Balance (Ln 78 / Ln 1) 0.1937 %
Cumulative Loss Activity
Number of Loans Principal Balance
80. Defaulted Receivables (charge-offs) 1,108 $ 24,909,366.61
81. Recoveries 764 $ 7,999,141.89
82. Cumulative Net Losses (Ln 80 - Ln 81) $ 16,910,224.72
83. Ratio of Cumulative Net Losses to Initial Pool Balance (Ln 82 / Ln 7) 1.1133 %
84. Average Net Loss on Defaulted Receivables $ 15,261.94
Other Servicing Information
85. Principal Balance of Receivables extended during the Collection Period $ 14,875,537.38
86. Pool Balance on the close of the last day of the preceding Collection Period $ 1,056,258,742.07
87. Ratio of extensions to pool balance (Ln 85 / Ln 86) 1.41 %



IN WITNESS WHEREOF, the undersigned has duly executed this certificate on October 9, 2024
CARMAX BUSINESS SERVICES, LLC
As Servicer
By: /s/ Greg Dostich
Name: Greg Dostich
Title: Vice President and Treasurer