Carmax Auto Owner Trust 2023-3
07/15/2024 | Press release | Distributed by Public on 07/15/2024 10:53
Asset Backed Issuer Distribution Report Form 10 D
MONTHLY SERVICER'S CERTIFICATE
CARMAX BUSINESS SERVICES, LLC
CARMAX AUTO OWNER TRUST
SERIES 2023-3
| 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. 333-260819-07. |
| Pool Balance | ||||
| 1. | Pool Balance on the close of the last day of the preceding Collection Period | $ | 1,066,587,437.00 | |
| 2. | Collections allocable to Principal | $ | 31,987,497.60 | |
| 3. | Purchase Amount allocable to Principal | $ | 0.00 | |
| 4. | Defaulted Receivables | $ | 2,805,477.22 | |
| 5. | Pool Balance on the close of the last day of the related Collection Period | $ | 1,031,794,462.18 | |
| (Ln1 - Ln2 - Ln3 - Ln4) | ||||
| 6. | Total number of Receivables outstanding on the close of the last day of the related Collection Period | 57,100 | ||
| 7. | Initial Pool Balance | $ | 1,522,843,120.68 | |
| 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 | $ | 249,008,172.16 | $ | 225,570,170.88 |
| c. Class A-2b Floating Rate Note Balance | $ | 120,636,618.03 | $ | 109,281,644.49 |
| d. Class A-3 Note Balance | $ | 458,400,000.00 | $ | 458,400,000.00 |
| e. Class A-4 Note Balance | $ | 93,890,000.00 | $ | 93,890,000.00 |
| f. Class B Note Balance | $ | 39,590,000.00 | $ | 39,590,000.00 |
| g. Class C Note Balance | $ | 45,680,000.00 | $ | 45,680,000.00 |
| h. Class D Note Balance | $ | 36,540,000.00 | $ | 36,540,000.00 |
| i. Note Balance (sum a - h) | $ | 1,043,744,790.19 | $ | 1,008,951,815.37 |
| 9. | Pool Factors | |||
| a. Class A-1 Note Pool Factor | 0.0000000 | 0.0000000 | ||
| b. Class A-2a Note Pool Factor | 0.7096272 | 0.6428332 | ||
| c. Class A-2b Floating Rate Note Pool Factor | 0.7096272 | 0.6428332 | ||
| 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 | 0.6958299 | 0.6726345 | ||
| 10. | Overcollateralization Target Amount | $ | 22,842,647 | |
| 11. | Current overcollateralization amount (Pool Balance - Note Balance) | $ | 22,842,647 | |
| 12. | Weighted Average Coupon | 10.54 | % | |
| 13. | Weighted Average Original Term | months | 65.63 | |
| 14. | Weighted Average Remaining Term | months | 49.22 | |
| 15. | 30 day Average SOFR for the accrual period ending 7/14/2024 | 5.33303 | % | |
| 16. | Note Rate applicable to the Class A-2b notes for the interest period ending 7/14/2024 | 5.93303 | % | |
| Collections | ||||
| 17. | Finance Charges: | |||
| a. Collections allocable to Finance Charge | $ | 9,256,530.73 | ||
| b. Liquidation Proceeds allocable to Finance Charge | $ | 1,420.57 | ||
| c. Purchase Amount allocable to Finance Charge | $ | 0.00 | ||
| d. Available Finance Charge Collections (sum a - c) | $ | 9,257,951.30 | ||
| 18. | Principal: | |||
| a. Collections allocable to Principal | $ | 31,987,497.60 | ||
| b. Liquidation Proceeds allocable to Principal | $ | 987,552.96 | ||
| c. Purchase Amount allocable to Principal | $ | 0.00 | ||
| d. Available Principal Collections (sum a - c) | $ | 32,975,050.56 | ||
| 19. | Total Finance Charge and Principal Collections (17d + 18d) | $ | 42,233,001.86 | |
| 20. | Interest Income from Collection Account | $ | 160,696.48 | |
| 21. | Simple Interest Advances | $ | 0.00 | |
| 22. | Available Collections (Ln19 + 20 + 21) | $ | 42,393,698.34 |
| Available Funds | |||
| 23. | Available Collections | $ | 42,393,698.34 |
| 24. | Reserve Account Draw Amount | $ | 0.00 |
| 25. | Available Funds | $ | 42,393,698.34 |
| Application of Available Funds | |||
| 26. | Servicing Fee | 0.15 | % |
| a. Monthly Servicing Fee | $ | 888,822.86 | |
| b. Amount Unpaid from Prior Months | $ | 0.00 | |
| c. Amount Paid | $ | 888,822.86 | |
| 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 | $ | 1,186,938.95 | |
| 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) | $ | 1,186,938.95 | |
| i. Class A-2b Monthly Interest | $ | 556,687.19 | |
| 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) | $ | 556,687.19 | |
| m. Class A-3 Monthly Interest | $ | 2,016,960.00 | |
| 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) | $ | 2,016,960.00 | |
| q. Class A-4 Monthly Interest | $ | 411,551.17 | |
| 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) | $ | 411,551.17 | |
| 30. | Priority Principal Distributable Amount | $ | 0.00 |
| 31. | Class B Noteholder Interest Amount | ||
| a. Class B Monthly Interest | $ | 180,464.42 | |
| 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) | $ | 180,464.42 | |
| 32. | Secondary Principal Distributable Amount | $ | 0.00 |
| 33. | Class C Noteholder Interest Amount | ||
| a. Class C Monthly Interest | $ | 213,554.00 | |
| 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) | $ | 213,554.00 | |
| 34. | Tertiary Principal Distributable Amount | $ | 0.00 |
| 35. | Class D Noteholder Interest Amount | ||
| a. Class D Monthly Interest | $ | 196,098.00 | |
| 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) | $ | 196,098.00 |
| 36. | Quaternary Principal Distributable Amount | $ | 11,950,328.01 |
| 37. | Required Payment Amount (Ln 26 + Ln 28 + (sum of Ln 29 through Ln 36)) | $ | 17,601,404.60 |
| 38. | Reserve Account Deficiency | $ | 0.00 |
| 39. | Regular Principal Distributable Amount | $ | 22,842,646.81 |
| 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 | $ | 9,257,951.30 | |
| b. Total Daily Deposits of Principal Collections | $ | 32,975,050.56 | |
| c. Withdrawal from Reserve Account | $ | 0.00 | |
| d. Interest Income | $ | 160,696.48 | |
| e. Total Deposits to Collection Account (sum a - d) | $ | 42,393,698.34 | |
| 44. | Withdrawals | ||
| a. Servicing Fee and Unreimbursed Servicer Advances | $ | 888,822.86 | |
| b. Successor Servicer Transition Expenses and Indemnity Amounts | $ | 0.00 | |
| c. Deposit to Note Payment Account for Monthly Note Interest/Principal | $ | 39,555,228.55 | |
| d. Deposit to Reserve Account | $ | 0.00 | |
| e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder) | $ | 1,949,646.93 | |
| f. Total Withdrawals from Collection Account (sum a - e) | $ | 42,393,698.34 | |
| Note Payment Account Activity | |||
| 45. | Deposits | ||
| a. Class A-1 Interest Distribution | $ | 0.00 | |
| b. Class A-2a Interest Distribution | $ | 1,186,938.95 | |
| c. Class A-2b Interest Distribution | $ | 556,687.19 | |
| d. Class A-3 Interest Distribution | $ | 2,016,960.00 | |
| e. Class A-4 Interest Distribution | $ | 411,551.17 | |
| f. Class B Interest Distribution | $ | 180,464.42 | |
| g. Class C Interest Distribution | $ | 213,554.00 | |
| h. Class D Interest Distribution | $ | 196,098.00 | |
| i. Class A-1 Principal Distribution | $ | 0.00 | |
| j. Class A-2a Principal Distribution | $ | 23,438,001.28 | |
| k. Class A-2b Principal Distribution | $ | 11,354,973.54 | |
| 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) | $ | 39,555,228.55 | |
| 46. | Withdrawals | ||
| a. Class A-1 Distribution | $ | 0.00 | |
| b. Class A-2a Distribution | $ | 24,624,940.23 | |
| c. Class A-2b Distribution | $ | 11,911,660.73 | |
| d. Class A-3 Distribution | $ | 2,016,960.00 | |
| e. Class A-4 Distribution | $ | 411,551.17 | |
| f. Class B Distribution | $ | 180,464.42 | |
| g. Class C Distribution | $ | 213,554.00 | |
| h. Class D Distribution | $ | 196,098.00 | |
| i. Total Withdrawals from Note Payment Account (sum a - h) | $ | 39,555,228.55 |
| Certificate Payment Account Activity | |||
| 47. | Deposits to Certificate Payment Account from Excess Collections | $ | 1,949,646.93 |
| 48. | Withdrawals from Certificate Payment Account for Certificateholder Distribution | $ | 1,949,646.93 |
| Required Reserve Account Amount | 0.15 | % | |
| 49. | Required Reserve Account Amount (1.00% of Initial Pool Balance) | $ | 3,807,107.80 |
| Reserve Account Reconciliation | |||
| 50. | Beginning Balance (as of end of preceding Distribution Date) | $ | 3,807,107.80 |
| 51. | Investment Earnings | $ | 16,335.04 |
| 52. | Reserve Account Draw Amount | $ | 0.00 |
| 53. | Reserve Account Amount (Ln 50 + Ln 51 - Ln 52) | $ | 3,823,442.84 |
| 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 | $ | 16,335.04 |
| 57. | Ending Balance (Ln53 + Ln54 - Ln55 - Ln56) | $ | 3,807,107.80 |
| 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 | $ | 888,822.86 |
| 61. | Amount to be deposited from the Collection Account into the Note Payment Account | $ | 39,555,228.55 |
| 62. | Amount to be deposited from the Collection Account into the Certificate Payment Account | $ | 1,949,646.93 |
| 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 | $ | 16,335.04 | |
| 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 | $ | 24,624,940.23 |
| 67. | Amount to be paid to Class A-2b Noteholders from the Note Payment Account | $ | 11,911,660.73 |
| 68. | Amount to be paid to Class A-3 Noteholders from the Note Payment Account | $ | 2,016,960.00 |
| 69. | Amount to be paid to Class A-4 Noteholders from the Note Payment Account | $ | 411,551.17 |
| 70. | Amount to be paid to Class B Noteholders from the Note Payment Account | $ | 180,464.42 |
| 71. | Amount to be paid to Class C Noteholders from the Note Payment Account | $ | 213,554.00 |
| 72. | Amount to be paid to Class D Noteholders from the Note Payment Account | $ | 196,098.00 |
| 73. | Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections | $ | 1,949,646.93 |
| Delinquency Activity | ||||
| Number of Loans | Principal Balance | |||
| 74. | Delinquency Analysis | |||
| a. 31 to 60 days past due | 1,264 | $ | 28,103,829.16 | |
| b. 61 to 90 days past due | 725 | $ | 16,998,632.96 | |
| c. 91 to 120 days past due | 157 | $ | 3,375,196.72 | |
| d. 121 or more days past due | 0 | $ | 0.00 | |
| e. Total Past Due (sum a - d) | 2,146 | $ | 48,477,658.84 | |
| f. Delinquent Loans as a percentage of end of period Pool Balance (Ln 74e / Ln 5) | 4.6984 | % | ||
| 75. | Has a Delinquency Trigger Event occurred? | No | ||
| Loss Activity | ||||
| Number of Loans | Principal Balance | |||
| 76. | Defaulted Receivables (charge-offs) | 138 | $ | 2,805,477.22 |
| 77. | Recoveries | 155 | $ | 988,973.53 |
| 78. | Net Losses (Ln 76 - Ln 77) | $ | 1,816,503.69 | |
| 79. | Ratio of Net Losses to Beginning of Period Pool Balance (Ln 78 / Ln 1) | 0.1703 | % | |
| Cumulative Loss Activity | ||||
| Number of Loans | Principal Balance | |||
| 80. | Defaulted Receivables (charge-offs) | 1,145 | $ | 25,817,758.52 |
| 81. | Recoveries | 818 | $ | 8,476,353.29 |
| 82. | Cumulative Net Losses (Ln 80 - Ln 81) | $ | 17,341,405.23 | |
| 83. | Ratio of Cumulative Net Losses to Initial Pool Balance (Ln 82 / Ln 7) | 1.1388 | % | |
| 84. | Average Net Loss on Defaulted Receivables | $ | 15,145.33 | |
| Other Servicing Information | ||||
| 85. | Principal Balance of Receivables extended during the Collection Period | $ | 7,726,922.31 | |
| 86. | Pool Balance on the close of the last day of the preceding Collection Period | $ | 1,066,587,437.00 | |
| 87. | Ratio of extensions to pool balance (Ln 85 / Ln 86) | 0.72 | % | |
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 |