EX-99.1 2 a2020-1ex991021524.htm EX-99.1 Document

Exhibit 99.1
MONTHLY SERVICER'S CERTIFICATE
CARMAX BUSINESS SERVICES, LLC
CARMAX AUTO OWNER TRUST
SERIES 2020-1
Collection Period01/01/24-01/31/24
Determination Date2/9/2024
Distribution Date2/15/2024
Additional information, including defined terms, can be found in the prospectus on the SEC's EDGAR system (http://www.sec.gov) under File No. 333-228375-05.



Pool Balance
1.Pool Balance on the close of the last day of the preceding Collection Period$168,922,678.42 
2.Collections allocable to Principal$12,242,120.31 
3.Purchase Amount allocable to Principal$0.00 
4.Defaulted Receivables$294,779.05 
5.Pool Balance on the close of the last day of the related Collection Period$156,385,779.06 
(Ln1 - Ln2 - Ln3 - Ln4)
6.Total number of Receivables outstanding on the close of the last day of the related Collection Period28,165 
7.Initial Pool Balance$1,553,875,032.29 
Beginning of PeriodEnd 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$66,347,990.84 $53,811,091.48 
e. Class B Note Balance$37,290,000.00 $37,290,000.00 
f. Class C Note Balance$35,000,000.00 $35,000,000.00 
g. Class D Note Balance$26,400,000.00 $26,400,000.00 
h. Note Balance (sum a - g)$165,037,990.84 $152,501,091.48 
9.Pool Factors
a. Class A-1 Note Pool Factor0.0000000 0.0000000 
b. Class A-2 Note Pool Factor0.0000000 0.0000000 
c. Class A-3 Note Pool Factor0.0000000 0.0000000 
d. Class A-4 Note Pool Factor0.5759374 0.4671102 
e. Class B Note Pool Factor1.0000000 1.0000000 
f. Class C Note Pool Factor1.0000000 1.0000000 
g. Class D Note Pool Factor1.0000000 1.0000000 
h. Note Pool Factor0.1064768 0.0983884 
10.Overcollateralization Target Amount$3,884,687.58 
11.Current overcollateralization amount (Pool Balance - Note Balance)$3,884,687.58 
12.Weighted Average Coupon8.80 %
13.Weighted Average Original Termmonths68.68 
14.Weighted Average Remaining Termmonths18.18 
Collections
15.Finance Charges:
a. Collections allocable to Finance Charge$1,306,198.94 
b. Liquidation Proceeds allocable to Finance Charge$968.59 
c. Purchase Amount allocable to Finance Charge$0.00 
d. Available Finance Charge Collections (sum a - c)$1,307,167.53 
16.Principal:
a. Collections allocable to Principal$12,242,120.31 
b. Liquidation Proceeds allocable to Principal$202,150.05 
c. Purchase Amount allocable to Principal$0.00 
d. Available Principal Collections (sum a - c)$12,444,270.36 


17.Total Finance Charge and Principal Collections (15d + 16d)$13,751,437.89 
18.Interest Income from Collection Account$47,983.94 
19.Simple Interest Advances$0.00 
20.Available Collections (Ln17 + 18 + 19)$13,799,421.83 
Available Funds
21.Available Collections$13,799,421.83 
22.Reserve Account Draw Amount$0.00 
23.Available Funds$13,799,421.83 
Application of Available Funds
24.Servicing Fee0.15 %
a. Monthly Servicing Fee$140,768.90 
b. Amount Unpaid from Prior Months$0.00 
c. Amount Paid$140,768.90 
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$112,238.68 
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)$112,238.68 
28.Priority Principal Distributable Amount$0.00 
29.Class B Noteholder Interest Amount
a. Class B Monthly Interest$68,675.75 
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)$68,675.75 
30.Secondary Principal Distributable Amount$0.00 
31.Class C Noteholder Interest Amount
a. Class C Monthly Interest$68,250.00 
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)$68,250.00 
32.Tertiary Principal Distributable Amount$0.00 

33.Class D Noteholder Interest Amount


a. Class D Monthly Interest$58,080.00 
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)$58,080.00 
34.Quaternary Principal Distributable Amount$8,652,211.78 
35.Required Payment Amount (Ln 24 + Ln 26 + (sum of Ln 27 through Ln 34))$9,100,225.11 
36.Reserve Account Deficiency$0.00 
37.Regular Principal Distributable Amount$3,884,687.58 
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 Activity0.15 %
41.Deposits
a. Total Daily Deposits of Finance Charge Collections$1,307,167.53 
b. Total Daily Deposits of Principal Collections$12,444,270.36 
c. Withdrawal from Reserve Account$0.00 
d. Interest Income$47,983.94 
e. Total Deposits to Collection Account (sum a - d)$13,799,421.83 
42.Withdrawals
a. Servicing Fee and Unreimbursed Servicer Advances$140,768.90 
b. Successor Servicer Transition Expenses and Indemnity Amounts$0.00 
c. Deposit to Note Payment Account for Monthly Note Interest/Principal$12,844,143.79 
d. Deposit to Reserve Account$0.00 
e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder)$814,509.14 
f. Total Withdrawals from Collection Account (sum a - e)$13,799,421.83 
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$112,238.68 
e. Class B Interest Distribution$68,675.75 
f. Class C Interest Distribution$68,250.00 
g. Class D Interest Distribution$58,080.00 
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$12,536,899.36 
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)$12,844,143.79 
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$12,649,138.04 
e. Class B Distribution$68,675.75 


f. Class C Distribution$68,250.00 
g. Class D Distribution$58,080.00 
h. Total Withdrawals from Note Payment Account (sum a - g)$12,844,143.79 
Certificate Payment Account Activity
45.Deposits to Certificate Payment Account from Excess Collections$814,509.14 
46.Withdrawals from Certificate Payment Account for Certificateholder Distribution$814,509.14 
Required Reserve Account Amount0.15 %
47.Required Reserve Account Amount (0.25% of Initial Pool Balance)$3,884,687.58 
Reserve Account Reconciliation
48.Beginning Balance (as of end of preceding Distribution Date)$3,884,687.58 
49.Investment Earnings$17,200.65 
50.Reserve Account Draw Amount$0.00 
51.Reserve Account Amount (Ln 48 + Ln 49 - Ln 50)$3,901,888.23 
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$17,200.65 
55.Ending Balance (Ln51 + Ln52 - Ln53 - Ln54)$3,884,687.58 
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$140,768.90 
59.Amount to be deposited from the Collection Account into the Note Payment Account$12,844,143.79 
60.Amount to be deposited from the Collection Account into the Certificate Payment Account$814,509.14 
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$17,200.65 
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$12,649,138.04 
67.Amount to be paid to Class B Noteholders from the Note Payment Account$68,675.75 
68.Amount to be paid to Class C Noteholders from the Note Payment Account$68,250.00 
69.Amount to be paid to Class D Noteholders from the Note Payment Account$58,080.00 
70.Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections$814,509.14 


Delinquency Activity
Number of LoansPrincipal Balance
71.Delinquency Analysis
a. 31 to 60 days past due704$6,271,227.97 
b. 61 to 90 days past due395$3,700,170.68 
c. 91 to 120 days past due87$856,620.23 
d. 121 or more days past due0$0.00 
e. Total Past Due (sum a - d)1,186$10,828,018.88 
f. Delinquent Loans as a percentage of end of period Pool Balance (Ln 71e / Ln 5)6.9239 %
72.Has a Delinquency Trigger Event occurred?No
Loss Activity
Number of LoansPrincipal Balance
73.Defaulted Receivables (charge-offs)40$294,779.05 
74.Recoveries123$203,118.64 
75.Net Losses (Ln 73 - Ln 74)$91,660.41 
76.Ratio of Net Losses to Beginning of Period Pool Balance (Ln 75 / Ln 1)0.0543 %
Cumulative Loss Activity
Number of LoansPrincipal Balance
77.Defaulted Receivables (charge-offs)2,897$39,292,146.51 
78.Recoveries2,375$20,591,443.32 
79.Cumulative Net Losses (Ln 77 - Ln 78)$18,700,703.19 
80.Ratio of Cumulative Net Losses to Initial Pool Balance (Ln 79 / Ln 7)1.2035 %
81.Average Net Loss on Defaulted Receivables$6,455.20 
Other Servicing Information
82.Principal Balance of Receivables extended during the Collection Period$1,781,629.34 
83.Pool Balance on the close of the last day of the preceding Collection Period$168,922,678.42 
84.Ratio of extensions to pool balance (Ln 82 / Ln 83)1.05 %



IN WITNESS WHEREOF, the undersigned has duly executed this certificate on February 9, 2024.
 
CARMAX BUSINESS SERVICES, LLC
 
As Servicer
By:/s/ Andrew J. McMonigle
Name:Andrew J. McMonigle
Title:Vice President and Treasurer