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CarMax Auto Finance (Tables)
 9 Months Ended
Nov. 30, 2019
CarMax Auto Finance Income [Abstract]  
Components Of CarMax Auto Finance Income
Components of CAF Income


Three Months Ended November 30
 
Nine Months Ended November 30
(In millions)
2019
 
% (1)
 
2018
 
% (1)
 
2019
 
% (1)
 
2018
 
% (1)
Interest margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and fee income
$
278.9

 
8.4

 
$
247.8

 
8.0

 
$
820.8

 
8.4

 
$
722.3

 
8.0

Interest expense
(90.4
)
 
(2.7
)
 
(75.3
)
 
(2.4
)
 
(268.4
)
 
(2.8
)
 
(208.2
)
 
(2.3
)
Total interest margin
188.5

 
5.7

 
172.5

 
5.6

 
552.4

 
5.7

 
514.1

 
5.7

Provision for loan losses
(49.0
)
 
(1.5
)
 
(40.8
)
 
(1.3
)
 
(132.7
)
 
(1.4
)
 
(111.7
)
 
(1.2
)
Total interest margin after provision for loan losses
139.5

 
4.2

 
131.7

 
4.3

 
419.7

 
4.3

 
402.4

 
4.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other expense
—

 
—

 
(0.1
)
 
—

 
—

 
—

 
(0.4
)
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Direct expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payroll and fringe benefit expense
(10.8
)
 
(0.3
)
 
(9.4
)
 
(0.3
)
 
(31.3
)
 
(0.3
)
 
(28.6
)
 
(0.3
)
Other direct expenses
(14.7
)
 
(0.4
)
 
(12.5
)
 
(0.4
)
 
(44.3
)
 
(0.5
)
 
(38.4
)
 
(0.4
)
Total direct expenses
(25.5
)
 
(0.8
)
 
(21.9
)
 
(0.7
)
 
(75.6
)
 
(0.8
)
 
(67.0
)
 
(0.7
)
CarMax Auto Finance income
$
114.0

 
3.4

 
$
109.7

 
3.6

 
$
344.1

 
3.5

 
$
335.0

 
3.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total average managed receivables
$
13,239.2

 


 
$
12,321.0

 


 
$
12,986.2

 
 
 
$
12,054.6

 
 

(1)  
Annualized percentage of total average managed receivables.