CarMax Auto Finance (Tables)

12 Months Ended

Feb. 28, 2022

CarMax Auto Finance Income [Abstract]

Components Of CarMax Auto Finance Income

Components of CAF Income

	Years Ended February 28 or 29
(In millions)	2022		% (1)	2021		% (1)	2020		% (1)
Interest margin:
Interest and fee income	$	1,296.8	8.7	$	1,142.0	8.5	$	1,104.1	8.4
Interest expense	(228.8)		(1.5)	(314.1)		(2.3)	(358.1)		(2.7)
Total interest margin	1,068.0		7.2	827.9		6.1	746.0		5.7
Provision for loan losses	(141.7)		(0.9)	(160.7)		(1.2)	(185.7)		(1.4)
Total interest margin after provision for loan losses	926.3		6.2	667.2		5.0	560.3		4.3
Total other expense	—		—	(2.2)		—	—		—
Direct expenses:
Payroll and fringe benefit expense	(50.5)		(0.3)	(46.0)		(0.3)	(42.3)		(0.3)
Depreciation and amortization	(6.6)		—	(0.8)		—	(0.7)		—
Other direct expenses	(67.7)		(0.5)	(55.4)		(0.4)	(61.3)		(0.5)
Total direct expenses	(124.8)		(0.8)	(102.2)		(0.8)	(104.3)		(0.8)
CarMax Auto Finance income	$	801.5	5.4	$	562.8	4.2	$	456.0	3.5
Total average managed receivables	$	14,934.0		$	13,463.3		$	13,105.1

 (1)    Percent of total average managed receivables.