EX-99.1 2 a2017-3ex991121517.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
MONTHLY SERVICER'S CERTIFICATE
CARMAX BUSINESS SERVICES, LLC
CARMAX AUTO OWNER TRUST
SERIES 2017-3
Collection Period
 
11/01/17-11/30/17
Determination Date
 
12/11/2017
Distribution Date
 
12/15/2017
 
 
 
 
 
Additional information, including defined terms, can be found in the prospectus on the SEC's EDGAR system (http://www.sec.gov) under File No. 333-207329-07.





Pool Balance
 
 
 
1.
Pool Balance on the close of the last day of the preceding Collection Period
 
 
$
1,224,077,797.32

2.
Collections allocable to Principal
 
 
$
35,363,426.04

3.
Purchase Amount allocable to Principal
 
 
$
0.00

4.
Defaulted Receivables
 
 
$
1,769,061.30

5.
Pool Balance on the close of the last day of the related Collection Period
 
 
$
1,186,945,309.98

 
(Ln1 - Ln2 - Ln3 - Ln4)
 
 
 
6.
Total number of Receivables outstanding on the close of the last day of the related Collection Period
 
 
77,977

7.
Initial Pool Balance
 
 
$
1,375,000,017.71

 
 
Beginning of Period
 
End of Period
8.
Note Balances
 
 
 
 
a. Class A-1 Note Balance
$
120,827,797.21

 
$
83,695,309.87

 
b. Class A-2a Note Balance
$
375,000,000.00

 
$
375,000,000.00

 
c. Class A-2b Floating Rate Note Balance
$
75,000,000.00

 
$
75,000,000.00

 
d. Class A-3 Note Balance
$
427,000,000.00

 
$
427,000,000.00

 
e. Class A-4 Note Balance
$
117,000,000.00

 
$
117,000,000.00

 
f. Class B Note Balance
$
39,000,000.00

 
$
39,000,000.00

 
g. Class C Note Balance
$
41,000,000.00

 
$
41,000,000.00

 
h. Class D Note Balance
$
21,000,000.00

 
$
21,000,000.00

 
i. Note Balance (sum a - h)
$
1,215,827,797.21

 
$
1,178,695,309.87

9.
Pool Factors
 
 
 
 
a. Class A-1 Note Pool Factor
0.4315278

 
0.2989118

 
b. Class A-2a Note Pool Factor
1.0000000

 
1.0000000

 
c. Class A-2b Floating Rate Note Pool Factor
1.0000000

 
1.0000000

 
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
0.8842384

 
0.8572330

10.
Overcollateralization Target Amount
 
 
$
8,250,000.11

11.
Current overcollateralization amount (Pool Balance - Note Balance)
 
 
$
8,250,000.11

12.
Weighted Average Coupon
 
 
7.63
%
13.
Weighted Average Original Term
months

 
66.09

14.
Weighted Average Remaining Term
months

 
57.13

15.
1-Month LIBOR for the interest period ending 12/14/2017
 
 
1.25028
%
16.
Note Rate applicable to the Class A-2b notes for the interest period ending 12/14/2017
 
 
1.43028
%
Collections
 
 
 
17.
Finance Charges:
 
 
 
 
a. Collections allocable to Finance Charge
 
 
$
7,869,371.77

 
b. Liquidation Proceeds allocable to Finance Charge
 
 
$
0.00

 
c. Purchase Amount allocable to Finance Charge
 
 
$
0.00

 
d. Available Finance Charge Collections (sum a - c)
 
 
$
7,869,371.77

18.
Principal:
 
 
 
 
a. Collections allocable to Principal
 
 
$
35,363,426.04

 
b. Liquidation Proceeds allocable to Principal
 
 
$
654,261.37

 
c. Purchase Amount allocable to Principal
 
 
$
0.00

 
d. Available Principal Collections (sum a - c)
 
 
$
36,017,687.41

19.
Total Finance Charge and Principal Collections (17d + 18d)
 
 
$
43,887,059.18

20.
Interest Income from Collection Account
 
 
$
30,524.03

21.
Simple Interest Advances
 
 
$
0.00

22.
Available Collections (Ln19 + 20 + 21)
 
 
$
43,917,583.21






Available Funds
 
 
 
23.
Available Collections
 
 
$
43,917,583.21

24.
Reserve Account Draw Amount
 
 
$
0.00

25.
Available Funds
 
 
$
43,917,583.21

Application of Available Funds
 
 
 
26.
Servicing Fee
 
 
 
 
a. Monthly Servicing Fee
 
 
$
1,020,064.83

 
b. Amount Unpaid from Prior Months
 
 
$
0.00

 
c. Amount Paid
 
 
$
1,020,064.83

 
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
 
 
$
135,931.27

 
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)
 
 
$
135,931.27

 
e. Class A-2a Monthly Interest
 
 
$
512,500.00

 
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)
 
 
$
512,500.00

 
i. Class A-2b Monthly Interest
 
 
$
89,392.50

 
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)
 
 
$
89,392.50

 
m. Class A-3 Monthly Interest
 
 
$
700,991.67

 
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)
 
 
700,991.67

 
q. Class A-4 Monthly Interest
 
 
$
216,450.00

 
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)
 
 
$
216,450.00

30.
Priority Principal Distributable Amount
 
 
$
0.00

31.
Class B Noteholder Interest Amount
 
 
 
 
a. Class B Monthly Interest
 
 
$
79,300.00

 
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)
 
 
$
79,300.00

32.
Secondary Principal Distributable Amount
 
 
$
0.00

33.
Class C Noteholder Interest Amount
 
 
 
 
a. Class C Monthly Interest
 
 
$
92,933.33

 
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)
 
 
$
92,933.33

34.
Tertiary Principal Distributable Amount
 
 
$
7,882,487.23

35.
Class D Noteholder Interest Amount
 
 
 
 
a. Class D Monthly Interest
 
 
$
60,550.00

 
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)
 
 
$
60,550.00





36.
Quaternary Principal Distributable Amount
 
 
$
21,000,000.00

37.
Required Payment Amount (Ln 26 + Ln 28 + (sum of Ln 29 through Ln 36))
 
 
$
31,790,600.83

38.
Reserve Account Deficiency
 
 
$
0.00

39.
Regular Principal Distributable Amount
 
 
$
8,250,000.11

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
 
 
 
43.
Deposits
 
 
 
 
a. Total Daily Deposits of Finance Charge Collections
 
 
$
7,869,371.77

 
b. Total Daily Deposits of Principal Collections
 
 
$
36,017,687.41

 
c. Withdrawal from Reserve Account
 
 
$
0.00

 
d. Interest Income
 
 
$
30,524.03

 
e. Total Deposits to Collection Account (sum a - d)
 
 
$
43,917,583.21

44.
Withdrawals
 
 
 
 
a. Servicing Fee and Unreimbursed Servicer Advances
 
 
$
1,020,064.83

 
b. Successor Servicer Transition Expenses and Indemnity Amounts
 
 
$
0.00

 
c. Deposit to Note Payment Account for Monthly Note Interest/Principal
 
 
$
39,020,536.11

 
d. Deposit to Reserve Account
 
 
$
0.00

 
e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder)
 
 
$
3,876,982.27

 
f. Total Withdrawals from Collection Account (sum a - e)
 
 
$
43,917,583.21

Note Payment Account Activity
 
 
 
45.
Deposits
 
 
 
 
a. Class A-1 Interest Distribution
 
 
$
135,931.27

 
b. Class A-2a Interest Distribution
 
 
$
512,500.00

 
c. Class A-2b Interest Distribution
 
 
$
89,392.50

 
d. Class A-3 Interest Distribution
 
 
$
700,991.67

 
e. Class A-4 Interest Distribution
 
 
$
216,450.00

 
f. Class B Interest Distribution
 
 
$
79,300.00

 
g. Class C Interest Distribution
 
 
$
92,933.33

 
h. Class D Interest Distribution
 
 
$
60,550.00

 
i. Class A-1 Principal Distribution
 
 
$
37,132,487.34

 
j. Class A-2a Principal Distribution
 
 
$
0.00

 
k. Class A-2b Principal Distribution
 
 
$
0.00

 
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)
 
 
$
39,020,536.11

46.
Withdrawals
 
 
 
 
a. Class A-1 Distribution
 
 
$
37,268,418.61

 
b. Class A-2a Distribution
 
 
$
512,500.00

 
c. Class A-2b Distribution
 
 
$
89,392.50

 
d. Class A-3 Distribution
 
 
$
700,991.67

 
e. Class A-4 Distribution
 
 
$
216,450.00

 
f. Class B Distribution
 
 
$
79,300.00

 
g. Class C Distribution
 
 
$
92,933.33

 
h. Class D Distribution
 
 
$
60,550.00

 
i. Total Withdrawals from Note Payment Account (sum a - h)
 
 
$
39,020,536.11





Certificate Payment Account Activity
 
 
 
47.
Deposits to Certificate Payment Account from Excess Collections
 
 
$
3,876,982.27

48.
Withdrawals from Certificate Payment Account for Certificateholder Distribution
 
 
$
3,876,982.27

Required Reserve Account Amount
 
 
 
49.
Required Reserve Account Amount (0.25% of Initial Pool Balance)
 
 
$
3,437,500.04

Reserve Account Reconciliation
 
 
 
50.
Beginning Balance (as of end of preceding Distribution Date)
 
 
$
3,437,500.04

51.
Investment Earnings
 
 
$
2,689.30

52.
Reserve Account Draw Amount
 
 
$
0.00

53.
Reserve Account Amount (Ln 50 + Ln 51 - Ln 52)
 
 
$
3,440,189.34

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
 
 
$
2,689.30

57.
Ending Balance (Ln53 + Ln54 - Ln55 - Ln56)
 
 
$
3,437,500.04

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
 
 
$
1,020,064.83

61.
Amount to be deposited from the Collection Account into the Note Payment Account
 
 
$
39,020,536.11

62.
Amount to be deposited from the Collection Account into the Certificate Payment Account
 
 
$
3,876,982.27

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
 
 
$
2,689.30

65.
Amount to be paid to Class A-1 Noteholders from the Note Payment Account
 
 
$
37,268,418.61

66.
Amount to be paid to Class A-2a Noteholders from the Note Payment Account
 
 
$
512,500.00

67.
Amount to be paid to Class A-2b Noteholders from the Note Payment Account
 
 
$
89,392.50

68.
Amount to be paid to Class A-3 Noteholders from the Note Payment Account
 
 
$
700,991.67

69.
Amount to be paid to Class A-4 Noteholders from the Note Payment Account
 
 
$
216,450.00

70.
Amount to be paid to Class B Noteholders from the Note Payment Account
 
 
$
79,300.00

71.
Amount to be paid to Class C Noteholders from the Note Payment Account
 
 
$
92,933.33

72.
Amount to be paid to Class D Noteholders from the Note Payment Account
 
 
$
60,550.00

73.
Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections
 
 
$
3,876,982.27

 
 
 
 
 
Delinquency Activity
 
 
 
 
 
Number of Loans
 
Principal Balance
74.
Delinquency Analysis
 
 
 
 
a. 31 to 60 days past due
1,034
 
$
15,475,020.73

 
b. 61 to 90 days past due
362
 
$
5,329,373.44

 
c. 91 to 120 days past due
118
 
$
1,743,098.17

 
d. 121 or more days past due
0
 
$
0.00

 
e. Total Past Due (sum a - d)
1,514
 
$
22,547,492.34

 
f. Delinquent Loans as a percentage of end of period Pool Balance (Ln 74e / Ln 5)
 
 
1.8996
%
 
 
 
 
 
75.
Has a Delinquency Trigger Event occurred?
 
 
No

 
 
 
 
 
Loss Activity
 
 
 
 
 
Number of Loans
 
Principal Balance
 
 
 
 
 
76.
Defaulted Receivables (charge-offs)
101
 
$
1,769,061.30

77.
Recoveries
90
 
$
654,261.37

78.
Net Losses (Ln 76 - Ln 77)
 
 
$
1,114,799.93

79.
Ratio of Net Losses to Beginning of Period Pool Balance (Ln 78 / Ln 1)
 
 
0.0911
%




Cumulative Loss Activity
 
 
 
 
 
Number of Loans
 
Principal Balance
 
 
 
 
 
80.
Defaulted Receivables (charge-offs)
192
 
$
3,379,471.83

81.
Recoveries
111
 
$
1,009,228.48

82.
Cumulative Net Losses (Ln 80 - Ln 81)
 
 
$
2,370,243.35

83.
Ratio of Cumulative Net Losses to Initial Pool Balance (Ln 82 / Ln 7)
 
 
0.1724
%
84.
Average Net Loss on Defaulted Receivables
 
 
$
12,345.02

 
 
 
 
 
Servicer Covenant
 
 
 
85.
CarMax, Inc Consolidated Tangible Net Worth as of the end of the Related Fiscal Quarter
 
 
$
3,192,309,000.00

86.
Is CarMax, Inc Consolidated Tangible Net Worth greater than $1,000,000,000?
 
 
Yes


IN WITNESS WHEREOF, the undersigned has duly executed this certificate on December 11, 2017.
 
CARMAX BUSINESS SERVICES, LLC
 
As Servicer
 
 
By:
/s/ Enrique Mayor-Mora
 
 
Name:
Enrique Mayor-Mora
 
 
Title:
Vice President and Treasurer