EX-99.1 2 a2018-2ex991061520.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
MONTHLY SERVICER'S CERTIFICATE
CARMAX BUSINESS SERVICES, LLC
CARMAX AUTO OWNER TRUST
SERIES 2018-2
Collection Period
 
05/01/20-05/31/20
Determination Date
 
6/9/2020
Distribution Date
 
6/15/2020
 
 
 
 
 
Additional information, including defined terms, can be found in the prospectus on the SEC's EDGAR system (http://www.sec.gov) under File No. 333-207329-10.





Pool Balance
 
 
 
1.
Pool Balance on the close of the last day of the preceding Collection Period
 
 
$
565,077,073.18

2.
Collections allocable to Principal
 
 
$
21,560,607.80

3.
Purchase Amount allocable to Principal
 
 
$
0.00

4.
Defaulted Receivables
 
 
$
901,288.90

5.
Pool Balance on the close of the last day of the related Collection Period
 
 
$
542,615,176.48

 
(Ln1 - Ln2 - Ln3 - Ln4)
 
 
 
6.
Total number of Receivables outstanding on the close of the last day of the related Collection Period
 
 
46,490

7.
Initial Pool Balance
 
 
$
1,336,359,077.55

 
 
Beginning of Period
 
End 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
$
341,888,021.02

 
$
319,426,124.32

 
d. Class A-4 Note Balance
$
108,530,000.00

 
$
108,530,000.00

 
e. Class B Note Balance
$
34,750,000.00

 
$
34,750,000.00

 
f. Class C Note Balance
$
34,750,000.00

 
$
34,750,000.00

 
g. Class D Note Balance
$
33,800,000.00

 
$
33,800,000.00

 
h. Note Balance (sum a - g)
$
553,718,021.02

 
$
531,256,124.32

9.
Pool Factors
 
 
 
 
a. Class A-1 Note Pool Factor
0.0000000

 
0.0000000

 
b. Class A-2 Note Pool Factor
0.0000000

 
0.0000000

 
c. Class A-3 Note Pool Factor
0.9382733

 
0.8766291

 
d. Class A-4 Note Pool Factor
1.0000000

 
1.0000000

 
e. Class B Note Pool Factor
1.0000000

 
1.0000000

 
f. Class C Note Pool Factor
1.0000000

 
1.0000000

 
g. Class D Note Pool Factor
1.0000000

 
1.0000000

 
h. Note Pool Factor
0.4179004

 
0.4009480

10.
Overcollateralization Target Amount
 
 
$
11,359,052.16

11.
Current overcollateralization amount (Pool Balance - Note Balance)
 
 
$
11,359,052.16

12.
Weighted Average Coupon
 
 
7.85
%
13.
Weighted Average Original Term
months

 
66.92

14.
Weighted Average Remaining Term
months

 
38.34

Collections
 
 
 
15.
Finance Charges:
 
 
 
 
a. Collections allocable to Finance Charge
 
 
$
3,758,758.91

 
b. Liquidation Proceeds allocable to Finance Charge
 
 
$
7,756.44

 
c. Purchase Amount allocable to Finance Charge
 
 
$
0.00

 
d. Available Finance Charge Collections (sum a - c)
 
 
$
3,766,515.35

16.
Principal:
 
 
 
 
a. Collections allocable to Principal
 
 
$
21,560,607.80

 
b. Liquidation Proceeds allocable to Principal
 
 
$
344,083.21

 
c. Purchase Amount allocable to Principal
 
 
$
0.00

 
d. Available Principal Collections (sum a - c)
 
 
$
21,904,691.01





17.
Total Finance Charge and Principal Collections (15d + 16d)
 
 
$
25,671,206.36

18.
Interest Income from Collection Account
 
 
$
2,085.60

19.
Simple Interest Advances
 
 
$
0.00

20.
Available Collections (Ln17 + 18 + 19)
 
 
$
25,673,291.96

Available Funds
 
 
 
21.
Available Collections
 
 
$
25,673,291.96

22.
Reserve Account Draw Amount
 
 
$
0.00

23.
Available Funds
 
 
$
25,673,291.96

Application of Available Funds
 
 
 
24.
Servicing Fee
 
 
 
 
a. Monthly Servicing Fee
 
 
$
470,897.56

 
b. Amount Unpaid from Prior Months
 
 
$
0.00

 
c. Amount Paid
 
 
$
470,897.56

 
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
 
 
$
849,021.92

 
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)
 
 
$
849,021.92

 
m. Class A-4 Monthly Interest
 
 
$
285,795.67

 
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)
 
 
$
285,795.67

28.
Priority Principal Distributable Amount
 
 
$
0.00

29.
Class B Noteholder Interest Amount
 
 
 
 
a. Class B Monthly Interest
 
 
$
97,589.58

 
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)
 
 
$
97,589.58

30.
Secondary Principal Distributable Amount
 
 
$
0.00

31.
Class C Noteholder Interest Amount
 
 
 
 
a. Class C Monthly Interest
 
 
$
103,381.25

 
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)
 
 
$
103,381.25

32.
Tertiary Principal Distributable Amount
 
 
$
0.00







33.
Class D Noteholder Interest Amount
 
 
 
 
a. Class D Monthly Interest
 
 
$
112,385.00

 
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)
 
 
$
112,385.00

34.
Quaternary Principal Distributable Amount
 
 
$
11,102,844.54

35.
Required Payment Amount (Ln 24 + Ln 26 + (sum of Ln 27 through Ln 34))
 
 
$
13,021,915.52

36.
Reserve Account Deficiency
 
 
$
0.00

37.
Regular Principal Distributable Amount
 
 
$
11,359,052.16

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 Activity
 
 
 
41.
Deposits
 
 
 
 
a. Total Daily Deposits of Finance Charge Collections
 
 
$
3,766,515.35

 
b. Total Daily Deposits of Principal Collections
 
 
$
21,904,691.01

 
c. Withdrawal from Reserve Account
 
 
$
0.00

 
d. Interest Income
 
 
$
2,085.60

 
e. Total Deposits to Collection Account (sum a - d)
 
 
$
25,673,291.96

42.
Withdrawals
 
 
 
 
a. Servicing Fee and Unreimbursed Servicer Advances
 
 
$
470,897.56

 
b. Successor Servicer Transition Expenses and Indemnity Amounts
 
 
$
0.00

 
c. Deposit to Note Payment Account for Monthly Note Interest/Principal
 
 
$
23,910,070.12

 
d. Deposit to Reserve Account
 
 
$
0.00

 
e. Excess Collections (Deposit to Certificate Payment Account for payment to Certificateholder)
 
 
$
1,292,324.28

 
f. Total Withdrawals from Collection Account (sum a - e)
 
 
$
25,673,291.96

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
 
 
$
849,021.92

 
d. Class A-4 Interest Distribution
 
 
$
285,795.67

 
e. Class B Interest Distribution
 
 
$
97,589.58

 
f. Class C Interest Distribution
 
 
$
103,381.25

 
g. Class D Interest Distribution
 
 
$
112,385.00

 
h. Class A-1 Principal Distribution
 
 
$
0.00

 
i. Class A-2 Principal Distribution
 
 
$
0.00

 
j. Class A-3 Principal Distribution
 
 
$
22,461,896.70

 
k. Class A-4 Principal Distribution
 
 
$
0.00

 
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)
 
 
$
23,910,070.12

44.
Withdrawals
 
 
 
 
a. Class A-1 Distribution
 
 
$
0.00

 
b. Class A-2 Distribution
 
 
$
0.00

 
c. Class A-3 Distribution
 
 
$
23,310,918.62

 
d. Class A-4 Distribution
 
 
$
285,795.67

 
e. Class B Distribution
 
 
$
97,589.58





 
f. Class C Distribution
 
 
$
103,381.25

 
g. Class D Distribution
 
 
$
112,385.00

 
h. Total Withdrawals from Note Payment Account (sum a - g)
 
 
$
23,910,070.12

Certificate Payment Account Activity
 
 
 
45.
Deposits to Certificate Payment Account from Excess Collections
 
 
$
1,292,324.28

46.
Withdrawals from Certificate Payment Account for Certificateholder Distribution
 
 
$
1,292,324.28

Required Reserve Account Amount
 
 
 
47.
Required Reserve Account Amount (0.25% of Initial Pool Balance)
 
 
$
3,340,897.69

Reserve Account Reconciliation
 
 
 
48.
Beginning Balance (as of end of preceding Distribution Date)
 
 
$
3,340,897.69

49.
Investment Earnings
 
 
$
317.09

50.
Reserve Account Draw Amount
 
 
$
0.00

51.
Reserve Account Amount (Ln 48 + Ln 49 - Ln 50)
 
 
$
3,341,214.78

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
 
 
$
317.09

55.
Ending Balance (Ln51 + Ln52 - Ln53 - Ln54)
 
 
$
3,340,897.69

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
 
 
$
470,897.56

59.
Amount to be deposited from the Collection Account into the Note Payment Account
 
 
$
23,910,070.12

60.
Amount to be deposited from the Collection Account into the Certificate Payment Account
 
 
$
1,292,324.28

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
 
 
$
317.09

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
 
 
$
23,310,918.62

66.
Amount to be paid to Class A-4 Noteholders from the Note Payment Account
 
 
$
285,795.67

67.
Amount to be paid to Class B Noteholders from the Note Payment Account
 
 
$
97,589.58

68.
Amount to be paid to Class C Noteholders from the Note Payment Account
 
 
$
103,381.25

69.
Amount to be paid to Class D Noteholders from the Note Payment Account
 
 
$
112,385.00

70.
Amount to be paid to Certificateholders from the Certificate Payment Account with respect to Excess Collections
 
 
$
1,292,324.28





Delinquency Activity
 
 
 
 
 
Number of Loans
 
Principal Balance
71.
Delinquency Analysis
 
 
 
 
a. 31 to 60 days past due
656
 
$
9,534,743.46

 
b. 61 to 90 days past due
286
 
$
3,951,805.45

 
c. 91 to 120 days past due
127
 
$
1,700,360.80

 
d. 121 or more days past due
2
 
$
32,894.32

 
e. Total Past Due (sum a - d)
1,071
 
$
15,219,804.03

 
f. Delinquent Loans as a percentage of end of period Pool Balance (Ln 71e / Ln 5)
 
 
2.8049
%
 
 
 
 
 
72.
Has a Delinquency Trigger Event occurred?
 
 
No

 
 
 
 
 
Loss Activity
 
 
 
 
 
Number of Loans
 
Principal Balance
 
 
 
 
 
73.
Defaulted Receivables (charge-offs)
65
 
$
901,288.90

74.
Recoveries
186
 
$
351,839.65

75.
Net Losses (Ln 73 - Ln 74)
 
 
$
549,449.25

76.
Ratio of Net Losses to Beginning of Period Pool Balance (Ln 75 / Ln 1)
 
 
0.0972
%
 
 
 
 
 
Cumulative Loss Activity
 
 
 
 
 
Number of Loans
 
Principal Balance
 
 
 
 
 
77.
Defaulted Receivables (charge-offs)
2,441
 
$
35,033,416.39

78.
Recoveries
1,933
 
$
15,591,944.49

79.
Cumulative Net Losses (Ln 77 - Ln 78)
 
 
$
19,441,471.90

80.
Ratio of Cumulative Net Losses to Initial Pool Balance (Ln 79 / Ln 7)
 
 
1.4548
%
81.
Average Net Loss on Defaulted Receivables
 
 
$
7,964.55

 
 
 
 
 
Other Servicing Information
 
 
 
 
 
 
 
 
82.
Principal Balance of Receivables extended during the Collection Period
 
 
$
12,602,831.92

83.
Pool Balance on the close of the last day of the preceding Collection Period
 
 
$
565,077,073.18

84.
Ratio of extensions to pool balance (Ln 82 / Ln 83)
 
 
2.23
%
 
 
 
 
 
Servicer Covenant
 
 
 
85.
CarMax, Inc Consolidated Tangible Net Worth as of the end of the Related Fiscal Quarter
 
 
$
3,745,966,000.00

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 June 9, 2020.
 
CARMAX BUSINESS SERVICES, LLC
 
As Servicer
 
 
By:
/s/ Andrew J. McMonigle
 
 
Name:
Andrew J. McMonigle
 
 
Title:
Vice President and Treasurer