CarMax Auto Owner Trust 2025-2's issuance is an ABS transaction backed by prime auto loan receivables. We assigned our ratings to the class A-1, A-2a, A-2b, A-3, A-4, B, C, and D notes. The ratings reflect our view of the transaction's credit enhancement and payment and legal structures, among other factors. ENGLEWOOD (S&P Global Ratings) May 2, 2025--S&P Global Ratings today assigned its ratings to CarMax Auto Owner Trust 2025-2's auto receivables asset-backed notes (see list). The note issuance is an ABS transaction backed by prime auto loan receivables. The ratings reflect our view of: The availability of approximately 9.12%, 7.37%, 6.09%, and 4.04% credit support (hard credit enhancement and haircut to excess spread) for the class A (A-1, A-2a,
