Fitch to Rate CarMax Auto Owner Trust 2015-1; Issues Presale

Fitch Ratings expects to assign the following ratings and Rating Outlooks to the notes issued by CarMax Auto Owner Trust 2015-1 listed below:

--$191,000,000 class A-1 'F1+sf';

--$320,000,000 class A-2 'AAAsf'; Outlook Stable;

--$319,000,000 class A-3 'AAAsf'; Outlook Stable;

--$115,000,000 class A-4 'AAAsf'; Outlook Stable;

--$22,500,000 class B 'AAsf'; Outlook Stable;

--$18,500,000 class C 'Asf'; Outlook Stable;

--$14,000,000 class D 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Consistent Credit Quality: CAOT 2015-1 has consistent credit quality, compared with pools securitized since 2011, with a weighted average (WA) Fair Isaac Corp. (FICO) score of 703 and a diverse pool mix from make/model and geographic perspectives.

Adequate CE Structure: CAOT 2015-1 incorporates a sequential-pay structure. Initial hard credit enhancement (CE) for the class A, B, C, and D notes decreased compared to 2014-4. Initial CE is sufficient to withstand Fitch's base case cumulative net loss (CNL) proxy of 2.30% for all classes of notes at each class' respective loss coverage multiple.

Stable Portfolio/Securitization Performance: Losses on CAF's portfolio and 2010 - 2013 securitizations have remained below the peak levels seen in 2008.

Evolving Wholesale Market: The U.S. wholesale vehicle market (WVM) is normalizing following strong performance in recent years. Fitch expects increasing used vehicle supply from off-lease vehicles and trade-ins to pressure ABS recovery rates, leading to moderately higher loss rates. Fitch's analysis accounts for this risk by including periods of weak WVM performance in the derivation of its base case loss expectation.

Stable Origination, Underwriting and Servicing: Fitch believes CAF to be a capable originator, underwriter, and servicer for CAOT 2015-1.

Integrity of the Legal Structure: The legal structure of the transaction should provide that a bankruptcy of CAF would not impair the timeliness of the payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case. In turn, it could result in potentially adverse rating actions on the notes. Fitch evaluated the sensitivity of the ratings assigned to all classes of CarMax Auto Owner Trust 2015-1 to increased losses over the life of the transaction. Fitch's analysis found that the notes display some sensitivity to increased defaults and losses. In fact, they could lead to potential downgrades of up to one category under Fitch's moderate (1.5x base case loss) scenario. The notes could experience downgrades of two to three rating categories under Fitch's severe (2.5x base case loss) scenario.

Key Rating Drivers and Rating Sensitivities are further described in Fitch's presale report, available at 'www.fitchratings.com' or by clicking on the above link.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 2014);

--'Rating Criteria for U.S. Auto Loan ABS' (April 2014);

--'Structured Finance Tranche Thickness Metrics' (July 29, 2011);

--'CarMax Auto Owner Trust 2014-4 Appendix' (Feb. 12, 2015).

Applicable Criteria and Related Research: CarMax Auto Owner Trust 2015-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=861902

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738718

Structured Finance Tranche Thickness Metrics

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646951

CarMax Auto Owner Trust 2014-4 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=806368

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=979594

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