CarMax’s finance operation connects a used-car sale to years of customer payments and capital-market funding. Its latest results show how lending margins, expected losses and loan sales can affect earnings differently, with the parent and operating entities kept distinct.
Banking, funding & balance sheetsResearch updated Oct 5, 2026
Auto-loan securitization turns borrowers’ installments into securities with different payment priorities. The process broadens funding but leaves important questions about loss protection, servicing, prepayments and the comparability of loan pools.
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