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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: DECEMBER 15, 1999
CARMAX AUTO RECEIVABLES LLC
(Exact name of registrant as specified in its charter)
UNITED STATES 333-79087 54-1942944
(State or other (Commission (IRS Employer
jurisdiction File No.) Identification No.)
of incorporation)
4900 Cox Road, Suite 200, Glen Allen, Virginia 23060
- ---------------------------------------------- ------
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: 804-935-4512
ITEM 5 OTHER EVENTS.
The registrant distributed the Certificateholders statement
for the month of November 1999 to the series 1999-1
Certificateholders on December 15, 1999.
- 1 -
<PAGE>
ITEM 7(C). EXHIBITS.
---------
The following is filed as an exhibit to this report under
Exhibit 28:
99.1 Series 1999-1 Certificateholders Statement for the month of
November 1999.
Signature
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CARMAX AUTO RECEIVABLES LLC
By: CARMAX AUTO SUPERSTORES, INC.,
as Transferor and Servicer
BY: s/Michael T. Chalifoux
Michael T. Chalifoux
President and Assistant Secretary
Date: December 15, 1999
-2-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
EXHIBITS
TO
FORM 8-K
CARMAX AUTO RECEIVABLES LLC
INDEX TO EXHIBITS
Exhibit
Number Exhibit
------ -------
99.1 Series 1994-2 Certificateholders Statement for the month of
November 1999.
MONTHLY SERVICER'S CERTIFICATE
CARMAX AUTO SUPERSTORES, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CARMAX AUTO OWNER TRUST
SERIES 1999-1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Collection Period 10/28/99-11/30/99
Determination Date 12/9/1999
Payment Date 12/15/1999
<TABLE>
<S> <C>
Pool Balance
1. Pool Balance on the close of the last day of the preceding
Collection Period $ 643,957,759.72
2. Collections allocable to Principal $ 43,170,704.39
3 Principal Returns $ 283,821.89
4. Purchase Amount allocable to Principal $ 0.00
5. Defaulted Contracts $ 74,548.27
----------------
----------------
6. Pool Balance on the close of the last day of the Collection Period $ 600,428,685.17
(Ln 1 - Ln2 - Ln3 - Ln4 - Ln5)
7. Initial Pool Balance $ 643,957,759.72
8. Pool Factor 0.9324038
Beginning End
9. Portfolio Balances of Period of Period
-------------------------------------------------
-------------------------------------------------
a. Class A-1 Note Balance $ 155,250,000.00 $ 111,720,925.45
b. Class A-2 Note Balance $ 208,650,000.00 $ 208,650,000.00
c. Class A-3 Note Balance $ 178,900,000.00 $ 178,900,000.00
d. Class A-4 Note Balance $ 88,278,000.00 $ 88,278,000.00
e. Certificate Balance $ 12,879,759.72 $ 12,879,759.72
---------------- ----------------
---------------- ----------------
f. Total Portfolio Balance (sum a - e) $ 643,957,759.72 $ 600,428,685.17
10. Pool Factors
a. Class A-1 Note Pool Factor 1.0000000 0.7196195
b. Class A-2 Note Pool Factor 1.0000000 1.0000000
c. Class A-3 Note Pool Factor 1.0000000 1.0000000
d. Class A-4 Note Pool Factor 1.0000000 1.0000000
e. Certificate Pool Factor 1.0000000 1.0000000
---------------- ----------------
---------------- ----------------
f. Aggregate Pool Factor 1.0000000 0.9324038
11. Weighted Average Coupon 10.57%
12. Weighted Average Original Term months 58.44
13. Weighted Average Remaining Term months 45.19
Collections
14. Finance Charge:
a. Collections allocable to Finance Charge $ 11,747,527.90
b. Liquidation Proceeds allocable to Finance Charge $ 8.09
c. Purchase Amount allocable to Finance Charge $ 0.00
----------------
----------------
d. Available Finance Charge Collections (sum a - c) $ 11,747,535.99
15. Principal:
a. Collections allocable to Principal $ 43,170,704.39
b. Liquidation Proceeds allocable to Principal $ 4,912.71
c. Purchase Amount allocable to Principal $ 0.00
----------------
----------------
d. Available Principal Collections (sum a - c) $ 43,175,617.10
16. Total Finance Charge and Principal Collections (14d + 15d) $ 54,923,153.09
17. Interest Income from Collection Account $ 199,548.72
----------------
----------------
18. Available Funds (Ln16 + Ln17) $ 55,122,701.81
Required Payment Amount
19. Total Servicing Fee
a. Monthly Servicing Fee $ 536,631.47
b. Amount Unpaid from Prior Months $ 0.00
c. Amount Paid $ 536,631.47
----------------
----------------
d. Shortfall Amount (a + b - c) $ 0.00
20. Noteholder Interest Amounts
a. Class A-1 Monthly Interest $ 1,283,917.50
b. Class A-1 Monthly Interest Carryover Shortfall $ 0.00
c. Interest Due on Class A-1 Monthly Interest Carryover Shortfall $ 0.00
----------------
----------------
d. Total Class A-1 Note Interest (sum a - c) $ 1,283,917.50
e. Class A-2 Monthly Interest $ 1,799,954.00
f. Class A-2 Monthly Interest Carryover Shortfall $ 0.00
g. Interest Due on Class A-2 Monthly Interest Carryover Shortfall $ 0.00
----------------
----------------
h. Total Class A-2 Note Interest (sum a - c) $ 1,799,954.00
i. Class A-3 Monthly Interest $ 1,578,891.89
j. Class A-3 Monthly Interest Carryover Shortfall $ 0.00
k. Interest Due on Class A-3 Monthly Interest Carryover Shortfall $ 0.00
----------------
----------------
l. Total Class A-3 Note Interest (sum a - c) $ 1,578,891.89
m. Class A-4 Monthly Interest $ 792,932.61
n. Class A-4 Monthly Interest Carryover Shortfall $ 0.00
o. Interest Due on Class A-4 Monthly Interest Carryover Shortfall $ 0.00
----------------
----------------
p. Total Class A-4 Note Interest (sum a - c) $ 792,932.61
q. Total Monthly Note Interest $ 5,455,696.00
r. Total Monthly Note Interest Carryover Shortfall $ 0.00
s. Total Interest Due on Monthly Note Interest Carryover Shortfall $ 0.00
----------------
----------------
t. Total Note Interest (sum q - s) $ 5,455,696.00
21. Noteholder Principal Amounts
a. Class A-1 Monthly Note Principal $ 43,529,074.55
b. Class A-2 Monthly Note Principal $ 0.00
c. Class A-3 Monthly Note Principal $ 0.00
d. Class A-4 Monthly Note Principal $ 0.00
----------------
----------------
e. Total Monthly Note Principal $ 43,529,074.55
22. Certificateholder Interest Amounts
a. Monthly Certificate Interest $ 119,724.52
b. Monthly Certificate Interest Carryover Shortfall $ 0.00
c. Interest Due on Monthly Certificate Interest Carryover Shortfall $ 0.00
----------------
----------------
d. Total (sum a - c) $ 119,724.52
e. Total Certificate Interest $ 119,724.52
23. Monthly Certificate Principal $ 0.00
24. Required Payment Amount $ 49,641,126.54
Insurance Payment Amount
25. Insurance Premium(s) Due
a. Current Amount Due $ 137,377.66
b. Overdue Premiums $ 0.00
c. Amount Paid $ 137,377.66
----------------
----------------
d. Shortfall Amount (a + b - c) $ 0.00
26. Unreimbursed Insurance Payments
a. Current Amount Due $ 0.00
b. Interest $ 0.00
c. Amount Paid $ 0.00
----------------
----------------
d. Shortfall Amount (a + b - c) $ 0.00
27. Insurance Payment Amount $ 137,377.66
Available Funds
28. Available Funds $ 55,122,701.81
29. Reserve Account Draw Amount $ 0.00
30. Policy Claim Amount $ 0.00
Collection Account Activity
31. Deposits
a. Total Daily Deposits of Finance Charge Collections $ 11,747,535.99
b. Total Daily Deposits of Principal Collections $ 43,175,617.10
c. Withdrawal from Reserve Account $ 0.00
d. PolicynClaimmAmountance Policy 0.00
e. Interest Income $ 199,548.72
----------------
----------------
f. Total Deposits to Collection Account (sum a - e) $ 55,122,701.81
32. Withdrawals
a. Servicing Fee $ 536,631.47
b. Deposit to Note Payment Account for Monthly Note Interest/Principal $ 48,984,770.55
c. Deposit to Certificate Payment Account for Monthly Certificate Interest/Principal $ 119,724.52
d. Payments to Insurer for Insurance Premium $ 137,377.66
e. Remibursement of Insurance Payments $ 0.00
f. Deposit to Reserve Account $ 5,344,197.62
g. Payment to Seller of any remaining funds $ 0.00
----------------
----------------
h. Total Withdrawals from Collection Account(sum a - g) $ 55,122,701.81
Note Payment Account Activity
33. Deposits
a. Class A-1 Interest Distribution $ 1,283,917.50
b. Class A-2 Interest Distribution $ 1,799,954.00
c. Class A-3 Interest Distribution $ 1,578,891.89
d. Class A-4 Interest Distribution $ 792,932.61
e. Class A-1 Principal Distribution $ 43,529,074.55
f. Class A-2 Principal Distribution $ 0.00
g. Class A-3 Principal Distribution $ 0.00
h. Class A-4 Principal Distribution $ 0.00
i. Total Deposits to Note Payment Account (sum a - h) $ 48,984,770.55
34. Withdrawals
a. Class A-1 Distribution $ 44,812,992.05
b. Class A-2 Distribution $ 1,799,954.00
c. Class A-3 Distribution $ 1,578,891.89
d. Class A-4 Distribution $ 792,932.61
----------------
----------------
e. Total Withdrawals from Note Payment Account (sum a - d) $ 48,984,770.55
Certificate Payment Account Activity
35. Deposits
a. Certificate Interest Distribution $ 119,724.52
b. Certificate Principal Distribution $ 0.00
----------------
----------------
c. Total Deposits to Certificate Payment Account (sum a - b) $ 119,724.52
36. Withdrawals
a. Certificate Distribution $ 119,724.52
----------------
----------------
b. Total Withdrawals from Certifiate Payment Account $ 119,724.52
Required Reserve Account Amount
If no Required Reserve Account Increase Event has occurred, the Required Reserve Account
Amount is equal to the lesser of: (Ln37or Ln38)
37. Greater of: (a or b)
a. Percentage applicable times Pool Balance as of the last day
of the preceeding Collection Period (percentage applicable = 3.75% ) $ 24,148,415.99
b. $6,439,577.60 $ 6,439,577.60
38. Sum of Note Balance and Certificate Balance as of current Payment Date
(after giving effect to all principal payments on current Payment Date) $ 600,428,685.17
If a Required Reserve Account Increase Event has occurred, the Required Reserve Account
Amount is equal to the Required Reserve Account Increase Amount:
39. Greater of: (a or b)
a. Percentage applicable times Pool Balance as of the last day
of the preceeding Collection Period (percentage applicable = 7.50% ) $ 48,296,831.98
b. $12,879,155.19 $ 12,879,155.19
40. Required Reserve Account Amount $ 24,148,415.99
Reserve Account Reconciliation
41. Beginning Balance (as of Preceding Payment Date) $ 17,708,838.39
42. Investment Earnings $ 89,927.47
43. Reserve Account Draw Amount $ 0.00
----------------
----------------
44. Reserve Account Amount (Ln 41 + Ln42 - Ln43) $ 17,798,765.86
45. Deposit from Excess Available Funds $ 5,344,197.62
46. Payment to Seller if Reserve Account Balance exceeds Required Reserve Amount $ 0.00
----------------
----------------
47. Ending Balance (Ln44 + Ln45 - Ln46) $ 23,142,963.48
48. Reserve Account Deficiency (Ln40 - Ln47) $ 1,005,452.51
Instructions to the Trustee
49. Amount to be deposited from the Reserve Account into the Collection Account $ 0.00
50. Amount to be paid to Servicer from the Collection Account $ 536,631.47
51. Amount to be deposited from the Collection Account into the Note Payment Account $ 48,984,770.55
52. Amount to be deposited from the Collection Account into the Certificate Payment Account $ 119,724.52
53. Amount to be paid to Insurance Provider from the Collection Account $ 137,377.66
54. Amount to be deposited from the Collection Account into the Reserve Account $ 5,344,197.62
55. Amount to be paid to Seller from the Reserve Account if Reserve Account Balance
Exceeds Required Reserve Amount $ 0.00
56. Amount to be paid to Seller from the Collection Account for any remaining Available Funds $ 0.00
57. Amount to be paid to Class A-1 Noteholders from the Note Payment Account $ 44,812,992.05
58. Amount to be paid to Class A-2 Noteholders from the Note Payment Account $ 1,799,954.00
59. Amount to be paid to Class A-3 Noteholders from the Note Payment Account $ 1,578,891.89
60. Amount to be paid to Class A-4 Noteholders from the Note Payment Account $ 792,932.61
61. Amount to be paid to Certificateholders from the Certificate Payment Account $ 119,724.52
Net Loss and Delinquency Activity
62. Cummulative Net Losses $ 69,627.47
63. Cumulative Net Loss Percentage
a. For the current Collection Period % 0.0108%
b. Has a Required Reserve Account Increase Event occurred? NO
c. Has a Cumulative Net Loss Trigger Event occurred? NO
64. Delinquency Analysis Number of Principal
Loans Balance
---------------------------------------------------
---------------------------------------------------
a. 31 to 60 days past due 550 $ 5,338,263.00
b. 61 to 90 days past due 104 $ 890,946.00
c. 91 or more days past due 4 $ 30,799.00
---------------------------------------------------
---------------------------------------------------
d. Total (sum a - c) 658 6,260,008.00
65. Delinquency Ratio including Repossessions
a. For the current Collection Period % 0.9721%
b. For the preceding Collection Period % 0.0000%
c. For the second preceding Collection Period % 0.0000%
d. Average Delinquency Ratio (average a - c) % 0.3240%
e. Has a Required Reserve Account Increase Event occurred (greater than 4.25%)? NO
f. Has a Trigger Event occurred (greater than 5.25%)? NO
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 9th
day of December, 1999.
CARMAX AUTO SUPERSTORES, INC.
===============================================================================
===============================================================================
As Servicer
By: /s/Philip J. Dunn
------------------------------------------------------------------
------------------------------------------------------------------
Name: Philip J. Dunn
------------------------------------------------------------------
------------------------------------------------------------------
Title: Treasurer and Assistant Secretary
------------------------------------------------------------------
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