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CarMax Auto Finance Income (Tables) | 9 Months Ended
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Nov. 30, 2014
CarMax Auto Finance Income [Abstract] |
Components Of CarMax Auto Finance Income |
| Three Months Ended November 30 |  | Nine Months Ended November 30
(In millions) | 2014 | % (1) | 2013 | % (1) |  | 2014 | % (1) | 2013 | % (1)
Interest margin: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and fee income |  | $ | 152.7 |  | 7.6 |  | $ | 138.3 |  | 8.1 |  | $ | 450.4 |  | 7.8 |  | $ | 409.0 |  | 8.4
Interest expense |  |  | (24.8) |  | (1.2) |  |  | (22.2) |  | (1.3) |  |  | (71.8) |  | (1.2) |  |  | (67.6) |  | (1.4)
Total interest margin |  |  | 127.9 |  | 6.4 |  |  | 116.1 |  | 6.8 |  |  | 378.6 |  | 6.5 |  |  | 341.4 |  | 7.0
Provision for loan losses |  |  | (24.1) |  | (1.2) |  |  | (19.7) |  | (1.2) |  |  | (60.3) |  | (1.0) |  |  | (49.0) |  | (1.0)
Total interest margin after |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
provision for loan losses |  |  | 103.8 |  | 5.2 |  |  | 96.4 |  | 5.7 |  |  | 318.3 |  | 5.5 |  |  | 292.4 |  | 6.0
Other income |  |  | ― |  | ― |  |  | ― |  | ― |  |  | ― |  | ― |  |  | 0.1 |  | ―
Direct expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payroll and fringe benefit expense |  |  | (6.3) |  | (0.3) |  |  | (5.6) |  | (0.3) |  |  | (18.8) |  | (0.3) |  |  | (16.7) |  | (0.3)
Other direct expenses |  |  | (7.8) |  | (0.4) |  |  | (6.9) |  | (0.4) |  |  | (22.6) |  | (0.4) |  |  | (20.5) |  | (0.4)
Total direct expenses |  |  | (14.1) |  | (0.7) |  |  | (12.5) |  | (0.7) |  |  | (41.4) |  | (0.7) |  |  | (37.2) |  | (0.8)
CarMax Auto Finance income |  | $ | 89.7 |  | 4.5 |  | $ | 83.9 |  | 4.9 |  | $ | 276.9 |  | 4.8 |  | $ | 255.3 |  | 5.2
Total average managed receivables |  | $ | 8,026.2 |  |  |  | $ | 6,805.3 |  |  |  | $ | 7,713.6 |  |  |  | $ | 6,491.4 |  |
(1)Annualized percentage of total average managed receivables.

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