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CarMax Auto Finance (Tables)

12 Months Ended

Feb. 28, 2021

CarMax Auto Finance Income [Abstract]

Components Of CarMax Auto Finance Income

Components of CAF Income


			Years Ended February 28 or 29
(In millions)			2021						% (1)						2020						% (1)						2019						% (1)
Interest margin:
Interest and fee income			$	1,142.0					8.5						$	1,104.1					8.4						$	972.9					8.0
Interest expense			(314.1)						(2.3)						(358.1)						(2.7)						(289.3)						(2.4)
Total interest margin			827.9						6.1						746.0						5.7						683.6						5.6
Provision for loan losses			(160.7)						(1.2)						(185.7)						(1.4)						(153.8)						(1.3)
Total interest margin after
provision for loan losses			667.2						5.0						560.3						4.3						529.8						4.4

Total other expense			(2.2)						—						—						—						(0.4)						—

Direct expenses:
Payroll and fringe benefit expense			(46.0)						(0.3)						(42.3)						(0.3)						(38.3)						(0.3)
Other direct expenses			(56.2)						(0.4)						(62.0)						(0.5)						(52.4)						(0.4)
Total direct expenses			(102.2)						(0.8)						(104.3)						(0.8)						(90.7)						(0.7)
CarMax Auto Finance income			$	562.8					4.2						$	456.0					3.5						$	438.7					3.6

Total average managed receivables			$	13,463.3											$	13,105.1											$	12,150.2

(1) Percent of total average managed receivables.