The preliminary ratings assigned to CarMax Auto Owner Trust 2020-4's (CAOT 2020-4's) auto receivables asset-backed notes reflect: The availability of approximately 14.6%, 11.8%, 8.8%, and 6.7% credit support for the base and upsized pools' class A, B, C, and D notes, respectively, based on our stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 5.1x, 4.1x, 3.1x, and 2.3x our 2.80%-3.00% expected net loss range to the respective classes, and are commensurate with the assigned preliminary 'A-1+ (sf)'/'AAA (sf)', 'AA (sf)', 'A (sf)', and 'BBB (sf)' ratings, respectively (see the S&P Global Ratings' Expected Loss and Cash Flow Modeling sections of this report, below). The timely interest and full principal payments made under the stressed cash