| Components Of CarMax Auto Finance Income |
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Three Months Ended May 31
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(In millions)
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2014
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% (1)
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2013
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% (1)
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Interest margin:
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Interest and fee income
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$
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147.0
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8.0
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$
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133.5
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8.7
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Interest expense
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(23.1)
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(1.2)
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(22.8)
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(1.5)
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Total interest margin
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123.9
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6.7
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110.7
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7.2
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Provision for loan losses
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(15.8)
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(0.9)
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(11.3)
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(0.7)
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Total interest margin after
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provision for loan losses
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108.1
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5.8
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99.4
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6.5
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Direct expenses:
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Payroll and fringe benefit expense
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(6.2)
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(0.3)
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(5.5)
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(0.4)
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Other direct expenses
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(7.3)
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(0.4)
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(6.9)
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(0.4)
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Total direct expenses
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(13.5)
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(0.7)
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(12.4)
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(0.8)
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CarMax Auto Finance income
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$
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94.6
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5.1
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$
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87.0
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5.7
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Total average managed receivables
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$
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7,390.1
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$
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6,152.5
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(1)Annualized percentage of total average managed receivables.
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