Exhibit 33.2

ASSESSMENT OF COMPLIANCE WITH THE APPLICABLE SERVICING CRITERIA

Management of the
Corporate Trust Services division of Wells Fargo Bank, National Association (the Company) is responsible for assessing compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange
Commission. Management has determined that the servicing criteria are applicable in regard to the servicing platform for the period as follows:

Platform: Privately and publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as
amended) auto loan asset-backed transactions serviced by CarMax Business Services, LLC, as Servicer, for which the Company provides indenture trustee and paying agent services (the Platform). Appendix B to this assessment identifies the
individual asset-backed transactions and securities defined by management as constituting the Platform.

Period: As of and for the
twelve months ended February 29, 2012 (the Period).

Applicable Servicing Criteria: All servicing criteria set forth
in Item 1122(d) except for the following criteria: 1122(d)(1)(i), 1122(d)(1)(iv), 1122(d)(2)(i), 1122(d)(2)(iii), 1122(d)(2)(vi), 1122(d)(2)(vii), 1122(d)(3)(i) and 1122(d)(4)(i)-1122(d)(4)(xv), which management has determined are not
applicable to the activities the Company performs with respect to the Platform (the Applicable Servicing Criteria). With respect to the Platform, servicing criterion 1122(d)(3)(ii) is applicable only as it relates to the timeframes of
the remittances to investors. With respect to applicable servicing criterion 1122(d)(1)(ii), there were no activities performed during the Period with respect to the Platform, because there were no occurrences of events that would require the
Company to perform such activities. Appendix A to this assessment identifies the Applicable Servicing Criteria with respect to the Platform.

With respect to the Platform and the Period, the Companys management provides the following assertion of compliance with respect to the Applicable
Servicing Criteria:

1. The Companys management is responsible for assessing the Companys compliance with the Applicable Servicing
Criteria.

2. The Companys management has assessed the Companys compliance with the Applicable Servicing Criteria. In performing
this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.

3. Based on such assessment as of and for the Period, the Company has complied, in all material respects with the Applicable Servicing Criteria.

KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to managements assertion of compliance with the Applicable Servicing Criteria as of and for
the Period.



WELLS FARGO BANK, National AssociationBy:

/s/ Bruce WanderseeBruce WanderseeIts:

Senior Vice PresidentDated:

May 25, 2012




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Appendix A



|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                    |  |                           |  |  
|--------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------ |  | ------------------------- |  | -
|REG ABREFERENCE |  | SERVICING CRITERIA                                                                                                                                                                                                                                                                                                                                                                  |  | APPLICABLE TO
PLATFORM                                             |  | NOT APPLICABLETO PLATFORM
|                |  | Performed Directlyby the Company                                                                                                                                                                                                                                                                                                                                                    |  | Performed byVendor(s) for whichthe Company is theResponsible Party | 
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|                |  | General Servicing Considerations                                                                                                                                                                                                                                                                                                                                                    |  |                                                                    |  |                           |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(1)(i)   |  | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.                                                                                                                                                                                                                            |  |                                                                    |  |                           |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(1)(ii)  |  | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third partys performance and compliance with such
servicing activities.                                                                                                                                                                                |  | X (a)                                                              |  |                           |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(1)(iii) |  | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.                                                                                                                                                                                                                                                                   |  | X                                                                  |  |                           |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(1)(iv)  |  | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required
by and otherwise in accordance with the terms of the transaction agreements.                                                                                                                   |  |                                                                    |  |                           |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|                |  | Cash Collection and Administration                                                                                                                                                                                                                                                                                                                                                  |  |                                                                    |  |                           |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(2)(i)   |  | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number
of days specified in the transaction agreements.                                                                                                                                              |  |                                                                    |  |                           |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(2)(ii)  |  | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.                                                                                                                                                                                                                                                               |  | X                                                                  |  |                           |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(2)(iii) |  | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as
specified in the transaction agreements.                                                                                                                                                           |  |                                                                    |  |                           |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(2)(iv)  |  | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to
commingling of cash) as set forth in the transaction agreements.                                                                                                                              |  | X                                                                  |  |                           |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(2)(v)   |  | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, federally
insured depository institution with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 240.13k-1(b)(1) of the Securities Exchange Act. |  | X                                                                  |  |                           |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                     |  |                                                                   
|1122(d)(2)(vi)  |  | Unissued checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                               |  |                                                                    |  |                           |  | X

Note(a): With respect to applicable servicing criterion 1122(d)(1)(ii), there were no activities performed during the
twelve months ended February 29, 2012 with respect to the Platform, because there were no occurrences of events that would require the Company to perform such activities.



---

Appendix A



|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                  |  |                                                                    |  |  
|--------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | ------------------------------------------------------------------ |  | -
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | APPLICABLE TO PLATFORM           |  | NOT APPLICABLETO PLATFORM                                         
|REG ABREFERENCE |  | SERVICING CRITERIA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  | Performed Directlyby the Company |  | Performed byVendor(s) for whichthe Company is theResponsible Party | 
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(2)(vii) |  | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These
reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the
person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements. |  |                                  |  |                                                                    |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|                |  | Investor Remittances and Reporting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |                                  |  |                                                                    |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(3)(i)   |  | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.
Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed
with the Commission as required by its rules and regulations; and (D) agree with investors or the trustees records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.                                              |  |                                  |  |                                                                    |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(3)(ii)  |  | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | X (b)                            |  |                                                                    |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(3)(iii) |  | Disbursements made to an investor are posted within two business days to the Servicers investor records, or such other number of days specified in the transaction
agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | X                                |  |                                                                    |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(3)(iv)  |  | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | X                                |  |                                                                    |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|                |  | Pool Asset Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |                                  |  |                                                                    |  |  
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(4)(i)   |  | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                  |  |                                                                    |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(4)(ii)  |  | Pool asset and related documents are safeguarded as required by the transaction agreements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |                                  |  |                                                                    |  | X
|                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |                                 
|1122(d)(4)(iii) |  | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction
agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |                                  |  |                                                                    |  | X

Note (b): With respect to the Platform, criterion 1122(d)(3)(ii) is only applicable as it relates to the amounts due to
investors are remitted in accordance with timeframe. The Servicer is responsible for calculating and allocating funds available for distribution to investors.



---

Appendix A



|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                  |  |                                                                    |  |  
|---------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | ------------------------------------------------------------------ |  | -
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  | APPLICABLE TO PLATFORM           |  | NOT APPLICABLETO PLATFORM                                         
|REG ABREFERENCE  |  | SERVICING CRITERIA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  | Performed Directlyby the Company |  | Performed byVendor(s) for whichthe Company is theResponsible Party | 
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 
|1122(d)(4)(iv)   |  | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicers obligor records maintained no more than
two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.                                                                                                                                                                          |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 
|1122(d)(4)(v)    |  | The Servicers records regarding the pool assets agree with the Servicers records with respect to an obligors unpaid principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 
|1122(d)(4)(vi)   |  | Changes with respect to the terms or status of an obligors pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in
accordance with the transaction agreements and related pool asset documents.                                                                                                                                                                                                                                                                                                                               |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 
|1122(d)(4)(vii)  |  | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted
and concluded in accordance with the timeframes or other requirements established by the transaction agreements.                                                                                                                                                                                                                                                                                |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 
|1122(d)(4)(viii) |  | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at
least a monthly basis, or such other period specified in the transaction agreements, and describe the entitys activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases
where delinquency is deemed temporary (e.g., illness or unemployment).                                                                        |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 
|1122(d)(4)(ix)   |  | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  |                                 
|1122(d)(4)(x)    |  | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligors pool asset documents, on at least an
annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the
obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |  |                                  |  |                                                                    |  | X



---

Appendix A



|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                  |  |                                                                    |  |  
|---------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | ------------------------------------------------------------------ |  | -
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                 |  | APPLICABLE TO PLATFORM           |  | NOT APPLICABLETO PLATFORM                                         
|REG ABREFERENCE  |  | SERVICING CRITERIA                                                                                                                                                                                                                                                                                                                                                                              |  | Performed Directlyby the Company |  | Performed byVendor(s) for whichthe Company is theResponsible Party | 
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                 
|1122(d)(4)(xi)   |  | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or
notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                 
|1122(d)(4)(xii)  |  | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicers funds and not charged to the obligor, unless the late
payment was due to the obligors error or omission.                                                                                                                                                             |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                 
|1122(d)(4)(xiii) |  | Disbursements made on behalf of an obligor are posted within two business days to the obligors records maintained by the Servicer, or such other number of days specified in
the transaction agreements.                                                                                                                                                                                       |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                 
|1122(d)(4)(xiv)  |  | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.                                                                                                                                                                                                                                                                |  |                                  |  |                                                                    |  | X
|                 |  |                                                                                                                                                                                                                                                                                                                                                                                                 |  |                                 
|1122(d)(4)(xv)   |  | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction
agreements.                                                                                                                                                                                                                   |  |                                  |  |                                                                    |  | X



---

Appendix B

Asset-backed Transactions and Securities include in the Platform

CarMax Auto Owner Trust
2008-1

CarMax Auto Owner Trust 2008-A

CarMax Auto Owner Trust 2008-2

CarMax Auto Owner Trust 2009-1

CarMax Auto Owner Trust 2009-A

CarMax Auto
Owner Trust 2009-2

CarMax Auto Owner Trust 2010-1

CarMax Auto Owner Trust 2010-2

CarMax Auto Owner Trust 2010-3

CarMax Auto Owner Trust 2011-1

CarMax Auto
Owner Trust 2011-2

CarMax Auto Owner Trust 2011-3

CarMax Auto Owner Trust 2012-1