We present multi-band photometric and optical spectroscopic observations of
SN2007ax, the faintest and reddest Type Ia supernova (SNIa) yet observed. With
M_B = -15.9 and (B-V)max = 1.2, this SN is over half a magnitude fainter at
maximum light than any other SNIa. Similar to subluminous SN2005ke, SN2007ax
also appears to show excess in UV emission at late time. Traditionally,
Delta-m_15(B) has been used to parameterize the decline rate for SNeIa.
However, the B-band transition from fast to slow decline occurs sooner than 15
days for faint SNeIa. Therefore we suggest that a more physically motivated
parameter, the time of intersection of the two slopes, be used instead. Only by
explaining the faintest (and the brightest) supernovae, we can thoroughly
understand the physics of thermonuclear explosions. We suggest that future
surveys should carefully design their cadence, depth, pointings and follow-up
to find an unbiased sample of extremely faint members of this subclass of faint
SNeIa.Comment: Accepted for publication in ApJ