Just wanted to clear that up after she corrected me. I decided to take my savings fund for a car and invest into remodeling my pool / home instead. Final payoffs sent by U.S. Mail should go to: CarMax Auto Finance Attn: Payoff Department P.O. Okay, I'm glad I'm not losing my mind here. You can test drive the car before you buy it. These dealerships specialize in working with buyers with bad credit and are often called “buy-here, pay-here” dealerships. The interest rate is 24%. If it isn't, shop somewhere else.Carmax isn't bad, just get out side financing. 0 Likes. Costco is also a place to get a decent deal on a new vehicle. The better your credit profile, the more likely you may be to qualify for approval, more favorable terms and a better interest rate. I bought a Ford Fusion from Carmax and that *** broke down on me just a month after, My brother who is a mechanic told me I need to replace something in the fuel tank and that a bad noise is coming from the engine which also needs some work that will cost a *** load of money. Join our community, read the PF Wiki, and get on top of your finances! The GF should never in a million years have “bought” the car with a deal that was not even close to what she planned. She had to get a car because she got a new job. The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. Edit: Due to the increasing number of rule-breaking comments (after many helpful and on-topic responses), the moderation team has locked the post from future comments. It does depend on how bad though. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). Yep, you can apply for a car loan from your bank and they'll mail you a blank check. Yeah- the sales lady wanted to close the deal that day, ahead of month end. Posted at 06:58h in Uncategorized by 0 Comments. The deal I found was right at KBB used retail value (maybe $500 over on a $24k car, not a huge deal IMO). Fantastic way to get rid of a car with pretty much zero hassle. We successfully provide options to customers with many different credit profiles because we work with some of the country’s leading financial institutions, which improves your chances of getting approved. When shopping at a CarMax store, simply tell a sales associate that you'd like to take the car of your choice for a 24-hour test drive. No, you cannot get a car with bad credit anywhere other than a "Buy Here, Pay Here" lot. Getting rate quotations should be your first step. But he only has two lines of credit. If the price is fair compared to what you would expect to pay somewhere else, go buy it. Log In Sign Up. 1 1. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. You don't have to finance the same place you buy a car. Hot. Repeat ad nauseum. Working at carmax reddit Since 1995, MultiChoice has been quietly getting on with the business of bringing you world-class entertainment. Also, the 12k price included an extended 5 year warranty and gap insurance. That said, if you're car savvy and know what to look for in a used car, it's pretty damn easy to find a better deal. More Information. By using our Services or clicking I agree, you agree to our use of cookies. I went to several 'big' dealerships, as well as some small "used car lot" ones. Contact your bank or credit union- they will have auto loans. I can't tell if I just simply don't understand something about this situation or if something sketchy is going on. My most recent purchase was at Carmax. I see the appeal of CarMax and similar for a lot of people but I have no regrets :). You should get financing secured before going into the store, but see what their on site financing can offer, and their purchase prices are generally fair, especially for not negotiating. Obviously time for a new car, and it wasn't a total surprise, just a little sooner than anticipated. This thread has been locked by the moderators of r/personalfinance, More posts from the personalfinance community. I thought you were going for the other elephant in the room. EDIT: For clarification, its actually a 2017 with 47k miles. Very sneaky of the dealer because with the sales tax discount it came to even. CarMax allows returns within seven days of purchase, a corporate customer service representative said. Press J to jump to the feed. She should also talk to a local credit union. I thought Carmax didn’t work on commission. I don't know what my scores were though, but I … About 10 years ago I tried to get a car through carmax and was declined. I have bought and sold cars to Carmax and they are Ok. You won't get the best price, but you don't have to haggle. The DP is going to be about 2k-2.5k. However, the general public by no means give that idea a idea. Carmax isn't bad, just get out side financing. Source: Was a Buyer and a salesperson at Carmax for several years. $11k credit lines over 2 credit cards with 90% available, but one is a year old and the second is 3 months old. How does closing the sale at any given time effect the salesperson? Posted by 1 day ago. Adding the extra we fight tooth and nail to avoid right on the top so everyone saves time and doesn't get frustrated or give the car salesman persona such a negative / sleazy image (no offense). Carmax gave me ~8% more than the dealer offered in trade in value. You're going to spend more money than you really should. Not really. Girlfriend is trying to buy a car from CarMax and they are being incredibly adamant about how bad it would be for her to get a co-signer and that she should definitely not get one, even though her credit isn't great. So to make a long story short she got a roughly $12k loan with an almost 13% interest rate. The big dealership places were way too pushy. Below are the 10 questions we hear most often from CarMax customers about used car financing while they’re conducting their used ... Can I get approved if I have bad or damaged credit? I see OP's question as "Is Carmax fair or will I get cheated". Well, screw them, it’s not their money! CarMax oil change prices vary depending on vehicle type, but they start at $40 for standard oil and $60 for synthetic oil. The buying a car with bad credit carmax most often impacts the entire value of the car and the monthly fee. A friend of mine was offered their "best financing" with a rate of around 6%. I am financing somewhere other than CarMax. okay so question. Our finance sources accommodate most credit profiles, and every CarMax customer can expect the same no-haggle pricing and exceptional customer service. CarMax return policy is usually 7 days, at least in CA it is. Its a 2018 Mitsubishi Mirage with I think 36k miles for like $9,999 or something in that ballpark. I have bought and sold cars to Carmax and they are Ok. You won't get the best price, but you don't have to haggle. If you trade a car in, you will get a bit below wholesale value, and can get more selling it privately, or to a place like Texas Direct Auto (in Texas). User account menu. I've bought way more cars than anyone my age should have. The rates werent great(20s) but he drove off two hours later so he was happy. Auto. One customer, Andréa Van Sickle, a work-from-home mom living in Dayton, told me her story, which was a stressful experience for her family from start to finish. Sadly I no longer have cash to get a vehicle and was wondering if Carmax was even still a thing and if it's a decent way to finance a car I couldn't afford up front. They say you have 3 days to refinance before you are responsible for any interest they lose. The Bad. Any advice would be greatly appreciated, as neither of us really have too much experiencing buying cars from dealerships. CarMax has fair pricing, and makes most of its' money because of the refined purchasing practices from auctions they attend nationwide and run in most every market. Carmax isn't bad, just get out side financing. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. Just like any car dealership, CarMax has customers who had negative experiences during the car-buying process. My wife bought a car at carmax 17 months ago. Walk in, inspect the car, write in the price and hand over the check and you're done. Having worked there for a while, I respect the company, and they mean what they say about the reconditioning process. reddit carmax. She knows her credit score/history isn't great, somewhere in the 650s, so she asked her father (who lives halfway across the country, as do I, so I haven't been with her in person for any of this) to co-sign for her, as CarMax told her over the phone that he can co-sign and make a down payment by just being on the phone to verbally agree and go into his local CarMax and sign papers and make the down payment. Whether or not you will get offered a loan depends on how bad your credit is. We both agreed that this lady was just looking to close the sale and get out of there. They don't however have the best prices. I'm finishing up the process of buying a used car right now. You could also check with your bank and/or credit union for their rates. She qualifies alone, but at a much higher rate than if her father had cosigned. People with a poor credit history and low FICO scores also Possess a bad credit auto loan. She's getting ripped off six ways to Sunday. Carmax doesn't negotiate on price. advantages: no haggling makes the car buying process easier. raise some questions, like the New York State . including a lack of I can promise is well… It probably had site’s personal finance subreddit. On top of that, maybe engine mount is bad I'm getting a lot of shaking but let's say maybe it isn't that and it's something with the tires. We agreed already that we're going to return the car regardless, as 13% is quite literally unworkable. Seems legitimate to me. So after we had a solid plan, she went into CarMax to buy the car, and she said that the sales lady continually insisted that getting a co-signer for the car would be way more trouble than it's worth. A couple of days ago as in ‘the last day of April’? These dealers typically charge much higher interest rates than traditional lenders, which could cost you more in the long run. They have so much information and so much purchasing power, and they have the most available data, real time, that no one else can compete. Side note... did you find out what the rate difference was with vs without co-signer? Posted by 1 year ago. The company does a fantastic job of picking new people to join the team and many of the people I've worked with over the years have become my family. Most of their cars are overpriced a bit, but not everything is. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. If you have less-than-perfect credit, some of these financing options may still be available to you. Enter your vehicle info to receive a cash or trade-in offer. Call … I just wanted to ask if any of you know if carmax would allow me to put a down payment on a car with a CC? For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. That being said. CarMax makes buying a car as easy as buying an appliance from Best Buy or something which is great. The had a ton of Is Better for Buying those with bad credit. YMMV. Archived Comments are locked. I would definitely get separate financing, though. They try to play it down about how much trouble it will be to save a little money. I found a great deal / opportunity that I couldn't pass up. card classic compact. Her credit score was bad (550) she ended up buying a 2002 vw gti. Worse, they sell for that much brand spanking new. Along with this isn't cosigning a loan just taking responsibility if the other person dips or doesn't pay? It usually goes the other way, where they tell you that they essentially can't get you a loan without a co-signer if you have bad credit. Press question mark to learn the rest of the keyboard shortcuts. Van Sickle says she was at the end of her pregnancy and desperate. Cars can be returned for any reason and returns are said to be “hassle-free,” according to the CarMax website. You can add a co-buyer to your pre-approval application or finance application. You can also use Carmax’s Car Payment Calculator that provides an estimate of the total tax and title fees you’ll need to pay in your state. I told her that she's obviously free to pick the car she wants, and if she's happy then I'm happy lol. He's been turned down by 4 major banks, approved with stipulations and higher rates by 2 subprime banks and countered with different terms, higher rates and stipulations by two credit unions. The mirage is quite literally the worst car for sale in America right now, you're also getting completely ripped off. The plan was to build her credit and refinance. If it isn't, shop somewhere else. Yea, that's a whole other conversation lol. I would definitely refinance the loan ASAP through a local credit union and utilize the co-signers credit. Hot New Top. Cookies help us deliver our Services. 98% of the time they turn you down. A friend got a car from them with scores in the 500s and a little bit down. She should take it back if it's still in the 3 days and buy a car from someone else with a cosigner. Even working there I financed through my credit union. CarMax oil changes are by appointment only, so you’ll need to contact your nearest CarMax location to set up a time for service. carmax r/ carmax. So my gf, not being a very confrontational person, said okay after the sales lady assured her that even if they did the sale today without a co-signer, she has a 3 day (maybe longer?) Here are some other things to know about CarMax Auto Finance. A lot of the cars they have are bought from rental agencies like Hertz and Enterprise. Carmax has some advantages: no haggling makes the car buying process easier. Example: if you refinance through a credit union next month, you’ll owe them the one payment worth of interest that they would have been paid that month, nothing major. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. They tend to have lower mileage, high quality cars. Box 440609 Kennesaw, GA 30160. 9.6k. I've test driven cars at carmax and found it to be stress free and no pressure. Her father has objectively great credit and makes good money. Can I use a co-buyer? I spent a month looking last time I bought private party. What do I need to provide CarMax? Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. You’ll receive a full refund to your original payment method or you can transfer the down payment to another CarMax vehicle. She went into a CarMax a couple of days ago after doing hours of searching around online for a decent deal. She got an extended warranty and the total cost of the car was $14000. You'll see some of those at dealerships, too, but CarMax buys them direct. Some tips: 1. I've never heard of a dealership advising against a co-signer. I ended up buying from a smaller used car place. I've sold a car to CarMax, and it was a great experience. Yes. You won't really save that much on APR and then you have to worry about them not wanting to give up half-ownership of the car later." Disadvantages, you will pay more. Something feels very not right about it. I do most of the negotiation online and then only visit the best two dealers on the day of purchase. But if you are a casualty of bad credit, there’s a remedy for it. Check out the prices on Carmax's website. Press question mark to learn the rest of the keyboard shortcuts. Because of this most debtors end up paying top rates of interest and processing charges. I would stay with low mileage used vehicles. It won't be the lowest price, but you can look at their database online and see exactly what cars they have available and at what prices. Final payoffs sent by express mail or overnight delivery should go to: CarMax Auto Finance Attn: Payoff Department 225 Chastain Meadows Court Suite 210 Kennesaw, GA 30144. My friend used to work at carmax and told me it is very hard to get financed through them if you have bad credit / low scores. So it sounds like Carmax is just doing what everyone else is doing but just cutting to the chase. https://www.cars.com/vehicledetail/detail/766747966/overview/, https://www.nytimes.com/2014/05/25/automobiles/autoreviews/its-cheap-but-is-it-overpriced.html?_r=1. … My Bi-weekly paycheck went from great to me having to borrow money from my mother to be able to pay my bills and support my family. Close. So my question out of all of this is mainly: Is this sales lady full of crap? To find out about other CarMax policies, see our articles on the CarMax bad credit approval policy and if CarMax leases cars. Give someone with a cosigner the room here, and every carmax customer can expect the same you! Buying cars from dealerships should also talk to a local credit union payment method or you test... 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