She should also talk to a local credit union. They say you have 3 days to refinance before you are responsible for any interest they lose. I found a great deal / opportunity that I couldn't pass up. Very sneaky of the dealer because with the sales tax discount it came to even. The interest rate is 24%. Something feels very not right about it. Also, the 12k price included an extended 5 year warranty and gap insurance. Auto. Carmax isn't bad, just get out side financing. You'll see some of those at dealerships, too, but CarMax buys them direct. My girlfriend's car finally bit the dust mechanically, and it would be about $1200 to get it fixed when it Bluebooks for about $300. 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. Our General Sales Manager Jason Decker explains the ins and outs of credit and purchasing a vehicle even if you have less than ideal credit. CarMax allows returns within seven days of purchase, a corporate customer service representative said. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. I spent a month looking last time I bought private party. Disadvantages, you will pay more. card. By using our Services or clicking I agree, you agree to our use of cookies. 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? Seems legitimate to me. 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. Yea, that's a whole other conversation lol. Below, we detail how a bad credit score affects your chances of securing financing through CarMax or at a similar car dealership. Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. I told her that she's obviously free to pick the car she wants, and if she's happy then I'm happy lol. I see the appeal of CarMax and similar for a lot of people but I have no regrets :). These dealerships specialize in working with buyers with bad credit and are often called “buy-here, pay-here” dealerships. So to make a long story short she got a roughly $12k loan with an almost 13% interest rate. 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. 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. A couple of days ago as in ‘the last day of April’? Yes. Best bet when buying used is to go certified IMO. Then you can buy from wherever. 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 has to learn to use the most powerful tool in car shopping and that is the ability to get up and walk out if they aren’t giving you what you want. I ended up buying from a smaller used car place. Press J to jump to the feed. Join our community, read the PF Wiki, and get on top of your finances! Contact your bank or credit union- they will have auto loans. CarMax finance companies are great if you have good credit, but it pays to shop around. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. About 10 years ago I tried to get a car through carmax and was declined. My most recent purchase was at Carmax. $11k credit lines over 2 credit cards with 90% available, but one is a year old and the second is 3 months old. Carmax is fine for buying a car if you like their no-haggle pricing but they will stiff you on your trade. You can also pay cash or get your own financing somewhere else. Any advice would be greatly appreciated, as neither of us really have too much experiencing buying cars from dealerships. Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). Western Union You may go to any Western Union location to have your payment sent to us. I do most of the negotiation online and then only visit the best two dealers on the day of purchase. Carmax works with three or four banks. Hot. People with a poor credit history and low FICO scores also Possess a bad credit auto loan. To find out about other CarMax policies, see our articles on the CarMax bad credit approval policy and if CarMax leases cars. 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. User account menu. Not really. We both agreed that this lady was just looking to close the sale and get out of there. 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. 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. Press J to jump to the feed. Carmax is economically better than buying a new car. The rates werent great(20s) but he drove off two hours later so he was happy. working at carmax reddit. I also hate buying cars. Close. The Bad. What do I need to provide CarMax? You don't have to finance the same place you buy a car. Final payoffs sent by U.S. Mail should go to: CarMax Auto Finance Attn: Payoff Department P.O. 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." 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. The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. Like a dealership, CarMax offers reasonable financing, even for those with bad credit. Press question mark to learn the rest of the keyboard shortcuts. Thanks in advance friends. Van Sickle says she was at the end of her pregnancy and desperate. reddit carmax. Press J to jump to the feed. But if you are a casualty of bad credit, there’s a remedy for it. She got an extended warranty and the total cost of the car was $14000. The difference, to CarMax's credit, is that regular dealers generally won't go over cars they're selling nearly in as much detail as CarMax does, and CarMax will generally have a much better warranty for someone buying a used car. CarMax oil changes are by appointment only, so you’ll need to contact your nearest CarMax location to set up a time for service. Short Answer: CarMax offers a variety of financing options through lenders like Ally Auto Finance, CarMax Auto Finance, and Santander Consumer USA. 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. Its no bueno at the end of her pregnancy and desperate a rule, for a car them! America right now, you agree to our use of cookies personal finance subreddit instead waiting... The cars they have an amazing selection and can ship cars in from else... 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