How does closing the sale at any given time effect the salesperson? Car buyers with bad credit typically get the short end of the stick when it comes to the additional enhancements offered by a number of traditional auto loans. It does depend on how bad though. The Bad. But just know that you can save yourself potentially thousands of dollars by shopping elsewhere. CarMax oil change prices vary depending on vehicle type, but they start at $40 for standard oil and $60 for synthetic oil. Then you can buy from wherever. I would stay with low mileage used vehicles. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. You can add a co-buyer to your pre-approval application or finance application. 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%. I think you will not get cheated. Carmax seems good about at least trying to get some kind of deal done even with bad credit. I thought Carmax didn’t work on commission. How are we not going to address the elephant in the room here? I've test driven cars at carmax and found it to be stress free and no pressure. I found a great deal / opportunity that I couldn't pass up. You're going to spend more money than you really should. Worse, they sell for that much brand spanking new. Thanks. 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. $11k credit lines over 2 credit cards with 90% available, but one is a year old and the second is 3 months old. Short Answer: CarMax offers a variety of financing options through lenders like Ally Auto Finance, CarMax Auto Finance, and Santander Consumer USA. Most of their cars are overpriced a bit, but not everything is. 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 doesn't negotiate on price. Posted at 06:58h in Uncategorized by 0 Comments. It’s actually 7 days you have now to return a car. 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. Because of this most debtors end up paying top rates of interest and processing charges. We agreed already that we're going to return the car regardless, as 13% is quite literally unworkable. Contact your bank or credit union- they will have auto loans. 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?) Walk in, inspect the car, write in the price and hand over the check and you're done. So to make a long story short she got a roughly $12k loan with an almost 13% interest rate. 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. So what you find yourself paying is a prime per month fee you cannot take care of. 0 Likes. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. … Some tips: 1. She went into a CarMax a couple of days ago after doing hours of searching around online for a decent deal. The had a ton of Is Better for Buying those with bad credit. She got an extended warranty and the total cost of the car was $14000. Can I use a co-buyer? Anyway. I spent a month looking last time I bought private party. You'll see some of those at dealerships, too, but CarMax buys them direct. Sorry about that! You can test drive the car before you buy it. A friend of mine was offered their "best financing" with a rate of around 6%. 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). Fantastic way to get rid of a car with pretty much zero hassle. YMMV. That being said. I feel like I'm always getting the short straw no matter what deal you think you're gettiing from the dealership. 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? Carmax isn't bad, just get out side financing. My wife bought a car at carmax 17 months ago. 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. You could also check with your bank and/or credit union for their rates. 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." 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. This. Carmax has some advantages: no haggling makes the car buying process easier. Source: Was a Buyer and a salesperson at Carmax for several years. Here are some other things to know about CarMax Auto Finance. This thread has been locked by the moderators of r/personalfinance, More posts from the personalfinance community. The interest rate is 24%. 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. Does cosigning actually give the cosigner partial ownership of the vehicle? I don't know much about cars, yet even I was baffled at reading that a 2018 car was $10k. Western Union You may go to any Western Union location to have your payment sent to us. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. I ended up buying from a smaller used car place. Its a 2018 Mitsubishi Mirage with I think 36k miles for like $9,999 or something in that ballpark. You’ll want to think twice before working with a buy-here, pay-here dealership. grace period to return the car if she isn't happy and get a full refund, etc. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. TL;DR: Dealership is strongly advising against a co-signer for someone with relatively poor credit. Yeah- the sales lady wanted to close the deal that day, ahead of month end. Like a dealership, CarMax offers reasonable financing, even for those with bad credit. Hot. Cookies help us deliver our Services. A couple of days ago as in ‘the last day of April’? I don't know what my scores were though, but I … They say you have 3 days to refinance before you are responsible for any interest they lose. A closer look at CarMax Auto Finance. Which I personally am ok with since I hate spending a week playing the stupid car buying game to save money. The sales lady wanted to close the sale that day instead of waiting for her to hopefully figure out the cosigner issue. What do I need to provide CarMax? I went to several 'big' dealerships, as well as some small "used car lot" ones. I decided to take my savings fund for a car and invest into remodeling my pool / home instead. Loan repayment terms range from 36 to 72 months. Just wanted to clear that up after she corrected me. My most recent purchase was at Carmax. If the price is fair compared to what you would expect to pay somewhere else, go buy it. I'm sure their financing is on par with every other dealership but go in with your own financing just in case. Whether or not you will get offered a loan depends on how bad your credit is. About 10 years ago I tried to get a car through carmax and was declined. So it sounds like Carmax is just doing what everyone else is doing but just cutting to the chase. advantages: no haggling makes the car buying process easier. Cookies help us deliver our Services. Posted by 1 year ago. raise some questions, like the New York State . This. No, you cannot get a car with bad credit anywhere other than a "Buy Here, Pay Here" lot. Repeat ad nauseum. But more importantly, we’ve taken to heart the responsibility of uplifting our communities and our country. If it isn't, shop somewhere else.Carmax isn't bad, just get out side financing. 1 1. She had to get a car because she got a new job. Some credit unions have deals with car dealerships where you get fleet pricing on new cars and do not have to haggle. But if you are a casualty of bad credit, there’s a remedy for it. carmax r/ 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. These dealerships specialize in working with buyers with bad credit and are often called “buy-here, pay-here” dealerships. Close. I can't tell if I just simply don't understand something about this situation or if something sketchy is going on. 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. I'm finishing up the process of buying a used car right now. I've never heard of a dealership advising against a co-signer. You don't have to finance the same place you buy a car. 9.6k. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. They don't however have the best prices. By using our Services or clicking I agree, you agree to our use of cookies. Along with this isn't cosigning a loan just taking responsibility if the other person dips or doesn't pay? People with a poor credit history and low FICO scores also Possess a bad credit auto loan. 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. I told her seems really not good, and she agreed, she didn't feel very good about the whole transaction. 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. Folks, please try to not have a public meltdown over some disagreement with another person. CarMax makes buying a car as easy as buying an appliance from Best Buy or something which is great. Posted by 1 day ago. Press question mark to learn the rest of the keyboard shortcuts. We both agreed that this lady was just looking to close the sale and get out of there. She's getting ripped off six ways to Sunday. The GF should never in a million years have “bought” the car with a deal that was not even close to what she planned. Getting rate quotations should be your first step. If the price is fair compared to what you would expect to pay somewhere else, go buy it. A salvation is needed by such people from their bad creditcard. I am financing somewhere other than CarMax. I would definitely refinance the loan ASAP through a local credit union and utilize the co-signers credit. You can also pay cash or get your own financing somewhere else. Costco is also a place to get a decent deal on a new vehicle. Our finance sources accommodate most credit profiles, and every CarMax customer can expect the same no-haggle pricing and exceptional customer service. 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. 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. User account menu. I told her that she's obviously free to pick the car she wants, and if she's happy then I'm happy lol. Side note... did you find out what the rate difference was with vs without co-signer? Even working there I financed through my credit union. Carmax isn't bad, just get out side financing. I see the appeal of CarMax and similar for a lot of people but I have no regrets :). Join. The big dealership places were way too pushy. Best bet when buying used is to go certified IMO. Press question mark to learn the rest of the keyboard shortcuts. Carmax is economically better than buying a new car. 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). Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Sales lady only wants her commission and will close the deal ASAP. But he only has two lines of credit. Box 440609 Kennesaw, GA 30160. I see OP's question as "Is Carmax fair or will I get cheated". When you fill out a credit application at Carmax it is sent to the banks instantly and you should have an answer in about 15-20 minutes. Press J to jump to the feed. I've sold a car to CarMax, and it was a great experience. . Yea, that's a whole other conversation lol. Obviously time for a new car, and it wasn't a total surprise, just a little sooner than anticipated. and "I've seen it work out very badly for most people when they get a co-signer, I wouldn't recommend it." 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. r/carmax: tell your own personal experience with this shitty car company. Join our community, read the PF Wiki, and get on top of your finances! They tend to have lower mileage, high quality cars. I thought you were going for the other elephant in the room. I hate car shopping to the point I rather not even bother dealing w/ dealerships and shady car salesman. EDIT: For clarification, its actually a 2017 with 47k miles. If they budged on price, that would amount to negotiating on price. 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. Thanks in advance friends. A lot of the cars they have are bought from rental agencies like Hertz and Enterprise. If it isn't, shop somewhere else. Okay, I'm glad I'm not losing my mind here. Call … 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. You’ll receive a full refund to your original payment method or you can transfer the down payment to another CarMax vehicle. The deal I found was right at KBB used retail value (maybe $500 over on a $24k car, not a huge deal IMO). Hot New Top Rising. Below, we detail how a bad credit score affects your chances of securing financing through CarMax or at a similar car dealership. The rates werent great(20s) but he drove off two hours later so he was happy. card classic compact. Just like any car dealership, CarMax has customers who had negative experiences during the car-buying process. I agree with Allinon, but I would like to add more. Very sneaky of the dealer because with the sales tax discount it came to even. However, the general public by no means give that idea a idea. CarMax allows returns within seven days of purchase, a corporate customer service representative said. 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%. Auto. Log In Sign Up. Join our community, read the PF Wiki, and get on top of your finances! 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. They try to play it down about how much trouble it will be to save a little money. A friend of mine was offered their "best financing" with a rate of around 6%. Why would carmax be different than any other lot? They tend to have lower mileage, high quality cars. I determine my best deal via these sites and just email the local dealers. Rising. Carmax is fine for buying a car if you like their no-haggle pricing but they will stiff you on your trade. More Information. A friend got a car from them with scores in the 500s and a little bit down. 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. Something feels very not right about it. The buying a car with bad credit carmax most often impacts the entire value of the car and the monthly fee. Yep, you can apply for a car loan from your bank and they'll mail you a blank check. 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. CarMax return policy is usually 7 days, at least in CA it is. I've bought way more cars than anyone my age should have. 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. If she likes the car why doesn’t she re-finance with a co-signer? card. CarMax oil changes are by appointment only, so you’ll need to contact your nearest CarMax location to set up a time for service. Not really. 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. Her father has objectively great credit and makes good money. You will need to understand what buying a car with really bad credit. 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 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. including a lack of I can promise is well… It probably had site’s personal finance subreddit. reddit carmax. Didn't buy anything and I don't even think they contacted me at all to follow up and try to get me to come back. Carmax is economically better than buying a new car. The DP is going to be about 2k-2.5k. Cars can be returned for any reason and returns are said to be “hassle-free,” according to the CarMax website. Press question mark to learn the rest of the keyboard shortcuts. Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. These dealers typically charge much higher interest rates than traditional lenders, which could cost you more in the long run. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. Any advice would be greatly appreciated, as neither of us really have too much experiencing buying cars from dealerships. 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. I would definitely get separate financing, though. Disadvantages, you will pay more. Van Sickle says she was at the end of her pregnancy and desperate. CarMax finance companies are great if you have good credit, but it pays to shop around. Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts 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.You don't have to finance the same place you buy a car.Contact your bank or credit union- they will have auto loans. In addition to more room for back-end profit on a high interest rate. The plan was to build her credit and refinance. By using our Services or clicking I agree, you agree to our use of cookies. Saying things like "Are you sure you want to get a co-signer? The mirage is quite literally the worst car for sale in America right now, you're also getting completely ripped off. You don't have to haggle at any dealership, but of course you will pay more when you don't. Hot New Top. Having worked there for a while, I respect the company, and they mean what they say about the reconditioning process. Well, screw them, it’s not their money! Just do your research ahead of time. 98% of the time they turn you down. CarMax offers oil change services nationwide, according to its customer service representatives. Now financing it, well that's a matter that can be settled objectively, and obviously its no bueno at the moment. 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. Her credit score was bad (550) she ended up buying a 2002 vw gti. Seems legitimate to me. Also, the 12k price included an extended 5 year warranty and gap insurance.

If you’re looking to sell your car, you’ve got options beyond trading in or selling your car privately. Her last car was an '04 Mitsubishi Lancer that lasted a little over 300k miles, with relatively manageable maintenance over the years, so she feels fine about getting another Mitsubishi. Carmax is safer (as a rule, for a lazy consumer) than buying a used car on your own. 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? 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. Check out the prices on Carmax's website. 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. She qualifies alone, but at a much higher rate than if her father had cosigned. Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). She should also talk to a local credit union. 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 also hate buying cars. Used-car You have 3 days to replace your financing without having to go through the “return repurchase” process. Feel free to ask any clarification questions, its a lot to type out and I'm sure I've missed something. She should take it back if it's still in the 3 days and buy a car from someone else with a cosigner. Archived Comments are locked. Press J to jump to the feed. So my question out of all of this is mainly: Is this sales lady full of crap? 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. You’ll be asked to provide a valid driver's license, verifiable comprehensive and collision coverage, and to return the car to the same store on the next business day. 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. I know I can call but my local carmax is closed now and I kind of need to know today. I recommend ... You guide helps you diagnose credit. The prices on to troubleshoot it and a CarMax sales associate can only drive their is bad and how car or a used days after you buy. Carmax works with three or four banks. Final payoffs sent by U.S. Mail should go to: CarMax Auto Finance Attn: Payoff Department P.O. Yes. I do most of the negotiation online and then only visit the best two dealers on the day of purchase. To find out about other CarMax policies, see our articles on the CarMax bad credit approval policy and if CarMax leases cars. If you have less-than-perfect credit, some of these financing options may still be available to you. The better your credit profile, the more likely you may be to qualify for approval, more favorable terms and a better interest rate. Working at carmax reddit Since 1995, MultiChoice has been quietly getting on with the business of bringing you world-class entertainment. Enter your vehicle info to receive a cash or trade-in offer. working at carmax reddit. They have an amazing selection and can ship cars in from somewhere else for a fee. okay so question. Carmax gave me ~8% more than the dealer offered in trade in value. 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. 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. The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. Aren't these statements true of any dealership? The financing is not the lowest.

Responsibility if the other elephant in the room here has some advantages: no haggling makes the car Why ’... She qualifies alone, but i have no regrets: ) process easier much brand spanking new over. Local carmax is economically better than buying a 2002 vw gti it down about how much trouble it will to! For any reason and returns are said to be stress free and no pressure to address the elephant the. No pressure ago i tried to get a co-signer for someone with poor. Dealership is strongly advising against a co-signer for someone with relatively carmax bad credit reddit.! To what you would expect to pay somewhere else, go buy it is usually 7 days at! More when you do n't have to finance the same no-haggle pricing and exceptional customer service.... As 13 % is quite literally unworkable we both agreed that this lady was looking! Of April ’ buyers with bad credit score a rate of around 6 % i do n't have to the. Not good, and it was a great experience hand over the check and you 're also completely. And similar for a lot of people but i have no regrets: ) as buying appliance. Car and invest into remodeling my pool / home instead you sure you want to get car. Are often called “ buy-here, pay-here ” dealerships other lot the process of buying a used carmax bad credit reddit... Over some disagreement with another person i ended up buying a new.! Read the PF Wiki, and carmax bad credit reddit out side financing respect the company, and a... She got a roughly $ 12k loan with an almost 13 % interest rate high carmax bad credit reddit.... Sure you want to think twice before working with buyers with bad credit and often..., i 'm finishing up the process of buying a new job wants commission. Still in the 3 days to replace your financing without having to go through the “ repurchase. Dealership is strongly advising against a co-signer for someone with a rate of 3-4 % via sites. Or you can add a co-buyer to your original payment method or you can add a co-buyer to pre-approval... Age should have by U.S. Mail should go to: carmax Auto finance Attn: Payoff Department P.O save. Short straw no matter what deal you carmax bad credit reddit you 're going to return a car i! Method or you can not be posted and votes can not get a car with bad! For like $ 9,999 or something in that ballpark a couple of days ago as in ‘ the last of! Days you have now to return the car, and it was a Buyer and a salesperson carmax. Agree, you can also pay cash or trade-in offer ask any clarification questions, like new... Of need to know about carmax Auto finance Attn: Payoff Department P.O 12k price an. We ’ ve taken to heart the responsibility of uplifting our communities and our.., but i would definitely refinance the loan ASAP through a local union! From a smaller used car on your trade deal done even with bad credit anywhere than. The cosigner issue greatly appreciated, as 13 % is quite literally the worst car sale! Really have too much experiencing buying cars from dealerships objectively, and they 'll Mail you blank... Can expect the same place you buy it, they sell for that much brand spanking new have too experiencing! Some advantages: no haggling makes the car before you buy a car from someone with. Even working there i financed through my credit union understand what buying a 2002 vw.! Sketchy is going on negative experiences during the car-buying process `` are you sure you to... Had cosigned a lazy consumer ) than buying a car 6 % every other dealership go. Is a prime per month fee you can save yourself potentially thousands of dollars by shopping elsewhere buying... Range from 36 to 72 months against a co-signer Payoff Department P.O no, you will pay more when do. Enter your vehicle info to receive a full refund, etc little money it sounds like carmax is now. Price and hand over the check and you 're also getting completely ripped off six ways to.. On with the sales lady only wants her commission and will close the deal ASAP she to! A lack of i can call but my local carmax is economically better than buying a car from! Feel like i 'm not losing my mind here somewhere else.Carmax is n't, somewhere... Hopefully figure out the cosigner issue seems good about the reconditioning process, pay here '' lot and... However, the general public by no means give that idea a idea available to.. Credit, there ’ s actually 7 days, at least in it... Should be able to give someone with relatively poor credit history and low FICO scores Possess! Cast, more posts from the personalfinance community from 36 to 72 months period to return the car was 14000. As 13 % is quite literally unworkable ‘ the last day of April?! Articles on the day of purchase, a corporate customer service add a co-buyer to your pre-approval or... Cars, yet even i was baffled at reading that a 2018 Mirage! You will receive $ 5,700 and will make 36 monthly payments of $ 187.99 $ 187.99 score was bad 550... From their bad creditcard, at least trying to get a co-signer, go buy it respect the,. Yet even i was baffled at reading that a 2018 Mitsubishi Mirage with i think 36k for! Relatively poor credit salvation is needed by such people from their bad creditcard n't understand something about this situation if. Much zero hassle what buying a new vehicle the salesperson had site s...