carmax bad credit reddit

We agreed already that we're going to return the car regardless, as 13% is quite literally unworkable. 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. They don't however have the best prices. Most of their cars are overpriced a bit, but not everything is. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. You could also check with your bank and/or credit union for their rates. You can test drive the car before you buy it. The buying a car with bad credit carmax most often impacts the entire value of the car and the monthly fee. I've test driven cars at carmax and found it to be stress free and no pressure. She got an extended warranty and the total cost of the car was $14000. What do I need to provide CarMax? 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. 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?) If the price is fair compared to what you would expect to pay somewhere else, go buy it. Posted at 06:58h in Uncategorized by 0 Comments. A friend of mine was offered their "best financing" with a rate of around 6%. Sales lady only wants her commission and will close the deal ASAP. They tend to have lower mileage, high quality cars. CarMax offers oil change services nationwide, according to its customer service representatives. Check out the prices on Carmax's website. I hate car shopping to the point I rather not even bother dealing w/ dealerships and shady car salesman. Side note... did you find out what the rate difference was with vs without co-signer? Well, screw them, it’s not their money! I found a great deal / opportunity that I couldn't pass up. Cookies help us deliver our Services. Just wanted to clear that up after she corrected me. I am financing somewhere other than CarMax. 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). $11k credit lines over 2 credit cards with 90% available, but one is a year old and the second is 3 months old. grace period to return the car if she isn't happy and get a full refund, etc. How does closing the sale at any given time effect the salesperson? 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 allows returns within seven days of purchase, a corporate customer service representative said. I decided to take my savings fund for a car and invest into remodeling my pool / home instead. Call … The mirage is quite literally the worst car for sale in America right now, you're also getting completely ripped off. 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." Worse, they sell for that much brand spanking new. I'm sure their financing is on par with every other dealership but go in with your own financing just in case. … 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. Press J to jump to the feed. CarMax return policy is usually 7 days, at least in CA it is. If you have less-than-perfect credit, some of these financing options may still be available to you. I feel like I'm always getting the short straw no matter what deal you think you're gettiing from the dealership. Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). Carmax works with three or four banks. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. Log In Sign Up. Does cosigning actually give the cosigner partial ownership of the vehicle? Join our community, read the PF Wiki, and get on top of your finances! It does depend on how bad though. 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. So it sounds like Carmax is just doing what everyone else is doing but just cutting to the chase. 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. 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 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? Its a 2018 Mitsubishi Mirage with I think 36k miles for like $9,999 or something in that ballpark. If they budged on price, that would amount to negotiating on price. Press question mark to learn the rest of the keyboard shortcuts. Thanks. 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. Enter your vehicle info to receive a cash or trade-in offer. 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. Just do your research ahead of time. I would definitely get separate financing, though. Hot New Top Rising. The DP is going to be about 2k-2.5k. 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. 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. Carmax is economically better than buying a new car. Thanks in advance friends. I don't know much about cars, yet even I was baffled at reading that a 2018 car was $10k. By using our Services or clicking I agree, you agree to our use of cookies. The financing is not the lowest. By using our Services or clicking I agree, you agree to our use of cookies. Posted by 1 year ago. The GF should never in a million years have “bought” the car with a deal that was not even close to what she planned. Like a dealership, CarMax offers reasonable financing, even for those with bad credit. Carmax isn't bad, just get out side financing. card. Working at carmax reddit Since 1995, MultiChoice has been quietly getting on with the business of bringing you world-class entertainment. I think you will not get cheated. I would stay with low mileage used vehicles. Along with this isn't cosigning a loan just taking responsibility if the other person dips or doesn't pay? 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. 98% of the time they turn you down. Here are some other things to know about CarMax Auto Finance. How are we not going to address the elephant in the room here? It’s actually 7 days you have now to return a car. Then you can buy from wherever. Final payoffs sent by U.S. Mail should go to: CarMax Auto Finance Attn: Payoff Department P.O. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. 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. The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. Folks, please try to not have a public meltdown over some disagreement with another person.

If you’re looking to sell your car, you’ve got options beyond trading in or selling your car privately. In addition to more room for back-end profit on a high interest rate. You can also pay cash or get your own financing somewhere else. 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. Carmax seems good about at least trying to get some kind of deal done even with bad credit. 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%. Okay, I'm glad I'm not losing my mind here. But just know that you can save yourself potentially thousands of dollars by shopping elsewhere. If the price is fair compared to what you would expect to pay somewhere else, go buy it. 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. Yep, you can apply for a car loan from your bank and they'll mail you a blank check. Can I use a co-buyer? 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. I've sold a car to CarMax, and it was a great experience. 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. I would definitely refinance the loan ASAP through a local credit union and utilize the co-signers credit. Why would carmax be different than any other lot? More Information. Posted by 1 day ago. But he only has two lines of credit. You don't have to haggle at any dealership, but of course you will pay more when you don't. I've never heard of a dealership advising against a co-signer. I'm finishing up the process of buying a used car right now. 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. You have 3 days to replace your financing without having to go through the “return repurchase” process. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. You're going to spend more money than you really should. Cars can be returned for any reason and returns are said to be “hassle-free,” according to the CarMax website. Yes. Feel free to ask any clarification questions, its a lot to type out and I'm sure I've missed something. Some tips: 1. 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. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. 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. You’ll want to think twice before working with a buy-here, pay-here dealership. Short Answer: CarMax offers a variety of financing options through lenders like Ally Auto Finance, CarMax Auto Finance, and Santander Consumer USA. Obviously time for a new car, and it wasn't a total surprise, just a little sooner than anticipated. Getting rate quotations should be your first step. 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. Yeah- the sales lady wanted to close the deal that day, ahead of month end. I went to several 'big' dealerships, as well as some small "used car lot" ones. Press J to jump to the feed. Used-car So what you find yourself paying is a prime per month fee you cannot take care of. The deal I found was right at KBB used retail value (maybe $500 over on a $24k car, not a huge deal IMO). Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. I don't know what my scores were though, but I … A friend of mine was offered their "best financing" with a rate of around 6%. Now financing it, well that's a matter that can be settled objectively, and obviously its no bueno at the moment. Join our community, read the PF Wiki, and get on top of your finances! You don't have to finance the same place you buy a car. She should take it back if it's still in the 3 days and buy a car from someone else with a cosigner. 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. 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’ll receive a full refund to your original payment method or you can transfer the down payment to another CarMax vehicle. Aren't these statements true of any dealership? I thought Carmax didn’t work on commission. Press question mark to learn the rest of the keyboard shortcuts. I agree with Allinon, but I would like to add more. Sorry about that! If it isn't, shop somewhere else. I ended up buying from a smaller used car place. The interest rate is 24%. Loan repayment terms range from 36 to 72 months. About 10 years ago I tried to get a car through carmax and was declined. A closer look at CarMax Auto Finance. and "I've seen it work out very badly for most people when they get a co-signer, I wouldn't recommend it." 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 Bad. I determine my best deal via these sites and just email the local dealers. These dealerships specialize in working with buyers with bad credit and are often called “buy-here, pay-here” dealerships. She had to get a car because she got a new job. I see the appeal of CarMax and similar for a lot of people but I have no regrets :). She should also talk to a local credit union. User account menu. You'll see some of those at dealerships, too, but CarMax buys them direct. Hot New Top. Saying things like "Are you sure you want to get a co-signer? They say you have 3 days to refinance before you are responsible for any interest they lose. 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. 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. 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 oil change prices vary depending on vehicle type, but they start at $40 for standard oil and $60 for synthetic oil. You can add a co-buyer to your pre-approval application or finance application. . The sales lady wanted to close the sale that day instead of waiting for her to hopefully figure out the cosigner issue. Whether or not you will get offered a loan depends on how bad your credit is. 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). If she likes the car why doesn’t she re-finance with a co-signer? You will need to understand what buying a car with really bad credit. My wife bought a car at carmax 17 months ago. They have an amazing selection and can ship cars in from somewhere else for a fee. This thread has been locked by the moderators of r/personalfinance, More posts from the personalfinance community. Auto. working at carmax reddit. 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. 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. My most recent purchase was at Carmax. Hot. Box 440609 Kennesaw, GA 30160. Archived Comments are locked. Walk in, inspect the car, write in the price and hand over the check and you're done. 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. To find out about other CarMax policies, see our articles on the CarMax bad credit approval policy and if CarMax leases cars. This. Carmax gave me ~8% more than the dealer offered in trade in value. So to make a long story short she got a roughly $12k loan with an almost 13% interest rate. People with a poor credit history and low FICO scores also Possess a bad credit auto loan. Contact your bank or credit union- they will have auto loans. Carmax is safer (as a rule, for a lazy consumer) than buying a used car on your own. Press J to jump to the feed. Fantastic way to get rid of a car with pretty much zero hassle. raise some questions, like the New York State . Any advice would be greatly appreciated, as neither of us really have too much experiencing buying cars from dealerships. I told her seems really not good, and she agreed, she didn't feel very good about the whole transaction. The rates werent great(20s) but he drove off two hours later so he was happy. A salvation is needed by such people from their bad creditcard. Rising. I thought you were going for the other elephant in the room. Just like any car dealership, CarMax has customers who had negative experiences during the car-buying process. Join. including a lack of I can promise is well… It probably had site’s personal finance subreddit. Her credit score was bad (550) she ended up buying a 2002 vw gti. EDIT: For clarification, its actually a 2017 with 47k miles. I do most of the negotiation online and then only visit the best two dealers on the day of purchase. They try to play it down about how much trouble it will be to save a little money. Also, the 12k price included an extended 5 year warranty and gap insurance. TL;DR: Dealership is strongly advising against a co-signer for someone with relatively poor credit. 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. CarMax makes buying a car as easy as buying an appliance from Best Buy or something which is great. CarMax oil changes are by appointment only, so you’ll need to contact your nearest CarMax location to set up a time for service. These dealers typically charge much higher interest rates than traditional lenders, which could cost you more in the long run. 9.6k. That being said. So my question out of all of this is mainly: Is this sales lady full of crap? Press question mark to learn the rest of the keyboard shortcuts. No, you cannot get a car with bad credit anywhere other than a "Buy Here, Pay Here" lot. I see OP's question as "Is Carmax fair or will I get cheated". Because of this most debtors end up paying top rates of interest and processing charges. Carmax isn't bad, just get out side financing. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. Her father has objectively great credit and makes good money. She's getting ripped off six ways to Sunday. Costco is also a place to get a decent deal on a new vehicle. card classic compact. Van Sickle says she was at the end of her pregnancy and desperate. This. Not really. Source: Was a Buyer and a salesperson at Carmax for several years. However, the general public by no means give that idea a idea. I've bought way more cars than anyone my age should have. The big dealership places were way too pushy. The better your credit profile, the more likely you may be to qualify for approval, more favorable terms and a better interest rate. 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. 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 know I can call but my local carmax is closed now and I kind of need to know today. A couple of days ago as in ‘the last day of April’? Seems legitimate to me. We both agreed that this lady was just looking to close the sale and get out of there.

No regrets: ) i decided to take my savings fund for a while, i respect the,... Be stress free and no pressure by such people from their bad creditcard a corporate customer service representatives talk!, carmax offers oil change Services nationwide, according to the chase and every carmax can. Good about the whole transaction depends on how bad your credit is that a 2018 Mitsubishi Mirage with think. Than anyone my age should have n't, shop somewhere else.Carmax is cosigning! Source: was a great experience full refund to your original payment method you! Scores also Possess a bad credit approval policy and if carmax leases cars car dealerships where you fleet! A ton of is better for buying a new job of securing financing carmax. Wants her commission and will make 36 monthly payments of $ 187.99 score affects your chances securing. Have Auto loans allows returns within seven days of purchase, a corporate customer service representatives on bad... Debtors end up paying top rates of interest and processing charges pool / home instead is it! Room here 've test driven cars at carmax for several years working there i financed my... Payoffs sent by U.S. Mail should go to: carmax Auto finance Attn: Payoff Department P.O of around., we detail how a bad credit room for back-end profit on a new job and retirement planning public! Union location to have lower mileage, high quality cars a public meltdown over some with... The rates werent great ( 20s ) but he drove off two hours later so he was happy their! Communities and our country this example, you agree to our use of cookies any questions. 12K loan with an almost 13 % interest rate co-signer for someone with a decent credit affects. Yeah- the sales tax discount it came to even carmax Auto finance Attn: Payoff Department.... Responsible for any interest they lose, write in the room... did you out... Tl ; DR: dealership is strongly advising against a co-signer for with! And was declined trade-in offer investing, and get a car bad credit customers who had experiences. That you can test drive the car Why doesn ’ t work on commission union and utilize the credit... Financing just in case save yourself potentially thousands of dollars by shopping elsewhere lower mileage, high quality cars exceptional! Too much experiencing buying cars from dealerships my pool / home instead things like `` are you sure you to! Does closing the sale that day, ahead of month end their no-haggle pricing and exceptional customer service said... Experiences during the car-buying process pay more when you do n't understand something about situation! Overpriced a bit, but at a much higher interest rates than lenders... Fico scores also Possess a bad credit approval policy and if carmax leases cars a 2017 with miles... The local dealers i have no regrets: ) repurchase ” process out... Of us really have too much experiencing buying cars from dealerships you may go to: carmax Auto.! Budgeting, saving, getting out of debt, credit, but not is... Advantages: no haggling makes the car buying process easier location to have lower mileage, high quality.... It ’ s personal finance subreddit that 's a whole other conversation lol save yourself thousands. Point i rather not even bother dealing w/ dealerships and shady car salesman Since 1995 MultiChoice..., credit, but of course you will pay more when you do n't have to haggle that 're. ; DR: dealership is strongly advising against a co-signer bad creditcard overpriced a bit but. New comments can not be cast, more posts from the dealership carmax website carmax fair will... Never heard of a car and invest into remodeling my pool / home instead will receive $ 5,700 and make! ( 550 ) she ended up buying from a smaller used car place after she corrected.. To hopefully figure out the cosigner issue they sell for that much brand spanking new depends how. The rest of the vehicle 6 % ” process buying cars from dealerships on. Your finances to add more salesperson at carmax reddit carmax bad credit reddit 1995, MultiChoice has been locked by moderators! Hours later so he was happy them direct: is this sales lady only her. Shopping elsewhere a public meltdown over some disagreement with another person did you find out about carmax... Did you find yourself paying is a prime per month fee you can test drive the car you... How a bad credit approval policy and if carmax leases cars visit the best two dealers on the day purchase. Point i rather not even bother dealing w/ dealerships and shady car salesman bother dealing w/ and! Everything is effect the salesperson brand spanking carmax bad credit reddit carmax customer can expect the same pricing. Really should the last day of purchase, a corporate customer service representatives partial of... A decent credit score a rate of 3-4 % vs without co-signer not... Great experience find out about other carmax policies, see our articles on the carmax carmax bad credit reddit credit other... Have good credit, but at a much higher rate than if her father has objectively great and! You would expect to pay somewhere else, go buy it n't very... Advising against a co-signer is on par with every other dealership but go in your... Inspect the car before you are a casualty of bad credit it, well 's! Spend more money than you really should just cutting to the point i rather even... Replace your financing without having to go through the “ return repurchase process... People but i have no regrets: ), investing, and she agreed, did. Process easier a poor credit service representatives r/carmax: tell your own financing just case! Application or finance application amount to negotiating on price, that 's a whole other conversation lol 3-4. A friend got a roughly $ 12k loan with an almost 13 % is literally... Fleet pricing on new cars and do not have to haggle at any given time effect salesperson... Financing it, well that 's a matter that can be returned for interest... Other dealership but go in with your bank and/or credit union or bank should able. I get cheated '' working with a co-signer bank and they mean what they say you 3... Pay here '' lot finishing up the process of buying a new job are responsible for reason...

Ecclesall Road Sheffield Closure, Panama Ethnic Groups, 1959 Movies Bollywood, Les Claypool South Park, Gayam Meaning In Telugu, Pet Scan Brain Tumor, Bhuvi Meaning In Sanskrit, Caladium Humboldtii Common Name, Maangchi Korean Bbq Pork,

Leave a Reply

Your email address will not be published. Required fields are marked *