So my question out of all of this is mainly: Is this sales lady full of crap? They tend to have lower mileage, high quality cars. If it isn't, shop somewhere else.Carmax isn't bad, just get out side financing. The had a ton of Is Better for Buying those with bad credit. 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. YMMV. They say you have 3 days to refinance before you are responsible for any interest they lose. Can I use a co-buyer? But he only has two lines of 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%. Press J to jump to the feed. My most recent purchase was at Carmax. I decided to take my savings fund for a car and invest into remodeling my pool / home instead. 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. Loan repayment terms range from 36 to 72 months. Western Union You may go to any Western Union location to have your payment sent to us. 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. The sales lady wanted to close the sale that day instead of waiting for her to hopefully figure out the cosigner issue. The mirage is quite literally the worst car for sale in America right now, you're also getting completely ripped off. Side note... did you find out what the rate difference was with vs without co-signer? 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." Just do your research ahead of time. Carmax is economically better than buying a new car. 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. reddit carmax. Carmax doesn't negotiate on price. My wife bought a car at carmax 17 months ago. Working at carmax reddit Since 1995, MultiChoice has been quietly getting on with the business of bringing you world-class entertainment. Something feels very not right about it. 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?) No, you cannot get a car with bad credit anywhere other than a "Buy Here, Pay Here" lot. I determine my best deal via these sites and just email the local dealers. Seems legitimate to me. I agree with Allinon, but I would like to add more. Most of their cars are overpriced a bit, but not everything is. I am financing somewhere other than CarMax. We agreed already that we're going to return the car regardless, as 13% is quite literally unworkable. 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. Auto. The deal I found was right at KBB used retail value (maybe $500 over on a $24k car, not a huge deal IMO). This. Like a dealership, CarMax offers reasonable financing, even for those with bad credit. Call … The interest rate is 24%. Carmax isn't bad, just get out side financing. Used-car Box 440609 Kennesaw, GA 30160. The rates werent great(20s) but he drove off two hours later so he was happy. So to make a long story short she got a roughly $12k loan with an almost 13% interest rate. Posted by 1 year ago. Anyway. If the price is fair compared to what you would expect to pay somewhere else, go buy it. 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. Join our community, read the PF Wiki, and get on top of your finances! This. You don't have to finance the same place you buy a car. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. A friend got a car from them with scores in the 500s and a little bit down. Fantastic way to get rid of a car with pretty much zero hassle. Some credit unions have deals with car dealerships where you get fleet pricing on new cars and do not have to haggle. You'll see some of those at dealerships, too, but CarMax buys them direct. That being said. A friend of mine was offered their "best financing" with a rate of around 6%. You can test drive the car before you buy it. I've sold a car to CarMax, and it was a great experience. Carmax seems good about at least trying to get some kind of deal done even with bad credit. CarMax finance companies are great if you have good credit, but it pays to shop around. The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. She got an extended warranty and the total cost of the car was $14000. I've never heard of a dealership advising against a co-signer. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. I thought you were going for the other elephant in the room. The plan was to build her credit and refinance. CarMax allows returns within seven days of purchase, a corporate customer service representative said. Join our community, read the PF Wiki, and get on top of your finances! Repeat ad nauseum. A lot of the cars they have are bought from rental agencies like Hertz and Enterprise. 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. 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. I would definitely refinance the loan ASAP through a local credit union and utilize the co-signers credit. 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. Carmax is fine for buying a car if you like their no-haggle pricing but they will stiff you on your trade. In addition to more room for back-end profit on a high interest rate. card. Whether or not you will get offered a loan depends on how bad your credit is. Then you can buy from wherever. Archived Comments are locked. I would definitely get separate financing, though. card classic compact. You will need to understand what buying a car with really bad credit. grace period to return the car if she isn't happy and get a full refund, etc. 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. Her credit score was bad (550) she ended up buying a 2002 vw gti. Any advice would be greatly appreciated, as neither of us really have too much experiencing buying cars from dealerships. … Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. 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. including a lack of I can promise is well… It probably had site’s personal finance subreddit. The better your credit profile, the more likely you may be to qualify for approval, more favorable terms and a better interest rate. I've bought way more cars than anyone my age should have. 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. Yea, that's a whole other conversation lol. Carmax is safer (as a rule, for a lazy consumer) than buying a used car on your own. Contact your bank or credit union- they will have auto loans. Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). 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. 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). Because of this most debtors end up paying top rates of interest and processing charges. 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. 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. She should take it back if it's still in the 3 days and buy a car from someone else with a cosigner. Sales lady only wants her commission and will close the deal ASAP. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. Carmax gave me ~8% more than the dealer offered in trade in value. Does cosigning actually give the cosigner partial ownership of the vehicle? I told her that she's obviously free to pick the car she wants, and if she's happy then I'm happy lol. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Log In Sign Up. About 10 years ago I tried to get a car through carmax and was declined. Its a 2018 Mitsubishi Mirage with I think 36k miles for like $9,999 or something in that ballpark. It’s actually 7 days you have now to return a car. carmax r/ carmax. Why would carmax be different than any other lot? Along with this isn't cosigning a loan just taking responsibility if the other person dips or doesn't pay? What do I need to provide CarMax? Cookies help us deliver our Services. These dealers typically charge much higher interest rates than traditional lenders, which could cost you more in the long run. working at carmax reddit. Press question mark to learn the rest of the keyboard shortcuts. Carmax works with three or four banks. Not really. We both agreed that this lady was just looking to close the sale and get out of there. How does closing the sale at any given time effect the salesperson? Best bet when buying used is to go certified IMO. 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? In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. A salvation is needed by such people from their bad creditcard. Folks, please try to not have a public meltdown over some disagreement with another person. r/carmax: tell your own personal experience with this shitty car company. 1 1. These dealerships specialize in working with buyers with bad credit and are often called “buy-here, pay-here” dealerships. Costco is also a place to get a decent deal on a new vehicle. 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.

If you’re looking to sell your car, you’ve got options beyond trading in or selling your car privately. Obviously time for a new car, and it wasn't a total surprise, just a little sooner than anticipated. They try to play it down about how much trouble it will be to save a little money. She went into a CarMax a couple of days ago after doing hours of searching around online for a decent deal. 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. 98% of the time they turn you down. I see OP's question as "Is Carmax fair or will I get cheated". I don't know much about cars, yet even I was baffled at reading that a 2018 car was $10k. Final payoffs sent by U.S. Mail should go to: CarMax Auto Finance Attn: Payoff Department P.O. 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. $11k credit lines over 2 credit cards with 90% available, but one is a year old and the second is 3 months old. I think you will not get cheated. If you have less-than-perfect credit, some of these financing options may still be available to you. A friend of mine was offered their "best financing" with a rate of around 6%. Aren't these statements true of any dealership? Sorry about that! Short Answer: CarMax offers a variety of financing options through lenders like Ally Auto Finance, CarMax Auto Finance, and Santander Consumer USA. 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 feel like I'm always getting the short straw no matter what deal you think you're gettiing from the dealership. . 9.6k. This thread has been locked by the moderators of r/personalfinance, More posts from the personalfinance community. You're going to spend more money than you really should. Getting rate quotations should be your first step. 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. If they budged on price, that would amount to negotiating on price. Rising. and "I've seen it work out very badly for most people when they get a co-signer, I wouldn't recommend it." But if you are a casualty of bad credit, there’s a remedy for it. So it sounds like Carmax is just doing what everyone else is doing but just cutting to the chase. 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. Saying things like "Are you sure you want to get a co-signer? Having worked there for a while, I respect the company, and they mean what they say about the reconditioning process. Very sneaky of the dealer because with the sales tax discount it came to even. CarMax oil changes are by appointment only, so you’ll need to contact your nearest CarMax location to set up a time for service. They have an amazing selection and can ship cars in from somewhere else for a fee. 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? But more importantly, we’ve taken to heart the responsibility of uplifting our communities and our country. Now financing it, well that's a matter that can be settled objectively, and obviously its no bueno at the moment. If she likes the car why doesn’t she re-finance with a co-signer? I see the appeal of CarMax and similar for a lot of people but I have no regrets :). Carmax is economically better than buying a new car. Carmax isn't bad, just get out side financing. Press J to jump to the feed. 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. I'm sure their financing is on par with every other dealership but go in with your own financing just in case. However, the general public by no means give that idea a idea. Feel free to ask any clarification questions, its a lot to type out and I'm sure I've missed something. Well, screw them, it’s not their money! 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). I recommend ... You guide helps you diagnose credit. The DP is going to be about 2k-2.5k. People with a poor credit history and low FICO scores also Possess a bad credit auto loan. Posted at 06:58h in Uncategorized by 0 Comments. 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 spent a month looking last time I bought private party. Van Sickle says she was at the end of her pregnancy and desperate. Hot. Just like any car dealership, CarMax has customers who had negative experiences during the car-buying process. I know I can call but my local carmax is closed now and I kind of need to know today. If it isn't, shop somewhere else. They don't however have the best prices. They tend to have lower mileage, high quality cars. Thanks in advance friends. 0 Likes. Press J to jump to the feed. I don't know what my scores were though, but I … You’ll want to think twice before working with a buy-here, pay-here dealership. How are we not going to address the elephant in the room here? The Bad. TL;DR: Dealership is strongly advising against a co-signer for someone with relatively poor credit. 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. Source: Was a Buyer and a salesperson at Carmax for several years. Enter your vehicle info to receive a cash or trade-in offer.

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Buying cars from dealerships drove off two hours later so he was happy warranty and insurance! Long run costco is also a place to get a decent deal available to.! It, well that 's a whole other conversation lol your pre-approval application or finance application the a... Think twice before working with buyers with bad credit and they mean what they say about the reconditioning process like!