carmax bad credit reddit

Carmax seems good about at least trying to get some kind of deal done even with bad credit. I spent a month looking last time I bought private party. 98% of the time they turn you down. Best bet when buying used is to go certified IMO. Rising. 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. 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. Hot New Top Rising. Posted at 06:58h in Uncategorized by 0 Comments. I'm sure their financing is on par with every other dealership but go in with your own financing just in case. A salvation is needed by such people from their bad creditcard. Just like any car dealership, CarMax has customers who had negative experiences during the car-buying process. I see OP's question as "Is Carmax fair or will I get cheated". If it isn't, shop somewhere else.Carmax isn't bad, just get out side financing. Then you can buy from wherever. Cookies help us deliver our Services. Her father has objectively great credit and makes good money. Her credit score was bad (550) she ended up buying a 2002 vw gti. 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. 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. Auto. No, you cannot get a car with bad credit anywhere other than a "Buy Here, Pay Here" lot. A couple of days ago as in ‘the last day of April’? So my question out of all of this is mainly: Is this sales lady full of crap? Anyway. Carmax doesn't negotiate on price. 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. 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. Press J to jump to the feed. Fantastic way to get rid of a car with pretty much zero hassle. You're going to spend more money than you really should. If she likes the car why doesn’t she re-finance with a co-signer? card. reddit carmax. Cars can be returned for any reason and returns are said to be “hassle-free,” according to the CarMax website. I went to several 'big' dealerships, as well as some small "used car lot" ones. 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. Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. My wife bought a car at carmax 17 months ago. The DP is going to be about 2k-2.5k. Used-car … I recommend ... You guide helps you diagnose credit. Carmax works with three or four banks. 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. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. Yes. You don't have to haggle at any dealership, but of course you will pay more when you don't. Worse, they sell for that much brand spanking new. okay so question. So it sounds like Carmax is just doing what everyone else is doing but just cutting to the chase. Press question mark to learn the rest of the keyboard shortcuts. Sales lady only wants her commission and will close the deal ASAP. $11k credit lines over 2 credit cards with 90% available, but one is a year old and the second is 3 months old. I've test driven cars at carmax and found it to be stress free and no pressure. I've never heard of a dealership advising against a co-signer. Join our community, read the PF Wiki, and get on top of your finances! Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). I know I can call but my local carmax is closed now and I kind of need to know today. You will need to understand what buying a car with really bad credit. Sorry about that! CarMax oil change prices vary depending on vehicle type, but they start at $40 for standard oil and $60 for synthetic oil. It does depend on how bad though. Even working there I financed through my credit union. She should also talk to a local credit union. and "I've seen it work out very badly for most people when they get a co-signer, I wouldn't recommend it." 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. 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 decided to take my savings fund for a car and invest into remodeling my pool / home instead. r/carmax: tell your own personal experience with this shitty car company. 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? You’ll receive a full refund to your original payment method or you can transfer the down payment to another CarMax vehicle. User account menu. Carmax is economically better than buying a new car. She qualifies alone, but at a much higher rate than if her father had cosigned. Which I personally am ok with since I hate spending a week playing the stupid car buying game to save money. I think you will not get cheated. People with a poor credit history and low FICO scores also Possess a bad credit auto loan. Below, we detail how a bad credit score affects your chances of securing financing through CarMax or at a similar car dealership. Walk in, inspect the car, write in the price and hand over the check and you're done. 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. 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. You can also pay cash or get your own financing somewhere else. You don't have to finance the same place you buy a car. 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. 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. Something feels very not right about it. More Information. including a lack of I can promise is well… It probably had site’s personal finance subreddit. Costco is also a place to get a decent deal on a new vehicle. This thread has been locked by the moderators of r/personalfinance, More posts from the personalfinance community. The financing is not the lowest. Carmax has some advantages: no haggling makes the car buying process easier. 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. Most of their cars are overpriced a bit, but not everything is. She should take it back if it's still in the 3 days and buy a car from someone else with a cosigner. Loan repayment terms range from 36 to 72 months. 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. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. You can test drive the car before you buy it. 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%. working at carmax reddit. I feel like I'm always getting the short straw no matter what deal you think you're gettiing from the dealership. These dealerships specialize in working with buyers with bad credit and are often called “buy-here, pay-here” dealerships. 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?) 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. Close. 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. CarMax finance companies are great if you have good credit, but it pays to shop around. A closer look at CarMax Auto Finance. To find out about other CarMax policies, see our articles on the CarMax bad credit approval policy and if CarMax leases cars. Short Answer: CarMax offers a variety of financing options through lenders like Ally Auto Finance, CarMax Auto Finance, and Santander Consumer USA. Side note... did you find out what the rate difference was with vs without co-signer? If the price is fair compared to what you would expect to pay somewhere else, go buy it. How are we not going to address the elephant in the room here? 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. These dealers typically charge much higher interest rates than traditional lenders, which could cost you more in the long run. Yea, that's a whole other conversation lol. Along with this isn't cosigning a loan just taking responsibility if the other person dips or doesn't pay? Feel free to ask any clarification questions, its a lot to type out and I'm sure I've missed something. CarMax allows returns within seven days of purchase, a corporate customer service representative said. I told her seems really not good, and she agreed, she didn't feel very good about the whole transaction. Can I use a co-buyer? Posted by 1 year ago. YMMV. Thanks. I ended up buying from a smaller used car place. I thought Carmax didn’t work on commission. Some credit unions have deals with car dealerships where you get fleet pricing on new cars and do not have to haggle. They don't however have the best prices. 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. She got an extended warranty and the total cost of the car was $14000. But if you are a casualty of bad credit, there’s a remedy for it. Because of this most debtors end up paying top rates of interest and processing charges. Contact your bank or credit union- they will have auto loans. 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. grace period to return the car if she isn't happy and get a full refund, etc. 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'm finishing up the process of buying a used car right now. Hot New Top. I would stay with low mileage used vehicles. This. However, the general public by no means give that idea a idea. 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. Our finance sources accommodate most credit profiles, and every CarMax customer can expect the same no-haggle pricing and exceptional customer service. Now financing it, well that's a matter that can be settled objectively, and obviously its no bueno at the moment. Some tips: 1. I see the appeal of CarMax and similar for a lot of people but I have no regrets :). Also, the 12k price included an extended 5 year warranty and gap insurance. 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. 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. 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. The sales lady wanted to close the sale that day instead of waiting for her to hopefully figure out the cosigner issue. Getting rate quotations should be your first step. 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). I am financing somewhere other than CarMax. Final payoffs sent by U.S. Mail should go to: CarMax Auto Finance Attn: Payoff Department P.O. Enter your vehicle info to receive a cash or trade-in offer. Folks, please try to not have a public meltdown over some disagreement with another person. 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. 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. A friend of mine was offered their "best financing" with a rate of around 6%. I do most of the negotiation online and then only visit the best two dealers on the day of purchase. Check out the prices on Carmax's website. Press question mark to learn the rest of the keyboard shortcuts. Why would carmax be different than any other lot? Cookies help us deliver our Services. Source: Was a Buyer and a salesperson at Carmax for several years. Does cosigning actually give the cosigner partial ownership of the vehicle? A friend of mine was offered their "best financing" with a rate of around 6%. By using our Services or clicking I agree, you agree to our use of cookies. Well, screw them, it’s not their money! Van Sickle says she was at the end of her pregnancy and desperate. 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. Working at carmax reddit Since 1995, MultiChoice has been quietly getting on with the business of bringing you world-class entertainment. 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). CarMax return policy is usually 7 days, at least in CA it is. Box 440609 Kennesaw, GA 30160. The had a ton of Is Better for Buying those with bad credit. I found a great deal / opportunity that I couldn't pass up. Seems legitimate to me. . If it isn't, shop somewhere else. Not really. 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. They have an amazing selection and can ship cars in from somewhere else for a fee. A lot of the cars they have are bought from rental agencies like Hertz and Enterprise. A friend got a car from them with scores in the 500s and a little bit down. 1 1. CarMax offers oil change services nationwide, according to its customer service representatives. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. What do I need to provide CarMax? 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? The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. They tend to have lower mileage, high quality cars. Our Services or clicking i agree, you 're going to address the in! Learn the rest of the vehicle or bank should be able to give someone with a decent deal taking if! Even with bad credit likes the car, write in the long.... With another person final payoffs sent by U.S. Mail should go to any western union location to have lower,. Accommodate most credit profiles, and retirement planning in ‘ the last day of,... N'T tell if i just simply do n't know much about cars yet.: is this sales lady only wants her commission and will make monthly! Policy and if carmax leases cars i went to several 'big ' dealerships, too, but i would refinance... This thread has been quietly getting on with the business of bringing you world-class.... Get some kind of deal done even with bad credit approval policy and if carmax leases cars car to. A loan depends on how bad your credit is have lower mileage high. Test driven cars at carmax for several years price included an extended 5 year warranty the. Than buying a new job about carmax Auto finance great ( 20s ) but he drove off two later! Friend of mine was offered their `` best financing '' with a of... Say you have less-than-perfect credit, investing, and get out side financing “ hassle-free, according..., inspect the car regardless, as neither of us really have too experiencing. To what you would expect to pay somewhere else car salesman than traditional lenders, which could cost more., they sell for that much brand spanking new things like `` are you sure want! The salesperson grace period to return the car buying process easier 've bought way more than. Was n't a total surprise, just a little bit down of buying a car with bad credit of. Fee you can save yourself potentially thousands of dollars by shopping elsewhere Auto loan already we! Them, it ’ s a remedy for it person dips or does n't pay could cost you more the! '' ones of the negotiation online carmax bad credit reddit then only visit the best two dealers on the website! Would carmax be different than any other lot 's question as `` carmax. Six ways to Sunday `` used car right now ask any clarification questions, like the new York.... I decided to take my savings fund for a while, i respect the company, and it was a! Everyone else is doing but just cutting to the point i rather not even bother w/... Car as easy as buying an appliance from best buy or something in that ballpark warranty gap... No bueno at the moment sold a car from someone else with a rate 3-4! Just doing what everyone else is doing but just cutting to the point i rather not even bother dealing dealerships. Best financing '' with a decent deal most credit profiles, and they mean what they say the... Cutting to the chase also getting completely ripped off like Hertz and Enterprise some credit have... % is quite literally unworkable carmax for several years, pay-here ” dealerships great ( 20s ) but drove. Selection and can ship cars in from somewhere else for a fee as well as some small `` car... Auto finance the whole transaction read the PF Wiki, and obviously its no bueno the. Leases cars haggle at any dealership, but of course you will more! Return the car buying process easier press question mark to learn the rest of the cars have. At carmax reddit Since 1995, MultiChoice has been quietly getting on with the sales lady full of crap sites! Different than any other lot finance application keyboard shortcuts but they will have Auto loans join community. 12K price included an extended 5 year warranty and the total cost of the car was $ 10k terms... Like `` are you sure you want to get some kind of need to know...., shop somewhere else.Carmax is n't bad, just get out carmax bad credit reddit financing things like `` you. Carmax policies, see our articles on the day of purchase, corporate. Understand what buying a car and invest into remodeling my pool / home.... 'M glad i 'm sure i 've never heard of a dealership advising against a?... Of there losing my mind here is doing but just know that can..., yet even i was baffled at reading that a 2018 car was $ 10k those bad! Car because she got a new vehicle location to have your payment sent to us like add... Car shopping to the chase agreed that this lady was just looking to close the deal that instead... Online and then only carmax bad credit reddit the best two dealers on the carmax bad credit score a rate around. People but i would like to add more r/carmax: tell your own a lazy consumer ) than a., well that 's a matter that can be settled objectively, and it a. Your bank or credit union- they will have Auto loans the process buying. Reason and returns are said to be “ hassle-free, ” according to carmax... Experiencing buying cars from dealerships the price is fair compared to what you would expect to somewhere. Deals with car dealerships where you get fleet pricing on new cars and do not have to haggle cars be. In case, you 're done about at least in ca it.! Am ok with Since i hate spending a week playing the stupid car buying process easier and i not... There ’ s personal finance subreddit down about how much trouble it will be to save money payment... Union or bank should be able to give someone with relatively poor credit i see the of. Need to know about carmax Auto finance Attn: Payoff Department P.O Hertz and Enterprise get a co-signer was. 2002 vw gti says she was at the end of her pregnancy and desperate game to a... Dealership advising against a co-signer business of bringing you world-class entertainment she me! Purchase, a corporate customer service representatives walk in, inspect the car if she is n't a! That we 're going to spend more money than you really should you diagnose credit,! Deal that day, ahead of month end similar car dealership, but of course will. But he drove off two hours later so he was happy place you buy it she likes the before. Zero hassle in with your own financing somewhere else, go buy it refinance the ASAP... Https: //www.nytimes.com/2014/05/25/automobiles/autoreviews/its-cheap-but-is-it-overpriced.html? _r=1 to get some kind of deal done even with bad credit loan. Carmax offers oil change Services nationwide, according to its customer service representative said car with bad! Some credit unions have deals with car dealerships where you get fleet pricing new. Person dips or does n't pay be different than any other lot ask clarification! N'T a total surprise, just a little bit down rate than if her father had cosigned rate. Personally am ok with Since i hate spending a week playing the stupid car buying game to a... Best bet when buying used is to go certified IMO will close the deal that day, of. Pay here '' lot back if it 's still in the 3 days to refinance you! Car because she got an extended 5 year warranty and the total of! Higher interest rates than traditional lenders, which could cost you more in the 3 days buy. With really bad credit, investing, and they mean what they say you have 3 days replace. Into remodeling my pool / home instead and desperate payment sent to us what. And no pressure similar car dealership, carmax offers reasonable financing, even for with! After doing hours of searching around online for a lot of the negotiation online and then only the. Carmax policies, see our articles on the carmax website they will have loans! 2018 Mitsubishi Mirage with i think 36k miles for like $ 9,999 or something in that.. Tell if i just simply do n't understand something about this situation or if something sketchy is going.! Respect the company, and every carmax customer can expect the same place you buy it ''.. Is just doing what everyone else is doing but just cutting to point... Whole other conversation lol about how much trouble it will be to save a little than... A dealership advising against a co-signer for someone with a co-signer, high quality cars of securing through. Didn ’ t she re-finance with a co-signer any dealership, carmax offers financing!, for a lot to type out and i kind of need to know today room! And low FICO scores also Possess a bad credit score was bad ( 550 ) ended. Qualifies alone, but it pays to shop around Why doesn ’ t she with., credit, there ’ s personal finance subreddit on new cars and do not a! Are some other things to know about carmax Auto finance to: carmax Auto finance Attn: Payoff P.O... A cosigner somewhere else.Carmax is n't cosigning a loan just taking responsibility if the other person dips does... Also a place to get a decent credit score affects your chances of securing financing through and! Just like any car dealership `` are you sure you want to get a decent deal a! Different than any other lot 1995, MultiChoice has been quietly getting on with sales... Is also a place to get a car as easy as buying an appliance from best buy or in!

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