From my experience and everything I’ve read, you should avoid carmax loans, How bad can it be? I'm finishing up the process of buying a used car right now. Cost of borrowing $24000 was only about $500 for 5 years. CarMax wants to make a profit. There are better rates out there but 4.45 isn't horrible. When comparing CarMax vs Carvana vs Vroom sales models, CarMax is the closest to a regular car dealership, having multiple locations throughout the country. Please contact your nearest store for details. CarMax oil changes are by appointment only, so you’ll need to contact your nearest CarMax location to set up a time for service. yea I just bought a brand new car with an 800 score. I agree with Allinon, but I would like to add more. Deals vary from person to person and usually depend on the current market value, but on average Carvana and Vroom are quite comparable to each other, even with Vroom’s added delivery fees and smaller car inventory. Bought a new Accord in 2016, and they gave me 0.9%. Not available to customers in all states. Not all CarMax locations charge a dealer fee; about 50% of the CarMax dealerships we contacted said they do not charge a processing or dealer fee. Should I Shop at CarMax? A friend of mine was offered their "best financing" with a rate of around 6%. Most car re-finance loans I've ever seen are free, other than the time it takes to complete an app. 72 comments. It’s the largest used car retailer in the U.S. and is a Fortune 500 company. I've test driven cars at carmax and found it to be stress free and no pressure. When CarMax states that they have a “No Haggle” pricing system, it means that the company considers the price it offers you, when you sell or trade-in your car. Join our community, read the PF Wiki, and get on top of your finances! CarMax also puts each vehicle through a 125-point inspection and completes repairs for minor issues like dents before listing it for sale. 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’m sure my credit score was over 800 at the time. Then you can buy from wherever. CarMax delivery is available within a 60-mile radius of select stores. Carmax is fine for buying a car if you like their no-haggle pricing but they will stiff you on your trade. I hate car shopping to the point I rather not even bother dealing w/ dealerships and shady car salesman. Learn more. If it isn't, shop somewhere else. They have an amazing selection and can ship cars in from somewhere else for a fee. I would definitely get separate financing, though. You're going to spend more money than you really should. Press question mark to learn the rest of the keyboard shortcuts. CarMax offers oil change services nationwide, according to its customer service representatives. Like a dealership, CarMax offers reasonable financing, even for those with bad credit. Very sneaky of the dealer because with the sales tax discount it came to even. CarMax Buying Centers (located in a few states) accept cashier’s or certified checks and certified funds only. Disadvantages, you will pay more. advantages: no haggling makes the car buying process easier. It's pretty low for used cars. If the amount you owe is less than $250, we will accept a personal check. CarMax oil change prices vary depending on vehicle type, but they start at $40 for standard oil and $60 for synthetic oil. You'll see some of those at dealerships, too, but CarMax buys them direct. Selling Your Car to CarMax – Does CarMax Have Any Hidden Fees When Selling Your Car? The range is $600. Not really. Please contact your nearest store for details. Fee may apply. I bought a used car through CarMax as well. Some credit unions have deals with car dealerships where you get fleet pricing on new cars and do not have to haggle. I found a great deal / opportunity that I couldn't pass up. To return a car to CarMax, bring it back to the … You can always look to refinance if you think there are better deals out there. Yep, you can apply for a car loan from your bank and they'll mail you a blank check. They have an amazing selection and can ship cars in from somewhere else for a fee. Reddit marketing? Aren't these statements true of any dealership? The CarMax return policy lets you return a car for any reason within seven days of purchase for a full refund. It had a $200 transfer fee, and I wasn't 100% sure if I'd buy the car (I know I don't have to) so I didn't request a transfer. Press J to jump to the feed. The cash I would have paid has doubled in the market since then (thanks SQ!). CarMax - Pre-approval. Just do your research ahead of time. Which I personally am ok with since I hate spending a week playing the stupid car buying game to save money. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. That 0.9% for Honda or whatever is a special deal offer at a particular time of the year and only on new cars AND you have to have the highest possible score, etc. Carmax doesn't negotiate on their cars so they could be making 1k or 5k off of you. Would have to see the savings in real numbers. CarMax didn't have what I wanted and at that time getting the exact model I wanted seemed more important than waiting until CarMax had one. However, your CarMax offer may be lower or higher than the KBB estimate because CarMax uses its own data and inspection … Check out the prices on Carmax's website. This is America and im never buying from Carmax &Carvana. I got the dealer to give me 2.9%. | 31+ Customer Complaints & Reviews I determine my best deal via these sites and just email the local dealers. Join our community, read the PF Wiki, and get on top of your finances! Estimated tax title and fees are $1000, Monthly payment is $405, Term Length is 72 months, and APR is 8% Carmax & carvana anger me. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Congratulations on the new car! It can take CarMax 24 to 48 hours to process payments, so if your payment arrives near the end of your grace period, you may also incur a late fee. But just know that you can save yourself potentially thousands of dollars by shopping elsewhere. Hey Reddit, I'm Dan Molson a singer/songwriter and comedic actor from Canada. 720 credit is good but not A1 top tier. There's a lot more variables that go into it - your DTI ratio, the amount you put down, etc. Like any policy in general, the higher this deductible is, the more you can potentially save. Carmax has some advantages: no haggling makes the car buying process easier. After … I also hate buying cars. There's no magical chart that maps your credit score to a loan rate. I would stay with low mileage used vehicles. Bottom line: if you can find a better rate, do a refinance. I am sure I got screwed on that. Most of their cars are overpriced a bit, but not everything is. Some tips: 1. I think you will not get cheated. The lowest they would give me was 3.5%, with good credit. a 1.45 APR difference is not gonna make or break you - don't sweat about it too much. Idk how you got such a low apr at carmax and why you would post it. Some of the members here dislike Carmax but I live in a state, TN, where the amount dealers charge for the bs pure profit dealer doc/admin fee has exploded. Carmax is economically better than buying a new car. You may, however, be able to get a tax credit if you sell or trade-in your vehicle at select CarMax dealerships. From what I found age and mileage play way more of a role in the rate than your credit file, unless you have terrible credit and no options. That is their niche - a no haggle price and people buy cars from them because of that. ... help Reddit App Reddit coins Reddit premium Reddit gifts. Applicable store-to-store shipping fees are due in advance of vehicle delivery and are separate from sales transactions. All I want to see is the price, sales tax, minor fees to get title and plates transferred - no detaling, additional fees of any kind, tinted windows, VIN etching etc. I was worried I was getting fleased. CarMax, from what we read from buyers, will have deductibles for the plan that range from $50 to $500. You don't have to finance the same place you buy a car. Press question mark to learn the rest of the keyboard shortcuts. Quality Certification at CarMax. Experian showed 770 Transunion 745. ... help Reddit App Reddit coins Reddit premium Reddit gifts. 4.45 is pretty normal even for new cars. In this first quarter of 2018, CarMax … If the car was 20K and you pay it off over 5 years, total difference is $156.48 $782.40 over 5 years. Fee may apply. So my investment paid for the $500 in the first month. 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. Visit our FAQs for all you need to know about finding and buying a car at CarMax, like reserving cars, selling your car to CarMax, financing, warranties, and more. A lot of the cars they have are bought from rental agencies like Hertz and Enterprise. 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. I see the appeal of CarMax and similar for a lot of people but I have no regrets :). Regardless of where you buy the car (carmax or other dealership) you have the right to have the car inspected by your own mechanic (usually before you sign the contract, depends on the state). Not really. I just purchased a used 2017 Honda Accord 2 days ago through a local Honda dealership. that was the craziest thing I ever heard and I figured I would google carmax apr and I guess they typically run very high. 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. They tend to have lower mileage, high quality cars. Fantastic way to get rid of a car with pretty much zero hassle. Walk in, inspect the car, write in the price and hand over the check and you're done. They offered 1.9%. Appraisals take about 30 minutes and if you decide to sell, the company will pay you on the spot. That being said. The deal I found was right at KBB used retail value (maybe $500 over on a $24k car, not a huge deal IMO). You could also check with your bank and/or credit union for their rates. Can't remember if I was tier 1 or 2 credit. Its NOT worth dwelling over if you are buying a $20k car (edit: note compound exponential equations are easy, but simple multiplication is super hard), Just keep in mind the rate points makes a whole lot more difference when you are talking about 30 year house loans, there the interest has time to build and rate difference actually matter a lot. This not saving these tips are how to get half way ripped off not full ripped off. They also tend to stock cars that are mostly 5–8 years old and less, mostly with fairly low mileage on them. I went to my credit union and got 1.49% interest rate. A recent report by Automotive News shows just how much farther ahead of the field CarMax is compared to other major pre-owned retailers. Carmax isn't bad, just get out side financing. Oh, Carmax. Im angered. The general consensus was that online vendors regularly beat out CarMax and local dealerships. However, CarMax will remove the late fee in this instance once it processes and credits your payment, as noted in the CarMax … Call 1-800-MoneyGram to find the nearest location. All of the vehicles CarMax sells are “CarMax Quality Certified.” Certified vehicles have no flood damage, fire damage, or salvage history and must have a clean title. Idk how you got such a low apr at carmax and why you would post it. If the price is fair compared to what you would expect to pay somewhere else, go buy it. CarMax Auto Finance allows you to apply for preapproval, but you can shop only at CarMax locations. That's really good. I bought my first car with financing and really didn't know what I was doing. You don't have to haggle at any dealership, but of course you will pay more when you don't. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. That rate wasn't available so they had to manually do it. to $1300. Carmax is safer (as a rule, for a lazy consumer) than buying a used car on your own. 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. I spent years writing songs from my heart about peace and love. Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. While the amount of interest saved may not be much to a lot of people, but I personally do not make a lot of money and have to work 2 jobs just to live without financial worry. 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). Best bet when buying used is to go certified IMO. 3-4% would’ve been possible with maybe like 750+. My most recent purchase was at Carmax. I've bought way more cars than anyone my age should have. CarMax is the oldest of the three companies, having been founded in the 1990s. Is this true? Then they'll just stick you with a 18% rate or whatever. I cashed the check and used it as part of the down-payment for my new, family-friendly car. † CarMax delivery is available within a 60-mile radius of select stores. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. The CPO car was supposedly put through a rigorous inspection and came with a 2 year 24k warranty, so I foolishly thought they probably spent more than a few minutes on it. The big dealership places were way too pushy. Carmax doesn't negotiate on price. They don’t negotiate their price. The truth hurts. Don’t expect to get a great price, though. I went to several 'big' dealerships, as well as some small "used car lot" ones. But I wouldn’t sweat half a percentage point, if it bugs you just pay extra each month, used car loans trend a bit higher, you can see what your bank has for used car loans and if refi would be worthwhile. YMMV. Car loans are short (in comparison) and 2 or even 3 point difference in rate often means relatively little, Used car loans are higher on general. Went to Carmax and my credit is over 740 they wanted 11 apr. Well that's good to know. Seems legitimate to me. 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. 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. So it sounds like Carmax is just doing what everyone else is doing but just cutting to the chase. Or, you can decide to transfer the down payment to another CarMax vehicle. I'm waiting until next year to start looking there. CarMax makes buying a car as easy as buying an appliance from Best Buy or something which is great. Reddit marketing? Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). The financing is not the lowest. So the money saved can be applied to any other bill. Short Answer: CarMax appraisals use the same general criteria as personalized Kelley Blue Book (KBB) estimates. Western Union may charge a fee for this service. But it was for a 2012 with 100k miles on it. that was the craziest thing I ever heard and I figured I would google carmax apr and I guess they typically run very high. What kind of fees does carmax try to charge you? Best I got was 4.99% with and 802 FICO score and a low dti ratio. I recently bought a used car at carmax (2017, 12K Miles) and was only approved at 4.5%. Now that I have done some research it seems with my credit (720) I should be in the 3% range. If they budged on price, that would amount to negotiating on price. Feeling bitter I wrote a song called "If You Don't Like What I'm Doing. Playing countless bars and yard parties. But I knew they also had 0.9%, so I made them give me that. You have to remember that interest rates have been on the rise. 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. You might not have the best deals on used cars, but you have some damn good marketing. My rate is 4.25% the average rate unless you get a new car that has a special incentive of 0% or low interest from the manufacturer, 3.5-4.5% is the average rate for good credit scores now. You may also be able to negotiate for things like minor repairs or new tires when you purchase a vehicle. MoneyGram® ExpressPayments® service You may go to any MoneyGram retail agent location to have your payment sent to us. My credit union quoted me 4.0 APR 3.5 with autopay for 60 months. I ended up buying from a smaller used car place. Contact your bank or credit union- they will have auto loans. for new and used cars, and very non-negotiable. My credit union was offering 1.74%. Find your car * Excludes new cars and Certified Pre-owned cars from our Laurel Toyota or Kenosha locations, and cars identified as non-transferable. This was the first time that I’ve ever bought a car through CarMax, but I have known many others who had good things to say about them – so I wasn’t nervous or apprehensive at all about going forward with it. CarMax stores also accept cash and debit cards. According to Compare.com, CarMax employees only gave the customers helpful advice about cars and clearly outlined the buying process. So carmax let me go because I pulled a car out to be delivered but it turned out was the wrong car.The next day I was off and they couldn't find it....the car was in the parking lot to be delivered like we do for so many other cars, so loss prevention got involved since I was the last one on record I drove it out the lot. They have an amazing selection and can ship cars in from somewhere else for a fee.They don't however have the best prices. Source: Was a Buyer and a salesperson at Carmax for several years. I see OP's question as "Is Carmax fair or will I get cheated". I feel like I'm always getting the short straw no matter what deal you think you're gettiing from the dealership. The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. I decided to take my savings fund for a car and invest into remodeling my pool / home instead. Plus I know to use my bank and say no to warranties. I got a 5.08% with a 740 score a year back. Thanks! ... Click to share on Reddit (Opens in new window) ... 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%. CarMax Buys Used Cars .
Now that the purchase of my 2012 Ford Mustang GT from CarMax is complete, I thought I’d take a few minutes to jot down my overall impressions of that experience. Short Answer: You won’t be able to negotiate prices or haggle with CarMax. 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. If you can find a better rate, then I would go for it, but like everyone else has said, that % difference is not going to make much difference in the long run. They don't however have the best prices. Thanks for tips. Not available to customers in all states. doc fees, dealer prep, cleaning, etc? Costco is also a place to get a decent deal on a new vehicle. You can also pay cash or get your own financing somewhere else. Plus a delivery fee. So good in fact, that even a seasoned gearhead can get … These criteria include the vehicle’s history, current condition, make, model, year, mileage, and desirability in the market. 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. Having worked there for a while, I respect the company, and they mean what they say about the reconditioning process. However, I had secured financing though my credit union at 3.25% with a credit score of 783. If you can get 3% then go get 3%. Anyways most places will offer 4-5% apr and you can always finance through a credit union. I got 4.99% with an 840 credit score for a used car. Nick on … At the locations that do charge processing fees, we found that the flat fee ranges from about $100 to $400. 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). Credit rating alone does not dictate your rate- your income and other factors go into deciding. I ended up buying from a smaller used car place. Title says it all. CarMax says it buys any used car regardless of age, condition, make or mileage even if you don't buy a used car from CarMax. My personal experience with CarMax is fairly limited, though it’s good. 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 didn’t have to wait long, and I got what I thought was a fair price for my car. I see a carmax car which is already marked high. I dunno if it's worth taking in fees and other things to lower your rate 1%. My local credit union will love you in at 2.99 for thier repo lot. (Not that 3.00% is really a rate you can get on a used car), New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. I spent a month looking last time I bought private party. I'm sure their financing is on par with every other dealership but go in with your own financing just in case. Went to Carmax and my credit is over 740 they wanted 11 apr. If you can refinance for a lower rate, go for it. Once you sell your car to CarMax, you may have to pay a few fees that you did not expect to pay. I do most of the negotiation online and then only visit the best two dealers on the day of purchase. At CarMax, I was able to get $7,000 for my car, which I received immediately by check. I finally gave up the music dream after 20 years. I've sold a car to CarMax, and it was a great experience.
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