• Report: #270781

Complaint Review: CarMax Auto Finance

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  • Submitted: Tue, August 28, 2007
  • Updated: Thu, June 23, 2011

  • Reported By:Sterling Virginia
CarMax Auto Finance
PO Box 3174 Milwaukee, Wisconsin United States of America

CarMax Auto Finance Creative Finances Milwaukee Wisconsin

*UPDATE EX-employee responds: So what did Carmax do?

*UPDATE EX-employee responds: You did this yourself

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I am due to make the final payment on my Jeep that I bought and financed through CarMax. Little did I know that the final payment would be over $2,000.00!! Coupon gave my regular payment amount, with a little blurb about calling for the final amount due.

Oh what a shock, I called CarMax, to explain there must have been a mistake was rudely told "there's no mistake" . You owe this amount. By the way they have compound daily interest rates!!!!

I had a bankrupcy in 2004 and was told that they are not permitted to call or send any information to me. I had spoken to a manager the manager and was told that she would put information on my account that I have given them permission to call and send me information. But now I am told that its not on file.

In Jan. 07, the Jeep was repossed. I paid to get it back. Had to pay 3 months of back payment + Jan payments + repo fees = big bucks. I was told that now everything is up to date and my next payment was due in Feb. Have been sending payment every month, but they say I am a month behind?? I am totally confused with how they do the finances.

I have most likely paid 3 times as much for this car than if I had gone to a real dealership and purchased a new one.

My poor Husband is ready to sue them for all the tension this is causing in our home. I can 't blame him, I have been doing alot of crying over this.

I will never buy a car from CarMax again even I have to walk everywhere.

Buyer Beware of this company's shady finances

Trixie Sterling, Virginia
U.S.A.

This report was posted on Ripoff Report on 08/28/2007 10:29 AM and is a permanent record located here: http://www.ripoffreport.com/r/CarMax-Auto-Finance/Milwaukee-Wisconsin-53201/CarMax-Auto-Finance-Creative-Finances-Milwaukee-Wisconsin-270781. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE EX-employee responds

So what did Carmax do?

AUTHOR: Anonab - (U.S.A.)

I read your entire ripoff report and I am still unsure of what Carmax did?
I have filed for bankruptcy protection before and I know it is standard that no creditor can contact you via phone or mail regarding any debt. There is no permission that you can give that circumcedes federal bankruptcy laws. So telling a manger it is okay to call you does nothing but maybe allow that conversation to continue that day. No company can contact you that you owe a debt to and has received your filing. Period.
Any dealership that you go to for purchase will use banks for financing and banks have to abide by bankruptcy laws. Any fees that accumalate during the process would be added to the loan payoff including late fees that cannot be collected because of the inability to contact the debtor.
So what does this have to do with Carmax? Didn't your lawyer explain this to you? Why would you rather walk?
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#2 UPDATE EX-employee responds

You did this yourself

AUTHOR: Unidentified - (U.S.A.)

CAF financing is a simple interest loan with no prepay penalties, but if you were late on your bill as you said and did not pay on time always you most likely had some late fees on the account. Not one person has ever had this problem. An example is a customer I was standin next to one daywhile they paid there final bill and they paid the amount of the monthly and that was it....so this is just you. I would suggest asking CAF...not carmax, CAF to give you a statement of account so you can look and see what happened over the course of the history that got you all twisted up.

Also in response to being able to buy a car new when financing is done. no matter what car you choose. when you finance you pay interest. period. so the interest does add up over time. This is not an amount you paid for the car, but rather to the bank. Sales alwys explains that you can refinance w/o penalty and that you can pay any amount above the monthly to reduce interest and cust down on principle.

I'm not quite sure what happened on your account, but CAF doesn't do creative financing.
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