I have had a CarMax auto loan for the past 3 years and recently decided to pay off the rest of the loan early. I have been a good customer for years, always paying off my monthly amount on time and sometimes I would pay over the monthly amount to cut down the principle on my loan.
I went online to get a payoff quote and submitted my final payment, or so I thought. After 2 weeks, I received several calls from CarMax telling me that there was still a balance of almost $100 left on my account. I asked for a detailed payment history so that I could track exactly how much I had paid since the beginning of the loan until my final payment so that I could make sure that figure was correct. They told me that they would mail it to me but that it would take 7 days to receive. I waited a few more weeks and received nothing in the mail from CarMax. In the meantime, I was constantly getting harassed by their collections department telling me that my account is past due and that if I didn’t pay the final amount, they would report me to a collections agency. I found this to be ridiculous since I had just paid them over $2k just 2 weeks ago and couldn’t understand why it would be considered past due since they had received well over the monthly payment.
I got another call from them telling me to pay the remainder of my balance. I told them I had yet to receive my payment history in the mail and they told me they had sent it but that it doesn’t matter and that I still had to pay off the balance that they quoted me. So, I was basically forced to pay an amount that I wasn’t sure was accurate just so I wouldn’t be reported to a collections agency. I have complained to their supervisors to no avail and feel like I have been taken even after being a good customer for so long. My advice would be to stay away from CarMax Auto Finance since they don’t disclose any payment information to you and can basically tell you that you owe them any amount of money that they want.
And no, I still have not received my payment history…