Carmax Can They Do This? They say they may have to cancel may contract it's been almost 1mo. Help! Plano Texas

in the state of texas all auto dealers that provide onsite financing of automobiles must be registered creditors with the state. when a consumer signs a contract with a dealer, the dealer is the creditor and must honor any contract signed by the customer and an officer of the company. an officer of the company may be an f&i manager or a car washer. it does not matter. the dealer reserves the right to sell the contract to another lender(i.e. gmac, fmcc, etc)but must abide by the terms of the signed contract. a bailment agreement(borowwed car agreement, conditional delivery agreement, etc) has no legal value in court. the contract is the legal instrument. if you have a copy of the contract, it is enforcable. when you sign a contract at a car dealership you have acknowleged that you understand the terms, that the contract has no blank spaces, AND THAT YOU HAVE RECIEVED A COPY OF THE SIGNED DOCUMENT. if the dealer refuses to give you a copy then have the contract voided and shop elsewhere. you are entitled to a copy of everything you signed and should insist on it(including the credit application tom protect you from being accused of providing false information to the lenders). if you have a copy of the contract then your right are enforcable with the attorney generals office without the need or the expense and trouble of hiring an attorney. i have 24 years of experience in the auto business, and have spent 15 years in the finance office. not all finance people are tryin g to steal you blind. we provide a service for convenince, and for those who may not be able to get a loan somewhere else. we sell products that have value and can help most people. as in any facet of life, there are honest professionals and there are thieves. remember the old adage, "let the buyer beware"

They know first off if you get two cars they know they are going to get money for them they dont let cars off the lot without knowing your whole bankout account info and your financing rate. When they try to bring you back after you have already done all the paperwork to say your fininancing will be higher that is on the top ten frauds done in america

What do you mean how can I call them frauds?! There are 61 complaints on this site and each complaint shares a lot of the same facts as the next. That alone is a problem. He had his car for a WHOLE MONTH! It does not take that long. Dealerships often pull the "good faith" scam. But, they call you WITHIN A day when their financing deaprtment gets in to reivew the next day. He went in with the intention of financing. That is not uncommon! It does not matter that he "Could not" pay cash for, or chose not to. They financed his SECOND car! He received his pmt book. That is just plain bull!! It is a scam to boost the number of cars they turn out. they let you have your car too long. Long enough to show it off, get comfortable in it, etc..then when they call you they expect that, because you have had it so long you will be more prone to pay what they really should have charged you to begin with. The same thing happened to me, and others I have seen on this site.

http://badbusinessbureau.com/reports/ripoff153768.htm

Read this report. Let's just say that I am not one to have patience for half the world and their erronoeus law suits, but I have more than one attorney interested in my ordeal and looking into the business practices of carmax.

How on earth can you say CarMax is "frauds"??? They had a car for sale that the original poster couldn't pay cash for, they let him take it on good faith that financing would go through, and when it didn't, they offered for him to either pay it off or give it back. HOW IS THAT FRAUD?

You should not have to take the car back. The solutions SOUNDS EASY, but really that is not fair. You bought the car because you liked it, you wanted it. Taking it back is not just a simple solution. Fight what you can. They are FRAUDS!

You said you want out of this deal and you also said they told you to pay off the car in full, find another lender, or bring the car back...

So take the car back...

Sounds to me they are playing very fair ball...

Good luck!


Chris

Carmax basis thier company on integrity. They do make mistakes just like everyone else. You buying 2 cars with in a short ammount of time probably confused the banks. They do not run your credit through the mud and 99% of the time they do NOT have funding issues. If you financed the warranty seperately you probably went through Drive Financial or some other secondary bank that wouldn't allow you to finance the warranty with the vehicle. A) because you do not make enough money or B) because your credit is bad. These were probably the deciding reasons in why they did not finance a second vehicle. It was a mistake that should have been caught by the sales consultant or one of the managers BUT because Carmax does use outside lending sources and does NOT have an F&I manager if they are not very careful mistakes can be made. I'm positive it was not on purpose. You have one car.. be happy they got that one financed for you.