Report: #1207455

Complaint Review: Carmax & gap coverage

  • Submitted: Sat, February 07, 2015
  • Updated: Sat, February 07, 2015
  • Reported By: gzuz — California
  • Carmax & gap coverage


Carmax & gap coverage gap coverage does not cover in full they wait till the end and then tell you that there is still a balance Nationwide

*Consumer Comment: Education and research is key

*Author of original report: even if

*Consumer Comment: Go back and read your financing contract

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CarMax offer me gap insurance it cost $400 in the end gap insurance does not want to cover everything said that there was a late fee even though I was never past 30 days due and they only covered barely $500 now I come to know that I still have a balance 12 days after is past due and they cant do anything to help me find extension so I do not go over my 30 days how is that any help why is there coverage if towards the end they are not going to help you and they're going to try to ridicule you on the phone its ridiculous CarMax never again.

This report was posted on Ripoff Report on 02/07/2015 02:11 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Education and research is key

AUTHOR: MsGem620 - (USA)

 I see a lot of reports against CarMax - I purchased a 2012 Toyota from them - and I am surprised at how many aren't aware of what their contractual agreement states. I did research on the type of vehicle I wanted months prior to purchase and when I purchased gap insurance, I asked questions about what it covers. It sounds to me like the original reporter should make sure they understand their agreement. In some cases, late payments can create issues with agreements. However, gap insurance is to cover damage to your vehicle, not to cover your payments. Also, I would sincerely hope that this isn't a bunk report against CarMax.

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#2 Author of original report

even if

AUTHOR: gzuz - ()

Even if it was paid and the late charge and intrest is little to none does that mean they only cover a fraction of what is left.

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#3 Consumer Comment

Go back and read your financing contract

AUTHOR: FloridaNative - ()

Take a look at the contract you signed to finance your vehicle. You will see a due date and a date beyond which you are charged a late fee if your payment hasn't arrived prior. That date is usually 10 or 15 days after the due date, not 30 days after the due date.

Why would your GAP insurance policy pick up your late fees for payments you made late? Doesn't make sense.

Spend time online learning about your GAP policy so you understand completely the product you are buying.

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