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Report: #310796

Complaint Review: CarMax - Roswell Georgia

  • Submitted:
  • Updated:
  • Reported By: Roswell Georgia
  • CarMax 11450 Alpharetta Hwy, Roswell, Georgia U.S.A.

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I had the same experience as the individual in Report 252709. CarMax Roswell gave me a bank draft with their standard disclaimer. It so happened that the bank draft came from my bank, Wachovia, and so the normal bank hold did not apply to me. Wachovia could give me the funds as soon as CarMax released the funds from their Wachovia account. 5 days later, I checked with Wachovia and CarMax had still not released the funds, even though the title was clean (I sold CarMax back one of their own cars!)

I think this situation clearly illustrates that CarMax was sitting on my money (it became my money as soon as I signed over my title to them) to maximize their float. There were failures on both the CarMax and Wachovia sides to set a realistic date on when the money would be available for me to draw on. I wound up delaying a business transaction because of this which no doubt impacted my professional reputation negatively.

In short, there is no real reason to go to CarMax since they don't live up to their "Will buy your car today!" pitch. You essentially wind up without car or money for extended periods of time. You might as well sell the car on your own and make more money as you have to wait anyway.

Dignatius
Roswell, Georgia
U.S.A.

This report was posted on Ripoff Report on 02/21/2008 10:34 AM and is a permanent record located here: https://www.ripoffreport.com/reports/carmax/roswell-georgia-30076/carmax-dont-sell-your-car-to-carmax-as-you-can-wind-up-without-car-or-money-roswell-georg-310796. 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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REBUTTALS & REPLIES:
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#6 UPDATE Employee

get your facts straight

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

POSTED: Wednesday, April 30, 2008
Thats Wachovia's problem, not CarMax...learn what your talking about, it no different if you write me a personal check and my bank won't clear it for a few days and me calling you and yelling at you! Its not your fault or CarMax
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#5 UPDATE Employee

Carmax Holds the funds for two business days

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

POSTED: Wednesday, April 23, 2008
The bank draft is held by Carmax for two business days, then the hold policy of your bank will determine how long you will receive the money. Did you assume that Wachovia's hold policy would not apply to because it was a Wachovia draft? You should have still asked when you went to deposit the check if it was imperative to your transaction. Also, the hold is being placed on the check by Carmax for the aforementioned 2 business days to make sure the sale has not been misrepresented in any way, such as: stolen vehicle, concealed or hidden damage, title fraud, etc.
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#4 UPDATE Employee

Carmax Holds the funds for two business days

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

POSTED: Wednesday, April 23, 2008
The bank draft is held by Carmax for two business days, then the hold policy of your bank will determine how long you will receive the money. Did you assume that Wachovia's hold policy would not apply to because it was a Wachovia draft? You should have still asked when you went to deposit the check if it was imperative to your transaction. Also, the hold is being placed on the check by Carmax for the aforementioned 2 business days to make sure the sale has not been misrepresented in any way, such as: stolen vehicle, concealed or hidden damage, title fraud, etc.
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#3 UPDATE Employee

Carmax Holds the funds for two business days

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

POSTED: Wednesday, April 23, 2008
The bank draft is held by Carmax for two business days, then the hold policy of your bank will determine how long you will receive the money. Did you assume that Wachovia's hold policy would not apply to because it was a Wachovia draft? You should have still asked when you went to deposit the check if it was imperative to your transaction. Also, the hold is being placed on the check by Carmax for the aforementioned 2 business days to make sure the sale has not been misrepresented in any way, such as: stolen vehicle, concealed or hidden damage, title fraud, etc.
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#2 UPDATE Employee

Carmax Holds the funds for two business days

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

POSTED: Wednesday, April 23, 2008
The bank draft is held by Carmax for two business days, then the hold policy of your bank will determine how long you will receive the money. Did you assume that Wachovia's hold policy would not apply to because it was a Wachovia draft? You should have still asked when you went to deposit the check if it was imperative to your transaction. Also, the hold is being placed on the check by Carmax for the aforementioned 2 business days to make sure the sale has not been misrepresented in any way, such as: stolen vehicle, concealed or hidden damage, title fraud, etc.
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#1 Consumer Suggestion

That is NOT a Carmax problem

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

POSTED: Wednesday, March 12, 2008
Wachovia is the one that screwed up there. With a bank draft they CANNOT hold the money more than 1 business day under Regulation CC (which means you can complain to the local federal reserve office and sue them for x amount of money probably). Carmax doesn't release the funds to them. Unless Wachovia has some weird banking practices, if so i'd stay away from them.
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