My payment is due on the 20th of every month and they give a 10 day grace period-without getting into detail I cannot pay until the 15th or 22nd of the month-can they repo my car? if they can will they send me warning first?
Answer: I think by what you're stating that you are going to be late on your payment by at least 15 to 22 days (over the 10 day grace period). I would call them up as soon as possible and explain to them that you are going to be late. You might also want to see if they can change your due date if it seems this will be a common occurrence of being late. They will probably charge you a late fee for this one time occurrence.
Category: Credit; 2008-05-03 08:31:14
2. Does Carmax Auto Finance Website Exist?
Answer: CarMax, Inc. (CarMax), incorporated in 1996, is a retailer of used cars in the United States. The Company purchases, reconditions, and sells used vehicles. As of February 28, 2006, CarMax had 67 superstores in 31 United States markets. CarMax also sells new vehicles under franchise agreements with four new car manufacturers. During the fiscal year ended February 28, 2006 (fiscal 2006), new vehicles comprised 7% of the Company's total retail vehicle unit sales. CarMax provides its customers with a range of related products and services, including the financing of vehicle purchases through CarMax Auto Finance (CAF), the Company's own finance operation, and third-party lenders, the sale of extended service plans and accessories, the appraisal and purchase of vehicles directly from consumers, and vehicle repair service. The Company acquires a significant portion of its used vehicles through wholesale auctions and, to a lesser extent, directly from other sources, including wholesalers, dealers, and fleet owners. Vehicles purchased through the Company's in-store appraisal process that do not meet CarMax's retail standards are sold at onsite wholesale auctions. CarMax's inventory management and control system tracks each vehicle throughout the sales process.
Category: Personal Finance; 2006-08-09 14:57:09
3. Got a car from carmax, now three weeks later I receive letter saying they cannot offer me credit to finance?
On the 23rd of Nov., I got my Honda CR-V from Carmax. No easy task. Since my credit is hardly on the map (I'm 19), no one (that will finance through them) would approve except Road Runner and Wachovia. Needless to say, Wachovia had a way better deal. Title was signed. I've already received my tags. Completely insured. Today I received a letter from Carmax Auto finance in Georgia saying, "After careful consideration, we regret that we are unable to offer you credit on the terms you requested through Carmax..." So I have to take my car back?! Why would they go through with the deal and then let me know three weeks later?!
Answer: This is what is actually going on: When you wanted to get the car, Carmax submitted your info to several financers to try to get you approved. Some offered you credit, some did not. You went with the one that said yes and offered you the best terms (smart move). The companies that did not offer credit to you are required to notify you that you were declined and what credit agency they ran your credit through to help make their decision. Sooo to sum up: They also ran you credit through their own auto finance division who denied you. Wachovia is the one approved you. The car is still yours. Expect to see more of those letters from other creditors. And as a final word of advice: Keep those payments up to establish good credit from the beginning!!
Category: Credit; 2008-12-12 23:19:28
4. what exactly is 100 percent financing in the term of auto loans? Does carmax offer 100% financing?
Answer: One hundred percent financing is a marketing tool used to sell cars to the financially unsophisticated. An automobile loses value immediately upon purchase. On average, an auto loses ten to twenty percent of it's value the first month. Ouch! So, purchasing a car with no down payment and extend term financing, meaning more than thirty-six months, puts the purchaser in a very precarious position. The car is not worth what is owed, possibly ever. Simply pay cash for cars. If you don't have the money, don't buy it. No one else will tell you this, but I just did. I made car payments for twenty-four consecutive years. I would be absolutely crushed if I actually knew how much cash I've mailed to car credit companies for nearly a quarter of a decade, and half of my life. And now, I've finally paid off my Ford, I have money in the bank and it's building each month. If and when I need to replace the truck, I'll just pay cash. No more payments, no more interest, no more debt.
Category: Credit; 2007-11-15 13:48:01
5. Where can you go to get a low APR auto loan after you have purchased the car through CarMax?
My brother purchased a car through CarMax and they are offering 11% APR. He is trying to finance through somewhere else that will give him a lower APR. He has 3 days to bring in the check from another financing company and 5 days to turn in the car if he changes his mind. What should he do?
Answer: Hello Everybody, I am Mr.Brown Mclain a legitimate and government approved lender the loan that gives you the opportunity to own the asset which you have been longing for. your opportunity to acquire asset without having problem you are save with me. I want to use this medium to inform you that we render reliable beneficiary assistance as I'll be glad to offer you a loan. Services Rendered include, *Debt Consolidation *Business Loans *Personal Loans Please write back if interested with our interest rate of 0.2%. you can contact me via brown mclain loan firm @yahoo.com if you need the loan please get back to us
Category: Buying & Selling; 2009-08-05 10:28:48
6. I just got a car that i finally realized that I can't afford?
I got an Infiniti G35 last night. I thought about it long and hard I told myself that I am comfortable with making the payments. Now, I don't think so. The dealership guy told me that once I sign the papers, thats it. My other vechile was recently totaled and financed through Carmax auto finance. The guy that I hit had given me money for my car but I could only add that to the remaining balance. I would have to set a payment arrangement with them to pay off the remaining balance. I don't feel right in my heart that i can make the payments. Its not like i'm going to be struggling but i was so confortable with the car that i had. What should i do? i can't take the car back!
Answer: Nicole, 1: You just bought a new car: you signed the papers and it is now yours. 2: You financed your new car: you signed the papers and that obligation is also yours. Now that that's out in the open, let's make the best of this situation. It sounds as if you love your new car and would like to keep it, if you can. If so, you need to fix the financing aspect of the problem. If you financed through the dealership, CarMax, or one of their affiliated finance arms, you are likely overpaying the loan compared to other options. See my CR links, below, for more details. Let's replace that loan with another loan with lower rates and payments. See your local credit union for the best auto loans; join one if you need to. Check bankrate.com, lendingtree, and eLoan for commercial auto loans in your area; see links below. Compare and select. Note that when you bought this car it immediately became a used car, even if you only bought it last night, so you will have to get a used car loan to refinance. If you decide not to keep the car, again understand that your car is now a used car even if it is only a few days old. As such, you will pay a severe depreciation if you choose to sell it now. Don't expect the dealer to take it back. You can *sell* it back to him but remember that he legally would have to sell that car to the next buyer as a used car, no matter what, and he's not going to take a bath on your account. Good luck.
Category: Buying & Selling; 2009-08-04 04:58:36