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Car Leasing, Car Financing
#862 of 904 Re: i sold a car to carmax today [spunkyblond]
Jul 14, 2011 (8:09 am)
With regard to a tax break when trading a vehicle, not all states have that tax saving benefit. TN and FL do. If you live in TN but buy the the car in KY, you take the tax savings when you register the vehicle in your home state.
Check your state's rules. That is the case in MA as long as the selling dealer is registered with the state RMV.
#863 of 904 How long did Carmax take to pay off the loan on the car you sold them?
Jul 15, 2011 (7:24 am)
If you sold your car (that you still owed money on) to carmax. how quickly did they pay off the balance?
#864 of 904 Re: How long did Carmax take to pay off the loan on the car you sold them? [papadonkey]
Jul 15, 2011 (11:12 am)
I don't recall exactly but it was within the 10 day payoff window that was quoted. If they don't pay yours off within the 10 day window then they might come after you for the additional interest that has accrued, of which I'd tell them to go pound salt.
#865 of 904 Re: How long did Carmax take to pay off the loan on the car you sold them? [papadonkey]
Jul 20, 2011 (7:55 am)
It was within 2 weeks, but I had planned ahead and made sure no payment was going to be due right after selling them the car. I did keep checking with the lease bank until they showed the account closed just in case I had a problem. I kept insurance on the cars until they were paid off as well - until the lease bank has the buyout money the car is still your responsibility including payments and late fees. A local stealership used to make extra money by taking in trades and not paying them off until they sold the trade, This left the original owner potentially on the hook or late fees and interest.
#866 of 904 Re: How long did Carmax take to pay off the loan on the car you sold them? [dwynne]
Jul 20, 2011 (3:43 pm)
Well i sold my car on a saturday and it was paid off thursday.. Fairly quick.....then my car was on their site by tuesday.
Once u sell a car in california u go online and do a transfer of liability ....so u dont need to keep insurance on it after the sale. You arent liable for parking tickets or anything after u do the transfer of liability.
Also they marked up my car 4k which is a fair amount for my car.
#867 of 904 Recent Experience at Carmax in Dulles, VA
Aug 03, 2011 (11:48 am)
Last week Thursday 7/28, I went over to Carmax in Dulles Va, just to look at their Jeep Grand Cherokees. I knew this is what I wanted but was open to others. I was greeted by the salesman, told him what I was looking for and we went out their lot which was overflowing with cars. He pointed me in the direction of the Cherokees and asked if there was anything specific in the way of features I wanted. I told him 4 wheels, 4 doors, a working engine and an ipod connection. Long and behold they all had that and more.
So looked around at the first few which were the Limited and Overland editions, so they were loaded with every feature you could want, but also had a lot of miles, one had as much as 58K miles. So I was ready to give up when we spotted one more, a Laredo with some nice features and less than 20K miles and a price tag right up my alley. So we test drove it, the entire time the salesman was no pressure at all, just letting me enjoy this moment. In the meantime the car I was trading in (an 07 Ford Focus), was being appraised.
After the test drive we found an office and started to hash out figures including my dpwnpayment, how much was left on the Focus, etc. The appraisal came back and they gave me about $500 less than what KBB offered but more than I thought they would. So I was pleased with that. Talked it over with my wife and she said yeh go for it. That's what I wanted. Did the whole credit thing. The lenders came back, my payment would be lower than what I had on the Focus (I had messed up credit when I got the Focus).
Next he asked me how I wanted to pay my downpayment. I had a check, at home, which I had not deposited yet from a rather substantial amount, and was told that their system takes a "capture" of your bank account so the money would have to be in my account if I was paying by check or debit card. Well we realized that there was no way my bank was going to clear the amount of the check in one day and since I did not have the check on me there was no way for them to verify I had the funds. BUT the salesman did work with me and we realized that if the check was drawn from a bank in the area I could cash it there and give them the cash deposit the following day. So he gave me his cell number for me to call him when I got home and checked to see where the check was dfrawn from. Thankfully it was in fact drawn from a a bank around the corner from me. So I let him know this and called him again in the morning once I had the money in hand.
My appt to meet him at Carmax was at 2:30 p.m. He had some personal errands to run and would get into Carmax at that time. He called me about 1:30 to see if I wanted to come in earlier since he got everything he needed to do finished ahead of time. Which was perfect for me. So with cash in back pocket. I headed over there. We looked at the car one last time to make sure I was happy with it and went over all the features again, then I drove my Focus to their "trade in" section on the lot and made sure everything was taken out, while the Cherokee was being washed and cleaned. I also informed the salesman my wife had forgotten to give me her copy of my car and asked if it was ok to drop it off later since I would be in the area again later in the evening. He said that was fine.
After that went into their "Financing section." The salesman stayed for a portion of it and then I was left in the friendly hands of one of their financial associates. She went over everything, including the MaxCare plan I took out. For once I actually understood and paid attention to all the numbers. Everything checked out and I just went to the waiting area for my clean "new to me" car to pull up. I had asked the salesman to make sure they took off the Carmax decal and he did in fact make sure they took it off. I drove off the lot, went back later in the day to drop off the second copy of my old Focus' key and that was that.
I'm just monitoring to see when they put my old Focus up for sale and when my old lender receives the check for my Focus. All in all I could not be happier with the service I received. The salesman was no-pressure, non-judgmental, he paid attention and remembered subtle little nuances about things I said which really pleased me. Others may have different opinions about their experience. But my experience was great.
#868 of 904 CARMAX - not the same company
Sep 04, 2011 (6:47 am)
I went to Carmax yesterday to get a price on my trade in and look at a 2010 tundra as shown on the website. I was approached by a sales person. Upon informing him of why I was there, we worked on getting my car inspected and checked on the availability of the Tundra.
We went over my trade in and an appraiser was given my car to inspect it and take it for a test drive. During the intervening time, we went out to look at the Tundra. The vehicle condition was that of a used rental that had never been cleaned. We returned to his office and he showed me other vehicles that I might want to purchase from them on his computer screen. I have purchased 3 vehicles from Carmax in the last 6 years and this was not the same quality or experience.
After 30 minutes the computer showed my vehicle had completed the trade in evaluation and then I was shown several screens of what they looked at. The offer was 5 thousand less that KBB trade in avg condition rating and $9,995.00 less than what they are selling this car for. The history showed no accidents but the inspector noted that the drivers side had been repainted . This was listed as each door and each fender.I know the car has not been repainted unless done at the dealership. Unfortunately they where using the "repainted panels" as the basis for the low price.
I have read several unhappy experiences at Carmax and was thinking that you can't keep everybody happy. But I now know they are not the same company. The quality of product and sales has dropped considerably. The trade in process is a scam and they no longer show you the Kelly Blue Book pricing for comparison.
My recommendation to others was to start your car shopping at Carmax. You (used to ) get low pressure , good selection and a price on your trade in that can be used when shopping for your next vehicle.
Now its a waste of your time and an insult.
#869 of 904 Carmax buy offer
Nov 16, 2011 (5:36 am)
Went to a local Carmax buying center in Atlanta a couple of weeks ago. I was not seriously intending to sell to them but thought that their offer would be a little low and would be a starting point to work my trade on my new car at the dealership. As expected it was at the low end of the trade range for my vehicle. Trade range was $6000 to $8000 depending on what site you use and they offered $6500. What really steamed me was that on their web site they were selling a car almost exactly like mine for $12000. I know they have to make a profit, but that is insane.
Dealership really low balled my trade at $5800 (I guess since I was basically stealing the new car at $2750 below invoice). Used the Carmax sheet to get them up to $6500. The trade also saved me about $500 tax versus selling to Carmax. So i ended up with a fair trade, nothing great. But saved the hassle of the private sell.
I was also leery of the bank draft versus a check. Seemed strange to me. Of course I hate how businesses always have everything written in their favor and the consumer is left to fend for themselves. (Written all over my new car financing contract was the the statement "There is no cooling off period. This contract is valid from the moment that you sign it.")
#870 of 904 Re: Carmax buy offer [rming]
Nov 16, 2011 (6:23 am)
(Written all over my new car financing contract was the the statement "There is no cooling off period. This contract is valid from the moment that you sign it.")
FYI: If your state's laws provide for a cooling off period, then the law overrides the contract.
Contracts cannot have clauses that violate the law. If they do, that clause is unenforceable and is legally null and void. In a dispute, inclusion of such clauses by one party can also be used by the other party to try and void the entire contract (with varying degrees of success).
#871 of 904 Re: Carmax buy offer [fushigi]
by kyfdx@Edmunds HOST
Nov 16, 2011 (10:22 am)
I'm guessing that the states that allow a cooling-off period for car sales could be counted on one hand...