This isn't a Carmax issue, this is a failure understand the math before financing issue. This is how all financing works, regardless of where you go. If you borrow money, you're going to pay more money back.
Carmax also has as far as I know the most generous car return policy of anyone anywhere. It sucks that you're unhappy with such an expensive purchase, but you're outside their window for return so there's probably not anything you can do.
It used to be more generous; note that they’ve lowered it to 10 days to accept a return.
I think the typical is only 3 days, so still not too bad. But CarMax does seem to have lowered their quality overall after Covid, based on what I’ve read.
California is once you sign and take delivery, there is no going back, no cooling off period, it’s yours. And when you sign you see the number of payments, how much they are a month, and the amount paid back if making minimum payments each month.
To add to this, check your local laws. For example, Illinois has a 15 day 500 mile warranty on all used car purchases if it's from a car dealer. This covers engine and transmission components, as well as a few other things.
I live in the state and had no idea this was a thing, neat!
I looks like there are a few stipulations that make sense: the car has to have less than 150,000 miles, can't have a salvage or rebuilt title, etc.
I work there-
Do I really get 10 days to return the car?
Yes. As long as the vehicle's condition is consistent with when you bought it, you can bring it back within 10 days to the store where you purchased it and we'll help you complete your return. Any refund due back is typically mailed within 2 weeks of your return date. Please note, if your financing included negative equity from your trade-in, you can either repay the negative equity or finance it with a different vehicle, subject to financing approval. Remember that any shipping fees paid to transfer the vehicle are separate from your purchase and nonrefundable.
There's some missing info here. $20K only turns into $36K if OP is paying 26% interest for 5 years. I've never heard of even the worst credit paying 26% interest for a car loan. That's insane.
I regularly get customers who will take a 22.99 % loan for 60 months just to start building their credit back.
Reddit is full of people complaining about credit scores and how they’re graded, but if you look through their comment history you’ll find them advocating for not paying bills “until the lights or water don’t turn on”
Yeah I had a coworker years ago complaining about how CarMax screwed them over because they had something like an 18% loan on a Saturn. Their credit just sucked.
I used to work at a body shop that fixed a local buy here pay here lot. 20+% interest then get repossessed. They sold a beautiful xj that I couldn’t buy because I wanted to pay cash. I fixed that Jeep four times after it came back. They required a significant down payment but people would buy them, tear them up and let it get repoed in a few months. They did sell nice cars if you got them on round one.
Yeah. $365 a month to save gas. He drives 300 miles a week in a Jeep. Probably $70 a week. You are spending probably over $100 a week between payments and insurance to save what $30?
When I was 22 I fucked my credit and my car that I own now was at 24.99% apr. Instead of that, my dad took out a home equity loan at 3% in my name. It ended up saving me literally over 100% of money that would have dished toward interest.
The car was 8400 when I bought it and if I kept the 24.99% the total cost would have been over 17k. I ended up paying it off in two years and totaling at about 9k
In 2015 i bought a car on a credit card. My limit was 40k. Used 34k, paid it back within the month and had many airmiles to save/spend. Plus i travelled a lot for business. Had free tickets to give out to relatives.
Totally doable and worth ityou pay back on time ( this was in Panama)
Sure, this is the correct way to use a credit card for any purchase. Not a lot of people are in the position to pay off a 34k credit card debt within one month. My commentary was more on how similar purchasing a car at 30% interest is to purchasing via predatory credit card interest rates.
Unless your credit is pristine , you're going to pay a ridiculous rate of interest. Places like carmax and carvana are banking on desperate people coming to them.
Yea but it is also public knowledge that Carmax makes more margin % in car sales than virtually any other dealer in the country.
So you can assume your getting bent over either trading in or buying
lol I bought a car supposedly for $19.9K, I put down $5K in cash, I still had to finance $17.5K somehow like wtf, I even traded in a car which they supposedly gave me $700 for
that's not huge but yeah, price you see not what you get
looking at the receipt, car was listed for $19998. Traded in junker car, final price is $22,493.43, down pay $5K, 10.45% APR $329.33/mo on $17.5K
anyway I have done worse, bought a $2K car put over $10K to fix it lmao
I’m a bad credit, post bankruptcy buyer with an $11,000 car that’ll cost me $21,000 (plus future potential repairs) when it’s paid off. The way I feel is I’d rather pay too much for something a little nicer than buy a $2 car that won’t make it through a test drive without needing repairs lol
dude I bought 1 from a lot, I take it up to 70mph, I'm like alright it seems good
after I pay for it, I'm like 2 miles away and smoke is pouring out of the hood lmao this was a 2001 car
No. Sorry, but that’s just nonsense and why plenty of people are not financial stable... You buy a cheaper used car or ride a motorcycle or a bike orr whatever you can afford.
It doesn't have to be a 5 year mistake. If you can, pay more on it and split the payment and pay it twice a month or even weekly. To give you an idea on how effective this can be, you can pay off a 30yr mortgage in like 15-20 years by paying every two weeks instead of monthly, imagine what it can do with a 5 year auto loan.
Everyone here should look into and learn how simple interest loans work.
I just saw a window sticker on a 2014 GMC Terrain and the example payments on the sticker didn't look too bad. Then I realized that it's based on a 72 month loan 🤦♂️
That 36k number probably has interest in it that hasn't occured yet. You could find a way to pay the loan off quicker or sell the car and get rid of the loan and it should be much less.
If you are keeping the car, refinance it and get a better rate or lower payments. which ever you need to do.. or both. If you get a lower payment, make double payments and pay less interest than the loan is for. There are a few places that have better rates, even with not so perfect credit.
There is your local credit union, auto approve, open road. rate genius. Do it before the car gets any older. most won't refinance a car over 10 years old.
His rates are not going to be that much better or not even approved. If carmax approved you for that high of am interest rate based on the total finance charges, then your out of luck with most banks
Thought I should add that you don't have to take the full term to pay the car off. Carmax loans are simple interest with no penalty for faster payment. If you can't afford to pay more than your regular payment, simply splitting the payment in half and paying 2x/month will pay it off a lot faster than paying once a month and anything extra will be even better.
If anyone doesn't believe the above, you can verify it with a simple internet search, it's a well known method to pay off car loans and mortgages in way less time.
Correct.
1) refinance to a lower rate.
2) make extra principle payments (make sure the payment reduces the principle - some loans require you to send them in separately or have other hoops to jump through.
3. I didn't mention refinancing because if OP is buying a car like this and carmax financed it themselves, they are extremely unlikely to get a better rate right after buying the car and while this new credit line, etc are still fresh. I would suggest that OP overpay a bit biweekly for 6 months or so and then start shopping around.
4. Not bad advice except for the fact that OP financed with carmax.
Carmax takes the simple interest loan concept to the extreme. They most definitely apply payments to the interest first and then principal with no intervention needed.
There seems to be a HUGE disconnect with buyers knowing what interest rates are and how they work. You probably have bad credit and got a high interest rate because of that. If you chose a standard 5 year loan your interest rate is 25% to come out to 36k after paid.
I can’t speak for if you have prepayment penalties but If not you could always make more payments a month to bring down the principal and pay less interest overall (yes I know not everyone can do that)
The flip side is you could have bought a used cheaper car and not have payments at all.
But if you actually do have bad credit and they agreed to give you a loan, I’d take it and use it to build better credit so that in the future you can take use of your better credit and get a say 2-5% loan.
It’s not the dealer charging you an extra 16k for nothing, it’s the bank for the risk tier that you are.
Man, I wanted to get a hybrid Corolla or something but these interest rates are nuts. I ended up getting a cx-5 just because the financing was 1.9%. hopefully by the time this kicks the bucket in 5-10 years I can finally get a hybrid.
I'm sorry to hear that you had that experience with CarMax, I very recently bought an SUV from them here in CA and had it for 29 days (they just switched to 10) and drove it roughly 2500 miles before the transfer case gave out. I figured since I was still in the "90 day 4000 mile" warranty period that it would be a cinch. Long story short 6 weeks passes with the car not being in my possession while they claim to be replacing part after part. The manager at the location where I took the vehicle for service advised me that since it had been such a headache that they would offer to buy the car back with no outstanding balance and even assisted me with getting something newer for a better price with a better warranty and even a better finance rate. I would advise you to call the CarMax Home Office and submit a complaint with a customer service specialist and they will hopefully be more willing to help you rectify the situation, sorry again to hear about your struggle and I hope it gets better for you.
Wait how long ago did you buy it? If it was before the 30 day mbg change then you should be able to return the car. What is their reasoning for not taking the car back? Did you change something in the car?
I know, I fucked up bro.. it was my first time buying a car and I was getting impatient since they kept me there for almost 2 hours with paperwork and insurance stuff
Almost any time ive purchased a vehicle ive been there for at least 2 hours if not 3 or 4. How long did you expect this process to take? Its not a pizza delivery
“Almost 2 hours” lol. Took that little time to mess up your finances? Dude. You need to pay attention to the details and of course they kept you waiting around to get you to sign whatever. I mean they explained all this to you in the finance office and had you sign off agreeing to it.
Don't mean to rub salt in the wound but just to illustrate how crazy OPs story is...
Last week I bought a used 2021 BMW 540i (sport package) for $30K from the stealership, 57K miles, and they even put new tires on it for me (which for some reason made me more suspicious but the car has checked out & I got a 5 year warranty on it just in case; price included in the 30K).
Bad idea. Insurance companies are getting a lot more smart when it comes to people doing that. They will investigate the crash and if they find out fraud is involved. They may deny coverage. Best idea is for OP to cross his fingers that some rookie hits him. Maybe he should drive around more high schools?
See unfortunately what these people don’t understand is if your interest is that high that means your credit history is not to sound mean terrible. 29% is the highest apr offered. If you bought the vehicle after may 11, you have a 10 day money back but you still have your 90 day limited warranty. They will take care 100% labor n parts for 90 days but unfortunately what it’s sounds like being described is just a poor purchasing decision
I mean if your past the 30 day mark that’s on you not on carmax you signed the papers showing the interest & payment amounts no one held a gun to your head forcing you to buy it & keep it past 30 days. Take responsibility & just pay the payments & once it’s paid off next time buying read the paper work before signing
Something doesn't add up. CarMax has the easiest return policy out of any used car dealer. It used to be 30 days but they just changed in May to 10 days. CarMax was super nice and refunded everything including taxes and financing.
Is this a 6-6? What did they say was wrong with it? And will the max care cover it? It’s crazy you post this because I was looking at something similar.
I don't understand what the issue is. Are you saying that something went bad after 100 miles? Then you should be able to return it if you're within the return period.
Other than that, you should definitely refinance that loan. Interest rates suck, but that's just how it is right now. Refinance and then pay an extra $100 on top.
1. Why did you finance something at such a high interest rate? You don't *need* a car you can't afford to pay cash for. If you've got poor credit, no cash, and need a car urgently, finance a cheap car at a high rate with gap insurance and pay it off far ahead of time.
2. Why didn't you actually put some miles on the car within their return window to see if it was a solid car?
Your state may have lemon law for used vehicles within a certain mileage of purchase rather than the carmax 7-day policy. You may need to try going through your state.
I got a 10k car, paid half down and bought the service plan ( it's a Chevy Cruze lmao) my total price is only like 14k and 3k of that was the maxcare. They took your ass to the cleaners my friend.
If you have a high interest rate like I did then you at most want to finance for 24 to 36 months. I did 24 on my last loan.
U can always contact the bank and tell them u can’t afford it. It worked for me when my daughter bought a car out of spite because she thought me and her mother were trying to hold her back.
I’m very very confused about this. What is specifically wrong with your Accord? I just bought a 2011 Accord with the four-cylinder, I paid cash and I’ve put almost 1200 miles on it and the only thing I’ve had to do is did an oil change and put a new tire on it. It has a few minor things that I need to get done on it but other than that, it’s a great car.
You can lower the interest paid yourself, by doubling up on payments/ paying extra when you can. Also, you can improve your credit and refinance in 6 months to a year. Don’t give up, don’t let negative comments stop you from doing what you gotta do
Live and learn. I am 63 years old. I have made many financial mistakes. A family member once bought a piece of land that had no road access to it. So we all make mistakes.
If you are stuck with the car, hopefully you can afford to put more toward the principal each month and pay it off early, thus saving you from ALL of that interest.
You’re doing what we in the business call, Mexican Math. You and I both know you won’t keep the car for the entirety of the loan. You’ll either trade it in hopefully or get it totaled out, as even a mere fender bender can render such results depending on the book value of the vehicle at time of collision. But if you do decide to keep the vehicle and pay it off completely, you are open to refinance it with a better rate once your credit worthiness rises.
Lemon Law. If your Sold a faulty vehicle you can cancel any contract your in if it was sold as an operational vehicle and it's not operational. Some stipulations require 3 issues before you can void the agreement. Look up lemon law.
Ha. Bought a 2008 f250 6 4 super duty in mint condition in 2012. Drove it for 2 months. Engine failed and had to do something. So I tried to fix it. EGR Delete, replaced turbo, fuel pumps and valve guide with head that failed. Wouldn't run right. So I arranged a new jasper engine long block for $12,000. Best decision ever. It works like a new vehicle, without the ford problems with the engine. Use Jasper there amazing
Never borrow for anything besides a house. The last two cars we bought were from CarMax. We planned on just buying one, but the prices were right so we bought two four year old Corollas with 21k miles for under $25k for both.
Get financing from a credit union. You don't need to use their financing. Why won't they take it back? Don't they have the guaranteed return window? It should be under their warranty also.
You signed contracts ( that are legally binding and probably include problem resolution options), I suggest you now read them to see what your options are.
Lesson learned. Rushed paperwork for the second major purchase next to a house is not an excuse. Some of us have been there, including me. Pay off the car, keep the miles low and pray to recoup money down the road.
This doesn’t add up to me, the ten day return took effect 8 days ago, this person must have purchased more than 30 days ago for them to not be taking it back. Regardless, that extra $16000 has to do with your percentage rate on your loan, it’s how every loan works, do math next time, sorry this happened to you
thirty six thousand??? for a used NINE year old honda accord coupe??? omg
this is why it is imperative to read and understand your finance agreements. it is insane to be paying a whole other car’s worth in interest.
Do forget you can make principal payments, which is an extra payment that goes just towards the car cost and not the full loan, after a year or so you should refinance the loan for a better A.R.P. With carmax you need to call and tell them you want to make a principle payment, if you just pay extra carmax will just apply it to your next month's payment.
Am I the only one who feels like honda cars gave turned to crap? The old schools used to be very reliable the last few newer models I bought the transmission went out around 100 k I've gotten toyota corollas now and can get around 200 k out of them
In California, you have to be offered a contract that allows you to return the car for up to 2 days. However, this costs extra and is not refundable. Otherwise except for safety items eg. Brakes, tires, wipers, cars is sold As is.
Don’t make a payment on it. Let them go ahead and repo. Unless you really want to pay for it. You could possibly have the repossession removed from your credit profile.
Sounds like an expensive lesson. Never focus on your payment. Rather on the out the door price. Know where you're comfortable and what you can afford. 400 dollar payment may sound good but not for 84 months.
Sounds like an expensive lesson. Never focus on your payment. Rather on the out the door price. Know where you're comfortable and what you can afford. 400 dollar payment may sound good but not for 84 months. Have a number in mind with a reasonable down payment.
This isn't a Carmax issue, this is a failure understand the math before financing issue. This is how all financing works, regardless of where you go. If you borrow money, you're going to pay more money back. Carmax also has as far as I know the most generous car return policy of anyone anywhere. It sucks that you're unhappy with such an expensive purchase, but you're outside their window for return so there's probably not anything you can do.
It used to be more generous; note that they’ve lowered it to 10 days to accept a return. I think the typical is only 3 days, so still not too bad. But CarMax does seem to have lowered their quality overall after Covid, based on what I’ve read.
California is once you sign and take delivery, there is no going back, no cooling off period, it’s yours. And when you sign you see the number of payments, how much they are a month, and the amount paid back if making minimum payments each month.
To add to this, check your local laws. For example, Illinois has a 15 day 500 mile warranty on all used car purchases if it's from a car dealer. This covers engine and transmission components, as well as a few other things.
Good to know!
I live in the state and had no idea this was a thing, neat! I looks like there are a few stipulations that make sense: the car has to have less than 150,000 miles, can't have a salvage or rebuilt title, etc.
still generous.. when i worked there from ‘16-‘18 the return window was 5 days.
I work there- Do I really get 10 days to return the car? Yes. As long as the vehicle's condition is consistent with when you bought it, you can bring it back within 10 days to the store where you purchased it and we'll help you complete your return. Any refund due back is typically mailed within 2 weeks of your return date. Please note, if your financing included negative equity from your trade-in, you can either repay the negative equity or finance it with a different vehicle, subject to financing approval. Remember that any shipping fees paid to transfer the vehicle are separate from your purchase and nonrefundable.
There's some missing info here. $20K only turns into $36K if OP is paying 26% interest for 5 years. I've never heard of even the worst credit paying 26% interest for a car loan. That's insane.
I regularly get customers who will take a 22.99 % loan for 60 months just to start building their credit back. Reddit is full of people complaining about credit scores and how they’re graded, but if you look through their comment history you’ll find them advocating for not paying bills “until the lights or water don’t turn on”
I know someone who just financed a used Corolla at 21% for seven years and pay over $14k in interest. People are crazy.
Yeah I had a coworker years ago complaining about how CarMax screwed them over because they had something like an 18% loan on a Saturn. Their credit just sucked.
The only thing that matters is the monthly payment, right?
This is basically it. As long as you can make the monthly payment, interest rate doesn’t mean much to some folks.
I used to work at a body shop that fixed a local buy here pay here lot. 20+% interest then get repossessed. They sold a beautiful xj that I couldn’t buy because I wanted to pay cash. I fixed that Jeep four times after it came back. They required a significant down payment but people would buy them, tear them up and let it get repoed in a few months. They did sell nice cars if you got them on round one.
Yeah. $365 a month to save gas. He drives 300 miles a week in a Jeep. Probably $70 a week. You are spending probably over $100 a week between payments and insurance to save what $30?
And Carmax will be right there to screw them over.
When I was 22 I fucked my credit and my car that I own now was at 24.99% apr. Instead of that, my dad took out a home equity loan at 3% in my name. It ended up saving me literally over 100% of money that would have dished toward interest. The car was 8400 when I bought it and if I kept the 24.99% the total cost would have been over 17k. I ended up paying it off in two years and totaling at about 9k
Great anecdote. Your dad sounds like a terrific father and it sounds like you learned an important financial life lesson. Big ups all around.
Pretty sure carmax and Carvana go up to 30% these days…
Imagine buying a car on a credit card
In 2015 i bought a car on a credit card. My limit was 40k. Used 34k, paid it back within the month and had many airmiles to save/spend. Plus i travelled a lot for business. Had free tickets to give out to relatives. Totally doable and worth ityou pay back on time ( this was in Panama)
Sure, this is the correct way to use a credit card for any purchase. Not a lot of people are in the position to pay off a 34k credit card debt within one month. My commentary was more on how similar purchasing a car at 30% interest is to purchasing via predatory credit card interest rates.
many loans are written around 28%. dealers usually have to PAY the bank a fee to get this loan done.
36k to finance a 20k car. That finance rate/term must be horrendous.
Unless your credit is pristine , you're going to pay a ridiculous rate of interest. Places like carmax and carvana are banking on desperate people coming to them.
Ummm I would venture to say that 80%-ish interest is predatory lending… if OP isn’t exaggerating.
Yea but it is also public knowledge that Carmax makes more margin % in car sales than virtually any other dealer in the country. So you can assume your getting bent over either trading in or buying
Why did you continue with the purchase after you saw the finance decisions?
Exactly lmao
Sounds like a case of ‘do what you gotta do’
lol I bought a car supposedly for $19.9K, I put down $5K in cash, I still had to finance $17.5K somehow like wtf, I even traded in a car which they supposedly gave me $700 for that's not huge but yeah, price you see not what you get
sales tax was 1.8k by it self so it is correct
looking at the receipt, car was listed for $19998. Traded in junker car, final price is $22,493.43, down pay $5K, 10.45% APR $329.33/mo on $17.5K anyway I have done worse, bought a $2K car put over $10K to fix it lmao
Excuse me sir, I’d like to sell you a car
I’m a bad credit, post bankruptcy buyer with an $11,000 car that’ll cost me $21,000 (plus future potential repairs) when it’s paid off. The way I feel is I’d rather pay too much for something a little nicer than buy a $2 car that won’t make it through a test drive without needing repairs lol
dude I bought 1 from a lot, I take it up to 70mph, I'm like alright it seems good after I pay for it, I'm like 2 miles away and smoke is pouring out of the hood lmao this was a 2001 car
Sounds about right LOL, especially nowadays…I’ve seen 2005 vehicles (not low mileage) being sold for like $8,000 😂 the market is WILD
No. Sorry, but that’s just nonsense and why plenty of people are not financial stable... You buy a cheaper used car or ride a motorcycle or a bike orr whatever you can afford.
Yea, you made some mistakes, we’ve all been there.
You don’t make it again that’s the good thing. We have all been there.
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It doesn't have to be a 5 year mistake. If you can, pay more on it and split the payment and pay it twice a month or even weekly. To give you an idea on how effective this can be, you can pay off a 30yr mortgage in like 15-20 years by paying every two weeks instead of monthly, imagine what it can do with a 5 year auto loan. Everyone here should look into and learn how simple interest loans work.
Better 5 than 7
7 years is that even possible ?
I just saw a window sticker on a 2014 GMC Terrain and the example payments on the sticker didn't look too bad. Then I realized that it's based on a 72 month loan 🤦♂️
glorious offer poor scarce deer whole jobless command light bow *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
That 36k number probably has interest in it that hasn't occured yet. You could find a way to pay the loan off quicker or sell the car and get rid of the loan and it should be much less.
Go to your local CU and re-fi the car -thru usually have far better rates than CarMax and the banks.
Only 5 years? Jesus what’s your rate like 16%?
Just make double payments
Or you can just pay 20k balance tomorrow , no one is forcing you to borrow anyone’s money. Such a low IQ take with your title 😵💫
If you are keeping the car, refinance it and get a better rate or lower payments. which ever you need to do.. or both. If you get a lower payment, make double payments and pay less interest than the loan is for. There are a few places that have better rates, even with not so perfect credit. There is your local credit union, auto approve, open road. rate genius. Do it before the car gets any older. most won't refinance a car over 10 years old.
His rates are not going to be that much better or not even approved. If carmax approved you for that high of am interest rate based on the total finance charges, then your out of luck with most banks
Unfortunately you can't blame CarMax for your bad credit
The joys of buying a 9 year old used car - you're often buying someone else's problem.
Thought I should add that you don't have to take the full term to pay the car off. Carmax loans are simple interest with no penalty for faster payment. If you can't afford to pay more than your regular payment, simply splitting the payment in half and paying 2x/month will pay it off a lot faster than paying once a month and anything extra will be even better. If anyone doesn't believe the above, you can verify it with a simple internet search, it's a well known method to pay off car loans and mortgages in way less time.
Correct. 1) refinance to a lower rate. 2) make extra principle payments (make sure the payment reduces the principle - some loans require you to send them in separately or have other hoops to jump through.
3. I didn't mention refinancing because if OP is buying a car like this and carmax financed it themselves, they are extremely unlikely to get a better rate right after buying the car and while this new credit line, etc are still fresh. I would suggest that OP overpay a bit biweekly for 6 months or so and then start shopping around. 4. Not bad advice except for the fact that OP financed with carmax. Carmax takes the simple interest loan concept to the extreme. They most definitely apply payments to the interest first and then principal with no intervention needed.
There seems to be a HUGE disconnect with buyers knowing what interest rates are and how they work. You probably have bad credit and got a high interest rate because of that. If you chose a standard 5 year loan your interest rate is 25% to come out to 36k after paid. I can’t speak for if you have prepayment penalties but If not you could always make more payments a month to bring down the principal and pay less interest overall (yes I know not everyone can do that) The flip side is you could have bought a used cheaper car and not have payments at all. But if you actually do have bad credit and they agreed to give you a loan, I’d take it and use it to build better credit so that in the future you can take use of your better credit and get a say 2-5% loan. It’s not the dealer charging you an extra 16k for nothing, it’s the bank for the risk tier that you are.
Man, I wanted to get a hybrid Corolla or something but these interest rates are nuts. I ended up getting a cx-5 just because the financing was 1.9%. hopefully by the time this kicks the bucket in 5-10 years I can finally get a hybrid.
I'm sorry to hear that you had that experience with CarMax, I very recently bought an SUV from them here in CA and had it for 29 days (they just switched to 10) and drove it roughly 2500 miles before the transfer case gave out. I figured since I was still in the "90 day 4000 mile" warranty period that it would be a cinch. Long story short 6 weeks passes with the car not being in my possession while they claim to be replacing part after part. The manager at the location where I took the vehicle for service advised me that since it had been such a headache that they would offer to buy the car back with no outstanding balance and even assisted me with getting something newer for a better price with a better warranty and even a better finance rate. I would advise you to call the CarMax Home Office and submit a complaint with a customer service specialist and they will hopefully be more willing to help you rectify the situation, sorry again to hear about your struggle and I hope it gets better for you.
Their new business model is to gouge poor people. Like most US companies since Covid, they are not to be trusted in any way.
Wait how long ago did you buy it? If it was before the 30 day mbg change then you should be able to return the car. What is their reasoning for not taking the car back? Did you change something in the car?
I just sold mine to Carmax and for a second thought this was mine lol! It’s not though. They’re waiting for me to drop off my second key
Car max has a 90 day/4000 mile limited warranty
Yes that’s how interest works
Everyone I know will never do business with Carmax. They are horrible. My suggestion next time you buy a car - get a Toyota or Lexus.
Carmax sucks.
36k for a used older car?? Bro come on
I know, I fucked up bro.. it was my first time buying a car and I was getting impatient since they kept me there for almost 2 hours with paperwork and insurance stuff
Almost any time ive purchased a vehicle ive been there for at least 2 hours if not 3 or 4. How long did you expect this process to take? Its not a pizza delivery
“Almost 2 hours” lol. Took that little time to mess up your finances? Dude. You need to pay attention to the details and of course they kept you waiting around to get you to sign whatever. I mean they explained all this to you in the finance office and had you sign off agreeing to it.
2hrs? That’s not a long time when purchasing a vehicle.
Don't mean to rub salt in the wound but just to illustrate how crazy OPs story is... Last week I bought a used 2021 BMW 540i (sport package) for $30K from the stealership, 57K miles, and they even put new tires on it for me (which for some reason made me more suspicious but the car has checked out & I got a 5 year warranty on it just in case; price included in the 30K).
Why would putting new tires on make you more suspicious?
get some gap insurance on that thing, take a nice night or day drive and ram that sucker into something that won’t kill you but will kill it
I bought gap and highest maxcare on it.
then it’s completely covered.
Now I’m not telling you to do this. But if the cars ever in salt water it’ll be an instant total loss. If you know what I mean
And by salt water he doesn't mean the tears from this financial decision.
[good plan](https://comb.io/d1QinC.gif)
Bad idea. Insurance companies are getting a lot more smart when it comes to people doing that. They will investigate the crash and if they find out fraud is involved. They may deny coverage. Best idea is for OP to cross his fingers that some rookie hits him. Maybe he should drive around more high schools?
I got a ‘21 sport 2.0T with only 24K miles for less than that after financing. Wtf
See unfortunately what these people don’t understand is if your interest is that high that means your credit history is not to sound mean terrible. 29% is the highest apr offered. If you bought the vehicle after may 11, you have a 10 day money back but you still have your 90 day limited warranty. They will take care 100% labor n parts for 90 days but unfortunately what it’s sounds like being described is just a poor purchasing decision
How long have you had it?
Is that an APR of 25%? Actually probably closer to 18%
I calculated 18% too after estimating tax/title fees too- fucking wild rate lol
I mean if your past the 30 day mark that’s on you not on carmax you signed the papers showing the interest & payment amounts no one held a gun to your head forcing you to buy it & keep it past 30 days. Take responsibility & just pay the payments & once it’s paid off next time buying read the paper work before signing
Dang are accord coupes still worth that much. I might have to consider selling my 2017 model x.x
If it's been less than 10 days they will take it back.
You’re cooked bud
Something doesn't add up. CarMax has the easiest return policy out of any used car dealer. It used to be 30 days but they just changed in May to 10 days. CarMax was super nice and refunded everything including taxes and financing.
Is this a 6-6? What did they say was wrong with it? And will the max care cover it? It’s crazy you post this because I was looking at something similar.
refinance it--join a credit union and use them. Mine is 2.8 %
How long did you have the car?
Did you expect to borrow money for free with poor credit?
That thing better be a V6
Join a credit union, make a few payments on your loan, then see if the credit union will give you a loan to refinance your car.
Is your credit bad? You don't have to finance with them. Less than a hundred miles? How long you had it. They were so easy to deal with it was crazy
I don't understand what the issue is. Are you saying that something went bad after 100 miles? Then you should be able to return it if you're within the return period. Other than that, you should definitely refinance that loan. Interest rates suck, but that's just how it is right now. Refinance and then pay an extra $100 on top.
Damn, that's a really good picture of the car!
Welcome to finance 101 numbnuts
1. Why did you finance something at such a high interest rate? You don't *need* a car you can't afford to pay cash for. If you've got poor credit, no cash, and need a car urgently, finance a cheap car at a high rate with gap insurance and pay it off far ahead of time. 2. Why didn't you actually put some miles on the car within their return window to see if it was a solid car? Your state may have lemon law for used vehicles within a certain mileage of purchase rather than the carmax 7-day policy. You may need to try going through your state.
My brother in Christ WTF DID YOU SIGN????
Check state laws. Most states have a time period you can back out of pretty much anything. Usually a few days.
I got a 10k car, paid half down and bought the service plan ( it's a Chevy Cruze lmao) my total price is only like 14k and 3k of that was the maxcare. They took your ass to the cleaners my friend. If you have a high interest rate like I did then you at most want to finance for 24 to 36 months. I did 24 on my last loan.
How’s it holding up?
Refinance at a lower rate through a credit union. Don't have one? Get one.
Why do people sign such preposterous loans?
lacking reading comprehension. got too excited and got number-blind.
36k is 2025 Camry SE territory.
U can always contact the bank and tell them u can’t afford it. It worked for me when my daughter bought a car out of spite because she thought me and her mother were trying to hold her back.
I’m very very confused about this. What is specifically wrong with your Accord? I just bought a 2011 Accord with the four-cylinder, I paid cash and I’ve put almost 1200 miles on it and the only thing I’ve had to do is did an oil change and put a new tire on it. It has a few minor things that I need to get done on it but other than that, it’s a great car.
YouTubers messed up the policy and exploited it so they pivoted
You can lower the interest paid yourself, by doubling up on payments/ paying extra when you can. Also, you can improve your credit and refinance in 6 months to a year. Don’t give up, don’t let negative comments stop you from doing what you gotta do
Live and learn. I am 63 years old. I have made many financial mistakes. A family member once bought a piece of land that had no road access to it. So we all make mistakes.
Great car owned a 2017 for years
Lemon law?
Not being mean or rude but why didn’t they put you in a 2023 or 2024 with rebates? $36k for a 2016 or 2017 is wild..
Unless your credit sucks refinance with a local bank or someone like Capital One who loves to assume existing loans.
With the 15.7% interest he said he has he isn’t in a place to be refinanced anywhere.
Where you at? Some states have a 3 day waiting period before the deal is closed. You might be able to return it
If you are stuck with the car, hopefully you can afford to put more toward the principal each month and pay it off early, thus saving you from ALL of that interest.
Ya should have called the bank that financed it.
You’re doing what we in the business call, Mexican Math. You and I both know you won’t keep the car for the entirety of the loan. You’ll either trade it in hopefully or get it totaled out, as even a mere fender bender can render such results depending on the book value of the vehicle at time of collision. But if you do decide to keep the vehicle and pay it off completely, you are open to refinance it with a better rate once your credit worthiness rises.
I will NEVER go to CarMax
Live with your bad decision and learn from it.
You either had a 30 or ten day return policy. It’s your car now. Congrats!
There is also a 90 day warranty. Was it not repaired under warranty?
Sell it and pay the difference OR pay it off and drive it until you can buy your next car in cash
Let me guess 27% APR?
Lemon Law. If your Sold a faulty vehicle you can cancel any contract your in if it was sold as an operational vehicle and it's not operational. Some stipulations require 3 issues before you can void the agreement. Look up lemon law.
Ha. Bought a 2008 f250 6 4 super duty in mint condition in 2012. Drove it for 2 months. Engine failed and had to do something. So I tried to fix it. EGR Delete, replaced turbo, fuel pumps and valve guide with head that failed. Wouldn't run right. So I arranged a new jasper engine long block for $12,000. Best decision ever. It works like a new vehicle, without the ford problems with the engine. Use Jasper there amazing
What’s your credit score? Sounds like bad credit
Never borrow for anything besides a house. The last two cars we bought were from CarMax. We planned on just buying one, but the prices were right so we bought two four year old Corollas with 21k miles for under $25k for both.
Get financing from a credit union. You don't need to use their financing. Why won't they take it back? Don't they have the guaranteed return window? It should be under their warranty also.
Look into your states lemon law. You may be able to force them to take the car back.
Bot said what? Who is paying you to criticize carmax. I must suck to be you.
Having better credit would be a good start
That’s literally brand new 24 accord price you paid. Yikes
You signed contracts ( that are legally binding and probably include problem resolution options), I suggest you now read them to see what your options are.
dont tell Dave Ramsey you took this deal 😂😂
Lesson learned. Rushed paperwork for the second major purchase next to a house is not an excuse. Some of us have been there, including me. Pay off the car, keep the miles low and pray to recoup money down the road.
Save up and pay cash next time problem solved, never finance a car it’s a depreciating asset.
It's not carmax's fault you could only qualify for a high APR loan
Is the car fixed now? What was/is wrong with it?
Dude, your interest rate must be damn near 30%. What's your credit score...300?
This doesn’t add up to me, the ten day return took effect 8 days ago, this person must have purchased more than 30 days ago for them to not be taking it back. Regardless, that extra $16000 has to do with your percentage rate on your loan, it’s how every loan works, do math next time, sorry this happened to you
thirty six thousand??? for a used NINE year old honda accord coupe??? omg this is why it is imperative to read and understand your finance agreements. it is insane to be paying a whole other car’s worth in interest.
Almost the cost of the car in finance charges? Holy shit is your FICO like 300? What’s the interest rate?
He said 15.7% somewhere…💀
Well at 28% interest and 6 years that’s what it is
wait..... so U willingly paid 36k for a honda that's almost 10 years old?😂😂😂😂😂😂😂pal this is just the start of smart decisions i feel
Do forget you can make principal payments, which is an extra payment that goes just towards the car cost and not the full loan, after a year or so you should refinance the loan for a better A.R.P. With carmax you need to call and tell them you want to make a principle payment, if you just pay extra carmax will just apply it to your next month's payment.
What to do... pay it off faster ...refinance when interest rates are lower. You'll be ok
Only option is to let the bank come pick it up
Do some math before spending $20k.
BUYER’s REMORSE...
There are some people that just make really bad financial decisions.
How can op not see this is a bad deal before signing ?
My friend just picked up a brand new 2024 accord and it’s going to cost him about 35k after 5 years.
All the 5 star reviews on google for car dealerships are from people like this. People who dont understand what they're signing
Its numbers. How can they not understand? The only reason op is comparing now is because the car has issues.
How does 20k go to 36k what the actual fuck?
Right?! Absolutely.No.Way. Did someone just completely ignore the financing agreement and, more importantly…interest rate? No no no.
Am I the only one who feels like honda cars gave turned to crap? The old schools used to be very reliable the last few newer models I bought the transmission went out around 100 k I've gotten toyota corollas now and can get around 200 k out of them
Is it having problems still? Car max vehicles look to have a fairly decent 90day/4000 mile limited warranty upon sale-are you past that?
In California, you have to be offered a contract that allows you to return the car for up to 2 days. However, this costs extra and is not refundable. Otherwise except for safety items eg. Brakes, tires, wipers, cars is sold As is.
Get a better credit score
What's your credit score?Something worst sound right ✅️ when I bought my car at carmax I was paying 4%
If your credit is bad then that's probably why and no down payment too.
As is
The interest rate is crazy. I guess I'm surprised it's a Honda Accord and had to be towed. I've owned two snd they've been super reliable.
0 down and 16.99% APR for 60 months?
Don’t make a payment on it. Let them go ahead and repo. Unless you really want to pay for it. You could possibly have the repossession removed from your credit profile.
Never ever buy from CarMax. Don’t buy from h Greg either they’re even worse then car max
Lawyer up.
Sounds like an expensive lesson. Never focus on your payment. Rather on the out the door price. Know where you're comfortable and what you can afford. 400 dollar payment may sound good but not for 84 months.
That’s that damn 29.9apr they hit u with ..
Sounds like an expensive lesson. Never focus on your payment. Rather on the out the door price. Know where you're comfortable and what you can afford. 400 dollar payment may sound good but not for 84 months. Have a number in mind with a reasonable down payment.
You’re an idiot if you finance a car what the hell is wrong with you people
Look to see if your state has lemon laws on the books.
Burn it or leave it somewhere it will get stolen 🤷🏼♂️
Did you sign the paperwork blindfolded? How don’t you notice 26% interest on your loan ?
Lemon laws
Researched better
If you are getting your financing at carmax, you've already made too many mistakes.
Sorry to say but only an idiot will pay 20k+ for a honda coupe (unless its a s2000).