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Epic Contributor
Creditaddict
Posts: 22,092
Registered: ‎10-23-2007
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CARMAX Lending... If you are desperate

Hey all, thought I would share just quickly... Just in case.

When I say Desperate I hope it's practically life and death before someone would take this type of offer but anyway.

 

Friend applied over phone for CarMax for $11k car and got call in less than 10 minutes with approval for $1k down, and income verification and..... hold your breath... 27.99% APR!!

 

and I thought my Santander rate of 17% back after BK was bad! (and this was part of the Santander group I believe)

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Regular Contributor
dobirdsmommy
Posts: 229
Registered: ‎02-29-2012
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Re: CARMAX Lending... If you are desperate

Wow makes my Santander at 19 look beautiful and newly Chase at 9 look amazing.  

2011 starting score 383 pull for Santander, EX 639, EQ 669, TU 651 (lending club pull)
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Revelate
Posts: 9,751
Registered: ‎12-30-2011
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Re: CARMAX Lending... If you are desperate

Not all Carmax loans are anywhere close to that; however, they do often deal in the same range as Santander/Roadloans.

 

As a matter of fact, Santander is one of their financing partners, and presumably they gave you the best of the options they received from their lenders.

 

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Epic Contributor
Creditaddict
Posts: 22,092
Registered: ‎10-23-2007
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Re: CARMAX Lending... If you are desperate


Revelate wrote:

Not all Carmax loans are anywhere close to that; however, they do often deal in the same range as Santander/Roadloans.

 

As a matter of fact, Santander is one of their financing partners, and presumably they gave you the best of the options they received from their lenders.

 


Good Point for sure!!

CarMax uses Citi, Capital One, Roadloans, Santander, and I think for over 7+ years they started offering CarMax loans backed by themselves.  They are nice for approvals in minutes, I have never seen until this one that this post is have they ever asked for income, higher deposits, etc. and I have seen them offering in the 7-11% even with some pretty bad credit.  The in and out in under 1 hour is my favorite thing about them when buying!

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Member
4thmouse
Posts: 31
Registered: ‎10-24-2012
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Re: CARMAX Lending... If you are desperate

Crap, I have never had a loan more than 5% and even that is high, and that is with questionable items on my CR. Infact before my BK, I had a carmax loan at 2.9% for 60 months. I beleive that was thru santander.

Valued Member
GetAHouse
Posts: 26
Registered: ‎12-07-2010
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Re: CARMAX Lending... If you are desperate

WOW, you sure this loan isn't from the mob? I would find the best beater I could, that I thought would last me 2 to 3 years for the lowest possible price and go with that until my credit score went up to the point where I could get that finance rate sub 10%. I remember long ago(about 7 years ago when my credit score were high 500's low 600's and I was offered 13.9% by capital one, and I thought that was highway robbery. That rate you mentioned is outright extortion(lol). That's beyond desperate, it's insane. I couldn't do it.


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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: CARMAX Lending... If you are desperate

That's crazy! Who would get a rate like that?

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Tischer712
Posts: 235
Registered: ‎12-02-2011
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Re: CARMAX Lending... If you are desperate

When I was younger, I bought a used Chevy S10 for 12k. Put 3k down and got a 29.7% interest rate. I was only 18 and didn't really know what I was doing. As of today, only 5 months until the repo that followed getting the loan drops off my report!! Lol

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PCMedic
Posts: 68
Registered: ‎01-24-2009
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Re: CARMAX Lending... If you are desperate

Wow !! I was just two weeks out of BK back in 2/2007 and got 12.5% from WFDS. Just finished paying that one off and traded last month for 2013 Chrysler T&C and got 2.5% from TD (Formerly Chrysler Financial).

 

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: CARMAX Lending... If you are desperate


Tischer712 wrote:
When I was younger, I bought a used Chevy S10 for 12k. Put 3k down and got a 29.7% interest rate. I was only 18 and didn't really know what I was doing. As of today, only 5 months until the repo that followed getting the loan drops off my report!! Lol

Unfortunately in our youth, this is how we learn.  :smileysad:


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