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Established Contributor
CreditDrama85
Posts: 1,044
Registered: ‎07-03-2007
0

Carmax and bad credit ?

has anyone every purchased from carmax with little money down and bad fico scores? how much did you put down? what were your ficos? who were you financed through?
Regular Contributor
vesper
Posts: 234
Registered: ‎03-23-2008
0

Re: Carmax and bad credit ?

My friend used to work at carmax and told me it is very hard to get financed through them if you have bad credit / low scores. 98% of the time they turn you down. About 10 years ago I tried to get a car through carmax and was declined. I don't know what my scores were though, but I was trying to buy my first car.
New Contributor
Awsric
Posts: 61
Registered: ‎11-30-2007
0

Re: Carmax and bad credit ?

I did with Carmax last year in June.
 
With average scores in the 580 range and with the only recent Credit History being a Secured BofA card with 3 months history at the time.
 
I had not used credit for several years before that so there were not any Credit History but also there were not any baddies either.
 
I was Financed at 18% for 72 months through AmeriCredit for $26,000 and put $3,000 Cash down on a 2005 Chrysler 300C.
 
Now almost 1 year later and much better FICOs I am about to re-finance with either PenFed or JFCU at 4.25% for the remaining balance for 60 months.
 
 
It can be done.
4-2-2008 TU 641
4-8-2008 EX 626
5-3-2008 EQ 629
Valued Member
jay33
Posts: 47
Registered: ‎01-11-2008
0

Re: Carmax and bad credit ?

I purchased thrugh Carmax about a year and half ago.  I had scores from 575 to 615.  I was denied by many but apporved through Wells Fargo and BofA.  I put $500 down.  Keep in mind this was a new Carolla...If you're looking for a more expensive vehicle than it may be tougher.  Good luck
Established Member
willhbauto
Posts: 20
Registered: ‎05-17-2007
0

Re: Carmax and bad credit ?

How did you buy a "new" Corolla at Carmax? Carmax only sells preowned vehicles.
 
 
Anyways, you screwed up by allowing that vehicle to get reposessed, it takes almost 120 days late for a bank to decide they're going to take it from you and they usually contact you many time first. You can still get approved for financing but you'll have to prove you crawl before walk all over again. You'll get approved at a sub-prime rate on a small dollar amount. Usually between 10-15K. You said you do investing correct? Then how come you don't realize how bad of an investment a $40,000 car loan is at 12%-15% interest rate? Not to mention you'll be paying mortgage like car-payments, a dumb decision. 
 
There is a good reason Warren Buffett still lives in the modest house in Oklahoma that he lived in before he made his billions.
Established Member
edrenjr
Posts: 18
Registered: ‎03-04-2008
0

Re: Carmax and bad credit ?

You are wrong about the 120 days for repo from a bank.  My brother got his car repo'd after missing 2 payments - so that's 60 days.  It was financed through Toyota Motor Credit.  I guess it depends on the financing agency.  He got it back two days later, but what a production.  They came at 2 in the morning and took the car, no notice or anything!
3/5/08 EX 542 - EQ 587 - TU 589
Frequent Contributor
treschic
Posts: 324
Registered: ‎11-18-2007

Re: Carmax and bad credit ?

i know this is late, but i'm surprised that no one responded to willhbauto comment, i don't think it productive nor constructive to tell someone that whatever decision they made was "dumb" or to condem them for a decision/mistake they made.  the purpose of this forum is to provide constructive critisim.  "if you don't have something nice to say, don't say anything at all" definently applies here.
Valued Member
jay33
Posts: 47
Registered: ‎01-11-2008
0

Re: Carmax and bad credit ?

Sorry, not new.  It was an 06 purchased in November of 06.
Contributor
betamunupe
Posts: 91
Registered: ‎02-12-2008
0

Re: Carmax and bad credit ?

and carmax does sell new cars!!!
Having credit is important if not more important than having cash!!!
Contributor
myficomatt
Posts: 119
Registered: ‎01-03-2008
0

Re: Carmax and bad credit ?


willhbauto wrote:There is a good reason Warren Buffett still lives in the modest house in Oklahoma that he lived in before he made his billions.



Warren Buffett lives in Omaha, NE. but your point is still clear... :smileytongue:

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