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.
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
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.
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!
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.