Mega Contributor
Creditaddict
Posts: 16,863
Registered: ‎10-23-2007
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)

Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
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Regular Contributor
dobirdsmommy
Posts: 215
Registered: ‎02-29-2012
Re: CARMAX Lending... If you are desperate

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

Wallet:ME: 400 Cap One, 1k Quicksilver/rewards, 500 Capital one 1100 FH, Santander Car 11k/15k, Chase Auto Loan 14/16k, VS 550, BH 600, Express 500, Avenue 500, JCrew 500, HSN 670, Roamans 500, Jessica London 500, kings direct 500, Buckle 500, OSP 750, WW 750, Solutions 500, Blair 500.. baddies: 1 Cap 1 CO, 2 FP CO, 2 HSBC CO, EXP 2 state tax liens 1 fed, EQ 1 fed tax lien, TU 1 state 1 fed tax lien.
DH: 300 Cap One 400 Cap One 500 capital one 950 fh AU - VS, BH, HSN, QS 1k
Moderator
Revelate
Posts: 6,738
Registered: ‎12-30-2011
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.

 


Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
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Mega Contributor
Creditaddict
Posts: 16,863
Registered: ‎10-23-2007
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 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Member
4thmouse
Posts: 31
Registered: ‎10-24-2012
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: 25
Registered: ‎12-07-2010
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.


Starting Score: EQ654(10/19/2010), EX?,TR ?
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Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011
Re: CARMAX Lending... If you are desperate
That's crazy! Who would get a rate like that?

Starting Score: 08/29/2011 TU 671 EQ 674
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Regular Contributor
Tischer712
Posts: 235
Registered: ‎12-02-2011
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

Starting Score: myFico Scores Equifax 544 Transunion 585
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Goal Score: 700 Across the board


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New Contributor
PCMedic
Posts: 62
Registered: ‎01-24-2009
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).

 

Scores Credit Karma TU=697 Vantage 727 | WalMart TU=709 | CreditSesame Exp=739 | Exp. FICO = 739 Barclays TU=706 Discover IT = 702

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Moderator
Shogun
Posts: 10,859
Registered: ‎04-15-2011
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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Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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