topic O Re: CARMAX ? in Auto Loans

CARMAX ?

bsal — Sat, 23 Apr 2016 15:17:17 GMT

My experian auto score as so excellent 775 and 808 but I would like to know for sure if carmax do in fact pulls experian auto score. Some say they do but I called carmax and the sales rep acts like he doesn't know. I really don't want to waste a HP so if someone anyone who has purchased a car from carmax and knows for sure if they do infact pull experian auto scores please let me know I really don't want to miss out on the perfect car I found

Re: CARMAX ?

pipeguy — Sat, 23 Apr 2016 16:39:31 GMT

@bsal wrote:
My experian auto score as so excellent 775 and 808 but I would like to know for sure if carmax do in fact pulls experian auto score. Some say they do but I called carmax and the sales rep acts like he doesn't know. I really don't want to waste a HP so if someone anyone who has purchased a car from carmax and knows for sure if they do infact pull experian auto scores please let me know I really don't want to miss out on the perfect car I found

Can't say I've purchased a car from CarMax, although I've come close. That said, with your scores why would you even consider geting financed through CarMax without looking at preapprovals through Credit Unions or Banks? You should qualify for the lowest rates if your FICO scores are 775 to 808 which would mean 1.49 to 1.99% prequalified through a credit union. If I was in your shoes I wouldn't let Carmax pull my scores at all, they are NOT going to beat direct bank/CU lending.

Re: CARMAX ?

bsal — Sat, 23 Apr 2016 16:52:06 GMT

Yes I understand that but those scored are my experian auto scores with the credit unions I don't think they use auto fico scores they use the common mortgage lenders score and mine are not as high as my fico auto scores

Re: CARMAX ?

Anonymous — Sat, 23 Apr 2016 17:51:45 GMT

Carmax will most likely pull Experian AND Transunion AND Equifax. MULTIPLE times, like 10-12 overall.

See how they work is they shotgun your application to MULTIPLE lenders. And each lender pulls whatever bureau they want, sometimes more than one bureau.

Do NOT use them for financing with your scores. Go through DCU or PenFed or any other CU. you won't get the best rates going through them.

Any reason why you want a particular score pulled - there's no guarantee any lender will pull that exact one only???

Re: CARMAX ?

bsal — Sat, 23 Apr 2016 20:02:48 GMT

None of that happend I was picked up by carMax financing so they didn't shop me around unfortunately I don't think they used my experian auto score cause I go a 5.2% 66 months

Re: CARMAX ?

Gmood1 — Sat, 23 Apr 2016 20:26:51 GMT

How long have you had the car? You need to go back and use your own financing. There is no reason to go through carmax..you've been ripped off! Your scores are too good for that rate.

Re: CARMAX ?

bsal — Sat, 23 Apr 2016 20:33:29 GMT

Dude what don't you guys understand ?those are my auto scores from experian I don't think they pulled those scores I'm waiting to get my paper work to see what actual scores were pulled

O Re: CARMAX ?

Gmood1 — Sat, 23 Apr 2016 20:44:46 GMT

What are your scores dude? You're not giving enough info for us to help you. Don't ask for help if you don't plan to atleast listen. Your Fico 8/scores can be pulled for a dollar. It's worth it to know where you stand before car shopping.

Re: CARMAX ?

bsal — Sat, 23 Apr 2016 20:43:42 GMT

Well witch scores do you want

Re: CARMAX ?

Gmood1 — Sat, 23 Apr 2016 20:46:15 GMT

Fico 8 scores is what some lenders use. It will vary from place to place.

Re: CARMAX ?

bsal — Sat, 23 Apr 2016 20:51:30 GMT

My 8 scors are 671 equifax 665 tu, and 675 experian

Re: CARMAX ?

Gmood1 — Sat, 23 Apr 2016 20:57:54 GMT

You could go through PenFed and get your financing.My score was around d 670/EQ when they refinanced one of my cars at 2.29% for 60 months almost 2 years ago. That rate is 1.99% now. It's 1.49% if you get it through their true car program.

Re: CARMAX ?

bsal — Sat, 23 Apr 2016 21:07:10 GMT

Yea I'm a member of penfed don't they use their own scoring system tho ? Called next gen when I checked my scored with penfed they said I was at a 638 so I probably have to wait a lil longer

Re: CARMAX ?

Gmood1 — Sat, 23 Apr 2016 21:15:59 GMT

Yeah..with their scoring. I was probably in that neighborhood. I also had a foreclosure on my EQ. So unless your profile is that bad. Don't count yourself short.

Re: CARMAX ?

bsal — Sun, 24 Apr 2016 01:15:47 GMT

Thanks I'll wait for the first auto payment cuts then I'll switch to penfed to refi

Re: CARMAX ?

bsal — Sun, 24 Apr 2016 20:08:41 GMT

Well I'm totally dispointed carmax pulled my equifax score 8 witch was 671 no wonder I got that 5.2% I was told they pulled experian I wasted a HP

Re: CARMAX ?

Gmood1 — Sun, 24 Apr 2016 20:23:51 GMT

Chances are you would have still received the same rate. Only because they've added a point or 2 to what the lender approved you for originally. The lender may have given you 3.2%. The finance manager is getting his extra commission off the higher Apr. The only way around this in the future is to secure your own financing before car shopping. You could have a 750 Fico and still received the same rate if you allow them to do the homework for you.

Re: CARMAX ?

bsal — Sun, 24 Apr 2016 20:45:11 GMT

There is no extra commission with carmax they are a no haggle auto dealership the prices are set

Re: CARMAX ?

Gmood1 — Sun, 24 Apr 2016 21:15:53 GMT

Bsal, the finance managers at most if not all dealerships earns the bulk of their money by commission. That means whatever they can add to the cost of the sale they get paid for.
Any time you add extra warranties or gap insurance on to the vehicle's total cost which includes bumping the finance rate. It lines the pockets of the finance manager.

There's no such thing as no haggle car sales. This is only if you choose not to haggle. If a new car can be haggled, a used one can be even more so..if they want to sell it.

Re: CARMAX ?

Cellice — Mon, 25 Apr 2016 20:21:48 GMT

@Gmood1 wrote:
Bsal, the finance managers at most if not all dealerships earns the bulk of their money by commission. That means whatever they can add to the cost of the sale they get paid for.
Any time you add extra warranties or gap insurance on to the vehicle's total cost which includes bumping the finance rate. It lines the pockets of the finance manager.

There's no such thing as no haggle car sales. This is only if you choose not to haggle. If a new car can be haggled, a used one can be even more so..if they want to sell it.

There is actually. It is called CarMax.