Carmax Loan Buyout: How Does It Work?

CarMax is a used car retailer with over 230 brick-and-mortar stores across the country. It offers an online used-car buying and selling service, allowing customers to purchase vehicles from the convenience of their computers. CarMax buys vehicles that are not paid off, and in such cases, customers must provide loan information so that CarMax can pay off the lender. The retailer does not finalize sales remotely, and customers must bring their car to a CarMax store within seven days of receiving an appraisal offer.

Carmax buys vehicles with loans

To sell your vehicle to CarMax, you must first get an appraisal online or at a CarMax store. For an online appraisal, you will need to provide your car's VIN or license plate number, registration information, mileage, vehicle options, and any loan information. After receiving your information, CarMax will email you an appraisal offer. However, the sale is not finalized remotely, and you will need to bring your car to a CarMax store within seven days for a vehicle inspection. If the inspection does not find any significant undisclosed damage, you will receive a bank draft for the quoted amount.

It is important to note that CarMax does not buy cars from customers in the following states: Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia, and Wyoming. Additionally, CarMax only offers loans for used vehicles, so if you are looking to purchase a new vehicle, you will need to explore other lending options.

When selling a car with a loan to CarMax, it typically takes up to 15 days for the check to reach the lien holder. However, there have been reports of delays, and it is recommended to follow up with CarMax to ensure timely payment.

Carmax offers loan prequalification

To get pre-qualified, customers need to fill out a pre-qualification request form, providing personal, income, and housing information. CarMax's finance sources will then return a decision, usually within 5 minutes. With pre-qualification, customers can shop for a car from CarMax's nationwide inventory with their personalized financing terms. This allows customers to get an idea of their monthly payments and APR before making a purchase.

CarMax offers financing through several sources, including its direct financing arm and a range of lending partners. These lending partners cater to diverse credit profiles, increasing the chances of customers finding a suitable loan option. The company also provides competitive APRs to customers with various credit backgrounds. If a customer finds a better APR within three business days of their purchase, they can replace their financing without incurring any costs.

Additionally, CarMax buys vehicles that are not yet paid off in full. When selling a car with an outstanding loan, customers must provide loan information so that CarMax can pay off the lender directly. If the offered amount is less than the remaining loan balance, the customer will need to cover the difference. CarMax accepts various payment methods, including cashier's checks, certified checks, cash, and debit cards.

Carmax's 3-day payoff program

CarMax is an online used car platform that offers used auto loans for its vehicles. It has over 230 brick-and-mortar stores across the US, allowing customers to check out their desired vehicle in person before purchasing. CarMax's 3-day payoff program allows customers to replace their financing free and clear without paying any interest to their CarMax lender. This is because the loan is not funded within three days.

If you want to finance outside of CarMax, you will need to find that financing yourself. You can do this by taking your buyer's order to local credit unions or by applying online through other financial services. You only have three business days from the date of signing to get this done. Anything after three days is considered refinancing.

CarMax buys vehicles that are not paid off. To sell a car you still owe money on, you must provide loan information so CarMax can pay off the lender. If you owe more than your offer, you will need to cover the difference. In some cases, the amount can be included in your financing or paid directly to CarMax. CarMax stores accept cashier's checks, certified checks, certified funds, cash, and debit cards. They also buy leased vehicles, as long as the leasing company allows sales to independent dealers.

CarMax will pick up your vehicle only if you are also buying a car and having it delivered. As soon as you sign over your car, CarMax will hand you a bank draft, which must be deposited and can take a few days to clear before a withdrawal. There are no fees to sell a car to CarMax. However, the price can change if there is undisclosed damage.

Carmax's 15-day payoff

CarMax buys vehicles that are not paid off. When selling a car that you still owe money on, you must provide loan information so CarMax can pay off the lender. In some cases, if you owe more than your offer, you will need to cover the difference.

The time it takes for the payoff to be processed can vary, and in some cases, it may take longer than 15 days. To expedite the process, you can contact the "home office" or send them a direct message on Twitter. They will prioritize your payment and send it the next day via EFT payment or overnight mailing.

To obtain an up-to-date payoff amount, you can sign in to your account online at carmaxautofinance.com or call their customer service department at (800) 925-3612. Additionally, CarMax can provide a payoff letter upon request, listing the payoff amount and the date through which the amount is valid.

For final payoffs sent by express mail or overnight delivery, use the following address:

CarMax Auto Finance

Attn: Payoff Department

225 Chastain Meadows Court

Suite 210

Kennesaw, GA 30144

Alternatively, you can make a payment through Western Union by calling (800) 238-5772 to find the nearest location.

Carmax's brick-and-mortar stores across the country

CarMax has over 230 brick-and-mortar stores across the country, making it a great option for those who want to check out their vehicle in person before purchasing. The company serves drivers across the country who want to purchase used vehicles. CarMax offers used auto loans for its vehicles through its direct financing arm or one of its lending partners. These lending partners cater to a range of credit profiles, giving you a better chance of finding a suitable loan.

CarMax's financing terms are no-pressure and hassle-free. The company offers financing through several finance sources, including CarMax Auto Finance, a division of CarMax. Most financing decisions are available in 5 minutes or less. CarMax also offers loan prequalification, allowing you to check if it is a good fit before submitting a full application. You can get pre-qualified to get an idea of how much you can spend on a used car. It is important to note that you are not locked into the down payment you list on your pre-qualification request, and you can change it on your credit application when you are ready to buy. However, your terms may change as a result.

In addition to its online presence, CarMax's brick-and-mortar stores provide customers with the option to physically inspect their desired vehicle before making a purchase. This is especially beneficial for those who prefer a more traditional car-buying experience or those who want to ensure that the vehicle meets their expectations. CarMax stores also offer convenience and flexibility in terms of payment methods. They accept cashier's checks, certified checks, certified funds, cash, and debit cards. Personal checks are also accepted for amounts under $250.

When selling your vehicle to CarMax, you can obtain an appraisal online or at a CarMax store. If you choose to visit a physical store, you will need to bring your car to the location within seven days for a vehicle inspection. If no significant undisclosed damage is found, you will receive a bank draft on the spot for the quoted amount. CarMax buys vehicles of any age and will pay off the lender if you are still making payments on the car. However, if you owe more than your offer, you will need to cover the difference. The company also buys leased vehicles, provided that the leasing company allows sales to independent dealers.

Frequently asked questions