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We sold our car to CarMax recently. Once you sign your car title over to Carmax and they hand you a Bank Draft they own your vehicle legally.

THE THING THAT CARMAX DOES NOT TELL YOU IS THE BANK DRAFT THEY GIVE YOU IS REVOCABLE ON THEIR PART UP TO FIVE BUSINESS DAYS. AND THE WELLS FARGO BANK DRAFT THEY GIVE YOU CANNOT BE CASHED AT ANY WELLS FARGO BANKING LOCATIONS. In effect, if CarMax decides not to pay you for your vehicle they still have possession and ownership of your vehicle and you cannot secure payment. In speaking with Wells Fargo Bank they advised us that CarMax has their bank account set up this way.

We learned this when Wells Fargo Bank refused to allow us to cash the bank draft we were given at the point of sale.

It is unheard of that a company can issue an individual payment by check then withdraw payment if they choose to and still own your vehicle. And there is little you can do about it!

User's recommendation: Avoid the headache and nightmare of selling your vehicle to CarMax.

Location: Ransom Canyon, Texas

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Guest

This is the same thing that happened on us now. Gave us a check and will have to wait for a couple of days for the check to clear. I am really mad about this.

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