Rocky Hill, Connecticut
Not resolved
6 comments

I purchased a brand new Jeep Liberty on 3/19/2005 at Carmax in Norcross, GA.

Carmax approved my loan and I took delivery of the new vehicle.

Within 2 weeks, my payment book arrived from Triad Financial in California. All is good, except thew 15% loan rate.

In April, I lose my job and move to CT. I get a new job in June, making $50 per hour.

I had missed 3 payments (May. June, July) but catch up by the end of August.

As soon as I catch up, Carmax calls me to repo the vehicle because they calim there was no loan. They paid off my loan to Triad.

Meantime, they had already sold my tradein.

So, now I had no car, no loan and had to scramble to purchase a new Honda in CT from a reputable dealer. I have never missed a payment on my Honda, plus my loan rate is very low 8%.

Well, I thought I was done with Carmax, until last week, 3 years later, they sue me for the deficit on the tradein for the Jeep they sold me in 2005.

So, they thionk they can get away with taking back a car, leave you with $7K deficit, no loan, and be able to sue you in court.

Well, they are in fopr a surprise, as I now do work for the CT Judicial Branch and know all the judges personally. Plus, I also took my claim to CT Attorney General Blumental, who now is threatening to shut down their 2 CT stores.

My attorney says Carmax will lose the case, plus they will most likely be shut down permanently in CT. They are also facing likely Bankruptcy; their sales are down 47% this year. Good riddance Carmax. The world will be a much better place without them!

Product or Service Mentioned: Carmax Loan.

Monetary Loss: $7.

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Anonymous
#167489

:cry

Anonymous
#43705

Mike, you must be a ***, or what? I hope you lose your job some day, like I did 3 years ago, with no job in sight. When I bought the Jeep, I was making $60K per year, after making $100K + per year 2 years earlier.

FYI, by the time taxes and expenses, and yes, I need to feed my family, bozo, and pay my mortgage, then maybe I'll be lucky to save $200. When I lost my job in 2005, after 2 years of reduced employment, my savings went down the toilet. So, before you flap your jaw, understand that people DO have legitimate problems. It is criminal that outfits, likeCarmax treat humans in the US like aninals. It is *** like, you that should be hung by their kebes.

What Carmax did IS CRIMINAL and against the law in most states. I had received a payment book from Triad, so YES, the loan was approved.

By the way, CT treats people much better. I was able to get a car loan at 9% with zero down in 2005. I am not like your normal ***, like you have all over the Republican states. If I make a mistake, I fix it. That is not justification for being crucified.

Mike, you are a fleeting ***!

Anonymous
#43043

First off to everyone. Don't let this guy anywhere near any of your court cases, he doesn't understand the very basics of what he is accusing CARMAX of.

Please, allow me to clutter this mess with some facts. One: Carmax did not approve your loan and "sell it" to Triad. Triad approved the loan and Carmax acted as a representative of the bank as allowed per their dealer agreement. Second, Triad is a secondary lender, so the 15% is actually probably thier best tier since they are normally only used for poor credit people.

If the dealership could have gotten a lower rate they would have just so they could mark it up and make more money on someone willing to sign at 15% and complain about it later when they act surprise at their payment book, which usually just has payment stubs in and rarely mention the interest rate. It's just an excuse at why he signed at 15%. Third: got loan in second half of March, first payment not due till May. That's called a first payment default which most secondary banks will make the dealership purchase the contract back by paying off the loan.

In the meantime, they sell this guys trade in assuming he'll make the payments and most used cars sell within 30-45 days. Carmax is then responsible to repo this car since, because no payments were made, they are out the money to the bank and need to get their money back. Four: A repo is a repo and how repos work is like this, every time. The person owed the money takes the collateral back and sells it (by law) for whatever they can get.

They then sue the customer who broke their contract for the rest of the money they agreed to pay that the dealer had to pay. Finally, Why do i find it highly unlikely that the AG in CT would even think about taking legal action against two CT stores for a perfectly legal lawsuit against one of his employees who didn't pay his bill on a loan he got in GA?

Another person blaming his poor money management ( if i lose my job tom. I'll still have enough saved to pay all my bills for the next 4 mos at least) on a company that is simply trying to get back what they lost by helping someone get a loan.

Anonymous
#42761

sorry you lost you job because of the economy but don't blame a company for your problems.

Anonymous
#42755

***. CarMax is the best used car dealer around. Go buy a lemon at your local shop.

Anonymous
#42241

I sure hope they start closing them ALL down. People used to drive off with what they thought was a good deal, and then CAF (Carmax Auto Financing) would screw them over.

Great way to do business, but it's the games they play to ***.

Unfortunately, once you "sell" your car to Carmax, or any other dealer, it's gone.

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