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.