Carmax pulled a fast one. Carmax increased their profit by misquoting the payoff balance by over $50.
On top of that, no one explained to me that they would take 2 weeks to submit the payoff balance on my outstanding loan. As a result, the finance company took another payment (I was on autopay) that did not get returned to me for 8 weeks. You might say that Carmax was giving themselves "processing time", but all of this stuff is electronic. No other dealer that I know of does this.
And since I had a 1.9% interest rate, there is no possibility that the payoff balance they quoted was accurate even if you added on two weeks to process. But I did not think to question them at the time since it was in the ballpark of what I expected.
When I phoned Carmax, not only were they not apologetic, they could not understand why I was calling. This is their standard practice.
Product or Service Mentioned: Carmax Auto Loan.
Reason of review: Not as described/ advertised.
Monetary Loss: $100.
Preferred solution: Let the company propose a solution.
Carmax Pros: Process seemed very straightforward and efficient.
Carmax Cons: Being hoodwinked - told an inaccurate and low payoff amount.