Carmax - How can an 80 year old llady with below poverty level income purchase a NEW Dodge truck Without qualifying for a loan???
My son wanted to purchase a vehicle. He went to Carmax in Calgary.
His credit is abysmal, BUT he had just started a new job with an excellent wage. He couldn't qualify for a loan. Carmax suggested he find a co-signer. When I worked in banking many years ago, the policy was a co-signer must have enough income to cover the added expense of the loan, should the primary debtor renege on the loan.
Have regulations changed so much? I am almost eighty years old. My only means of income is Canada Pension Plan and Old Age Pension, which keeps me living well below poverty level. I am still quite sharp, but I must admit, there are times when I don't think quite as fast as I used to.
This was one of those times. The next thing I heard was when my son called and said,"Carmax thinks it would be better if you got the truck in your name." Carmax never asked for information regarding my income, or anything else. I think they saw my excellent credit rating, and juggled facts around to combine my credit rating with my son's income, and got the loan for the truck approved that way. Unfortunately, my son lost his job, and because of his erratic lifestyle and poor performance, he lost the truck.
The bank, who is not blameless in this fiasco either, now has this bad debt posted against MY good credit. I think Carmax is entirely to blame. Somebody wanted that commission so badly they didn't care what they had to do to get it.
The Managers of the Calgary Branch are also on the hook, because I'm sure they wanted their year-end totals as high as they could reach, and having to be a little sleezy to do it didn't bother them at all. Finally, Scotiabank, the bank concerned, is good at forwarding edicts to me, but very poor in answering questions, the primary one I have asked numerous times: How can a bank approve a loan without doing their own due diligence, and checking facts, like Income and sources?
Product or Service Mentioned: Carmax Auto Loan.
Reason of review: Poor customer service.