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About two weeks ago I sold my vehicle to Car Max in Tolleson,Arizona. I did my homework before going it and it KBB'ed at 8,200.00. Their "expert" appraiser offered 5,000.00. I was in no position to haggle so I accepted the offer.

After signing over my title and giving them possession of my vehicle the assistant business manager hands me a bank draft instead of a check. She then informs me that it would be valid within 48 hrs. So essentially, they gave me a post dated "check". I was not thrilled but had no choice, I needed the money. Believing them I paid my rent thinking withing the time frame she quoted it would work out fine. 48 hrs come and go, it's still not valid, 72 hrs, nope. I called and was told that since it was a holiday it would be the following day, that they were a Fortune 500 company, and this same rude woman insinuated that I was ignorant and didn't understand the transaction. I asked how else could one interpret "The draft will clear in 48 hours". In the meantime my rent check bounced and now I have to pay late fees, bounced check fees, etc. I had never bounced a checked in my life or been late with my rent ! Thanks to Car Max, my apartment manager thinks I'm a flake and I have to pay with a certified check from now on.

Five days passe, I called again and was told, she'd call the corporate office and see what happened. That was the fastest call in the world because in less than five minutes she called back to say the funds had been released the previous day. Every time I called I got a different excuse. I called my bank and they said they could not verify that what she told me was true and they put a 10 day hold on those funds. So it took 12 days for this 48 hour draft to clear.

How they can legally get away with doing this to people is beyond me. In the time it took to get my money, they likely already had my vehicle sitting in the lot ready to sell. To me, that is fraud. Tell me what store you can walk into, take merchandise and tell the clerk " I'll pay you in 48 hours or whenever".

Don't make the mistake I did. Drive right past their lot and keep on going.

Monetary Loss: $700.

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Anonymous
#1578562

There are some really *** human beings on this post. Like who cares if he needed the money for rent.

It’s happens. I actually am having the same issue with carmax right now. I sold our car back to them because they sold us a *** car. The appraisal price was more than I was being offered by other buyers.

There is more than enough in the account for this check to be deposited we are now on day 5 and waiting on the funds!!! I legit will never deal with carmax again.

Anonymous
#1575001

You sound like a very dumb adult. It’s literally your fault.

My experience with Carmax has been nothing but great. I sold my car to them and they told me it was going to be a bank draft in form of a check and they told me how long it could be.

It’s your fault you live check by check. You sound like those petty customers every one deals with in retail.

Anonymous
#1564448

The bank draft statement of 48 hours meant "2 full business days", meaning if you deposited it after 2pm then 3 business days. Then if you don't have more than the amount of the draft currently in the account you deposited it to, your bank will put a hold on the account of 10-14 "business days" to protect themselves from someone who cannot cover the check if it goes bad.

Be mad at yourself for being so irresponsible financially.

Always have AT LEAST 6 months of living expenses in the bank for emergency situations and please don't make any excuses why you can't do that. Be responsible, life is a game of chess, not checkers.

Anonymous
#1460440

CARMAX .......A PAWN SHOP FOR USED CARS! NOTHING MORE NOTHING LESS!BE LUCKY VERY LUCKY IF YOU COME OUT WITH ANYTHING

Anonymous
Franklin, Tennessee, United States #1186546

Sounds to me like you maybe should have not put yourself in a situation wherein you needed to sell a car to be able to pay your rent.

Anonymous
#1038759

Carmax issues me a draft for $27,500 when they bought my car. Three days later my bank said it was returned. I'll never deal with them again (after I get my money).

Anonymous
#523378

TaraRose, I don't know much about carmax's overall integrity, but JSullivan is right. Your bank held back your access to those funds ( likely because it was an unusual and large deposit).

I worked for bank ten years ago and I saw things like this fairly often. The bank is the one who screwed up your rent payment.

Anonymous
to McKinney Bakersfield, California, United States #956658

I just got an appraisal from Carmax. It specifically says that the bank draft may take 10 days to release the hold on funds.

I understand your predicament, but it's all there in the wording of the appraisal. But yes, it can be a PITA, because like me, many people may be wanting to sell one car to get another.

Waiting makes it more difficult.

TaraRose
#511995

Had Car Max been true to their word,all of this would have been avoided.But they lied, plain and simple.No matter how you add it up five days is more than 48 hours.

JSullivan
#511843

I feel your pain, but chances are it's your own bank's refusal to release the money. I had the same situation with my own bank when I sold a condo in 2007.

I couldn't have the funds for 15 days was the standard rule however I talked them into releasing $1000 of the money to pay bills that were incurred with the closing. If you need it now, only accept cash.

Anonymous
to JSullivan #1360965

I am going to sell my car to Carmax. However, after reading all of these reviews and comments, I am afraid that the Carmax Bank Draft I am going to receive will turn out to be just a worthless paper. What should I do if my bank can't clear the Bank Draft after 12 days of deposit???

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