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.
Location: Phoenix, Arizona