We purchased a ~$51,000 GMC Denali HD Truck from the Greensboro, NC location and put a trade value of ~$7K and a $10,100.00 down payment in the form of a business check. The check was ACH transferred in 24 hours on a weekend.
The second day of driving the truck to and from job sites the check engine light came on. Took it to my trusted mechanic and it is most likely an O2 sensor. No problem, we also purchased the MaxCare plan and it's under warranty. Later the same day the cruise control stopped functioning, leading me to believe the 125 point inspection is a joke.
So we decided it was time to take advantage of the 5 day no questions asked return policy. The staff at the location made this a quick and painless process, however, they informed us that the refund check for the down payment would be mailed to us within 7 - 10 business days. I didn't mail them the down payment in 7 - 10 business days. They drew the money from my account almost immediately.
I full expected to have the money back in the same fashion. You have 14 days to have credit checks on your account if you are searching for a new car, mortgage, loan, etc before you get dinged again, so I don't have the luxury of waiting 7-10 business days to get the down payment back that I need to put down on a truck at an actual car dealership. We have bought 3 cars from Carmax in the past with absolutely no issue.
Needless to say they have lost a customer for life in us. I will also make sure my friends, family, and business contacts know of this unacceptable business practice so they don't get burned as well.
Product or Service Mentioned: Carmax Loan.
Reason of review: Problems with payment.
Monetary Loss: $10100.
Preferred solution: Let the company propose a solution.
Carmax Pros: Staff, Ease of the process, Variety of cars.
Carmax Cons: 125 point inspection not true, Business practices, Car histories, Return policy, Using my money to make money.