CarMax is the leading reseller of used vehicles in the US thanks to its dedication to innovation and legendary client experiences.
As the original disruptor of the automotive sector, they turned the stressful, hated experience of purchasing and selling a car into the plain, honest experience that everyone deserves.
Since then, they have continued to improve consumer experiences.
These days, their clients can make purchases entirely on their terms, whether they do so online, at a physical store, or by combining the two in a seamless manner.
When you combine this adaptability with their industry-leading Love Your Car Guarantee, which includes 24-hour test drives and 30-day returns (up to 1500 mi.), they are currently able to create unmatched car-buying experiences.
Table of Contents
What is CarMax?
A used car retailer with headquarters in the US is called CarMax, Inc.
Car-Max Sales Operations and Car-Max Auto Finance are its two operational business areas.
Circuit City Stores, Inc. was the organization in charge of creating Car-Max.
In Richmond, Virginia, the first Car-Max retail shop opened its doors in September 1993.
Car-Max will have 225 stores open as of May 2021.
Car-Max locations specialize in selling old cars, but in 1996, the company also signed a franchise agreement with Chrysler Corporation to sell new cars.
By 1999, it had added new auto franchises for Nissan, Toyota, and Mitsubishi Motors.
In late 2021, Car-Max sold the Rydell Company their final new car dealership in Kenosha, Wisconsin.
The corporate office of Car-Max is situated in Richmond, Virginia.
Kennesaw, Georgia serves as the headquarters for Car-Max Auto Finance
Along with call centers for customer service, Car-Max has physical facilities in 41 states (called Customer Experience Centers)
How does CarMax work?
With a normal inventory of more than 55,000 automobiles that can be viewed at car-max.com, Car-Max is the largest used car reseller in the United States.
Customers can arrange for home delivery within 60 miles of a store in some cities or pick up a vehicle at one of more than 220 Car-Max locations.
Even if they decide to shop at a Car-Max store, prospective car buyers can submit an application for preapproved financing on the Car-Max website.
A rigorous credit investigation is necessary for preapproval, which may temporarily lower your credit ratings.
Through Car-Max Auto Finance or other lending partners, financing is offered.
Customers of Car-Max may also obtain financing from their bank or credit union.
Each online listing for a Car-Max vehicle includes an AutoCheck vehicle history report and the vehicle has undergone a 125-point inspection. Vehicles also come with a Love Your Car Guarantee that includes 30-day returns and 24-hour test drives. Every vehicle also comes with a 90-day or 4,000-mile Car-Max Limited Warranty.
Car-Max also takes trade-ins and purchases vehicles. (You might save money on sales taxes by trading in a car.) You must bring your vehicle to a Car-Max location if you are trading with or selling to Car-Max.
This study examines Car-Max financing options first, followed by purchasing or selling a vehicle through Car-Max.
CarMax Services/CarMax Autocare
Engine Perfomance / Tuneup
Major maintenance is less likely to be required if you maintain your engine as the manufacturer of your car advises.
There are several maintenance tasks you can carry out routinely to keep your car operating smoothly, from routine oil changes to replacing your air filters at the right intervals.
In order to interpret check engine light codes, address any necessary maintenance or repair concerns, and get your car back on the road safely, call CAR-MAX AUTOCARE.
Your auto repair needs can be met by our skilled auto repair professionals.
Therefore, come to our shop the next time your check engine light illuminates.
You’ll notice your engine starts easier, runs smoother, and is more effective after a CARMAX AUTOCARE car tune-up.
Regular engine maintenance will reduce pollutants, increase fuel efficiency, and regain lost power.
You invest in the long-term health of your car by getting tune-ups in accordance with the manufacturer’s recommendations, which also saves you time and money. Diagnostics Services
Consequently, something about the way your car is driving is off, or a dashboard warning light that was flickering at you yesterday is now on steady. How do you behave? Hint: covering the warning light with electrical tape and ignoring it is not the solution.
CAR-MAX provides diagnostic services for your car in 5 different areas. Additionally, you have the option to perform a Complete Diagnostics, which comprises looking over EVERYTHING mentioned above.
This offers you a thorough picture of the condition of your car and lets you choose which repairs to concentrate on.
Electrical & Batteries
One of the most crucial components of your car is the battery.
After all, if it fails, everything else fails as well.
Maintain your charge with appropriate battery care and replacement.
Car Batteries
The peace of mind that comes from knowing that your car will start when you need it may be yours when you turn to the qualified professionals at CARMAX AUTOCARE.
We supply automobile batteries from reputable manufacturers.
Therefore, if you have a car battery issue, we’ll have you back on the road quickly with high-quality car batteries that are manufacturer-guaranteed.
Starting & Charging
The car battery isn’t the only possibility if your automobile won’t start.
Other potential problem areas are the starter, alternator, and spark plugs.
The automobile battery supplies the energy needed to start the engine and run extras like the wipers and lights.
Electrical or mechanical issues with the starter may cause it to malfunction, making it difficult or impossible to start your automobile.
You can observe headlights or interior lights that dim and brighten on their own, as well as other strange electrical behaviors in the automobile, if your alternator isn’t operating properly.
Your starting and electrical difficulties can be evaluated by the skilled specialists at CARMAX AUTOCARE, who can then fix or replace the broken parts.
The following are other services that CarMax provides:
Bodyshop: The state-of-the-art CAR-MAX AUTOCARE Body Shop offers high-end collision repair for your car.
Alignment: Potholes are you hitting left and right?
The main cause of your wheels being out of alignment is this.
Air Conditioning Services: CARMAX Autocare Makes AC Service Simple.
Refrigerant leaks when car air conditioning systems fail.
Steering and Suspension: When you’re driving, your suspension system aids in keeping you in control.
CARMAX AUTOCARE can contribute to keeping you safe.
Brake Services: The brakes of your car.A Project for the Pros.
Your car accelerates as soon as your foot touches the pedal.
Oil Change Services
The lifeblood of every engine in a car is oil.
Pick from one of their three oil change packages that are tailored to your needs.
CarMax Financing
Through its own auto finance branch, Car-Max Auto Finance, the company offers auto loans directly to consumers. Additionally, it arranges loans through additional funding channels like Ally Auto, Chase Bank, and Capital One.
Customers of Car-Max can also utilize their own lender; they should start the car-buying procedure by giving that lender’s details. In order to compare the rate with Car-Max’s offer, NerdWallet also strongly advises obtaining preapproval auto loan offers from other lenders.
A three-day payback option is available if you finance with Car-Max Auto Finance or a Car-Max lending partner and later discover a better loan offer. You are free to switch to financing from another lender after your Car-Max loan closes within three business days.
Whether a customer finances their automobile through a CarMax financing source or a different lender is not a factor in the fee that a CarMax sales consultant will receive. Nevertheless, about 80% of CarMax’s clients finance their vehicles through CarMax Auto Finance or one of CarMax’s other financing options.
CarMax claims its variety of financing providers enables them to serve consumers throughout the credit spectrum and has no minimum credit score or history criteria.
This includes customers who want to buy cars but have terrible credit—typically, FICO scores below 630—and may find it difficult to obtain auto loans elsewhere.
Co-buyers or co-borrowers are permitted at CarMax but not loan co-signers, which can aid in loan approval.
In contrast to a co-signer, a co-borrower shares legal ownership of the vehicle with the principal borrower.
CarMax encourages automobile buyers to apply regardless of credit score or profile because it claims to approve about 95% of its applicants through CarMax Auto Finance or one of its lending partners.
Shopping around and comparing loan rates is always a smart idea because loans for those who want to buy cars but have bad credit typically have substantially higher APRs.
CarMax may be a good fit for those who:
- Prefer a simple procedure for financing and car purchases.
Customers of CarMax can utilize carmax.com to explore and choose used automobiles, arrange financing, and schedule pickup or delivery.
- Desire more options when purchasing a used car.
CarMax offers a 30-day return policy and online access to a selection of more than 55,000 vehicles.
- Desire financial adaptability.
Customers have the option of obtaining financing from CarMax Auto Finance, one of CarMax’s financing partners, or their own bank, giving them the freedom to compare rates and choose the best deal.
Additionally, CarMax provides flexibility to enable first-time automobile purchasers and people with low credit qualify.
At a glance: CarMax finance
Be aware that although CarMax Auto Finance is a direct lender, it also funds vehicles through lending partners and third-party lenders.
As a result, the data below only applies to CarMax Auto Finance, with a note indicating where it might be different for other lenders.
CarMax Financing Application Process
- Origination fee: None.
- Pre-qualification available: however it cannot be done with a mild credit check. Preapproval is a service that CarMax and its financing partners provide; it causes a hard credit investigation.
- Identification data required for approval: A valid driver’s license, contact information, vehicle information, loan information, Social Security number, down payment information (if applicable), employment information, income, and co-applicant information (if using co-applicant).
- Online, offline, or both: Applications can be filed in person at a CarMax location, over the phone, or online.
- Approval speed: Decision time for most candidates is 10 minutes or less.
- Funding: The loan is funded when a customer signs the agreement and accepts delivery of the vehicle.
With third-party lenders, funding times could be different.
Register for CarMax Auctions
Dealers may only participate in CarMax Auctions, and anyone attending an auction must be registered as a representative of an authorized dealership.
The free one-time registration form for your dealership must be filled out by the owner or another authorized authority. You can invite more representatives to join your dealership’s registration when the registration application for your dealership is accepted.
Have a Car-Max Auctions account already? To update your affiliations, log in.
You can create a login with your Dealer and Rep IDs if you have already submitted your paper registration form.
Register Your dealership
A dealership owner or authorized officer must fill out the one-time registration application.
Register as an Owner
Those who are the owners or authorized officers of a dealership that has previously registered with CarMax Auctions.
Register as a Buyer
For buyers to submit an application to represent a dealership that is already a CarMax Auctions member.
CarMax Auctions
CarMax Auctions communicates honestly and openly with its wholesale clients.
They make significant mechanical announcements about automobiles that they are aware have warning signs.
About CarMax Auctions
The goal of CarMax Auctions is to offer their consumers a trustworthy, transparent, and dealer-friendly auto auction with top-notch customer service.
- CarMax Auctions are exclusive to authorized car dealers and are not accessible to the general public.
- Every auction has a 97-100 percent sales success rate.
- They sell the majority of their cars the first time around, hassle-free.
- Open bids without qualifiers or calls.
- All of the automobiles up for sale are owned by Car-Max Auctions. They don’t do consignment sales.
- A range of payment methods
- From registered dealers, they accept cash, checks, ACH, certified money, and AFC floorplan. The day after the sale, at the close of business, payment is required.
- Car-Max Auctions offers you the chance to arbitrate when you pick up your purchases to safeguard you from significant mechanical surprises. Conditional announcements give you the confidence to bid.
- Weekly sales of thousands of automobiles.
They currently run auctions in dozens of major markets across the nation and have a fantastic assortment to fulfill all of your automobile demands. Their skilled auctioneers sell hundreds of thousands of vehicles each year.
Additionally, they frequently add new locations, so check their listings frequently to see the most recent auctions in your area!
- Fantastic “Member Perks” offered to all licensed dealers.
Additionally, Car-Max Auctions has negotiated reduced prices from a number of significant automotive vendors, which they may pass on to their wholesale clients.
To begin taking advantage of all these wonderful Car-Max Auctions benefits, register today!
How CarMax Auction Works
Register
Create a profile and add as many buyers as you like.
Connect
Your representative from the auction will call you.
Bid & Buy
Attend their auctions to increase your stock
Why CarMax Auctions
Nationwide Delivery
Increase your options.
Your recently purchased vehicles can be delivered right to your dealership by Car-Max transportation Services.
Not available everywhere; restrictions apply.
ArbX® is Free for a Limited Time.
By extending the arbitration window for numerous unannounced items to 14 days, ArbX® safeguards you.
All simulcast purchases now come with it for free.
100% virtual auctions
Participate in any weekly auction from anywhere.
They have physical access to their autos at more than 75 places around the US.
CarMax App
The best application for used-car shoppers
Get a vehicle, buy a vehicle, sell a vehicle
Complete everything at Car-Max.
To shop and find the ideal vehicle, truck, or SUV for you, download the CarMax app right away.
With CarMax, you can search through a nationwide inventory of 50,000+ used cars, SUVs, and trucks while saving time.
Carmax Near Me – Lagos
Carmax Autos
223 Road · 0803 344 9329
Open ⋅ Closes 5PM
Cruise Carmax Motors Nig Ltd
Federal Junction , Gowon Estate · 0803 644 0831
Open ⋅ Closes 6PM
In-store shopping·Delivery
Carmax Autos
223 Cl · 0803 344 9329
Open ⋅ Closes 5PM
Delivery
Selling or Trading in a Car with CarMax
Key facts
- Offers are final and non-refundable after seven days.
- Current loans or low equity are acceptable.
- Damaged or salvaged vehicles are acceptable.
- Inspections on vehicles performed at CarMax locations.
You must obtain an assessment either online or in-person before selling your car to Car-Max.
Enter the 17-digit VIN or license plate number of your automobile, along with the registration details, mileage, available options, and any loan information, to request an online appraisal.
A short questionnaire about the state of your vehicle and your ZIP code are also required.
Within seconds, Car-Max will email you a quote for an evaluation.
However, Car-Max does not complete sales remotely.
Within seven days, you must bring your car to any Car-Max location for an inspection.
You might need to schedule an appointment at some places.
If you don’t want to enter your information online, the evaluation can also be performed in-store.
If there are no substantial hidden damages discovered after the inspection, you will be given a bank draft for the specified sum right away.
Any age of vehicle is acceptable to Car-Max.
Car-Max either sells the vehicles it purchases at auction to wholesalers or restores them before selling them to retail consumers.
The first Car-Max location was established in Richmond, Virginia, in 1993.
It purchased roughly 383,000 autos from consumers in the third quarter of 2021.
194,000 of them were purchased using an online rapid appraisal.
Buying a car from CarMax
Key facts
- No-bargain prices. Prices cannot be altered.
- Provides free vehicle delivery in some locations.
- Option for 30-day returns.
- A huge nationwide selection with shipping choices.
- Refuses to accept down payments made using credit cards.
The majority of the used cars and trucks offered through Car-Max have low mileage and have passed safety, mechanical, and cosmetic examinations.
The cost of a car is not negotiable. Vehicles have been reconditioned for sale after passing a 125-point check. Each car listing includes a link to the free AutoCheck vehicle history report that may be accessed for each vehicle. Listings come with 360-degree and close-up photographs of flaws. In 41 states, there are more than 220 CarMax locations. Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia, and Wyoming are the only states without any of its stores.
Pros & Cons
Pros
- Provides a three-day window for customers to switch from Car-Max finance to a better loan offer;
- Enables a fully online application procedure, including document submission.
- Less restrictive minimum loan amount than other lenders.
- Through the MyCarMax online platform, CarMax Auto Finance customers can choose their payment due date and manage their loan.
Cons
- The maximum APR exceeds those of several other lenders.
- Only Car-Max-sold automobiles are financed.
- Does not provide soft credit check pre-qualification.
- Only allows co-borrowers; co-signers are not permitted.
What lenders work with CarMax?
Customers have access to a range of financing options from Car-Max Auto Finance and other providers through Car-Max. Since its founding in 1993, Car-Max Auto Finance has provided financing exclusively to clients who purchase cars from the retailer.
To serve clients with all types of credit, Car-Max also works with finance suppliers. These are some of Car-Max’s third-party financing partners:
- Ally Bank.
- American Credit Acceptance.
- Capital One.
- Chase Bank.
- Exeter Finance.
- Santander Bank, N.A.
- Wells Fargo Bank.
- Westlake Financial Services.
FAQs
Will CarMax pay for any damage to my car?
Car-Max will pay for transportation-related losses as described in the terms & conditions**.
Some claims, such as those involving hail, tornado damage, etc., wouldn’t be covered.
How is my purchase(s) sent by CarMax?
Your vehicle(s) and transportation charge must be paid for before the end of business on the day after the auction in order for them to be transported.
Can automobile pricing at CarMax be negotiated?
When it comes to any car purchases, sales, or trade-ins, Car-Max claims “no-haggle” pricing and does not provide price matching or negotiation services.
Is a down payment required for CarMax financing?
Car-Max does not require a down payment for financing, however it is advisable to do so when purchasing a vehicle.
By lowering the amount you will need to borrow, you may experience a reduced APR and a shorter loan term. Trade-ins are also accepted by CarMax, which might lower the amount of credit you need.
Is CarMax legitimate?
In 1993, CarMax founded its first used automobile dealership in Richmond, Virginia. Car-Max currently operates more than 220 locations around the country, and carmax.com offers access to a typical inventory of more than 55,000 used cars. Car-Max sold more than 750,000 used cars in 2021. More than 25,000 people work for Car-Max, which has been named one of the Fortune “100 Best Companies to Work For” for 16 years running. More than $75 million has been contributed by the Car-Max Foundation to various local charities.
Where does CarMax buy cars?
With the exception of Alaska, Arkansas, Hawaii, Montana, North Dakota, South Dakota, Vermont, West Virginia, and Wyoming, Car-Max buys automobiles directly from customers.
Is my CarMax offer renegotiable?
No. Every offer is binding and valid for seven days.
If I owe on my car, will CarMax still buy it?
Yes. You must supply loan details so that Car-Max can reimburse the lender. You must pay the difference if your debt exceeds your offer. The sum may occasionally be financed by you or paid straight to Car-Max. For sums under $250, Car-Max will accept a personal check. Car-Max locations accept cash, debit cards, cashier’s checks, certified checks, and certified money for higher sums.
Does CarMax purchase leased cars?
Yes, provided that the leasing business currently permits sales to independent dealers. If not, you can get a new title in your name, buy out your lease at its residual value, and receive a new offer.
