They were so good I actually reached out to them to ask if they would be willing to finance other auto purchases later from other dealerships.CarMax's pre-qualification capability is a new online financing experience that empowers customers with the ability to shop CarMax vehicles nationwide with personalized financing terms, with no impact to their credit score. When I bought a little economical around town car, their online portal had all the options you'd ever want in terms setting up payments, allocating extra funds towards principal, and laying out all the numbers and math in front of you. (better rates to boot as well)įunny enough, the best online capable financier I've ever had was Kia Motors. Not as fancy of an interface online, but easier to deal with overall. Ally was such a pain in the ass to me I actually re-financed just to get away from their inability to wrap their head around principal payments, went with a local credit union. I actually had one idiot rep get ballsy on the phone with me and ask me "why would anyone want to ever make payments they don't have to?" I had to explain multiple times what a principal only payment was, like I said. When I wanted to make a principal only payment I had to send in a payment online, then call and talk to a rep to get the most recent payment applied to principal (pain in the ass). Most recent loan was financed with Ally bank - and they functioned exactly like how you describe for CarMax.
#Carmax bill pay full#
but be firm.įrom my past experience most places put up soft roadblocks to this because they want you to carry the loan for the full term so they get the full amount of interest. If there's not, get on the phone and request to make once since it's within the terms of the agreement. If you have a copy of the paperwork read everything and see if there's any rule against making a principal only payment. Some make it easy, some make it a complete hassle. It's a crap shoot and dependent on the terms of loan, some places are better than others.
been there a few times with various cars and financing institutions. What the crap is going on here? Anyone have experience with CarMax? I will be giving them a call either way, just wondering what you all thought here first. The payments I've been making have been applied to many months in the future (like Nov/2019) and they are taking finance charges out of them without applying the full amount to the principal balance. Any remaining amounts will be applied to the principal balance owed on your account." From CarMax's own FAQ: "any additional amount is applied to future payments, up to the next 3 payments, unless otherwise required by law. Since then, I have figured it would be better to knock out my student loans first because they are higher interest, so I've just been paying the minimum on the car payment lately.Īnyways, I just noticed that the extra money I threw at the car loan seems to just have moved the due date back to Nov. I paid way over my minimum payment for 4 months last year (Sept-Dec), hoping I would be able to make a dent in the principal balance. Hey all! So, I have a car loan through CarMax.
Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.
#Carmax bill pay how to#
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