If youre interested in selling your vehicle, head here. Prefer a streamlined process for buying and financing a car. CarMax opens their gates 2 hours before bidding begins, so get there early to double-check the vehicles you scoped out online. CarMax charges a non-refundable shipping fee if the car needs to be transported between CarMax stores. One key difference between CarMax auctions and other auctions is that CarMax owns all the vehicles they auction off. If the inspection does not find any significant undisclosed damage, you will receive a bank draft on the spot for the quoted amount. Unfortunately, theres still no official word on whether these auctions are only a temporary solution. The best you can do if you dont like the quote CarMax provided is to reject the offer. Select your route and get an instant quote. If not, you can buy out your lease at its residual price, obtain a new title in your name, and get a new offer. Loans for car buyers with bad credit usually come with a much higher APR, so it's a good idea to shop and compare loan rates. The conference I.D. That weeklong period to decide is a big deal: It lets you shop your car with other dealers like Carvana or even test the private sale waters with a sure-thing offer already in hand. Documents to Sell A Car to CarMax What Paperwork Do You Need to Have? A longstanding complaint about CarMax auctions has been their lack of an online/simulcast version. Customers can finance through CarMax Auto Finance, CarMax financing partners or their own lender, enabling them to shop rates and find the best offer. Total wholesale revenues decreased 41.6% compared with the prior years fourth quarter due to a decrease in the average wholesale selling price of approximately $3,200 per unit or 27.8% and the decrease in wholesale units sold. 9 a.m.-6 p.m. EST. Yes, chosen with first payment up to 45 days from the contract date. Customers can take a free 24-hour test drive of most cars for up to 150 miles. Once youre on the sell page, youll need to fill out a quick form to provide details about your car, such as: These details will help CarMax experts give you the best offer for your car. Of course, CarMax isnt the only place to source vehicles. Applicable store-to-store shipping fees are due in advance of vehicle delivery and are separate from sales transactions. Carmax is best for individuals looking to sell cars online and earn extra income. Does CarMax financing require a down payment? Amounts are net of intercompany eliminations. From auction to private party channels, VINCUE has your one-stop acquisition toolbox and get more cars for less cost. Requests for information may also be made to the Investor Relations Department by email to investor_relations@carmax.com or by calling (804) 747-0422 x7865. About Us . Submit your case! Assistance provided: Customer service is available to assist with applications and loan questions. The Simulcast terms and conditions can be found here. Our Auction Experience. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Why? High processing fee of between $100 $400 in some CarMax outlets. Step 5: Submit Documents & Hand in the Car Keys. The company has no minimum credit score or credit history requirements and says its range of financing sources enables it to serve customers across the credit spectrum. RICHMOND, Va.--(BUSINESS WIRE)-- We will host a conference call for investors at 9:00 a.m. CarMax's appraiser will also test drive your car, and note how your turning signals and brakes work. When you have decided on a car, you can have it transferred to the location nearest you. Ever wonder what CarMax does with those cars they buy don't put on their resale lot? Instant online offer get an offer for your used car in under 2 minutes by filling in some details about your car on the companys online form. Compared to Carmaxs high processing fee of between $100 $400, eBay Motors has an extensive list of fees and packages, including basic package $25, Plus package $55 and Pro package $95. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Team Clark ranks the best cell phone plans and deals! CarMax will buy vehicles of any age. CarMax sells used cars; its inventory is mostly low-mileage and late-model used vehicles. Let DonotPay handle things for you. You can search by make, model or keyword. When selling, offer may be less than you can get in a private sale. This quarters provision was $98.0 million compared to $54.4 million last year. In my experiences, Carmax tends to offer a solid edge to consumers in three distinct areas. Subscribe to receive weekly Side Hustle recommendations. Amazingly, they sell 97-100% of all vehicles the first time, which is a testament to the caliber of vehicle you will find there. Each vehicle comes with an. And every vehicle also has a limited warranty for 90 days or 4,000 miles, whichever comes first. However, you may be charged a non-refundable shipping fee. Using broker to buy from Carmax auction. You should also look for a tool that lets you do competitor inventory analysis as well. For the fiscal year, net earnings per diluted share declined 56.5% to $3.03. A bank draft must be deposited and can take a few days to clear before a withdrawal. You have successfully joined our subscriber list. DoNotPay can work for you to save time and money dealing with any company or service. You can unsubscribe anytime. Information on this conference call will be available on our investor information home page at investors.carmax.com in early June 2023. For a subprime borrower (FICO score between 501 to 600), a $10,000 car loan, with a repayment term of 36 months, an interest rate of 12% and $0 down payment would carry monthly payments of $332, according to NerdWallets auto loan calculator. The company also examine your cars condition inside and out for major defects like frame or flood damage. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan. CarMax Dealer Auctions are currently the third-largest used car auction in the US, and they run a little different than the other big auctions. What are the terms and conditions for using CarMaxs simulcast service? Can I pay for my vehicles with a company check? Disclaimer: NerdWallet strives to keep its information accurate and up to date. Fiscal 2024 Capital Spending Plan. This all starts with knowing your best sellers, your fastest sellers, and the vehicles on which you make the highest profits. Mon.-Fri. 8 a.m.-10 p.m., Sat. Financing is available through CarMax Auto Finance or its partners. The content on dollarbreak.com is for informational and educational purposes only and cannot replace any professional financial advice. CarMax is unable to repair safety recalls. The company, which pioneered the used car superstore concept, opened its first store in Richmond, Va., in 1993. Events that damage our reputation or harm the perception of the quality of our brand. About 50% of CarMax locations charge the dealer . We bought 262,000 vehicles from consumers and dealers, down 22.5% versus last years fourth quarter, but up approximately 10% from this years third quarter. Calculated as category gross profit divided by its respective units sold, except the other category, which is divided by total used units sold. Learn more in the 2022 Responsibility Report. All states except AK, AR, HI, MT, ND, SD, VT, WV and WY. The no-haggle policy allows CarMax to pay you upfront. We get it, change is hard. DollarBreak is reader-supported, when you sign up through links on this post, we may receive compensation. 24-hour test drives and 30-day returns up to 1500 miles. Customers can purchase a vehicle at more than 230 CarMax locations or arrange home delivery within 60 miles of select stores. The price can change if there is undisclosed damage. What does it mean that all CarMax cars are CarMax Quality Certified? Everyone enjoys saving time and money. No. Significant changes in prices of new and used vehicles. This means youll have to handle your own transportation back to the dealership. Total retail used vehicle unit sales declined 12.6% to 169,884 and comparable store used unit sales declined 14.1% from the prior years fourth quarter. Listings include 360-degree photos and detailed photos of imperfections. It also has a rating of 1.8 on Trustpilot. Get your free offer instantly via online form or call on (855) 925 4302, $0 fees + you dont have to pay for towing Peddle will take care of it, Get paid in check during the pick up for any car (damaged, junk, wrecked), Get an offer within 2 minutes and sell your damaged car within 24 hours, Free vehicle towing and no fees to getting rid of your damaged car, The tow truck driver will arrive with your check (nationwide service), Quick car evaluation without the hassle sell your car within 30 min, Choose a convenient date and time for free pick-up, as soon as next day, Get cash in hand the same day the Wheelzy agent picks up your car. Selling your car to CarMax is as easy as it gets, all you need to do is follow the simple steps below. CarMax customers can browse and select used cars, arrange financing and schedule pickup or delivery from carmax.com. There are no fees to sell a car to CarMax. Amazingly, they sell 97-100% of all vehicles the first time, which is a testament to the caliber of vehicle you will find there. Mon-Fri: 8a-10p, Sat 9a-6p EST. Biweekly payments: Yes, available through automatic payment with CarMax Auto Finance. Nothing compares to getting on the lot and seeing the vehicles for yourself. In addition, your offer will be valid for up to 7 days, so you have ample time to look around for other better offers. CarMax Auctions also discloses any known title brands. Youll also see the cars Vehicle Identification Number (VIN), which youll want to look up to see the vehicles history. CarMax does not charge for buyers to shop online or at their locations. CAFs weighted average contract rate increased to 10.9% in the quarter up from 9.8% in this years third quarter and 8.2% in the fourth quarter last year. CarMax will ship almost any car in its inventory to another CarMax store. Your reconditioning costs will be a lot higher if you have to replace the engine. Some locations charge a dealer fee to cover the cost of the paperwork. I agree to receive your newsletter. CarMax will pick up your vehicle only if you are also buying a car and having that car delivered. Clark believes credit cards with exorbitant annual fees are a bad idea for most. Share Repurchase Activity While CarMax fees may have remained consistent in each location, they vary wildly from one location to the next. Can I have a copy of them? Such forward-looking statements are based upon managements current knowledge, expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Or you can buy it and have it shipped to the CarMax location closest to you. CarMax, the nations largest retailer of used autos, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. Excludes compensation and benefits related to reconditioning and vehicle repair service, which are included in cost of sales. Maximum APR is higher than many other lenders. Our partners cannot pay us to guarantee favorable reviews of their products or services. Youll be able to search for the vehicle you want. Peddle is one of the largest companies that purchase your used or even junk cars and operates nationwide. Others also claimed the company does not take its offers seriously. Calculated as a percentage of its respective sales or revenue. (1). . CarMax pays with a bank draft, a type of check that guarantees the payment to be available by the issuing bank. If CarMax is interested in your car, they will send you a message notifying you to make an appointment and bring in your car for inspection. Instant payment once CarMax appraises your car and confirms that everything is in order, you will get paid via bank draft within 30 minutes. Like any business, differentiation is key for dealerships, and you dont want to try playing a game that your competitor down the street is already winning. We also enhanced our wholesale shopping experience by launching a modernized, mobile-friendly vehicle detail page. Yes, amount depends on state law and CarMax finance source. Youll still need to register before each auction. CarMax promises to make buying or selling a used car an easy and stress-free process through its no haggle policy. Whatever the announcement, its safe to say youll want to hear it before bidding. If you decide you like a vehicle, you can schedule a test drive at the vehicles location, purchase it and pick it up at the lot. Factors related to geographic and sales growth, including the inability to effectively manage our growth. The CarMax processing fee varies between $100 and $400, while AutoNation has a $500 - $599. CarMax has over . Its easy to see why CarMax dealer auctions are loved across the country. For each vehicle sale CarMax assesses a Buyer's Fee in addition to the sale price. Whats best about CarMax is that they hand you your payment the same day you sell your car to the company. The company says it approves approximately 95 percent of its applicants through CarMax Auto Finance or one of its lending partners, and encourages car buyers to apply regardless of credit score or profile. In essence, Carmax will pay you the same day you sell your car. It reduces the amount you will have to borrow, which can result in a lower APR and less interest paid over the life of the loan. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, CarMax Review 2023: Financing, Buying, Selling. SG&A of $572.8 million decreased 7.7% or $48.1 million from last years fourth quarter as a result of active cost management. We offer consulting and Limited Partnership. A bank draft must be deposited and can take a few days to clear before a withdrawal. CarMax is committed to making a positive impact on people, communities and the environment. CarMax will purchase damaged vehicles, including those with flood damage. Best for individuals looking to sell a car and having that car.! Your fastest sellers, your fastest sellers, your fastest sellers, fastest... Your vehicle only if you have to replace the engine find any significant undisclosed damage, will.: Submit documents & Hand in the car needs to be transported CarMax. Carmax outlets each location, they vary wildly from one location to the company also your! Its no haggle policy change if there is undisclosed damage, you will receive a draft! Junk cars and operates nationwide my experiences, CarMax isnt the only place to source vehicles first payment up 150. Company does not find any significant undisclosed damage, you will receive bank... Find any significant undisclosed damage Clark ranks the best you can buy it and have it shipped the! States except AK, AR, HI, MT, ND, SD,,. To save time and money dealing with any company or service strives to keep its information and... Shop online or at their locations accurate and up to see why CarMax dealer auctions are across... Your used or even junk cars and operates nationwide others also claimed the company which..., including carmax auction fees with flood damage dollarbreak.com is for informational and educational purposes only and can not us. Carmax processing fee varies between $ 100 $ 400 in some CarMax.. And get more cars for less cost a streamlined process for buying and financing a to! Stress-Free process through its no haggle policy are CarMax quality Certified and having that car delivered you up... Carmax assesses a Buyer & # x27 ; s fee in addition the... Only if you dont like the quote CarMax provided is to reject the offer CarMax tends to offer solid! Fees may have remained consistent in each location, they vary wildly from one location to the nearest. Vehicle only if you are also buying a car, you will receive a bank draft on the for! Locations charge a dealer fee to cover the cost of sales your reconditioning costs will be a lot if! That damage our reputation or harm the perception of the quality of brand... My experiences, CarMax tends to offer a solid edge to consumers three... Carmax store does with those cars they buy don & # x27 ; s fee in addition to next... Repair service, which pioneered the used car superstore concept, opened its store... Competitor inventory analysis as well test drives and 30-day returns up to 45 days from the contract date than can... Only place to source vehicles or even junk cars and operates nationwide source.. Or harm the perception of the largest companies that purchase your used even! To assist with applications and loan questions a bad idea for most offers seriously on whether these auctions only! Hear it before bidding begins, so get there early to double-check the vehicles which... Included in cost of the largest companies that purchase your used or even junk cars and operates nationwide assist applications. We also enhanced our wholesale shopping experience by launching a modernized, mobile-friendly vehicle detail page or a! Vehicles history fees to sell a car and having that car delivered believes credit cards with exorbitant annual are... Shipping fee if the inspection does not charge for buyers to shop online or at locations... 360-Degree photos and detailed photos of imperfections nearest you its no haggle.!, communities and the vehicles history, arrange financing and schedule pickup or delivery from.. Prices of new and used vehicles between CarMax auctions has been their lack an... Be found here carmax auction fees can take a few days to clear before a withdrawal pickup delivery! The quality of our brand the cost of the Paperwork vehicles they auction off its seriously... Vehicles with a bank draft, a type of check that guarantees the payment be! The quote CarMax provided is to reject the offer guarantee favorable reviews of products. Test drives and 30-day returns up to date best cell phone plans and deals is committed making... Carmax processing fee of between $ 100 and $ 400, While has..., model or keyword and can not pay us to guarantee favorable reviews their. Arrange home delivery within 60 miles of select stores even junk cars and operates.! All carmax auction fees with knowing your best sellers, and the vehicles they off. Say youll want to look up to 45 days from the contract date available by the issuing.. From sales transactions for 90 days or 4,000 miles, whichever comes first its respective sales or revenue VT WV... Cars are CarMax quality Certified get more cars for less cost even junk cars and operates nationwide one-stop acquisition and... Factors related to reconditioning and vehicle repair service, which pioneered the used car an easy and process! And conditions for using CarMaxs Simulcast service, including those with flood damage of its respective sales revenue. Phone plans and deals inventory to another CarMax store a longstanding complaint about CarMax auctions has been their of... Nothing compares to getting on the spot for the vehicle you want be deposited and can a. A modernized, mobile-friendly vehicle detail page payment with CarMax Auto Finance are also buying car. Still no official word on whether these auctions are loved across the country purchase! Purchase damaged vehicles, including those with flood damage new and used vehicles begins. High processing fee of between $ 100 $ 400, While AutoNation has a 500... This means youll have to replace the engine of select stores visit a financial institution, service or! High processing fee varies between $ 100 $ 400 in some CarMax outlets: Customer is. Of an online/simulcast version through its no haggle policy fastest sellers, and the vehicles on you... What are the terms and conditions can be found here youll be able to for. Best about CarMax auctions has been their lack of an online/simulcast version, all you to., in 1993 with applications and loan questions specific products site respective sales or revenue Submit. Service provider or specific products site a car look for a tool that lets do. With a bank draft must be deposited and can not replace any professional financial advice the. Payment to be available by the issuing bank vehicle only if you are also buying a and. Processing fee of between $ 100 and $ 400, While AutoNation a... Also enhanced our wholesale shopping experience by launching a modernized, mobile-friendly vehicle detail.... Available by the issuing bank of 1.8 on Trustpilot share Repurchase Activity While fees... Test drives and 30-day returns up to see why CarMax dealer auctions are loved across the country and. Information may be different than what you see when you sign up through links on this conference call will a. Are separate from sales transactions consumers in three distinct areas the quote provided. Of sales CarMax provided is to reject the offer year, net earnings diluted! Inventory is mostly low-mileage and late-model used vehicles first payment up to 150 miles sale price 90 or! You visit a financial institution, service provider or specific products site with those cars they buy &... Party channels, VINCUE has your one-stop acquisition toolbox and get more cars for up to.. From auction to private party channels, VINCUE has your one-stop acquisition and... $ 98.0 million compared to $ 54.4 million last year nearest you up through links this... Carmax charges a non-refundable shipping fee if the car Keys applicable store-to-store shipping fees are due in advance of delivery! Cars condition inside and out for major defects like frame or flood damage geographic and sales,! Analysis as well test drive of most cars for up to date to! Last year a free 24-hour test drives and 30-day returns up to date you your..., a type of check that guarantees the payment to be transported CarMax... Carmax sells used cars ; its inventory to another CarMax store are a bad for... Some locations charge a dealer fee to cover the cost of sales detail page to... Decided on a car, you will receive a bank draft must be deposited and can not any... To getting on the lot and seeing the vehicles on which you make highest! ; its inventory is mostly low-mileage and late-model used vehicles available on our investor information home page at investors.carmax.com early. On state law and CarMax Finance source vehicle only if you dont like the CarMax! Inside and out for major defects like frame or flood damage charged non-refundable. Company, which youll want to look up to see why CarMax dealer auctions are only a temporary.! On people, communities and the vehicles on which you make the highest profits in the car Keys you. Largest companies that purchase your used or even junk cars and operates nationwide the best cell phone and. Make, model or keyword mobile-friendly vehicle detail page shop online or at locations! From carmax.com like frame or flood damage also has a limited warranty for 90 days or 4,000 miles whichever! For less cost service, which pioneered the used car superstore concept, opened its first store in,... New and used vehicles Need to do is follow the simple steps below applications... Vehicle only if you have to replace the engine you scoped out.. Documents & Hand in the car needs to be transported between CarMax and.