Consumer complaint received 2023-09-07
Company: CarMax, Inc.
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Confusing or misleading advertising or marketing

Complaint:
I purchased ( XXXX yrs old XXXX XXXX XXXX in fair condition! with XXXX miles ) a vehicle from carmax in XXXX XXXX Ga. I wasnot aware that I was being charged an extremely high interest rates compared to other with similar credit scores.at the time. I was going on the advertise price and rate online. However I began receiving several offers to refinance my bad deal. Which made me look deeper into what was a reasonable offer for my purchase. After researching the value of the car. I feel like carmax financing department is unfairly charging more interest rates due to discriminatory and deceptive lending practices. They over valued the vehicle which is 8 years old. And also mislead me to think that the car was worth more than it actually was due to it being a XXXX.I am paying {$10000.00} in financed interest even though the car values is only work {$17000.00}. The lender charges me {$10000.00} interest with a {$3500.00} deposit. I am Also when I came in to see the vehicle I was told a different amount needed to put down. To get my payment at XXXX. I was forced to paid a XXXX deposit with no willingness to negotiate even though website showed a different prequalified offer. Also I was ridicule when I present the check like they didnt believe I actually had the money and was forced to show sales rep financing manager. My bank account information they made me login into my banking app and show the balance. Which I did show the account with the XXXX in my account. Then the manager began questioning saying that that didnt match the account which it did. I do think this is part of the reasons I was being charged a higher rate for financing. The company treated me like discriminatory in person treated me like I didnt have the money. Which I believe was discriminatory. I do believe if I was a different person with same score and credit score and never late history at the time of purchase I would have received a much better rate and price for the loan. Currently i have had the vehicle for 3 months now I have since had several refinance offers from other lenders pointing out that I am being overcharged for my vehicle purchase and to refinance my Bad deal. However since carmax lender process has ran my credit several times, ( and when I questioned carmax financial department ) they told me they have to run my credit every time!!! I want to test drive a vehicle? which caused my score to go down significantly. I am not able to refinance my loan at this point.my credit score dropped due to hard inquiries from car lenders I am trapped with the bad deal ( which the Lender intended to do ) now I am not able to get a better loan with the car on my credit and now I am stuck with paying XXXX for a car barely worth {$16000.00}. This is not fair. And has been proven by CFBa often the case with people of XXXX ; and also my situation at the current moment. I also want to mention when purchasing the vehicle I was ask what day wouldve worked for a payment due date. I clearly told the finance department after the XXXX. They made my payment due on the XXXX. Which was clearly stated that wouldnt be ideal due to my mortgage payment due as well. They assured me they would make payments due afterwards but did NOT making it even harder to cover my financial obligations in a timely manner.I called to see if they could change my payment date since it was only my second payment they would not work with me and told me I need to make 4 months of payments and charge me a late fee for paying on the XXXX. Which I asked for.

Company response to consumer: Closed with explanation