Consumer complaint received 2022-07-03
Company: CarMax, Inc.
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Loan sold or transferred to another company

Complaint:
Carmax Auto Finance and Carmax XXXX XXXX XXXX XXXX have violated several of my rights and I want it to be noted, reported and corrected. 
On XX/XX/XXXX I purchased a vehicle from Carmax XXXX XXXX XXXX XXXX and per the retail installment contract, my finance company was XXXX XXXX. On this day all paperwork was signed and I was on my way with my vehicle. 
On XX/XX/XXXX I received a call from XXXX whos phone number is XXXX and has called from the numbers XXXX and XXXX stated Carmax lost the retail installment contract with my wet signature that was signed on XX/XX/XXXX at the dealership and Carmax needed a new one signed. That was really weird to me and I didnt feel comfortable signing a blank contract and sending it back in the mail. So I never signed a new contract, in fact I never signed anything they sent me via the mail. From that point on XXXX kept calling me harassing me to sign a new contract even though I said specifically I do not feel comfortable signing and I wont be signing anything. XXXX, a representative from Carmax per 15 U.S. Code 1692d ( 5 ) violated my rights as I have about 11 calls and 8 voicemails saved of her requesting I sign. During this time I was still making my usual payment to XXXX XXXX. Then on XX/XX/XXXX, ten days after XXXX last call to me, I received the title to my vehicle and the lien release ( non interest statement ) from XXXX XXXX stating that my loan was satisfied. The lien release was signed, dated and notarized making it an official document. I called XXXX to verify if this was correct and then did indeed confirm it. I had no reason to question it because as of XX/XX/XXXX my obligation was to XXXX XXXX as they were the lienholders on the vehicle I was paying for. 
So on XX/XX/XXXX I received an unsigned Notice of Reassignment from Carmax. The notice said as of XX/XX/XXXX they reassigned my contract from XXXX to Carmax Auto Finance. 
What power did Carmax XXXX XXXX XXXX XXXX have to reassign the contract 6 months after signing? A contract they lost and did not have my wet signature on. What power did Carmax have to make me continue paying on a loan that XXXX XXXX had all legal rights and powers to. Per the retail installment contract of XX/XX/XXXX, XXXX XXXX said I fulfilled all my duties as the buyer to the contract on XX/XX/XXXX. You see on page XXXX of the retail installment contract the last paragraph marked Assignment, states that the Seller Carmax XXXX XXXX XXXX XXXX sells and assigns and transfers all rights, powers, privileges and all obligations of the buyer to XXXX XXXX ( the assignee ). It also says IF ON THE DATE of this assignment there is in effect a dealer agreement between SELLER and ASSIGNEE pertaining to the sale of the contracts to assignee by seller the sale and assignment of this contract to assignee is made subject to all the terms and conditions of that dealer agreement. That clause was dated XX/XX/XXXX and signed by a Carmax representative on XX/XX/XXXX. Per the clause there was no effect or change in the agreement on XX/XX/XXXX and on XX/XX/XXXX I began to pay XXXX XXXX as agreed in the contract. According to Per 15 U.S. Code 1611, Carmax lied to me and led me to believe the contract was still in force, when really the contract was terminated the moment I received my lien release and title. It was because of Carmaxs negligence that they lost the contract with my wet signature and so they have been illegally taking my money each month for a contract that is not valid. Per 15 U.S. Code 1692f ( 6 ) ( A ) Carmax is in clear violation and I have been giving my money to Carmax each month since XX/XX/XXXX in exchange for a car I technically own already. To this day Carmax still has no rights or interest in the vehicle so why are they still requiring me to pay for a car that they have no rights to. 
They also violated my rights on XX/XX/XXXX per 15 U.S. Code 1605 ( a ) Carmax XXXX XXXX XXXX XXXX illegally took cash from me in the sum of {$3400.00}. When it clearly states per a consumer credit transaction. The finance charge does not include charges of type payable in a comparable cash transaction. Meaning because I was financing no cash should have been exchanged at all. Also per 15 U.S. Code 1662 ( 2 ) unless Carmax XXXX XXXX XXXX XXXX charges all consumers a fixed down payment in the amount of {$3400.00} for each transaction they conduct, they unlawfully took my money. 
This whole ordeal has truly been frustrating and I just feel I have been deceived and abused by Carmax.

Company response to consumer: Closed with explanation