Consumer complaint received 2024-04-04 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Confusing or misleading advertising or marketing
Company: CarMax, Inc.
State: FL

Complaint narrative:
On XX/XX/XXXX I applied for automobile financing with Carmax Auto finance using their website carmax.com, I was subsequently approved and paid {$99.00} to have my selected vehicle transferred to my home store in XXXX Florida. I particularly chose Carmax because they offer no haggle pricing and they offer a 30 day money back guarantee. The vehicle was I chose was a XXXX XXXX XXXX XXXX XXXX XXXX, I was offered financing from Carmax Auto Finance with a 72 month term. Unfortunately, when the XXXX vehicle arrived to my home store in XXXX, Florida I was informed by the sales manager XXXX XXXX that they would not be able to sell me the car due to an issue with the title and odometer, the manager refunded me my {$99.00} transfer fee. 

At that point, I began walking the car lot and found another vehicle, a XXXX XXXX XXXX XXXX XXXX, I ended up financing this vehicle on XX/XX/XXXX on a 72 month term with Carmax Auto Finance. Unfortunately after having the car for two weeks I had to leave the car with the Carmax XXXX XXXX department due to a mechanical issue. I was hopeful it would be a speedy repair, however, the vehicle remained in the service department as I approached the end of my 30 day return period. As a result, I decided to return the vehicle on XX/XX/XXXX. 

Greater problems began for me at this point because Carmax Auto Finance had already began reporting my vehicle purchase to all three credit reporting agencies. I asked my salesperson whose name is XXXX would I be able to keep my previous pre-qualified offers since my lender was Carmax Auto Finance, and he assured me I would within the 30 days. We found my replacement vehicle, a XXXX XXXX XXXX and proceeded to complete the purchase on XX/XX/XXXX. Once my application was submitted XXXX informed me that he was mistaken, and that I would now be required to make a significant down payment in order to purchase the XXXX, he also shopped my credit to multiple banks which further damaged my XXXX, which is completely different from what was explained to me. I was told he would pull my pre-qualification from XX/XX/XXXX and apply it to the XXXX XXXX. I felt mislead and defeated at that point because both vehicles I attempted to buy from Carmax had issues beyond my control, and now at the end of my 30 days I am being told I no longer qualified for similar vehicles that I was previously qualified for on XX/XX/XXXX. To make matters worse, I am also unable to obtain outside financing because I now have a new auto loan reporting on all three of my credit reports from Carmax Auto Finance, this reporting occurred within weeks of my purchase. 

I ended up settling for a cheaper car a XXXX XXXX XXXX XXXX  on XX/XX/XXXX, I never intended to purchase a sedan but simply because Carmax has limited my purchasing power by reporting the XXXX loan to all three credit reporting agencies and refusing to give me my original prequalified offers I had no choice but to lower my vehicle expectations. They also refused to give me a 72 month term on this XXXX which inflated my payments, I was only offered a 60 month. I don't understand why I was treated adversely, when the issues I experienced with their cars was beyond my control.

Company response to consumer: Closed with explanation