Consumer complaint received 2023-12-10 00:00:00
Product: Debt collection — Auto debt
Issue: False statements or representation — Attempted to collect wrong amount
Company: CarMax, Inc.
State: TX

Complaint narrative:
Carmax is alleging I owe a debt and stealing property from my trust. My contract is the security that funded this credit sale. CarMax Auto XXXX XXXX is the seller and depsoitory company that has illegal used my financial asset. Carmax is the servicer of the loan which servicers have no rights. Servicers only hold loans. Carmax has kept the interest, proceeds, and insurance from the sell of my security. As the executor of my estate I am entitled to compensation from Carmax. Futhermore I can not be indebted to Carmax while you're making profits from my security. A simple contract does not guarantee interest per federal law. Therefore Carmax has no interest or power to for performance nor keep all the profits from financial asset. That is securities fraud. 
( 7 ) " Entitlement holder '' means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of Section 8-501 ( b ) ( 2 ) or ( 3 ), that person is the entitlement holder. 

( XXXX ) " Entitlement order '' means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. 

( XXXX ) " Financial asset, '' except as otherwise provided in Section 8-103, means : ( i ) a security ; ( ii ) an obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment ; or ( iii ) any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this Article. 

As context requires, the term means either the interest itself or the means by which a person 's claim to it is evidenced, including a certificated or uncertificated security, a security certificate, or a security entitlement. 

( 10 ) [ reserved ] ( 11 ) " Indorsement '' means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring, or redeeming the security or granting a power to assign, transfer, or redeem it. 

( 12 ) " Instruction '' means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed.

( 13 ) " Registered form, '' as applied to a certificated security, means a form in which : ( i ) the security certificate specifies a person entitled to the security; and ( ii ) a transfer of the security may be registered upon books maintained for that purpose by or on behalf of the issuer, or the security certificate so states. 

( 14 ) " Securities intermediary '' means : ( i ) a clearing corporation ; or ( ii ) a person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. 

( 15 ) " Security, '' except as otherwise provided in Section 8-103, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer : ( i ) which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer ; ( ii ) which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests, or obligations; and ( iii ) which : ( A ) is, or is of a type, dealt in or traded on securities exchanges or securities markets; or ( B ) is a medium for investment and by its terms expressly provides that it is a security governed by this Article. 

( 16 ) " Security certificate '' means a certificate representing a security.

( 17 ) " Security entitlement '' means the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5.

( b ) Consumer. A natural person who seeks or acquires goods or services for personal, family, or household use.

( c ) Creditor. A person who, in the ordinary course of business, lends purchase money or finances the sale of goods or services to consumers on a deferred payment basis ; Provided, such person is not acting, for the purposes of a particular transaction, in the capacity of a credit card issuer.

( d ) Purchase money loan. A cash advance which is received by a consumer in return for a Finance Charge within the meaning of the Truth in Lending Act and Regulation Z, which is applied, in whole or substantial part, to a purchase of goods or services from a seller who ( 1 ) refers consumers to the creditor or ( 2 ) is affiliated with the creditor by common control, contract, or business arrangement.

( e ) Financing a sale. Extending credit to a consumer in connection with a Credit Sale within the meaning of the Truth in Lending Act and Regulation Z.

( f ) Contract. Any oral or written agreement, formal or informal, between a creditor and a seller, which contemplates or provides for cooperative or concerted activity in connection with the sale of goods or services to consumers or the financing thereof.

Company response to consumer: Closed with explanation