Consumer complaint received 2024-01-13 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 failed to provide me with the bank ledger that I requested that proves CarMax indeed funded this loan. I am not requesting records of alleged indebtedness but the bank ledger for the book entry of this loan. Since CarMax failed to provide such documents this proves what I stated that my financial asset indeed funded this credit arrangement and CarMax has failed to properly report this information to the Internal Revenue Service and pay taxes per the IRS publication. I have alerted the IRS to audit this account as the principal balance and interest payments belong to me and CarMax has failed to properly account for these amounts. 


( 3 ) " Account debtor '' means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. 

( 4 ) " Accounting '', except as used in " accounting for '', means a record : ( A ) authenticated by a secured party ; ( B ) indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record ; and ( C ) identifying the components of the obligations in reasonable detail. 
( 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.

( i ) Consumer credit contract. Any instrument which evidences or embodies a debt arising from a Purchase Money Loan transaction or a financed sale as defined in paragraphs ( d ) and ( e ) of this section.

( j ) Seller. A person who, in the ordinary course of business, sells or leases goods or services to consumers. 
433.3 Exemption of sellers taking or receiving open end consumer credit contracts before XX/XX/1977 from requirements of 433.2 ( a ). 
( a ) Any seller who has taken or received an open end consumer credit contract before XX/XX/1977, shall be exempt from the requirements of 16 CFR part 433 with respect to such contract provided the contract does not cut off consumers ' claims and defenses. 

( b ) Definitions. The following definitions apply to this exemption : ( 1 ) All pertinent definitions contained in 16 CFR 433.1. 

( 2 ) Open end consumer credit contract : a consumer credit contract pursuant to which open end credit is extended. 

( 3 ) Open end credit : consumer credit extended on an account pursuant to a plan under which a creditor may permit an applicant to make purchases or make loans, from time to time, directly from the creditor or indirectly by use of a credit card, check, or other device, as the plan may provide. The term does not include negotiated advances under an open-end real estate mortgage or a letter of credit.

( 4 ) Contract which does not cut off consumers ' claims and defenses : A consumer credit contract which does not constitute or contain a negotiable instrument, or contain any waiver, limitation, term, or condition which has the effect of limiting a consumer 's right to assert against any holder of the contract all legally sufficient claims and defenses which the consumer could assert against the seller of goods or services purchased pursuant to the contract.

a ) A person acquires a security or an interest therein, under this Article, if : ( 1 ) the person is a purchaser to whom a security is delivered pursuant to Section 8-301 ; or ( 2 ) the person acquires a security entitlement to the security pursuant to Section 8-501.

( b ) A person acquires a financial asset, other than a security, or an interest therein, under this Article, if the person acquires a security entitlement to the financial asset.

( c ) A person who acquires a security entitlement to a security or other financial asset has the rights specified in Part 5, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in Section 8-503.

( d ) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule, or agreement to transfer, deliver, present, surrender, exchange, or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection ( a ) or ( b ).

Company response to consumer: Closed with explanation