Vehicle loan or lease -- Problems at the end of the loan or lease -- Complaint #5321288
Complaint Overview
Complaint ID: 5321288
Company: Carmax, INC.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Problems at the end of the loan or lease
Sub-Issue: Problem with paying off the loan
State: Maryland
ZIP Code: 21113
Date Received: 2022-03-14T12:00:00-05:00
Date Sent to Company: 2022-03-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I totaled my used XXXX XXXX on XX/XX/XXXX which was/is financed through Carmax Auto Finance XXXX My car insurance is through XXXX. The vehicle was declared a total loss and after contacting Carmax for the payoff on XXXX XXXX issued Carmax the full payoff for {$34000.00} and XXXX issued me the remaining {$20000.00} for my loss settlement. Carmax claimed they never got the check so we sent it again on XX/XX/XXXX for {$34000.00}. In the mean time I paid CARMAX for XXXX and XXXX payments of {$680.00}. Both XXXX and myself has called carmax a plethora of times between XXXX, XXXX and XXXX as I want this loan/credit trade line removed from my credit report so my score updates. Throughout multiple conversations with multiple representatives they told me I'd be getting a refund for my warranty and GAP insurance and advised me to turn off auto pay since they are not reporting to the credit agencies anymore. They did not cash the second check sent to them all of XXXX so XXXX contacted them and they told us we had overpaid that's why the checks kept not going through from XXXX to Carmax. After XXXX received the updated payoff from Carmax ... a third check was cut to Carmax Auto Finance from XXXX on XX/XX/XXXX for {$30000.00}. XXXX on XX/XX/XXXX then issued me the difference of {$4300.00}. Carmax Auto Finance then mailed ME a check for XXXX in the middle of XX/XX/XXXX?? The last time I called them was on XX/XX/XXXX where none of the representatives still have an answer. They claim they are still trying to reconcile the account and something was looking off where it shows I still owe roughly XXXX. There is NO REASON there should be this many money exchanges ... or this account still hasn't been fully closed. No one at Carmax ever has an answer and earlier this month they said they are " still working on it '' and someone would call me. Carmax has not called me at all. My insurance claim and account with Carmax are both still open and what is possibly taking them 4 months to close a simple account we have tried to close correctly?
Frequently Asked Questions
What is Complaint #5321288 about?
Complaint #5321288 was filed against Carmax, INC. regarding Vehicle loan or lease specifically about Problems at the end of the loan or lease. It was received by the CFPB on 2022-03-14T12:00:00-05:00.
How did Carmax, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Carmax, INC.?
Yes, visit the Carmax, INC. company profile at readthecomplaint.com/company/carmax-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.