Richmond, Va., CarMax, Inc. today affirmed that, despite the continuation of difficult economic conditions, credit remains widely available for qualifying customers at its used car superstores. These financing options are offered through CarMax Auto Finance (CAF) and the company�s third-party lenders, a group of leading financial institutions.
CarMax is still able to provide financing for a wide variety of customer credit profiles. Our ability to finance qualifying customers has not significantly changed, said Tom Folliard, CarMax president and CEO. In fact, we believe our financing is a key competitive advantage in this environment where many other automotive retailers may have fewer financing options.
Due to the integrity and transparency of the CarMax car-buying process, our third-party lenders continue to have greater confidence in CarMax and have recently reaffirmed their willingness to provide more financing for CarMax customers, said Folliard. CAF and all of its third-party lenders benefit from the unique CarMax sales model which mitigates the financing risks often associated with used car lending. These risks are related to understanding the value of the vehicle and trusting in the accuracy, quality and completeness of the information provided to the lender.
The Unique CarMax Finance Process
Just like the CarMax buying experience, the CarMax finance process is unique. We remain proud to provide consumers with what we believe is the most user-friendly car financing process in the industry, said Folliard. CarMax sales consultants do not receive a commission on the financing, and they do not hand off customers to a commission-paid finance manager. Instead, the CarMax sales consultant helps customers find the financing option that fits their budget and walks them through the entire sales process.
At CarMax, customers see all offers made available to them directly on the computer screen, and where multiple offers exist, customers may choose the offer that best suits their needs. CarMax also provides a three-day payoff option, which gives customers up to three business days to replace the financing with cash or an alternative-lending source, free of penalty or interest.
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