Once you decide, you can purchase or return the car at the store. CarMax's 24-hour test drive is a take-home test drive that gives you up to 24 hours to decide whether a car is right for you. More Informationįor more information about grace periods from auto lenders, check out our articles about the grace periods extended by Capital One, Honda Financial, Nissan Financial, and Toyota Financial. CarMax's Love Your Car Guarantee is our way of helping you buy a car that truly fits your life, with 24-hour test drives and 30-day money back returns. Additionally, customer service representatives emphasized the fact that, although you will incur a late fee once the grace period ends, CarMax will not report the missed payment to the credit bureaus until 30 days after your payment due date. Customers who can prove financial hardship may receive one payment extension per year. CarMax Hardship ProvisionsĬarMax Auto Finance offers hardship provisions for borrowers struggling to pay their loans. However, CarMax will remove the late fee in this instance once it processes and credits your payment, as noted in the CarMax Auto Finance FAQ. It can take CarMax 24 to 48 hours to process payments, so if your payment arrives near the end of your grace period, you may also incur a late fee. Representatives for CarMax Auto Finance were unable to provide specific fee amounts for late payments. It offers fast, on-site financing at viable rates and terms to make your car shopping experience as easy as possible. CAF can help you to fulfill your dream of buying a car. Like grace periods, late fees vary by state and contract. In new and used car retail industry, the main competitors of CarMax Auto Finance are Cox Enterprises and KAR Auction Services, Inc. Late fees are established in your contract, so they will not increase if you miss multiple payments. If you fail to make a payment within the grace period, CarMax Auto Finance will charge a late fee. To determine the specific grace period allotted to you, you will need to examine your CarMax Auto Finance contract. However, one representative mentioned 10-day and 15-day grace periods as examples. The representatives we spoke with said that there is not a set grace period that applies to every customer. We reached out to CarMax Auto Finance to confirm the company’s grace period policy. CarMax’s auto loan grace period can vary by state and even by contract within the same state.
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