Understanding Your Credit Score

General Account Information FAQ

How are finance charges calculated?

Simple Interest / Finance Charges - Your Retail Installment Contract with CarMax Auto Finance is a "simple interest" contract. This means that finance charges (the dollar amount you pay for credit) accrue daily, beginning on the date of your contract, and are based on your Annual Percentage Rate (APR), the number of days since the last payment, and the outstanding principal balance as of the last payment.

Generally, if your payments are late or less than your scheduled amount, then you may owe more in finance charges. If your payments are early or more than your scheduled amount, then you may owe less in finance charges. As a result, your payment history will determine whether your final payment amount is more or less than originally scheduled in your contract.

Your payments will be applied first to finance charges, then to any late charges, then to principal balance, and finally to any fees assessed on your account, as allowed by applicable law.

The formula to calculate your daily finance charge is as follows:
Daily Finance Charge = Principal Balance x APR / 365 (days a year)

Current principal balance of $10,000.00 and finance charge rate (APR) of 10%:
($10,000.00) x (.10) / 365 = $2.74 Daily Finance Charge. This means $2.74 in finance charges accrue each day.

How is my payment divided between principal and finance charges?

CarMax Auto Finance applies payments first to accrued finance charges, then to unpaid late charges, and then to principal, as allowed by applicable law. Remember, as the principal balance is reduced, the daily finances charge also decrease. So, as long as the principal balance is reduced with each payment, the amount of finance charges that accrue daily also decreases. That’s why the amount of finance charges paid at the beginning of a contract is higher than the amount paid at the end.

What is a grace period?

It’s the time after a payment is due and before a late charge is assessed. Grace periods vary based on applicable law, which in turn depends on where you purchased your vehicle and signed your retail installment contract. We recommend mailing your payment 7-10 days in advance to allow for timely receipt. Despite grace periods, your monthly payment is still due by the due date.

If you fail to make a payment within the grace period, a late charge will be assessed. If we receive a payment near the end of the grace period, allow 1-2 business days for the payment to be processed and credited to your account. If, in such a case, a late charge is assessed, it will automatically be removed upon our processing and crediting your payment.

If I make a payment for more than my monthly payment amount, how will the payment be applied to my account?

The payment will be applied up to your next 3 monthly payments, unless otherwise required by law. If your account is past due or has a partially satisfied payment outstanding, the payment will be applied first to any past due and/or partially satisfied payments, then up to your next 3 monthly payments. Any remaining amounts will be applied to the principal balance owed on your account without satisfying a monthly payment.

Example: If you have a $100 payment due February 1st (and no past due or partially satisfied payments), and you pay $500 on February 1st, your payment will satisfy your February 1st $100 payment, your March 1st $100 payment, and your April 1st $100 payment. The remaining $200 is applied to your principal account balance, and your next payment is due May 1st.

If your payment has been applied to future payments and you would prefer that it be applied to principal only, please call us at 800-925-3612.

If you make a payment for more than your monthly amount, regardless of how it is applied, finance charges will continue to accrue on your outstanding principal balance and subsequent payments will be applied first to accrued and unpaid finance charges. Continuing to make your regularly scheduled monthly payments will reduce the amount of finance charges assessed to your account. Even if your account is paid ahead, consider making your regular monthly payment to pay your account off faster and to reduce the amount of finance charges paid over the life of your account.

Can I refinance my contract with CarMax Auto Finance to reduce my payments and/or interest rate?

CarMax Auto Finance does not currently offer refinancing. If you decide to refinance with another financial institution, there’s no penalty for paying off your account early.

Why is my final payment larger than my regular monthly payment amount?

The amount of your final payment can vary depending on your payment history, and may include any amount past due, plus other previously assessed unpaid fees.

Your account is based on a "simple interest" retail installment contract, which means that finance charges, or "interest," accrue on your account each day based on the unpaid principal balance. If you regularly made payments before your due date, fewer finance charges would have accrued during the term of your account. If you regularly made payments after your due date, more finance charges would have accrued, and the final scheduled payment is likely larger than the regularly scheduled amount.

Return to CarMax Auto Finance >

Online Account Registration

I'm a co-buyer on the account; Can I have access to my account online?

Yes, both a primary applicant and a co-buyer will have the ability to establish their own individual access to the CarMax Auto Finance account. As a co-buyer, set up your own MyCarMax account, then, simply enter the account number, the last 4-digits of your social security number, your date of birth and agree to the E-Sign Consent and Online Account Services Agreements to create your own association to the account. Please note that access to your online account (and your ability to make online payments) may become restricted based on your account status or payment history (e.g., 75 or more days past due; bankruptcy; or multiple returned payments).

I'm an existing CarMax Auto Finance customer and have an online account. I just financed a new vehicle through CarMax Auto Finance. How do I add this to my online account?

As long as the last 4-digits of your social security number and your date of birth match the existing account, you’ll automatically access the new account. The new account will appear on your overview page when you log onto your CarMax Auto Finance account. If you are unable to access the new account, please contact customer service for assistance at 800-925-3612.

Return to CarMax Auto Finance >

Statements FAQ

How do I view my statements online?

You can easily access your statements by signing in to your MyCarMax account and selecting View Statements. If you have not registered your CarMax Auto Finance account online, you can register here.

How long will my statement be available online?

Once your statement is posted to your online account, it will be available for 13 months.

How do I read my statement?

View our How to Read My Statement Guide for information on reading your statement.

I just registered my CarMax Auto Finance Account online. Will I still receive my statement in the mail?

No. Newly registered online customers will receive online statements only. If you are the primary account holder, you can choose to also receive mailed statements. Just sign in to MyCarMax, select View Statements, and update your statement preferences. Please note that your account status may limit your access to change these preferences.

How long after I purchase my car will it take to receive my first statement?

Your statement will be generated 18 days prior to your first due date. If you are registered for an online statement, it will be posted within four days of creation.

How do I stop receiving statement email alerts?

Sign in to MyCarMax and select View Statements. From here, you can opt out of receiving statement email alerts. Please note that your account status may limit your access to change these preferences.

Return to CarMax Auto Finance >

Titles and Registration FAQ

I recently moved to a new state and need to register my vehicle. What do I need to do?

First, you will need to contact the DMV in your new state of residency and ask them to provide CarMax Auto Finance with a letter or proper form indicating the change in residence. The DMV can fax the letter to us at:

(770) 423-7856

Or the DMV can mail the letter to:

CarMax Auto Finance
P.O. Box 440609
Kennesaw, GA 30160

Upon receipt, we’ll process the request and take the necessary steps to allow for registration in the new state. Processing time can vary, so please allow 30-60 days to complete.

Can I have the co-buyer removed from the title or add a third party to the title?

No, a co-buyer cannot be removed from the title and a third party cannot be added. Only those who are on the retail installment contract as a buyer or co-buyer may be listed on the title.

My account is paid in full. How soon can I expect to receive the title?

If you payoff your account with certified or other guaranteed funds, your title may be released within 3 business days from the date the payoff posts to your account.

If you payoff your account with non-certified or non-guaranteed funds, such as a personal or business check, the release of your title and our lien is subject to a longer processing time and hold period.

We will mail the title to the primary buyer’s address on the account, or new lienholder if specified. Please allow 7-10 days to receive your title after we have mailed it.

If you live in a state that issues electronic titles, once we release our security interest in the vehicle, the DMV will send you the paper title directly or you will need to contact the DMV for instructions regarding your title. Please contact the DMV in your state for answers to any title questions you may have.

Return to CarMax Auto Finance >

Updating Account Information FAQ

I have moved or have a new phone number-how do I update my contact information?

Register with MyCarMax, and click the profile link on your CarMax Auto Finance account overview page.

You can also call us at (800) 925-3612.

I am recently married/divorced-how do I change my name on my account?

Please forward a written request* of the name change, along with a copy of your marriage certificate or divorce decree to:

CarMax Auto Finance
Attn: Customer Service
P.O. Box 440609
Kennesaw, GA 30160

* Please include your account number on the request

Upon receipt, we will update your account within two business days.

Why did CarMax Auto Finance send me a text message? How do I opt out?

CarMax Auto Finance may send you free text messages regarding your account. You may opt-out at any time by texting STOP to 56912. For assistance, you can text HELP to 56912 or call us at (800) 925-3612.

AT&T, Boost Mobile, MetroPCS, Sprint, T-Mobile®, Verizon Wireless, Virgin Mobile USA, and additional carriers where available.

T-Mobile®, is not liable for delayed or undelivered messages.

Return to CarMax Auto Finance >

Insurance Claim Information FAQ

My car was recently involved in an accident and I have an insurance check made out to both CarMax Auto Finance and me. How do I have it endorsed?

Forward the insurance check, a copy of the original insurance estimate, and the completed repair bill to CarMax Auto Finance. (Note: All work must be completed by a qualified body shop for us to endorse the check.)

After we endorse the check, we’ll overnight it to the body shop that completed the repairs. If you already paid for the repairs, we’ll require a copy of the receipt. Once we have the receipt, we’ll overnight the check to the person listed as the primary buyer on the account.

My car was recently in an accident and deemed a total loss. Can I keep the vehicle and have it replaced anyway?

Call us at (800) 925-3612 to discuss your situation.

Is there a maximum insurance deductible I am allowed to have on my policy?

Yes, the maximum deductibles allowed are $500 for Collision and $500 for Comprehensive.

Return to CarMax Auto Finance >

Credit Reporting and Identity Theft FAQ

To which credit bureaus does CarMax Auto Finance report account information?

The three national consumer reporting agencies: Experian, Equifax, and TransUnion. Contact information follows:

P.O. Box 390
Springfield, PA 19064-0390

P.O. Box 949
Allen, TX 75013-0949

P.O. Box 740214
Atlanta, GA 30374-0241

How do I dispute information CarMax Auto Finance has reported to a consumer reporting agency?

If you have concerns regarding information about your CarMax Auto Finance account, please contact our Customer Service team at (800) 925-3612.

Or you can send a written account* of your dispute to us at:

CarMax Auto Finance
Attn: Credit Maintenance Department
P.O. Box 440609
Kennesaw, GA 30160

*In your letter, please reference your account number, share the specific information you dispute, explain the basis for your dispute, and include any supporting documentation.

I've been a victim of identity theft and would like copies of the documents relating to a CarMax Auto Finance account that has been opened in my name. How do I obtain that information?

Request a copy of the applicable information in writing and provide us with the following: All relevant information with respect to the identity theft (including, as applicable, the date of credit application or contract, and account number);

• A photocopy of your government issued ID
• A copy of a police report relating to the identity theft and a completed and notarized identity theft affidavit (obtained from www.ftc.gov or by calling us at (800) 925-3612).

Mail with a cover letter to:
CarMax Auto Finance
Attn: Fraud Department
P.O. Box 440609
Kennesaw, GA 30160

We will respond to your request within 30 days of receipt of all of the information listed above.