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)

Example
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 are my monthly payments applied?

We apply your payments first to finance charges that have accrued since your last payment, and then toward your principal balance. We apply any remainder to future scheduled payments and/or fees as they become due. Note: Your monthly statement is generated 18 days in advance of your next scheduled due date. If your account has an outstanding balance, we will apply your payment in the following order: first, to satisfy the outstanding balance; second, to finance charges that have accrued since your last payment; third, to your principal balance. Any remainder will be applied to future scheduled payments and/or fees as they become due.

How is my payment divided between principal and finance charges?

We apply payments first to finance charges that have accrued since your last payment, and then toward your principal balance.

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?

We apply payments first to finance charges that have accrued since your last payment, and then toward your principal balance. We apply any excess payment amount to future scheduled payments and/or fees as they become due. Note: Your monthly statement is generated 18 days ahead of your next scheduled due date. If your account has an outstanding balance, we will first apply your payment to your outstanding balance; second, to finance charges that have accrued since your last payment; third, to your principal balance. Any remainder will be applied to future scheduled payments and/or fees as they become due.

Example 1: If you have a $100 regular payment amount due February 1st (with no past due, no partially satisfied outstanding balance and no fees due), and you pay $150 on February 1st, your payment will be applied as follows:

  1. $100 will satisfy your February 1st regular payment amount (which includes finance charges accrued since your last payment as well as principal balance).
  2. The remaining $50 will go toward future scheduled payments.

Example 2: If you have a $100 regular payment due February 1st (and no past due, no partially satisfied outstanding balance and no fees due), and you pay $500 on February 1st, your payment will be applied as follows:

  1. $100 to satisfy your February 1st regular payment amount (which includes finance charges accrued since your last your last payment as well as principal balance).
  2. The remaining $400 will reduce your principal balance and go toward future scheduled payments.
  3. The next scheduled monthly will be due July 1st. To reduce the amount of finance charges paid over the term of your account, we recommend you continue making monthly payments.

Note: If a fee becomes due before a future scheduled payment is due, the payment will satisfy the fee balance, then the principal balance and then future scheduled payments. If you would prefer not to have excess payment amounts applied to future scheduled payments, please call us at (800) 925-3612

Example 3: If you have a $100 regular payment due February 1st, a past due balance of $50 from January, with a late fee of $5 and you pay $500 on February 1st, your payment will be applied as follows:

  1. $50 to satisfy your outstanding partial balance (which includes finance charges accrued since your last payment as well as principal balance).
  2. $100 to satisfy your February 1st regular payment amount (which includes finance charges accrued since your last payment as well as principal balance).
  3. $5 to satisfy your late fee.
  4. The remaining $345 will reduce your principal balance and go toward future scheduled payments.
  5. The next scheduled payment will be due June 1st for $55. To reduce the amount of finance charges paid over the term of your account, we recommend you continue making monthly payments.

If you would prefer not to have excess payment amounts applied to future scheduled payments, please call us at (800) 925-3612.

Example 4: If you have a $100 regular payment due February 1st with a late fee of $5 and your March 1st statement was sent (see note on statement timing below). You make a payment of $105, which will be applied as follows:

  1. $100 to satisfy your February 1st regular payment amount (which includes finance charges accrued since your last your last payment as well as principal balance).
  2. The remaining $5 will reduce your principal balance and go toward your future scheduled payment.
  3. The next scheduled payment will be due March 1st for $95. To reduce the amount of finance charges paid over the term of your account, we recommend you continue making monthly payments.
  4. The $5 late will remain outstanding and will be satisfied if a $100 payment is received before the next statement is sent.

Statements, including future scheduled payments that are due, are generated 18 days ahead of the scheduled due date.

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 higher than my regular monthly payment?

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

If you regularly made payments after your due date, more finance charges would have accrued on your account, causing your final payment to likely be higher than the regularly scheduled amount. You could also have a higher final payment if you requested an extension, due date change, or encountered any returned payment fees or repossession costs. If you have a higher final payment, we will let you know 12 payments and 6 payments prior to your account reaching maturity.

Can I pay ahead?

Yes, however, even if you are paid-ahead, finance charges will continue to accrue daily on your account. The next payment you make will be applied first to the finance charges that have accrued since the last payment you made. To reduce the amount of finance charges paid over the term of your account, we recommend you continue making monthly payments. If you would prefer not to have excess payment amounts applied to future scheduled payments, please call us at (800) 925-3612.

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How can I set up a recurring payment on my account?

Setting up a recurring payment is easy! Simply sign in to your account online at www.carmaxautofinance.com. Once you’re signed in, click the Set Up Recurring Payment button on the right side of the screen. Under Payment Information, enter a Payment Amount and select the Next Payment Date of your choice.

If you don't have a payment method saved to your account yet, you'll need to add one. You can do so by clicking Use a New Payment Account in blue next to Saved Payment Methods. You'll be prompted to enter your Bank Routing Number and Bank Account Number. Once you enter your Bank Account Number, a new field will appear to Re-enter Bank Account Number. From here, select the Bank Account Type - Checking or Savings, you also have the option to select if it is a business account. You can add an Account Nickname as an option.

Enter a valid Email Address and select Continue at the bottom. You’ll have the chance to review the Payment Details and the Payment Method on the next page.

Once you've reviewed and accepted the Terms and Conditions, click Confirm. You'll receive a confirmation on the next screen along with a reference number. You'll also receive a confirmation email with the details of your recurring payment.

How do I know if a recurring payment is scheduled?

Once you're signed in to your account online, select View and Edit Payments from the menu on the right. On the next screen, click Scheduled Payments at the top to view your recurring payment details.

What options do I have to view my monthly statement?

When it comes to managing your account, we provide efficient options that will work best for you. You are able to choose how you’d like to view your monthly statements and how they’re delivered.

Please see the available statement delivery options below:

  • Online statements only (recommended)
  • Online statements and mailed statements
  • If you're receiving online statements, you can also select to receive an email notification when your statement is available to view.

To choose your statement delivery preference, follow these easy steps below:

  1. Log in to carmaxautofinance.com
  2. Select View Statements and scroll to Statement Preferences
  3. Select your preferred statement delivery options
  4. Select Save Changes to finalize your preferences

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.

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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.

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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.

After we post your final payment, we will release our lien. If you reside in a state that uses an electronic lien and title process (ELT) it may take up to 60 days to receive your title from your state DMV or require you to take action with the DMV. Please reach out to your local DMV for questions regarding the electronic title release process in your state.

If you reside in a state that uses a paper title process, it may take up to 2-3 weeks to receive your title.

I paid off my account 60 days ago. Why haven't I received my title yet?

Your title may take up to 60 days to receive once your final payment has posted to your account. If it's been longer than 60 days, you can call our customer service department at (800) 925-3612 to locate your title and we can let you know the necessary next steps required to obtain it. Please keep in mind, if you moved recently and forgot to update your address this could've resulted in a delayed or misdirected title and you will be responsible for any fees associated with obtaining a new one.

I moved recently. How do I have my title sent to my new address?

To ensure we mail your title to the correct address, please confirm your address is up to date before making your final payment. If your address is not up to date it could result in a delayed or misdirected title.You can update your address by signing into your account at carmaxautofinance.com, through our mobile app, or by calling (800) 925-3612.It is important that your address is also up to date with your local titles and registration office (DMV, MVA, etc.)

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Payoff FAQ

How should I make my final payment on my account?

Making your final payment is easy! See the options below for all the ways you can make your final payment.

Mail: Please do not send correspondence with your payment.
Standard Delivery:
CarMax Auto Finance
Attn: Payoff Department
P.O. Box 440609
Kennesaw, GA 30160-0511

Overnight Delivery:
CarMax Auto Finance
Attn: Payoff Department
225 Chastain Meadows Ct. Suite 210
Kennesaw, GA 30144

Online: Log in to carmaxautofinance.com
Mobile App: Sign in to the CarMax App
Phone: Call our customer service department at (800) 925-3612 Western Union & MoneyGram:
Visit a location and fill out the form using the following information:
Pay to: CarMax Auto Finance; Receive Code: 4645 (MoneyGram only); Code City: Kennesaw; Code State: GA.
Please include your CarMax Auto Finance account number and keep in mind Western Union and MoneyGram may charge fees for these services.

I'm interested in paying off my car early. How do I find my payoff amount?

If you're looking to pay off your car and need an up-to-date payoff amount you can sign in to your account online at carmaxautofinance.com or call our customer service department at (800) 925-3612. We're also happy to provide a payoff letter upon request which will list your payoff amount and the date through which the amount is valid.

I made my final payment and received a check in the mail a few weeks later, what is this for?

If you make a final payment that exceeds your total amount due we will mail you a refund check.

If I have recurring payments set up will that work for my final payment?

If you're enrolled in recurring online payments and your balance is less than (or equal to) your scheduled recurring payment amount, we will debit only the balance on your next scheduled date. If your balance is greater, we will debit your recurring payment amount on your next scheduled date, leaving an outstanding balance for which you will be responsible.

Will an extension impact my final payment?

Extensions may be requested over the phone with a customer service associate. At the time of an extension request the associate will inform you of your new estimated final payment amount if your request is approved and you accept the extension. Please keep in mind it is an estimate as it assumes you will make all future payments exactly on the due date. For an extension request please contact our Customer Service Department at (800) 925-3612. We're available Monday through Friday 8am-10pm, Saturday 9am-6pm EST.

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?

We offer free SMS text messages to help better manage your account. These messages may include payment reminders, account notifications, and/or features that may be available to you. You may opt-out at any time by texting STOP to 80817 or replying STOP to any message you receive from us. For assistance, you can text HELP to 80817 or reply HELP to any message you receive from us. For additional assistance with your account or account preferences, you can also call us at (800) 925-3612. For more information, view CarMax Auto Finance Text Message Terms and Conditions.

PARTICIPATING WIRELESS CARRIERS:
AT&T, T-Mobile USA, U.S. Cellular Corp., Verizon Wireless, Interop, ClearSky, and additional carriers where available.

Carriers are not liable for the delayed or undelivered messages. Message frequency varies.

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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.

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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:

TransUnion
P.O. Box 390
Springfield, PA 19064-0390
800-916-8800

Experian
P.O. Box 949
Allen, TX 75013-0949
800-397-3742

Equifax
P.O. Box 740214
Atlanta, GA 30374-0241
800-685-1111

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.