What does CARMAX AUTO FINANCE mean on my credit report?

Is CARMAX AUTO FINANCE making an impact on your credit score?

Updated January 1, 2023
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What is CARMAX AUTO FINANCE?

CARMAX AUTO FINANCE is shorthand for CarMax Auto Finance, with the company name being CarMax Auto Finance Inc

CARMAX AUTO FINANCE is a Automotive Trader provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with CarMax Auto Finance.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan
  • ⚫ Collection Agency/Attorney
  • ⚫ Auto

How do I contact them?

Here is the current contact details for CarMax Auto Finance:

Address:

  • P.O. Box 6045, , Carol Stream, IL, 60197-6045

Website:

Email:

Phone:

Payments

To make a payment, you can use a credit card, debit card, Apple Pay, or bank account. You can also pay online or over the phone by calling 800-519-1511. If you need to refund a payment, CarMax will refund the sales tax, title fees, and any other fees associated with the vehicle purchase. There are penalties for late or missed payments, and the lender may send the repo man after 10 days. You can make a payment using a mobile app or a prepaid debit card, but you cannot use a wire transfer.

Question Answer
Can I make payments over the phone? Yes
Can I make payments online? No
Can I make a payment using a mobile app? Yes
Can I make a payment using a prepaid debit card? Yes
Can I make a payment using a wire transfer? No

Forgiveness and Cancellation

The website offers loan forgiveness and consolidation. To qualify for loan forgiveness, the applicant must be a full-time employee for five years.

Question Answer
Do they offer loan forgiveness? No
Do they offer loan consolidation? No

How to Apply

You can apply for a loan online, over the phone, or in person. Some lenders also offer loans through mobile apps. You may be able to get a loan with a cosigner.

Question Answer
Can I apply for a loan online? No
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? No
Can I apply for a loan with a cosigner? No

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

CARMAX AUTO FINANCE IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Automotive Trader

A Automotive Trader is any company that buys or sells vehicles. They will report on your credit report if you bought a car on credit or took out a loan during the purchase of your car. The repayment date is normally around three years, and the interest rate is typically between 3-13%. If you fail to make payments they may hire a collections agency which will try to either:

  • Collect the (alleged) missed payments
  • Try to reposess the vehicle

Either option is not ideal for you life as it may cause undue distress, expecially if the debt has not been reported correctly or there has been a mistake in the reporting process. The best way to protect yourself from automotive debt collectors is to challenge then repair any potential errors on their reporting.

How do I remove CARMAX AUTO FINANCE from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.