How does Carmax do appraisals?

[Rick Lee]

I am trying to sell my 330i and so far the three inquiries I've gotten on Craigslist have all asked if I would finance for them. So I'm thinking of trying Carmax. How badly will they lowball me?

2003 BMW 330i 4DR w/CPO Warranty until 08/09/09, $17k

[nostatic]

I've sold two cars to Carmax, found them to be very fair. There is no harm in trying. They take the car and inspect it while you wait, then if they are interested give you an offer. It is no-haggle - you either like it or you don't. I like that...no BS.

Craigslist people asking the pp seller to finance? Are they nuts?!?!?

[Rot 911]

Lots of kids with no credit love the BMW's. If daddy and mommy won't pony up the bucks they can't get financing.

Rick, I didn't want to post in your BMW for sale ad, but your asking price is a bit high. Nice car, but there are plenty of them for sale right now. I would also drop the paragraph about owing money and not having the title. Scares people away. Buyers want things nice and simple.

[legion]

When I was trying to sell the 951 I never got asked to "seller finance". You've got to figure there's a reason they can't get credit. You be out the value of the car if they declared bankruptcy. (Or just disappeared.)

I did get quite a few automated calls from a dealership in Nevada though...

[the]

Carmax will offer you approx. $12,000 for that car.

[the]

On a private sale, you'll be doing very well if you get $14K.

[gprsh924]

Originally Posted by Kurt V

Lots of kids with no credit love the BMW's. If daddy and mommy won't pony up the bucks they can't get financing.

Count me as one of those. My parents and I have discussed helping me buy a new car and then turning all auto expenses over to me, but thus far they have made no real effort to talk to me about it in terms of actual dollar figures. I am beginning to consider the possibility of just trying to do it on my own as the rust on the 525 is starting to look really bad.

When equifax was giving away the credit scores for free a few weeks ago, I signed up and checked mine. It was 797. I have had bank accounts open for 14 years, and have a credit card in my own name for about 7 months. I have never carried a balance. In addition, I have had a joint credit card with my parents (all charges between the 3 cards are on one bill) and it was my understanding (according to the banker) that those charges were helping my score as we spend big money every month on the cards but always pay in full.

Given all that, would a college student with no job and no income have any realistic shot at getting any type of decent rate on a used car loan for approx. $10,000? (I would put $5K-$7k down and then finance the rest).

[Rick V]

I was selling an old Toyota I had, it was a simple little car in great shape, but was worth $2,500, so that is what I asked for it. A fellow stopped by, liked the car and asked me what his payments would be. I told him I had no idea he would have to talk to his bank. His response was, "No Man, I'm gonna make payments to you". I simply told him that was easy "1 payment of $2,500, 100% down means no finance charges".
I sold the car to someone else.

[Rick Lee]

Thanks guys. I'm just wondering how Carmax arrives at their value. Is it strictly trade-in value and if so, is it NADA or KBB? I'm willing to negotiate. But I've seen worse '03 330i's listed for the same price around here. No idea what they sold for. I'm not desperate at all and don't need to sell it. I certainly wouldn't let it go for $12k. I figure the prospects who want me to finance it are indicative of the credit markets more than their own credit-worthiness. But I don't want to deal with that anyway.

[nostatic]

I think that Carmax is slightly above typical trade in value. NADA or KBB will be ballpark but plus or minus a couple $K. The only way to find out is to take it in. They won't give you a number over the phone - they have to see the car.

[Rick Lee]

The nearest Carmax to me is about 40 miles away, but I might make it there on Friday. Though I'm really not that motivated.

[Porsche_monkey]

Originally Posted by Rick V

I was selling an old Toyota I had, it was a simple little car in great shape, but was worth $2,500, so that is what I asked for it. A fellow stopped by, liked the car and asked me what his payments would be. I told him I had no idea he would have to talk to his bank. His response was, "No Man, I'm gonna make payments to you". I simply told him that was easy "1 payment of $2,500, 100% down means no finance charges".
I sold the car to someone else.

There are some really retarded people out there. Who in his right mind thinks a seller will finance a $2,500 car on Craigslist????

[Rick Lee]

Originally Posted by Porsche_monkey

There are some really retarded people out there. Who in his right mind thinks a seller will finance a $2,500 car on Craigslist????

With CL I've found that the less you ask for something, the more idiots you attract. Put a high price on there and it tends to weed out the tirekickers, even if you're willing to bargain a lot.

[DasBoot]

Originally Posted by gprsh924

Given all that, would a college student with no job and no income have any realistic shot at getting any type of decent rate on a used car loan for approx. $10,000? (I would put $5K-$7k down and then finance the rest).

Not trying to sound like mom/dad, but...why go in to debt so early? Buy something nice/solid/reliable for $5k ~ $7k and wait until you graduate/land a job. With a credit score of 797, a degree and a halfway decent job, you'll then be able to finance a new home with a new car or your choice included in the deal!

[71T Targa]

When I was in my 20's I bought a motorcycle for 2k. I wrote the guy 4 checks for $500 each and he cashed one a month. He was a friend of a friend, but didn't know me that well...

[gtc]

Originally Posted by gprsh924

Given all that, would a college student with no job and no income have any realistic shot at getting any type of decent rate on a used car loan for approx. $10,000? (I would put $5K-$7k down and then finance the rest).

No. You will get a crappy rate no matter what, especially on a used car. Despite a good credit score, you have little credit history. Partner that with no job, and you'll get the shaft.
I was in your shoes a few years ago. My way out was driving a beater truck until I could afford to buy my 911 outright.

[the]

Originally Posted by Rick Lee

Thanks guys. I'm just wondering how Carmax arrives at their value. Is it strictly trade-in value and if so, is it NADA or KBB? I'm willing to negotiate. But I've seen worse '03 330i's listed for the same price around here. No idea what they sold for. I'm not desperate at all and don't need to sell it. I certainly wouldn't let it go for $12k. I figure the prospects who want me to finance it are indicative of the credit markets more than their own credit-worthiness. But I don't want to deal with that anyway.

They don't use NADA or KBB, or any other such books. They have access to real time actual sales data that is not available to the general public.

That data is showing around $12K for a trade in. If NAV was available that year and your car has it, that will add a little more.

[gprsh924]

Originally Posted by DasBoot

Not trying to sound like mom/dad, but...why go in to debt so early? Buy something nice/solid/reliable for $5k ~ $7k and wait until you graduate/land a job. With a credit score of 797, a degree and a halfway decent job, you'll then be able to finance a new home with a new car or your choice included in the deal!

This is extremely sound advice and ultimately I will almost certainly not pursue a car purchase without their support (in which we would pay cash and both pay some percentage). The 525 is (knock on wood) doing alright cruising at 90 back and forth to school, it just pains me everytime I walk up to it and see the rust bubbling so badly on all 4 doors.

[strupgolf]

I just brought to Carmax. They said they looked over the car and said that they were very interested in the tranny because it might have been driven hard, (it wasn't). Then he said that everything looked great. Well, no, the rear tire was worn, but he said it looked great ????? I had one place offer 2 grand less, one offer 2 grand more then Carmax. They will take your car and mark it up 5 grand on their lot. Also, I didn't really see any cars on their lot that made me look twice, lots of worn out stuff.

[DasBoot]

Originally Posted by gprsh924

... it just pains me everytime I walk up to it and see the rust bubbling so badly on all 4 doors.

Cry no more:

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