I had the same experience as the individual in Report 252709. CarMax Roswell gave me a bank draft with their standard disclaimer. It so happened that the bank draft came from my bank, Wachovia, and so the normal bank hold did not apply to me. Wachovia could give me the funds as soon as CarMax released the funds from their Wachovia account. 5 days later, I checked with Wachovia and CarMax had still not released the funds, even though the title was clean (I sold CarMax back one of their own cars!)
I think this situation clearly illustrates that CarMax was sitting on my money (it became my money as soon as I signed over my title to them) to maximize their float. There were failures on both the CarMax and Wachovia sides to set a realistic date on when the money would be available for me to draw on. I wound up delaying a business transaction because of this which no doubt impacted my professional reputation negatively.
In short, there is no real reason to go to CarMax since they don't live up to their "Will buy your car today!" pitch. You essentially wind up without car or money for extended periods of time. You might as well sell the car on your own and make more money as you have to wait anyway.
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