Users facing financial difficulties after purchasing a vehicle from CarMax are seeking a way to negotiate hardship loan reductions, especially when the car is no longer operational and repairs exceed its value.
Hi. I bought a car from CarMax in 2023. I was going through a period of severe financial instability. My account has some negative marks from 2024, but I have been consistent and on time since I have reached more stability, and I am ahead on my loan now. Anywho... This car died on February 2nd. I was driving home and it stopped accelerating. It died right before 5 pm so I didn't really have the time to secure a great option for a shop and the only place I could find to tow it to last minute was the dealership. They severely overcharged me to replace the battery, and when it turned on, there were a whole litany of issues. By this time, we had gotten a recommendation for a mechanic who was reasonable and wouldn't pricegauge us so we towed it there. He got to the crux of the issue and assessed the car as being more expensive to repair than the value it actually is worth. At this point, I am fully upside down on the loan. Does anyone have experience with negotiating a hardship loan reduction for repayment with CarMax? I most certainly cannot afford all of this on top of a new car now - which i need for my in office job for which I commute like 50 mi a day. Please advise.