There's no minimum credit score for CarMax as CarMax instead aims to work with all borrowers and car buyers regardless of their credit score.
CarMax though uses the FICO score system and as long as you have a 670 to 730 credit score or higher you can in most cases qualify for a car through CarMax.
CarMax is more expensive than dealerships, which is mainly a result of the no haggle pricing policy that CarMax has and their emphasis on providing of a convenient and transparent buying experience.
CarMax tends to cost around $2,000.00 to $5,000.00 more than a regular car dealership but you don't have to haggle and you can also feel more confident.
CarMax is better than Carvana when it comes to buying a vehicle as CarMax provides you with a more traditional and in person experience with physical locations and also gives you the ability to test drive vehicles before buying.
Carvana is also good and excels in online convenience and possibly lower prices due to reduced overhead expenses.
Although CarMax has had some lawsuits against them I still would buy a vehicle from CarMax over Carvana.
The lawsuit with CarMax is regarding the disclosure of open safety recalls on used vehicles as well as class action lawsuits against Carmax that alleges that CarMax falsely advertises performing a 125+ point inspection on their vehicles.
A class action lawsuit alleges that CarMax has misled consumers by falsely claiming to perform a 125+ point inspection on very car they sell.
The key lawsuits and allegations that CarMax is facing includes a settlement with 36 states, which includes the state of Pennsylvania, which involved CarMax paying $1 million and agreeing to disclose open safety recalls on used vehicles before sale.
This settlement stemmed from investigations by state attorneys general who accused CarMax of failing to inform their customers about any necessary recall repairs.
And a class action lawsuit that was filed in the state of California also claims that Carmax misrepresented the extent of their 125+ point inspection on used vehicles.
The lawsuit also alleges that CarMax did not perform the advertised inspection on the vehicles even though they claimed they did.
And CarMax also faced another lawsuit for allegedly selling vehicles which did not meet emissions standards and for fraudulently completing title certificates.
And even one lawsuit on CarMax includes claims of breaches of express or implied warranties, intentional and negligent misrepresentation, breach of contract, unfair competition and also violations of the Consumer Legal Remedies Act.
CarMax has settled with several states regarding the failure to disclose open safety recalls and investigations into CarMax's business practices have also led to settlements and changes in how they operate and some lawsuits against CarMax are also still ongoing or in the process of being settled.