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Is CarMax and DriveTime the same company?

No, CarMax and DriveTime are not the same company. CarMax is the largest used car retailer in the United States and offers customers a unique approach to buying used cars through their no-haggle car buying experience and extensive selection of vehicles.

DriveTime is a subsidiary of the largest subprime auto finance company in the United States and specializes in providing vehicle financing for customers with bad credit or no credit. DriveTime also offers an online car buying experience and provides access to over 35,000 used cars.

While both companies provide an online car buying experience, the services they offer are different.

What company owns DriveTime?

DriveTime is a privately held company that is owned and operated by UnitedAuto Group, Inc (UAG). UAG is the second-largest publicly traded automotive retailer in the United States, operating more than 300 retail locations across the United States and Puerto Rico, including DriveTime.

UAG’s Automotive Retail division encompasses DriveTime, the nation’s largest used car retailer in the buy-here, pay-here segment, and Siebert Financial Corporation. UAG was founded in 1992 and was acquired by Cerberus Capital Management LP in 2005.

Cerberus Capital Management LP is one of the world’s largest global alternative asset managers, with more than $30 billion in investments across a variety of industries.

Who is CarMax owned by?

CarMax is owned by CarMax Group LLC, a privately held American corporation. CarMax Group LLC was founded in 1993 and is headquartered in Richmond, Virginia. The company owns and operates the CarMax car retail chain, which is now the largest used car dealer in the United States.

CarMax Group LLC is owned and operated by the larger publicly traded company, Fortune 500 company CarMax.

CarMax Group LLC is majority-owned by former Circuit City executive Austin Ligon, who serves as its Chairman and Chief Executive Officer. Other major shareholders include current and former CarMax executives, as well as the investment fund entities affiliated with affiliates of Thomas H.

Lee Partners L. P. , E. L. Rothschild Limited and General Atlantic LLC.

What is better than CarMax?

The answer to this question depends largely on what someone is looking for when shopping for a car. While CarMax offers many advantages, there are other automotive retailers that may be better for certain individuals.

For those looking for a broad selection of pre-owned cars at competitive prices, other large used car dealerships could be considered an alternative to CarMax. Some used car dealers may offer more flexibility on pricing, payment plans and financing options that could make them more attractive than CarMax for some shoppers.

Additionally, for those who want to purchase a certified used car, some automakers may offer certified pre-owned car programs that may provide additional peace of mind.

Those looking for a brand new vehicle may also find better options than CarMax. Auto manufacturers often offer incentives and discounts that could make buying a new car directly from a dealership more attractive than CarMax.

Additionally, dealerships often have a greater selection of new vehicles and more customization options.

Ultimately, the best alternative to CarMax depends on the individual looking for a car as well as the type of vehicle they are interested in. And it pays to do research to find the one that’s right for you.

Who is similar to CarMax?

CarMax is an automotive retailer that helps customers buy, sell, and trade in their used cars. They have been in business since 1993, and they are the largest used vehicle retailer in the United States.

While there are several other used car retailers, none are quite like CarMax.

The most similar retailer to CarMax is Enterprise Car Sales. This company is part of the large car rental company, Enterprise Holdings. In addition to renting cars, Enterprise Car Sales specializes in used and certified pre-owned cars for sale.

They have a nationwide network of dealerships, and offer a broad selection of makes and models in addition to great deal prices and flexible financing options. Like CarMax, Enterprise Car Sales also offers helpful resources for customers, such as a five-day money-back guarantee, limited powertrain warranty and roadside assistance.

Other competitors to CarMax include AutoNation, Carvana and Vroom. AutoNation is the largest automotive dealership group in the United States, and offers a wide selection of cars for sale and great customer service.

Carvana offers an entirely digital platform for customers to buy cars online, and features an innovative car-buying experience that is convenient and straightforward. Vroom is an online retailer of used cars, and puts the customer in the driver’s seat with an no-haggle buying experience.

They offer competitive prices and a variety of financing options.

Is DriveTime owned by Carvana?

No, DriveTime is not owned by Carvana. DriveTime is a used car and finance company that provides financing and vehicles to over 175,000 customers. It operates through 130 locations in multiple states and is the largest independently-owned used car dealership chain in the U.

S. Founded in 2002, the company provides personalized customer service and a wide selection of quality pre-owned vehicles. Carvana on the other hand, is an online used car retailer that was founded in 2012.

The company provides customers with an innovative approach to buying used cars, where they can purchase and finance vehicles entirely online. Carvana also offers home delivery and a 100-day worry-free guarantee.

What is the lowest credit score you can have at DriveTime?

The lowest credit score you can have at DriveTime is 500. DriveTime is a company that specializes in providing customers with vehicles when they may not otherwise be able to qualify at other dealerships due to their credit score.

Dealer financing is available to those with a credit score of 500, but those customers may be subject to higher interest rates and additional terms, in accordance with the lender’s requirements. Additionally, customers with non-traditional credit, such as rent and utility payments, may be eligible with a credit score of 450-549.

It’s important to note that DriveTime does not guarantee approval and that other factors, such as income or down payment requirements, may still impact the overall approval of the loan.

Can you negotiate with DriveTime?

Yes, you can negotiate with DriveTime. DriveTime allows customers to negotiate their vehicle’s price, terms and conditions. You can negotiate the price of the vehicle, and any related fees or taxes, including down payment amounts, monthly payments and extended warranty costs.

You can also negotiate the length of your loan or lease, as well as the specifics of your loan such as the annual percentage rate (APR) and loan or lease period. Finally, you can negotiate the specific features or accessories you want included on your vehicle.

You should reach out directly to your local DriveTime dealership or salesperson to discuss your desired terms and negotiate the best deal.

What credit bureau does DriveTime pull from?

DriveTime pulls credit information from the three major consumer credit bureaus: Experian, TransUnion, and Equifax. DriveTime relies on consumer credit history to help them make an informed decision about an applicant’s ability to make loan payments.

When you apply for a loan or financing at DriveTime, staff will examine your credit report from one or more of these bureaus. As part of this review, they will also consider factors such as payment history, current obligations, and financial resources.

These pieces of information help them determine the likelihood of you successfully paying back your loan.

Are DriveTime car prices negotiable?

Yes, DriveTime car prices are negotiable. The advertised prices are just starting points for negotiation. They are the amount for which the cars are listed for sale and serve as a starting point for knowing what other customers have paid for similar vehicles.

You can negotiate the final price of the car with a DriveTime representative. It’s important to keep in mind that not all dealers are willing to negotiate the price with you. Instead, they may offer other incentives such as financing specials, extended service contracts, and other special offers as an alternative.

If a dealership isn’t willing to negotiate, you may be able to find a better deal more quickly at another dealership.

Does DriveTime hurt your credit score?

DriveTime doesn’t directly hurt your credit score, but if you don’t make timely payments on your car loan with DriveTime, it could have a negative effect on your credit score. Late payments and defaults on any kind of loan or credit account can have a negative impact on your credit score.

DriveTime will check your credit when you apply for a car loan, and this might result in a hard inquiry on your credit report. Hard inquiries can temporarily lower your credit score, but it’s normally a minor decrease and should return to normal within a few months.

Most lenders want to know what other debts payments you’re managing to decide whether you can afford a loan with them. Paying off your previous debts on time shows them that you are a responsible borrower, which can improve your credit score over time.

DriveTime also offers a credit score simulator to help customers understand how their credit score could be impacted by a car loan with the company. It’s important to use this tool to understand how a loan with DriveTime could affect your score and other debt obligations.

Ultimately, your credit score is determined by your debt management habits. If you’re a responsible borrower who pays back any and all debt on time, then a loan with DriveTime shouldn’t hurt your score.

If, however, you’re habitually late with payments or don’t pay back debt at all, then it may have a negative effect on your credit score.

How does DriveTime verify income?

DriveTime has a thorough process for verifying income. This includes collecting past pay stubs, income tax returns, and more documents to confirm income. To validate income, they also contact the customer’s employer to both verify and provide information regarding the employment status and income.

This includes verifying the customer’s name, job title, hire date, and income. Once income verification is collected, an application is then considered complete, allowing DriveTime to assess the customer’s payment ability.

Therefore, it’s important for customers to provide as much evidence about their income as possible. They’ll want to include all pay stubs, tax returns and other related documents, to ensure the verifications process is as smooth as possible.

Do no-haggle dealerships negotiate?

No-haggle dealerships, also referred to as ‘one-price’ dealerships, are known for having a fixed or ‘no-haggle’ pricing policy. This means that when you make an offer, the price listed on the window sticker is the lowest price they can offer and they are unable/unwilling to negotiate any further.

It is important to note, however, that some no-haggle dealerships may still have some room in their pricing to accommodate a person who is willing to make a large down payment or add extras like extended warranties or long-term service plans.

In this instance, the price may not be reduced, but the payment terms may be adjusted to lower the monthly payment amounts. Ultimately, no-haggle dealers offer customers convenience, but if you’re looking to get the absolute best deal on a car, searching out a traditional dealership with traditional negotiations is the way to go.

What should you not say to a car salesman?

When dealing with a car salesman, you should always exercise caution and be polite. There are certain things that you should never say, as it could be considered offensive and may mean you end up paying more for a car.

Firstly, you should avoid saying that the car you want is outside of your budget. The salesman may be tempted to try and persuade you to buy a more expensive vehicle if they think you have more money to spend.

Instead, you can say that a certain model or feature isn’t as important to you.

Secondly, you should also be careful not to badmouth the other dealerships. Comparing the car salesperson to others may put them on the defensive and compromise your ability to negotiate the best price.

Last of all, you should be polite and avoid making derogatory remarks about the cars they are selling. This could be perceived as insulting and might make the car salesman less likely to give you a good deal.

In conclusion, when dealing with a car salesman it is important to remember to be polite and respectful. Make sure to not discuss your budget, badmouth other dealerships, or make disrespectful comments about the cars.

Doing so may affect your ability to get the best possible deal.

How do you negotiate a lower price on a car?

Negotiating a lower price on a car might sound intimidating, but it is a skill everyone should hone. As long as you are prepared, know your facts, and are willing to take your time, you can negotiate a great deal.

Start by researching the car you want and comparing the prices offered by different dealerships. Choose one dealership that you feel offers a fair price and then begin your negotiations.

Before going in, you should also prepare to negotiate by reviewing the Kelley Blue Book to check the market value of the car, and deciding ahead of time what features and options you want and how much you are willing to spend.

Additionally, decide what concession you are willing to grant in exchange for the lower price, such as a lower trade-in value and a longer loan repayment period.

When you get to the dealership, remember that the salesperson’s job is to get you to commit to the highest possible price, and be ready for them to start at a high price and then gradually come down.

Do not give into the pressure and focus on your own bottom line.

Be courteous, confident and humble when negotiating. Ask questions, have facts to back up your claims and calmly talk to the salesperson. Remind them that you are doing your research and are prepared to walk away if they won’t meet your price.

If things look like they might get too emotional, take a break and come back to the table with a clear head.

When it comes to closing the deal, read everything carefully, find out the total cost and make sure you get any agreed upon additions written into the purchase agreement. Make sure to get a copy of the purchase agreement with all the details so that there is no confusion in the future.

Negotiating a lower price on a car takes patience and perseverance, however, with some practice you can get the car at an unbeatable price.