CarMax’s auto loan grace period can vary by state and even by contract within the same state. We reached out to CarMax Auto Finance to confirm the company’s grace period policy.
The representatives we spoke with said that there is not a set grace period that applies to every customer. However, one representative mentioned 10-day and 15-day grace periods as examples. To determine the specific grace period allotted to you, you will need to examine your CarMax Auto Finance contract.
If you fail to make a payment within the grace period, CarMax Auto Finance will charge a late fee. Late fees are established in your contract, so they will not increase if you miss multiple payments. Like grace periods, late fees vary by state and contract. Representatives for CarMax Auto Finance were unable to provide specific fee amounts for late payments.
It can take CarMax 24 to 48 hours to process payments, so if your payment arrives near the end of your grace period, you may also incur a late fee. However, CarMax will remove the late fee in this instance once it processes and credits your payment, as noted in the CarMax Auto Finance FAQ.
CarMax Hardship Provisions
CarMax Auto Finance offers hardship provisions for borrowers struggling to pay their loans. Customers who can prove financial hardship may receive one payment extension per year. Additionally, customer service representatives emphasized the fact that, although you will incur a late fee once the grace period ends, CarMax will not report the missed payment to the credit bureaus until 30 days after your payment due date.
For more information about grace periods from auto lenders, check out our articles about the grace periods extended by Capital One, Honda Financial, Nissan Financial, and Toyota Financial.