CarMax Offer Dropped $3k In A Week and a Half?

[joeblogs]

Just did this with carmax, bought GM lease out end of January, dealer ran loan through Bank of America. I think I was able to access my new loan account online within 3 weeks. All Carmax needed was payoff from Bank of America, they deal with all the title BS. Their efficiency is impressive, 40 mins after I gave them the keys I had a check for the difference.

[max_g]

@bilalfaruqi

I wish it was this easy. Every time a dealer buys a car they run a CVR title report to make sure everything is good especially if they don’t have the title in hand. If the new title isn’t issued by then, it will still shows GMFS as the owner and CarMax won’t buy the car.

I’m not suggesting it’s instantaneous. But you may be able to skip waiting for a physical title to arrive in the mail.

Let’s say your bank sends the funds and they are received by GMF on April 1st, GMF sends you their paperwork on the 11th and you go register the car on the 12th. Any subsequent wait for a physical title to arrive in the mail can be saved, and at that point you should be good to go (as long as you have the payoff information to provide to Carmax).

[CarHax]

Any tips on banks that fund/process quickly?