Carvana Brings New Co-Signer Financing to Chesapeake

Rhea-AI Summary

Carvana (NYSE: CVNA) has introduced a new co-signer option for vehicle financing, initially available to Chesapeake residents. This feature allows customers to apply for loans alongside a co-signer, potentially securing better financing terms like lower down payments and interest rates. The application process is simple and has no impact on credit scores. This initiative aims to support new drivers and those starting their careers, enhancing Carvana's commitment to improving the car buying experience. The company has been recognized as the second-largest used auto retailer in the U.S.

Positive

• Introduction of co-signer option may enhance customer financing opportunities.
• Potential for lower payments and interest rates, appealing to a broader customer base.
• Recognition as the second-largest used auto retailer highlights market position.

Negative

• None.

Customers Can Now Easily Add a Co-signer When Financing with Carvana

PHOENIX--(BUSINESS WIRE)-- Carvana (NYSE: CVNA), the industry pioneer for buying and selling used cars online, makes its vehicle financing qualification process even easier by offering Chesapeake residents the ability to add a co-signer to buy the vehicle they love. By sharing responsibility for the vehicle loan, Carvana customers in Chesapeake who qualify may unlock more attractive financing offers, including lower down payments, lower interest rates, or lower monthly payments.

Carvana brings new co-signer financing option to qualified Chesapeake applicants. (Photo: Business Wire)

Adding a co-signer couldn’t be easier. Customers can simply apply alongside their co-signer and include the co-signer’s information on Carvana’s website or app. Customers will see their financing terms—both with and without their co-signer—in a matter of seconds with no impact to either individual’s credit score. If eligible customers want to move forward with a co-signer, Carvana collects driver’s licenses and other documents from both individuals and schedules a delivery where both individuals must be present to check out the new ride.

“Since day one, Carvana’s core values have guided our mission of creating a better car buying and selling experience for people and we’re thrilled to launch our co-signer offering during a time when the opportunity to help customers is bigger than ever,” says Ernie Garcia, Carvana founder and CEO. “As we continue our work to improve and modernize the automotive experience for people, this feature provides the opportunity to qualify for lower payments, lower interest rates, or less cash upfront which helps in this economy.”

Carvana’s co-signer option allows customers to apply for vehicle financing with another individual—like a parent, child, partner or family member—as an option to help unlock more attractive financing terms. This benefit is ideal for new drivers or young adults, especially those looking to build up their credit scores as fall semesters begin or as they get started in their career. This offering also benefits couples or family members looking to expand their selection of affordable inventory, as well as anyone who wants the best possible financing offer to purchase their next car. Carvana co-signer financing is available to qualified Chesapeake customers before its official nationwide launch.

Carvana was named the No. 2 automotive brand in the U.S. as designated by the Forbes 2022 Most Customer-Centric Companies List. This recognition reinforces the company’s leadership as the fastest growing used auto retailer in U.S. history proving it has successfully changed the way people buy – and sell – cars, demonstrated by its industry-leading Net Promoter Score (NPS) and 4.7 out of 5 star customer experience rating average. Carvana serves more than 80% of the U.S. population across more than 300 markets. With a continued focus on people-first values, industry-leading customer care, technology and innovation, Carvana has become the second largest used automotive retailer in the U.S. and one of the fastest companies to debut on the Fortune 500.

About Carvana (NYSE: CVNA)

Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA) mission is to change the way people buy and sell cars. With a continued focus on its customers, technology and innovation, Carvana offers an intuitive and convenient online car buying, selling, and financing experience. Carvana.com enables customers to quickly and easily shop more than 75,000 vehicles, finance, trade in or sell their current vehicle to Carvana, sign contracts and schedule delivery or pickup at one of its patented, automated Car Vending Machines. Carvana is a Fortune 500 company, providing as-soon-as-next-day delivery to customers in over 300 U.S. markets.

For further information on Carvana, please visit www.carvana.com, try our Online Chat, or connect with us on Facebook, Instagram, Twitter, YouTube or the Carvana Blog.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907006116/en/

Carvana Communications

Kristin Thwaites

press@carvana.com

Source: Carvana

FAQ

What is the new financing option introduced by Carvana (CVNA)?

Carvana has launched a co-signer option for vehicle financing, allowing customers to apply with a co-signer for potentially better loan terms.

How can customers in Chesapeake benefit from Carvana's co-signer option?

Customers in Chesapeake may access lower down payments, interest rates, and monthly payments by adding a co-signer.

Does the co-signer application affect credit scores for Carvana customers?

No, applying with a co-signer does not impact either individual’s credit score.

When will Carvana's co-signer financing option be available nationwide?

The co-signer financing option is currently available to qualified customers in Chesapeake, with plans for a nationwide launch.