Carvana Continues Rolling Out Co-Signer Financing to Montgomery

Rhea-AI Summary

Carvana (NYSE: CVNA) has enhanced its financing process by allowing customers in Montgomery to add a co-signer. This change enables qualified buyers to access better financing terms such as lower down payments and interest rates. The application process is seamless, with no impact on credit scores. This initiative is aimed at helping new drivers and families by unlocking more attractive financial options as they navigate vehicle purchases.

Positive

• Introduction of co-signer option for Montgomery customers improves financing flexibility.
• Potential for lower down payments and interest rates, benefiting customers financially.
• Carvana's recognition as a leading automotive brand reinforces its market position.

Negative

• None.

Customers Can Now Easily Add a Cosigner 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 Montgomery residents the ability to add a co-signer to buy the vehicle they love. By sharing responsibility for the vehicle loan, Carvana customers in Montgomery who qualify may unlock more attractive financing offers, including lower down payments, lower interest rates, or lower monthly payments.

Carvana now offers co-signer financing option to qualified Montgomery 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 Montgomery 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/20221005005679/en/

Carvana Communications

Kristin Thwaites

press@carvana.com

Source: Carvana

FAQ

What is the new co-signer financing option from Carvana (CVNA)?

Carvana now allows customers in Montgomery to add a co-signer to their vehicle financing, enabling better loan terms.

How does adding a co-signer benefit Carvana customers?

Adding a co-signer can lead to lower down payments, lower interest rates, and improved financing terms.

Where is the co-signer financing option currently available?

The co-signer option is available for qualified customers in Montgomery, with plans for a nationwide launch.

What impact does the co-signer option have on credit scores?

The process allows customers to see financing terms without impacting either individual's credit score.

What is the significance of Carvana being named No. 2 in the Forbes customer-centric list?

This recognition underscores Carvana's leadership in the automotive industry and enhances its credibility among consumers.