Carvana Continues Rolling Out New Co-Signer Financing in New York City

Rhea-AI Summary

Carvana (NYSE: CVNA) has introduced a new feature allowing New York City residents to add a co-signer when financing a vehicle. This option helps customers qualify for better financing terms, like lower payments and interest rates, enhancing affordability. The process is quick and does not affect credit scores. The co-signer feature aims to support new drivers and young adults, facilitating better credit building. Carvana continues to lead the used auto retail market, recently recognized for excellent customer service and innovative practices.

Positive

• Launch of co-signer financing enhances customer options and potentially increases sales.
• Allows lower down payments and interest rates, improving vehicle affordability.
• Supports new drivers and young adults in building credit.

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 New York City residents the ability to add a co-signer to buy the vehicle they love. By sharing responsibility for the vehicle loan, Carvana customers in New York City who qualify may unlock more attractive financing offers, including lower down payments, lower interest rates, or lower monthly payments.

Carvana launches new online co-signer financing for qualified New York City residents. (Photo: Business Wire)

Customers can add a co-signer with ease, by simply applying alongside their co-signer and including 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 elect 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 up front 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 New York City 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/20221012005056/en/

Carvana Communications

Kristin Thwaites

press@carvana.com

Source: Carvana

FAQ

What is Carvana's new co-signer feature?

Carvana has launched a co-signer feature allowing NYC residents to add a co-signer when financing vehicles, which can lead to better financing terms.

How does adding a co-signer benefit Carvana customers?

Adding a co-signer can unlock lower down payments, lower interest rates, and less cash required upfront.

When was the co-signer financing feature introduced by Carvana?

The co-signer financing feature was announced in October 2022.

Is the co-signer financing option available nationwide?

Currently, the co-signer financing option is available to qualified customers in New York City before its nationwide launch.

What impact does the new feature have on Carvana's market position?

This new feature reinforces Carvana's reputation as a customer-centric company and aims to improve sales among young and first-time buyers.