Carvana Expands Co-Signer Financing to Cleveland

Rhea-AI Summary

Carvana (NYSE: CVNA) has introduced a co-signer option for vehicle financing, aimed at Cleveland residents. This feature allows customers to apply with a co-signer, potentially unlocking better financing terms such as lower down payments and interest rates. The process is user-friendly, with both parties applying online without impacting credit scores. As Carvana continues to enhance the car-buying experience, its recognition as the second largest used automotive retailer in the U.S. underscores its growth and customer-centric approach.

Positive

• Launch of co-signer financing option could lead to increased customer financing opportunities and sales.
• Allows customers to benefit from lower down payments and interest rates, enhancing affordability.
• Recognition as the second largest used automotive retailer and high customer satisfaction ratings indicate strong 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 Cleveland residents the ability to add a co-signer to buy the vehicle they love. By sharing responsibility for the vehicle loan, Carvana customers in Cleveland who qualify may unlock more attractive financing offers, including lower down payments, lower interest rates, or lower monthly payments.

Carvana continues expanding co-signer financing option with Cleveland launch. (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 Cleveland 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/20221019005873/en/

Carvana Communications

Kristin Thwaites

press@carvana.com

Source: Carvana

FAQ

What is Carvana's new co-signer option?

Carvana has introduced a co-signer option for vehicle financing, allowing customers in Cleveland to apply for loans with another individual, potentially unlocking better financing terms.

How does the co-signer process work for Carvana?

Customers can apply online with their co-signer, viewing financing terms with and without the co-signer, without impacting credit scores.

Where is the new co-signer option available?

The co-signer option is currently available to residents in Cleveland before its nationwide launch.

What benefits does the co-signer option provide?

The co-signer option provides access to lower down payments and interest rates, making financing more affordable.

Why is Carvana's co-signer option beneficial for young adults?

It helps young adults or new drivers build credit scores while expanding their selection of affordable vehicles.