Carvana Launches New Co-Signer Financing to Augusta Residents

Rhea-AI Summary

Carvana (NYSE: CVNA) has launched a new co-signer option for vehicle financing, starting with Augusta. This feature allows customers to include a co-signer when applying for loans, potentially leading to more favorable financing terms like lower down payments and interest rates. The process is designed to be quick and does not affect either party's credit score initially. Carvana aims to improve customer access to financing, particularly benefiting young drivers and families. The initiative reflects Carvana's ongoing commitment to enhancing the car buying experience.

Positive

• Introduction of a co-signer option for vehicle financing to attract more customers in Augusta.
• Ability to unlock better financing terms, such as lower down payments and interest rates.
• Quick application process with no initial credit score impact.
• Strengthening customer relationships, particularly with young adults and families.

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

Carvana adds co-signer financing option to improve affordability for Augusta car buyers. (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 Augusta 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/20220825005609/en/

Carvana Communications

Kristin Thwaites

press@carvana.com

Source: Carvana

FAQ

What new financing option did Carvana introduce in Augusta?

Carvana introduced a co-signer option for vehicle financing to help customers unlock better financing terms.

How does adding a co-signer benefit Carvana customers?

Adding a co-signer can lead to lower down payments, lower interest rates, and more attractive monthly payments.

When did Carvana launch the co-signer financing option?

The co-signer financing option was launched recently in Augusta, with plans for a nationwide rollout.

What is the intended impact of the co-signer option for Carvana?

The co-signer option aims to improve customer access to financing, especially for young drivers and families.

Is there any impact on credit scores when applying with a co-signer?

No, applying with a co-signer initially does not impact the credit scores of either individual.