Carvana Offers Co-Signer Financing in Philadelphia

Rhea-AI Summary

Carvana (NYSE: CVNA) has introduced a new co-signer financing option for customers in Philadelphia, enhancing its vehicle financing qualification process. This feature allows customers to apply with a co-signer, potentially unlocking lower down payments, interest rates, and monthly payments. By simplifying the application process on their website or app, customers can view financing terms without affecting credit scores. The option aims to assist new drivers and families in obtaining more affordable financing options.

Positive

• Introduced co-signer financing option for customers, allowing access to lower down payments and interest rates.
• Simplified application process enhances customer experience.
• Targeting new drivers and families, supporting credit building for young adults.

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

Carvana offers co-signer financing option to qualified Philadelphia area applicants. (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 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 Philadelphia 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/20220929005829/en/

MEDIA CONTACT:

Carvana Communications

Kristin Thwaites

press@carvana.com

Source: Carvana

FAQ

What is the new financing option offered by Carvana?

Carvana has launched a co-signer financing option for customers in Philadelphia, allowing them to apply with a co-signer to access better financing terms.

How does the co-signer option benefit Carvana customers?

Adding a co-signer can lead to lower down payments, lower interest rates, and lower monthly payments, making vehicle purchases more affordable.

Where is Carvana's co-signer financing option currently available?

The co-signer financing option is currently available to qualified customers in Philadelphia.

What potential impact does the new offering have on Carvana's business?

This offering could attract more customers by providing access to better financing options, likely increasing sales growth.

When did Carvana announce the co-signer financing program?

Carvana announced the co-signer financing program on September 29, 2022.