Ally Doubles Carvana Loan Purchase Program to $2.0 Billion
March 24 2020 - 03:27PM
Business Wire
Carvana (NYSE: CVNA), a leading e-commerce platform for buying
and selling used cars, announced today a significant increase and
extension of its current loan purchase program with Ally Financial,
highlighting the deep relationship that has been built between the
two companies over the past six years.
Ally will provide up to $2.0 billion of capacity for the
purchase of finance receivables over the next 12 months and broaden
the set of customers covered by the agreement.
“This commitment from Ally puts Carvana in a strong position to
provide our customers fair, simple financing in this time when so
many need it,” said Ernie Garcia, Carvana founder and CEO.
“As we work through the current business challenges facing the
auto industry, the Ally team remains unwavering in its focus on
finding the best solutions to help our dealer customers,” said Doug
Timmerman, president of Auto Finance for Ally. “We’re pleased to
have the expertise and agility to deliver a financing agreement
that supports Carvana’s innovative, digital consumer
experience.”
Carvana offers consumers an entirely at-home, online car
shopping platform with more than 25,000 vehicles available with
virtual, 360-degree tours, inside and out. All vehicles are
available for home delivery, including a new option for Touchless
Delivery, as well as the peace of mind of a 7-day return
policy.
About Carvana (NYSE: CVNA)
Founded in 2012 and based in Phoenix, Carvana’s (NYSE: CVNA)
mission is to change the way people buy cars. By removing the
traditional dealership infrastructure and replacing it with
technology and exceptional customer service, Carvana offers
consumers an intuitive and convenient online car buying and
financing platform. Carvana.com enables consumers to quickly and
easily shop more than 25,000 vehicles, finance, trade-in or sell
their current vehicle to Carvana, sign contracts, and schedule
as-soon-as-next-day delivery or pickup at one of Carvana’s
patented, automated Car Vending Machines.
For further information on Carvana, please visit
www.carvana.com, or connect with us on Facebook, Instagram or
Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200324005712/en/
Investor Relations: Carvana Mike Levin investors@carvana.com
Media Contact: Carvana Amy O’Hara press@carvana.com
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