Carvana Officially Launches Co-Signer Financing for Customers in South Carolina
August 04 2022 - 7:00AM
Business Wire
Now residents of the Palmetto State can easily
add a co-signer when they finance with Carvana as an option to
improve vehicle affordability and lower minimum down payments,
among other benefits
Carvana (NYSE: CVNA), the industry pioneer for buying and
selling used cars online, makes its vehicle financing qualification
process even easier by offering South Carolina residents the option
to add a co-signer to buy the vehicle they love. By sharing
responsibility for the vehicle loan, Carvana customers who qualify
may unlock more attractive financing offers, including lower down
payments, lower interest rates, or lower monthly payments.
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 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 the co-signer option,
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.”
Car shoppers continue to face high used vehicle prices, rising
interest rates and other macroeconomic pressures. 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. Especially for new or younger drivers, this benefit is ideal
for young adults looking to build up their credit when purchasing a
car for back to school 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 South
Carolina customers and will soon launch in additional states.
Residents of Charleston, South Carolina, were the first to take
advantage of this new offering and share, “It was simple and
convenient, and allowed us to lower our monthly payments,” says
Amy. “I called my husband while he was at work and he went online
and signed the documents. The experience was so easy and only took
about twenty minutes.”
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 its 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220804005396/en/
Carvana Communications Kristin Thwaites press@carvana.com
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