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QPsi777

Carvana Purchase Update and My Impression

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Bottom-Line Upfront: I had an excellent buying experience through Carvana. I made first contact 4/15; they had me approved and scheduled for delivery on 4/23. Cap One Auto Finance delayed delivery of my lien release. (They were very difficult to deal with.). Carvana reps worked with me to get the release expedited and forwarded. They rescheduled my delivery and it was very smooth. They dropped off the new truck, gave me time to test drive it alone. While I was test driving they validated the condition of my trade-in. The delivery rep came to my kitchen table; we signed all docs and he shook my hand and left. I had 7 days (no questions asked) to return the vehicle if I didn't like it. Per recommendations from this board, I took the truck to my local dealer and it received a glowing bill of health. Still skeptical, I took it to a trusted, certified mechanic. He also gave it a very strong bill of health. Carvana took care of registering the vehicle in my home state and they Fedex'd the new stickers to me within two weeks. I received excellent financing (2.1% for 5 years -- I plan to pay it off in 90-days but want the tradeline on my report). I highly recommend this service. No muss - no fuss.

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congrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrats!!!!!!!!!!!!!!!!!!!!!

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Posted (edited)

I have been browsing Carvana and did the pre-approval thing. Said I was conditionally approved for 45 days and lets me "build my deal" for all the cars. Looks like I can finance any car they sell as long as my down payment is sufficient. While the rate is better than expected, I think I can get it down a few more points easily if I wait a bit. All of my info from the pre-approval such as my income is easily documented.

 

Mentioned it to my friend as he's looking for a car. He has a paid off car he bought new through manufacturer several years ago at very high rate (in the 20s). He shares that with his (likely soon to be ex) wife and needs his own car. Based on his score and stated income, Carvana has him in the single digits. Possible issue is that all of his personal income is from self-employment and not well-documented.

 

What is the final approval like for them, as far as income documentation, employment verification, etc?

Edited by gregcjackson

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I don’t personally know for sure. But anecdotal evidence and word have it that Carvana partner with a majority subprime lender. If you friends score is high enough, and I don't know what level that would be, but it's possible they may waive POI. Can't waive the employment call, cause of being self-employed if it is their practice to verify employment.s

 

Best way if you are set on Carvana, is just pick out the vehicle push the button and see what they come back for approval-wise. Just like I do all day.

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I don’t personally know for sure. But anecdotal evidence and word have it that Carvana partner with a majority subprime lender. If you friends score is high enough, and I don't know what level that would be, but it's possible they may waive POI. Can't waive the employment call, cause of being self-employed if it is their practice to verify employment.s

 

Best way if you are set on Carvana, is just pick out the vehicle push the button and see what they come back for approval-wise. Just like I do all day.

They use SubPrime lender Go Financial.

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