Carvana - Approved then day of delivery - cancels and needs more docs

[Simpleisgreat]

My friend was approved by Carvana, and she picked a vehicle, provided the identification verification, income with paystubs, and then she got a Congratulations email and scheduled delivery date and time - then 5 hours prior to delivery - she gets an email (no calls) that they canceled her delivery, and need 2 years tax returns and 6-months bank statements.  Her score FICO 8 Auto 644, but they used vantage at 624, 3.5 years solid credit history, no prior autos, no negatives, and under 3 inquiries in last year.

 

Anyone experience this with Carvana?   I understand that this may be needed for a mortgage by a $29K car when she is putting money down, and appeared all the verification was complete and she already signed all the contracts.  Not sure I want to advise her to send that amount of documentation to a lender especially for a subprime lender when she is a W-2 employee and can be verified through employment.

 

And instead of asking for tax returns, why not request a 4506-T like a mortgage or Amex, or a VOD vs. bankstatements?

 

Any other experiences would be great! 

[MarvBear]

Lots of time with subprime lenders analysts will take a closer look at the presented stipulations.   There must have been a hiccup in the documents presented, and the credit department wants backup to solidify their position in granting the loan.

[cv91915]

2 hours ago, Simpleisgreat said:

why not request a 4506-T

They take forever.

 

Edited July 13, 2020 by cv91915

[magicandwires]

I had 1 repossession last year and my credit is shot under 550 and Carvana approved me and I've had my car almost 2 months now. Best experience ever . 

[TJVegas]

Carvana just did this to me today. I chose the car, provided documents which was 2 paystubs. Received email that my deal was approved and we are awaiting delivery. I received a phone call from Carvana stating they needed to verify my address prior to delivery. I did so, I also gave ok to submit my down payment which they did. The rep offered to look for another location I could possibly meet at the driver at which would be in the free delivery service area since my home was not. I advised if it was close enough, I would consider it. That didn't work out so I advised to send it to my house as requested, I didn't care about the charge. He stated I was all set and would receive a phone call from the driver when they are on the way. I thought things were good, however somehow when the rep. was looking for delivery locations, he undid my deal. Everything that was done, was now gone. The deal basically started all over again. I was asked for more verifications. They now asked for 6 months paystubs and two years tax returns. I provided that. I then received a message stating they needed 6 months of bank statements. This was the killer, because 3 months prior I switched banks for the convenience of location. II had closed the previous account and no longer had access to statements. They didn't budge. They stated 6 months consecutive statements were now required and they must be from the same bank. If I couldn't provide them, they couldn't move forward. I went from a fully approved deal and waiting on the delivery driver to call me to this nightmare. Worse company I have ever dealt with. They didn't care I was approved, they treated me like a new customer all over again. 

[centex]

16 hours ago, TJVegas said:

They didn't care I was approved, they treated me like a new customer all over again. 

And this is yet another reason not to buy from the impersonal companies that don't even maintain their own lot...they don't NEED to pamper you since they KNOW they won't be the ones you are dealing with post-delivery. 

[direct]

From what I am reading, car loan delinquencies are very high especiallly for the subprime credit group.  Most likely the lending criteria is getting stricter during a period of record high car prices as well as interest rates.