Ms O Jones
Atlanta, GeorgiaMember since May 2017

Reviews (1)


    • May 8, 2017
    • Verified Reviewer

    Carvana

    Beware if you reapply for better terms

    Overall Experience:

    I must admit, when I first heard of Carvana I thought it was just like other subprime lenders that leave a bad taste in your mouth. However, I applied not putting much thought in it being a good option and to my surprise, I was approved. Although I was not really ready to purchase because I saw some options I had not considered given being obtainable and would need more time to make it work.

    After speaking with them, I discovered my terms would be refreshed and I could reapply when I was ready and I did. But my terms took a turn for the WORST!

    They contained higher interest rate that was worst than what I was being offered locally and then I thought, “See I knew this was not different. Now I felt like it was a bait and switch thing.”

    I called and asked what happened and they told me that the computer algorithm decides, not a human so it can't be wrong. I was not happy with that answer so I continued to ask and was told to see if my credit score had any changes and I discovered I had a 5 point drop.

    WOW, it made my interest rate go up 5+%. I was told to get it back up, let this application expire and the computer should give a better rate.

    Very long story short, I got my score not just up 5 points but almost 100 points after discovering errors on my report and reapplied after my application was refreshed and got the lowest interest rate I had seen from Carvana. However, my down payments now for even smaller cars had moved from $700 to $4000 for a 2015 Toyota Corolla and all I was told was that the computer algorithm did it.

    Well, I insisted that someone check it out because that didn't make sense to give me better interest rate and a bad down payment for being in a better credit score bracket.

    Being very unhappy, I was told they do not keep the history of my previous soft pull application to compare it to see if I am telling the truth about previous offers (i have screen shots I took to compare the prices once it refreshed but that me keeping the history).

    So they have to set my expectation that the computer is right. I was hoping this would be a good story tail ending, but they still need to have some human connection on the application side to make sure the computer isn't doing it, causing customers not to choose them.

    Like the idea of Carvana but that's all I got, an idea.

    Bottom Line: No, I would not recommend this to a friend

    17 people found it helpful

    Link to this Review
    • May 15, 2017

      Company Response from Carvana

      Thank you for reaching out to us and providing us with some details about your recent Carvana experience. We pride ourselves at Carvana on the ease and simplicity of our entire online process, and that includes applying for Carvana financing on our website.

      The majority of our customers do take advantage of Carvana financing because of the simplicity of that process, and we apologize that your expectations were not met. For our financing, you only have to be over 18 years of age, make over $10,000 a year and not be in open bankruptcy to be approved for every vehicle in our inventory. The soft pull terms are good for 45 days, and once they expire, you are always able to re-pull terms if you would like. In this case, your terms had expired, and you were able to resubmit your information to re-pull those financing terms.

      Our algorithm calculates terms based on your annual income, credit history, and the price of the vehicle, so there is always the potential that terms will change once we re-pull terms, and we are not able to guarantee the terms will remain the same. Over time, and as our company expands, our financing requirements can and will change.

      We apologize for the confusion and inconveniences that this may have caused. As you mentioned, we are only able to reference terms that were locked in when you started the purchase process with a particular vehicle. You are always able to re-pull your Carvana financing terms once your current terms have expired in order to see if your new terms would be more of the range you are interested in. Otherwise, we are always happy to work with a third party bank or credit union of your choice for financing.

      Again, we want to apologize that you were not satisfied with your Carvana experience, and if you have any additional questions or concerns, please do not hesitate to reach out to us.


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