Carvana, Bank of America launch online used car sales, financing program

Feb. 6, 2019

Carvana, the e-commerce platform for buying and selling used cars, has launched a program with Bank of America to let buyers shop and obtain financing through the lender’s own platform, a move that will add about 15,000 Carvana vehicles to the bank's overall inventory.

Customers visiting Bank of America's digital shopping tool can select a Carvana vehicle, select a financing application through the bank and complete the transaction on Carvana.com, all within about 10 minutes. Customers can trade-in their own vehicles and get next-day delivery.

"We launched Bank of America digital car shopping to offer our clients a more convenient and transparent experience -- from searching vehicles and dealerships to qualifying for financing, all from a desktop or mobile device," said David Hollodick, senior vice president of consumer vehicle lending at Bank of America. "With Carvana vehicles added to our platform, our clients can take the process one step further and finalize a purchase without ever leaving home."

The vehicles on both platforms are Carvana certified, which entails a 150 point inspection and have never been in a reported accident and have no frame damage. All Carvana cars have a seven day return policy.

Topics: Mobile Banking, Online Purchasing

Companies: Bank of America, Carvana

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