Liens & Payoffs
Documents
Why Carvana?
Appraisals
Expectations
100

What is the difference between a lease and a loan?

Once the customer pays off a loan, they will own the vehicle. A lease is a long-term rental, and once the payments have been made for the lease term, the vehicle is returned to the owner (typically a dealership).

100

Name at least 2 acceptable forms of identification.

Driver's License

Passport

Military ID

Foreign Passports in English

Veteran's ID

U.S. Territory IDs

100

Carvana is completely online! How to we accomplish this?

  • We deliver the vehicle straight to your door!
  • You can buy/sell a car in your pajamas while Netflixing your favorite show!
  • It’s so easy and takes very little time
  • We don't need to see the vehicle first to provide an offer
  • Traditional dealership experiences waste a lot of time, here you don’t have to!
100

Can we honor an offer if the customer doesn't have an account?

Only if they have proof that their vehicle offer was provided within the last 7 days, we can honor the value!

100

What is the expected time frame for a case to be approved?

24-48 hours

200

Name at least 3 lienholders we cannot buy leased vehicles from.

  • Ally Financial

  • Ford Motor Credit

  • GM Financial ( ACAR )

  •  Infiniti Motor Credit ( aka NMAC / IFS )

  • Lincoln Financial

  • Nissan ( aka NMAC / IFS)

  • Southeast Toyota Financial ( aka VT INC TSTEE WOLT / WORLD OMNI FINANCIAL )

  • Tesla

  • US Bank

  • Volvo Financial Services

  • CULA

  • Hyundai/Kia

  • Honda/Acura

200

How many days until odometer photos expire?

14

200

Carvana does not negotiate. How is this accomplished?

  • No one at Carvana works off commission!
  • The price you see is the price you get!
  • We dont play games or try to haggle. The out of door price includes all fees as they see on our website.
  • No dealer or doc fees! Or hidden fees!
200

What is the first thing you should check before requesting a Manual Appraisal?

Make sure the VIN is correct!

200

How long does it take to get a Manual Appraisal?

24-72 hours

300

Can we accept a 10 day payoff document if it does not show the full loan account number?

Yes! We will just need to ask the customer for the full loan account number on a separate document.

300

Name at least 5 title-holding states

Kentucky (KY)

Maryland (MD)

Michigan (MI)

Minnesota (MN)

Missouri (MO)

Montana (MT)

New York (NY)

Oklahoma (OK)

300

Carvana makes our process hassle free. How do we do it?

  • We offer a price for your vehicle up front
  • We can deliver/pick up a vehicle directly from your home/work/etc.
  • Browse our extensive vehicle inventory on our easy to use website - online showroom!
  • It’s the actual vehicle - we don’t use stock photos of the vehicle (excluding Pre-Order vehicles)
  • Take a 360 degree tour of the vehicle, check out the interior and exterior of the vehicle
  • We list out all the features and also point out the most notable imperfections for full transparency
  • See the Carfax on every vehicle!
300

Name one reason Carvana can not purchase a vehicle.

1. The vehicle can not be safely driven

2. Transmission issues

3. No registration history/not in AutoCheck

4. Older than 1992

5. A lease with a company we do not work with

6. Vehicle with theft

7. Vehicle owned by a deceased owner.

300

What are the three methods that could be used to pick up a customer's vehicle?

1. FA picks up with a Carvana Hauler

2. FA arrives in an Uber and drives the vehicle to the hub

3. FA drives to the house to handle paperwork, then a 3rd party towing company picks up the vehicle within 12 hours

400

What team handles Negative Equity and Lien Payments?

TreasuryOps or FinOps

400

For LEASES in a Title Holding State, what is the process for the titles?

Request the title from the customer. asking for a verbal or written confirmation on if they have it. 

If they dont have it, we can proceed as normal and assume LH holds it.

If the customer has it, we will collect it at the appointment.

400

Carvana certifies vehicles to ensure we are selling quality vehicles. How do we keep this promise?

  • 150 Point rigorous inspection - the vehicle is checked thoroughly to ensure it is mechanically sound and all of the wearable items have at least half their life left
  • Every vehicle gets an oil change
  • Checks to make sure there is no frame, fire, flood damage
  • Every vehicle gets a full detail
  • No reported accidents - our customers can confirm this on the Carfax on every vehicle listed on the website
400

What document do we need to verify trim/features on a Tesla?

Build Sheet or Window Sticker

400

Name and describe one of the documents we have the customer sign at their appointment.

  • Carvana Vehicle Purchase Agreement (AKA Bill of Sale):
    • This is a formal document the customer signs off on at the time of their appointment that finalizes the sale of the vehicle. The customer will receive a copy of this document
  • POA (Power of Attorney): 
    • The customer will also sign off on a Power of Attorney (POA) which grants us permission to payoff their lien holder on their behalf as well as flip the title into our name with the DMV
  • Dealer Acquisition Contract:
    • Blanket authorization for loan payoff and balance verification. This document is the reason why all individuals whom are listed on a lien must be present at the time of the appointment, because they must sign, even if they are not one of the registered owners.


500

What is the only company we can ALWAYS accept Customer Lease Payoffs from?

Toyota/Lexus or Toyota/Mazda (lien date after April 2020)

500

What does it mean to have a Goldenrod title?

The state of California has not received the title for the customer's vehicle from the previous state the vehicle was titled in. Carvana is unable to move forward until the issue is resolved with the California DMV. 

500

Carvana values transparency. How do we back this up?

  • We based our prices on fair market value
  • No hidden fees; no dealer or doc fees
  • The sticker price you see on every vehicle is the price you will pay, that plus taxes, title and registration based on your zip code, there is no negotiation
  • Because we are an online company, we don’t have the overhead of a traditional dealership and can pass on that savings to the customer
500

Can we purchase salvage vehicles?

Yes, but the offer will be $100-200 at most.

500

What two ways can a customer receive positive equity?

Certified check and ACH

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