Carvana primarily facilitates its own in-house financing for vehicle purchases, with Bridgecrest Credit Company acting as its dedicated third-party loan servicer.
When you finance a vehicle through Carvana, they often serve as the initial lender, and your loan is then managed by Bridgecrest. This setup means that while Carvana is the lienholder on your vehicle's title, Bridgecrest handles the day-to-day operations of your auto loan.
Understanding Carvana's Financing Model
Carvana offers convenient online auto financing to simplify the car buying process. Instead of requiring customers to seek external lenders, Carvana provides direct financing options.
- In-house Financing: Carvana extends credit directly to eligible customers, making it a streamlined process to apply for and secure a car loan directly through their platform.
- Lienholder Status: Upon the issuance of the vehicle title, Carvana is typically listed as the lienholder. This means Carvana holds a legal claim on the vehicle until the loan is fully satisfied.
The Role of Bridgecrest Credit Company
Bridgecrest Credit Company is integral to Carvana's financing ecosystem, serving as the loan servicer. Their responsibilities include:
- Loan Management: Bridgecrest handles all aspects of loan servicing, including processing your monthly payments, managing your account, and providing customer support for your auto loan.
- Title Management: Once a vehicle title is issued in your name with Carvana as the lienholder, Bridgecrest is responsible for securing and managing that title. They hold the title until your loan is either refinanced or paid in full.
- Communication Hub: For most questions regarding your loan status, payments, or payoff information, customers will interact directly with Bridgecrest.
Relationship Between Carvana and Bridgecrest
The relationship between Carvana and Bridgecrest can be summarized as follows:
| Role | Entity | Primary Function |
|---|---|---|
| Loan Origination | Carvana | Provides the initial financing and establishes itself as the lienholder. |
| Loan Servicing | Bridgecrest Credit Company | Manages the loan account, collects payments, and handles the vehicle's title post-sale. |
This collaborative approach allows Carvana to focus on vehicle sales and delivery, while Bridgecrest specializes in efficient loan management and customer service for financed vehicles. For more details on financing with Carvana and the role of Bridgecrest, you can refer to information available on the Carvana Help Center.
