Carvoy, a recently launched startup, thinks it has divined a better process for signing an auto loan or lease — at-home contract servicing.
The company, which officially launched in May, is an online car-buying platform and finance provider — similar to competitors Honcker and AutoGravity — but Carvoy sends a representative to the consumer’s home to complete the lease paperwork, instead of in a dealership.
The financial representative comes with a paper contract as well as an iPad, if the lease is done through a financial institution that offers e-contracting — such as Toyota Financial Services — said Daniel Yuabov, Carvoy’s chief executive.
“The benefit with this iPad is, not only is it more secure and gets the deal funded right away, but the customer gets a copy of the lease agreement electronically, right away, and the dealership gets their necessary documents,” he said. “Everything is signed and filed within minutes instead of being passed around the office.”
For the most popular models, financing is typically done through the OEM’s captive arm, he said. But sometimes with the less popular models, other finance partners are more advantageous, and Carvoy can pull from around 50 banks.
