Vivacar Adds a Lease-Purchase Offer

Vivacar Adds a Lease-Purchase Offer

FACTS

  • Vivacar, e-commerce site for used cars launched by CGI Finance introduces their third version.
  • More than just selling used cars online, Vivacar is making room for a financing option: lease-purchase contracts.
  • This option applies to all car models featured on their platform.
  • Lease-purchase stands out as the only financing option available from Vivacar.
  • Customer process:
    • Purchasers first choose a car, them
    • Specify the amount of their down payment
    • Choose optional guarantees
    • Get informed of contractual terms and monthly repayments
    • Sign their contract digitally
  • The cost of potential car repairs, car dealers’ guarantee (at least six months), car registration certificate and shipping to their home address are included in the rent.

KEY FIGURES

  • 2015: Vivacar was launched
  • Offer: more than 27,000 used cars, under 7 years old and 90,000 Km
  • 160 partner groups and 1,130 dealerships
  • 6 advisors assisting online purchasers if necessary

CHALLENGES

  • Vivacar confirms and signs. In the former versions of their website, Société Générale and CGI Finance already featured lease-purchase options for some vehicles. They now confirm their interest for this financing model.
  • Simplifying purchasing processes. Vivacar only adds one financing option as they try to make sure the purchasing process stays frictionless.

MARKET PERSPECTIVE

  • With just one financing option, Vivacar contributes to increasing lease-purchase contracts’ popularity on the market for used cars.

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