Customer Experience - Contracts Flashcards
Are contracts physically signed, virtually signed, or both?
Contracts are signed via DocuSign on the Order Placed Dashboard by clicking the “Sign Now” button.
Customers MUST sign these contracts online. They cannot print them out, physically sign and hand over at the time of delivery nor do they need to!
Once the customer signs these contracts online, the contracts will be available to save/download on the customer’s Order Placed Dashboard prior to delivery.
After delivery, the customer can contact Carvana to request a copy of the signed contracts.
As Advocates are we able to assist customers with the entire purchase process?
No one, other than the customer themselves, can sign contracts within their account. As an Advocate, you do not have the ability within the system to complete this step because it is a matter of compliance and legality.
What is a RPA or Retail Purchase Agreement (also known as “Buyer’s Order”)?
A contract detailing the purchase of a vehicle, the specific vehicle and price the customer is agreeing to, the return program(7DMBG), and additional clauses.
The left side of the document lists out the customer’s information, the vehicle they are purchasing and trade-in if applicable.
What is a Retail Installment Contract (aka the ‘Conditional Sale Contract & Security Agreement)?
This is the agreement to pay back a loan, at what rate, how long they have, how much they will pay each month and the legalities that go with it like late payments, etc. It is ONLY for Carvana Financing customers.
What does TILA stand for?
The Truth in Lending Act.
It informs us how we should present contract terms to customers.
What is an Arbitration Agreement?
A contract that states that if Carvana and the customer end up in a dispute over something related to the purchase or financing of this vehicle, either party can choose to send the dispute to arbitration.
Arbitration is a quicker, easier, cheaper way to resolve a dispute – a neutral arbitrator hears both sides and makes a decision. The idea is that arbitration is an alternative resolution process to an expensive and time-consuming lawsuit in court.
Customers may opt out - but they will have to sign the contract first and then send written notice saying they would like to opt out within 30 days of the sale date
What is a Buyer’s Guide?
A document designed to simplify the purchase process by providing customers all the important information about the vehicle in a single form.
What is the Carvana’s Limited Warranty?
A contract that outlines the 100 day Limited Warranty and explains what is covered, not covered and what we and the customer are responsible for.
What is an Odometer Disclosure?
A contract that states require Carvana to give customers of an accurate reading of the odometer to prevent odometer fraud. This document tells the customer what the odometer currently reads and that we believe it to be a truthful representation.
What is a CarvanaCare or Vehicle Service Contract?
This contract outlines the legalese of the extended coverage Carvana Care. This will only show up if the customer selected CarvanaCare. These are also the contracts that are then sent to SilverRock. SilverRock then knows the length and miles of their CarvanaCare product and can accurately and successfully assist the customer when they call.
What is a Credit Reporting Notice?
A document that will only show up in contracts for customers who are financing with Carvana. It is an acknowledgment document to make the customer aware that Carvana will report all activity on their loan whether good or bad, this information is being reported to the credit reporting agencies. Carvana reports to all three credit bureaus: Experian, Equifax and TransUnion.
What is the Verification Contract?
A document in which the customer is certifying they are not in the process of filing for bankruptcy nor in an active bankruptcy. Carvana does not extend financing to customers in an active bankruptcy.
