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.