Carvana
Carvana doesn't just sell used cars online, it also offers in-house financing to all eligible buyers. Here's how it works.
Key facts
| Company Operating Status | Active |
|---|---|
| Wellfound ID | carvana |
| Wikidata ID | Q16247191 |
Covenant analysis
| Covenant | Term | vs market | Source |
|---|---|---|---|
| No Payment / Prepayment of Junior Debt During Default · Restricted Payments / Negative Covenant | No payment or prepayment of Junior Debt if a Default has occurred or is continuing or would result therefrom | source ↗ | |
| Advance Floorplan Accommodation Cap · Negative Covenant / Structural | Outstanding floorplan advances under Advance Floorplan Accommodation must not exceed 10% of the Credit Line | source ↗ | |
| No Modification of Junior Debt Documents in Violation of Intercreditor Agreement · Negative Covenant | Cannot amend, restate, extend or modify any Additional Senior Debt Document or Second Priority Debt Document in violation of the Intercreditor Agreement without prior written consent of Ally Parties | source ↗ | |
| Default Rate of Interest · Default / Penalty Rate | Current Interest rate plus up to 5% upon Default | source ↗ | |
| Advance Notice for Large Draws · Operational Covenant | At least 5 business days advance notice required for any advance request equal to or greater than $500,000,000 | source ↗ | |
| Financial Reporting — Audited Financials · Reporting Covenant | Audited financial statements within 120 days after fiscal year end; unaudited within 60 days after end of first three fiscal quarters | source ↗ | |
| Minimum Unrestricted Cash / Liquidity · Financial Maintenance | At least 20.0% of the credit limit of the Credit Line at all times | market 20% vs financial maintenance median 10% (n=26) | source ↗ |
| Prohibition on Encumbering Controlled Accounts / Operating Account · Negative Covenant | No security interest, pledge, lien or encumbrance on Operating Account, BofA Account or any Controlled Account except as specifically permitted | source ↗ |
Contact details
Email and phone for Carvana are available to signed-in members of Mezanin.
Sign in to view