Most car dealers won't accept payment for a vehicle by credit card. If you're suggesting that the alternative to using a predatory lending organization like Canada Drives is using a credit card @ 20% interest, that would be quite hard to come by. And for people that have to carry a balance from time to time, most banks offer a lower interest card for a small annual fee. Although lines of credit often have a better rate.
what he was saying was that people pay 20% all the time on credit cards. not that they buy cars with them.
As PYMNTS reported earlier this month, Canada Drives’ American cousin Carvana enjoyed an impressive second quarter, with revenues rising almost 200 percent from the same quarter in 2020.
The company also sold more than 100,000 vehicles for the first time — a 96 percent jump from the previous year — with Carvana projecting that it's on the path to selling more than two million cars per year.
people really enjoy the model.
Edited by Victoria Watcher, 16 October 2021 - 05:41 PM.