Getaround Offers Income, Credit Boost

  • Natalie Mattila
  • June 7, 2017
  • 0

SAN DIEGO — Potential car buyers are looking to Getaround — a peer-to-peer carshare platform — as an “equity-like income stream” that could boost their chances of landing a loan or lease, the startup’s Chief Financial Officer Adam Kosmicki said during a panel at last month’s Auto Finance Innovation 2017.

“From an owner’s perspective, when you list your car, we provide a seamless, safe way to make money on that car or, increasingly, businesses that list a couple hundred cars,” he said. “It provides an income stream that had not existed before.”

Lenders typically look at a consumer’s monthly income and how they manage discretionary spending when granting approval for a loan or a lease, Kosmicki said. Getaround can partner directly with the lender to offer a first-year income stream projection, which “elevates” the consumer’s credit standing and makes it easier to get approved, he said.

On average, car owners are able to pull in more than $1,200 per month from vehicles listed as available 100% of the day.

San Francisco-based Getaround has about 3,000 vehicles listed on its platform; it has more than 500,000 registered users who combine to take between 12,000 and 15,000 trips each month.

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