Used-car Retailer CARite Launches Rent-to-Own Plan

Used-car retailer CARite introduces a subscription program allowing customers regardless of credit level or down payment to rent a car and apply a portion of the monthly payments to the purchase price.

Partnered with DriveItAway, a provider of automotive retailer mobility platforms, CARite announces the launch of its “Pay As You Go” plan designed to let anyone choose, subscribe to and drive the vehicle of their choice while allowing them to build equity for a no-obligation purchase.

“We studied all the new programs of car sellers in the market today, both traditional and the new ‘app-driven’ disruptors, with the sole intent to come up with the best all plans had to offer, with none of the drawbacks or hidden requirements,” Mark Horvath, manager of a CARite store in suburban Detroit, says in a news release.

“The result – CARite’s unique DriveItAway program combines the best of a vehicle rental, subscription, purchase and lease, all in one...removing all the barriers for credit- or down payment-challenged customers.”

Says DriveItAway CEO John Possumato: “We are incredibly pleased and honored the customer-focused used car industry leaders at CARite have chosen us to enable their revolutionary ‘Pay as You Go’ subscription purchase program and look forward to working with them to roll this out in every market.

“DriveItAway’s technology and platform is believed to be the first of its kind, allowing for a fully in-app subscription with an option to purchase, giving every customer the ability to choose any used vehicle in inventory and drive it for as long as he or she desires, with the rental payments applied toward the established purchase price, with the option to buy or return it at any time.”

Possumato adds, “This is truly a revolutionary risk-free way to buy a used car online/in-app, putting the decision-making power back in the hands of the customer, regardless of credit score or down payment.

The “Pay As You Go” program is launching at six CARite locations in Michigan as well as Indianapolis; Memphis; Lancaster, PA; and Stratford, CT.