Customer cruise control: introducing seamless car transitions

At Carmoola, we're constantly asking ourselves: “How can we make car financing simpler, smarter, and more rewarding for our customers?” This ongoing question drives our innovation and sharpens our focus, enabling us to deliver unmatched experiences for car buyers. This commitment is evident in our latest feature: a seamless transition for customers to change their car in the middle of their loan, while sticking with Carmoola!

Why did we build this? 🧱

Our customers love the flexibility and control they have with Carmoola. Many expressed a desire for an even smoother process for changing their vehicle before the end of the expected term, whether to upgrade for a growing family or downsize to a more affordable car.

The most important part - they want to continue to pay with Carmoola! We listened, and the result is a new feature that allows our users to switch to a new car with unprecedented ease, whenever they want.

How the new feature works 🧑‍💻

Our new approach makes it easier than ever for customers to change their car, while continuing to pay with Carmoola. Here’s how it’s been implemented:

The next step was to understand the use cases where AI could “get work done” for us. It’s unrealistic to expect AI to be able to handle absolutely everything, and I wanted to set realistic goals. It went a bit like this:

Another important step was to set Carmoola’s principles of how we work with AI. The critical principles to call out for us are:

1. Clear current car valuation: We’ve built features to help customers understand their financial position upfront. They’ll see their car’s estimated current value alongside the cost of settling their loan early, giving them full transparency about their position.
2. Seamless new applications: Customers can start a new application directly within the app and switch easily between their current loan details and new application steps. It’s all about making the process intuitive and frustration-free.
3. Simplified budgets: We’ve maintained our clear and simple process to present numbers in an easy-to-digest way. Customers can explore their budget with confidence, ensuring there are no surprises.
4. Straightforward settlements: Whether the existing car is sold privately, traded in, or part-exchanged at a dealership, we’ve created flexible pathways to settle their old loan. Customers can manage any shortfalls or equity balances directly with the dealer, giving them the flexibility to put the equity into the next car, or not.
5. Responsible lending at its core: Every step aligns with our commitment to responsible lending. Customers won’t be approved for amounts they can’t afford, and we’ve put safeguards in place to ensure loans are tied directly to the value of the new vehicle.
   
   

Why it's a game-changer - for customers 🛒

This new feature isn’t just about making transitions smoother, it’s about empowering our customers with the freedom to adapt their vehicles to life’s changes without the usual financial friction. At Carmoola, we do more than just finance cars; we provide solutions that grow with you.

Unlike traditional car finance models that rely on brokers and manual processes to acquire every new customer, our approach builds lasting brand advocacy, enhances customer lifetime value and automates the process at every turn. Once a Carmoola customer, you can stay a Carmoola customer forever!

By addressing customer demand for more flexibility, we’re also reducing stress and improving trust. Whether a customer is upgrading to their dream car or finding a family-friendly option, they can do so knowing Carmoola has their back.

What's next? 🔮

We believe that every customer journey should end with a “WOW!” moment. This feature is one of the many ways we aim to delight our customers, but as we gather feedback we’ll continue refining the process, ensuring it sets and meets higher expectations.

I’m incredibly proud of the collaboration and dedication our team has shown in bringing this idea to life. 

To our customers—this one’s for you. Thank you for inspiring us to innovate and improve every step of the way.