Fair founder, Scott Painter, speaks with CNBC’s On The Money
To buy a car, an auto loan locks you in for 5 or 6 years. A lease is a shorter term alternative, but it’s still a 3 year deal. However, there’s a third, even more flexible option: A monthly subscription.
Enter Fair, which is two-year old startup where you choose a used vehicle, get approved and complete the transaction — all on your smartphone app. The service falls somewhere between a long-term car rental, and a shorter term car lease. Today, Fair is available in 22 cities and 12 states, with plans to go national by year’s end.
“What we’re doing is giving mobility without going into debt with a car loan,” Fair founder and CEO Scott Painter told CNBC’s “On the Money” in a recent interview.
“Americans are already at a place where we understand that we pay for what we want to use,” he said, adding that Fair promotes the idea that a car “doesn’t have to require this big burden of debt.