At certain times, short-term traders have treated Carvana (NYSE:CVNA) stock like a meme stock and pushed it quickly in both directions.

Carvana is a pioneer in its field and an intriguing company. Just don’t go over the speed limit if you plan to add Carvana shares to your portfolio.

As we’ll discover, Carvana appears to be making headway in addressing what might be the company’s biggest problem: its debt load.

Ultimately, Carvana has a long and potentially bumpy road ahead, but the journey should be thrilling and may also be profitable.

Carvana’s Impact on State-Level Legislation

Some companies are content to reform their own business practices. Carvana, in contrast, goes above and beyond by working to implement state-level legislative changes.

Specifically, a coalition led by Carvana helped get a law passed that allows vehicle home delivery in Illinois. Of course, this wasn’t just done as a political endeavor, as Carvana should benefit financially if more customers enjoy the convenience of home vehicle delivery facilitated by Carvana.

What else is on Carvana’s legislative docket? Reportedly, Carvana championed a recently enacted a law in Oregon that allows the “use of electronic services in vehicle ownership.”

In particular, vehicle dealers in Oregon can now “execute signatures and submit documents electronically, including vehicle titles and registration.” Stay tuned, as you never know where else Carvana might help to get state-level legislation passed in the coming months.

Good News for CVNA Stock

As we mentioned earlier, some may consider Carvana’s debt burden the company’s most prominent problem. Earlier this year, CNBC reported that Carvana’s debt load was $9 billion.

Fortunately, Carvana isn’t just sitting by idly and allowing its debt to spiral completely out of control. The company took action and “reached a debt restructuring agreement with most of its bondholders,” according to The New York Times.

More recently, Carvana announced it had completed its debt-restructuring arrangements with 96% of the company’s bondholders. Carvana claims to have reduced its total debt by over $1.325 billion and reduced its near-term interest payments by over $455 million per year for the next two years.

Analysts with S&P Global Ratings noted Carvana’s debt restructuring efforts. The analysts upgraded Carvana’s senior unsecured debt to from a “D” rating to a “CCC-” rating.

This isn’t a glowing endorsement of Carvana, by any means. Still, it appears to be an acknowledgment by S&P Global Ratings analysts of Carvana’s improvement in certain respects.

Consider the Risks vs. the Potential Rewards

Carvana is a fascinating company that’s actually affecting some state-level legislation. Also, Carvana appears to be making progress in managing its debt burden.

However, this doesn’t mean Carvana has completely managed its debt load. Prospective investors should consider it risky, but maybe worthwhile, to take a share position in Carvana.

Therefore, CVNA stock gets a “B” grade and might be appropriate for some portfolios, depending on one’s financial objectives.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.