Frequently Asked Questions About Revv OPEN Car Lease

By Medha Roy Chowdhury | June 21, 2019

Want a brand-new car every year? With the new Revv OPEN Car Lease offer, you can! Let’s tell you everything you need to know about it.

If you’re planning to buy a new car but haven’t saved up for the down payment, don’t worry! We’ve got good news! Now you can take home your favourite car with zero down payment and no maintenance costs either! Wondering how? We’re here with an exciting new way of getting a car with just a very reasonable monthly fee. No down payment, no maintenance cost and no hassle! Just a brand-new car every year!

Interested? Want to know more about it? Here’s a comprehensive set of FAQs about Revv OPEN. Hope you find all the answers you need.

What is REVV OPEN?

OPEN is a whole new way of getting a brand new car, without having to buy or own it. It is way more flexible than the traditional car ownership model, and, of course, more affordable.

This is a smart way to get a brand new car of your choice with zero downpayment and zero road tax. Note that the car will be ordered specifically for you.

After you complete a lock-in period of 12 months, you can choose to keep using the car for 48 months at a flat monthly fee. Anytime between the 12th and 48th month, you will also have the choice to opt-out anytime and your monthly fee will stop getting billed.

If you fall in love with your car and want to own it after 48 months, you can acquire or purchase it from OPEN at a pre-determined settlement charge. You can actually choose to own the car anytime after the initial 12-month lock-in period by paying the settlement charge.

FLEXIBILITY & OTHER OPTIONS

  • Which are the cities in which OPEN is available?

OPEN is currently available in Bangalore, Hyderabad, Ahmedabad, Delhi NCR, Mumbai, Chennai, Pune, Jaipur, Mysore, Vizag, Coimbatore, Chandigarh, Kolkata, Trivandrum, Kochi, Surat, Mangalore, Tirupati and Vijayawada.

  • For how long can I keep the car?

The minimum period of usage is the lock-in period or 12 months. The maximum period is 48 months.

After 48 months, you can either return or buy the car. Also, note that both the options of returning or purchasing are available to you all the times between the 12th month and the 48th month.

  • When can the car be returned?

You can choose to return the car any time after the 12th month. This way, you are committing to the car for only 12 months. After that, you can decide as per your needs. All you must do is notify Revv OPEN at least 3 weeks in advance before returning the car.

If you wish to keep the car even after your lock-in period, you can do that too. In this case, your monthly fee will be reduced to reflect the higher period of usage.

  • What to do if I want to return my car within the lock-in period?

By returning the car before completing the lock-in period of 12 months, you will attract a penalty of Rs. 20,000.

If you return the car before completing the lock-in period, you will need to pay the “Accumulated Fee Difference”, plus one month of fee. Accumulated fee difference is the “monthly fee of your actual period of usage, minus the monthly fee of your lock-in period”, multiplied by the number of months of actual usage.

For example, let’s take a car whose monthly fee is Rs. 20,000 for a 24 month lock-in period, and Rs. 25,000 for a 6 month lock-in period. Now, if you had originally opted for a lock-in period for 24 months, but you return the car at the end of 6 months, the Accumulated Fee Difference would be Rs. 5,000 (25,000 minus 20,000), multiplied by 6 = Rs. 30,000.

  • Can I acquire the car after a few months of use?

Yes, you can acquire the car anytime between the 12th month and the 48th month.

In order to do so, you will need to pay a pre-determined settlement charge that depends on when you choose to acquire it.

  • If I decide to acquire the car, will I get help in getting it transferred to my name?

Yes, Revv OPEN will definitely help you with the documentation and processing at the RTO.

  • Can I change my car model after using it for a few months?

Yes, you have the flexibility to experiment with different cars. After completing the lock-in period, you can return the car and get a new one from OPEN.

CAR DETAILS

  • Will the car be brand new?

Yes, it will be a brand new car, ordered specifically for you and delivered straight from the dealership. You can select from a range of car models, variants, and colors available under OPEN.

  • Can I select the colour of the car?

Yes, you can choose the colour of your car. However, the time for delivering the car to you will depend on the availability of your preferred colour at the car dealerships.

  • Whose name will the car be registered in?

The car will be registered in the name of PrimeMover Mobility Technologies or its supply partners.

  • What category will the car be registered in?

The car will be registered with a black number plate, which is a premium category of commercial registration. This registration is typically used by high-end hotels and large corporates. In addition, the registration will come with an All India Tourist Permit.

  • What accessories will I get along with the car?

The car will be fitted with the standard accessories the manufacturer provides as default for the particular model and variant you choose. In addition, a telematics device will be installed in the car for car-safety purposes.

  • Can I install my own accessories?

Yes, you can install your own accessories, but you will need to inform OPEN beforehand and get an email confirmation from them. You will have to install these accessories at your own cost.

Make sure to remove these accessories before returning the car if they can be removed without materially altering the quality and performance of the car. Else, you’ll need to return the car with the accessory. Please note that accessories that can render the manufacture warranty null and void, either partially or fully, are absolutely prohibited.

PAYMENTS AND PRICING

  • Is there any downpayment involved?

No, you don’t need to pay any downpayment to get the car. You don’t even need to pay road tax.

  • What do I need to pay to get the car?

At the time of ordering the car, you must pay the first year’s insurance amount. This is typically 4-5% of the car’s ex-showroom price. Also, before delivery of the car, you need to pay the first month’s advance fee.

  • What do I need to pay while using the car?

You need to pay a monthly fee. This will be conveyed to you by BankBazaar once you choose your preferred car.

  • How does the payment cycle of monthly fee work?

You will need to pay the first month’s fee at least seven days before the car is delivered to you. This date will then become the billing cycle date for the remaining months, and you’ll have to make the payment on or before this date. An invoice will be sent to you 2 days before the due date.

If there is a delay in payment from due date that exceeds seven days, you’ll be charged a penalty of 2% of monthly fee, for every month of delay (pro-rated on the number of days of delay).

  • What is settlement charge?

With Revv OPEN car lease, you have the option to buy the car if you like it. Settlement charge is the amount youy’ll pay to buy the car from Revv.

The settlement charge varies based on the car model, variant and city and the time you opt to buy it. It is a a pre-determined charge which will be conveyed to you before signing up.

  • What about car insurance?

For as long as you use the car, the insurance will be paid by you at the start of each year. You will be notified when the insurance renewal is due.

  • Who will pay for tolls, parking, inter-state taxes and fuel?

The car is yours, hence, you will have to pay for these.

USAGE, MAINTENANCE, AND INSURANCE

  • Can I share my car with someone and split costs?

Yes, of course! It is your own car. However, keep in mind that you are liable for the car and all associated incidents even if someone else was using it. Commercial usage of car such as using it as a taxicab or sub-renting is not allowed.

  • Are there any restrictions to where I can travel?

You are free to drive anywhere within the country. However, it’s wise to avoid bad terrains and areas affected by civil unrest.

  • Are there any restrictions on what the car can be used for?

Abnormal usage such as speed racing, towing, transportation of goods, commercial purposes, and transportation of large, heavy, and hazardous items are strictly prohibited.

  • Is there limit on kms driven?

Your car will come pre-loaded with 25,000 free kms, applicable every year. Studies show that a private car in India is driven for less than 15,000 kms per year (an average estimate). Excess kms, that which exceed 25,000 free kms, will be measured and billed on a quarterly pro-rated basis.

If you think that you need more kms, you can purchase it at a 30% discount during the time of booking. The advantage here is that unused pre-purchased kms will be refunded.

  • Who will take care of the maintenance of car?

The monthly fee is inclusive of the maintenance cost and covers all scheduled services. The car will be picked up from your place, serviced, repaired if necessary, and delivered back to you. However, the above maintenance coverage does not include breakdowns. However, breakdowns are generally covered by the manufacturer’s warranty.

  • What does the maintenance include?

  • All periodic maintenance as per the manufacturer’s service manual
  • Engine oil top-up
  • Other fluids change/top-up
  • Replacement of Air filter
  • Fuel filter replacement
  • Replacement of oil filter
  • Tyre rotation
  • Warranty provided by the manufacturer
  • Who takes care of wear-and-tear or hitches in the car’s performance?

If you face issues with the car’s performance, kindly inform OPEN. The expenses for such repairs, unless covered by the manufacturer warranty, must be paid by you.

  • What if the car breaks down?

In such circumstances, inform OPEN. They will take care of it. They’ll also arrange roadside assistance, if required.

  • What to do if the car meets with an accident?

Please notify OPEN immediately and you’ll be guided through the entire process, including roadside assistance and insurance process. Unless unavoidable, please do not leave the scene of the accident until proper support has arrived. You may be required to file/sign formality documents associated with the accident.

  • Will roadside assistance be provided by OPEN?

Yes, roadside assistance is provided. It covers mechanical or electrical breakdown, battery problems such as flat battery, key-related problems such as locked keys, lost keys, or broken keys, and road traffic accident where the car is immobilized.

GETTING STARTED

  • How to get started with OPEN

Visit BankBazaar website, click on the Car Loan option, enter a few key personal details from you and we’ll help you get your Car Lease from Revv OPEN. You can select from 25+ car models available. On approval, you’ll need to pay the insurance amount and OPEN will order the car for you.

In most situations, the car will be delivered within a month. Prior to delivery, you’ll have to pay the first month’s fee in advance.

  • How long will it take to get the car?

It would take around 30-45 days from the payment of the first year’s insurance to the delivery. This can be longer for certain car models, variants or colours that have a waiting period.

  • Should you be physically present at the time of delivery?

The person whose driving license and ID proof is provided while booking needs to be present at the time of delivery.

Now that you’re aware of everything related to this brand new way of car shopping, just click the link below and drive away with a brand-new car!

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Buying a car Car Loans UCN
Medha Roy Chowdhury

About Medha Roy Chowdhury

Square peg in a round hole, Medha reads whenever she gets the chance to. She is happiest when travelling and dreads having to choose between the hills and the sea. Dog lover at heart, she is in pursuit of adopting a few canine friends someday. Weird as it may be, she bakes when stressed. Previously a Market Research Editor by profession, she takes a keen interest in finance. When she is not reading, you’re sure to find her with her ukulele.

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