LAUNCHED: Revv’s New Car Ownership Model – OPEN!

By Sanesh Mathew | June 20, 2019

We’ve got a new product for you – Revv Open, a new Car Lease model which lets you own a car without having to buy it. Read on to learn more about it.

LAUNCHED: Revv’s New Car Ownership Model – OPEN!

Permanence is out! These days we all like to play the field, don’t we? To enjoy flexibility without having to commit. This mentality of today’s generation has led to a growth in products and services that specifically cater to the renting economy, allowing people like you and us, to experience the new whenever we like.

Great offers on Credit Cards and Loans

While this already applied to a wide variety of consumer products, this choice has now extended to automobile ownership as well. The traditional way of owning a car by either paying in full or with the help of a Car Loan has given way to owning a car without buying it. Of course, you do have the option of buying it at a later point and at a defined price. This is what you get with Revv’s new car ownership model, OPEN.

With Revv OPEN, you can own a car of your choice by just paying a monthly installment, without actually having to buy it. According to a Revv spokesperson, OPEN is a new way of owning a car without having to go through the hassles of the traditional car ownership approach. Let’s learn more about it, shall we?

What Is Revv?

Revv is a Delhi-based car rental service provider available in top cities across the country – Bangalore, Hyderabad, Chennai, Mumbai, Pune, Delhi NCR, Chandigarh, Jaipur, Visakhapatnam, Mysore, Coimbatore, Mangalore, Kolkata, Kochi, Ahmedabad, Trivandrum, Surat, Tirupati and Vijayawada.

What Is OPEN?

OPEN is Revv’s new car ownership model through which you can get a brand-new car without having to buy it. Currently, OPEN is available in Bangalore, Hyderabad, Delhi NCR, Mumbai, Chennai, Pune, Jaipur, Mysore, Vizag, Coimbatore, Chandigarh, Mangalore, Kolkata, Kochi, Ahmedabad, Trivandrum, Surat, Tirupati and Vijayawada.

Additional Reading: Car Lease Vs. Car Loan: Which One Is Right For You?

As of now, Revv OPEN offers 25+ car models from leading car manufacturers like Hyundai, Honda, Maruti, Nissan, Mahindra, Toyota and more. With OPEN, you have the option of owning the car of your choice for a maximum of 48 months, post which you can either choose to return the vehicle or take complete possession of it by paying an estimated sum. That said, you can also choose to return or acquire the vehicle after the initial lock-in period of 12 months. If you choose to return the car before the lock-in period, you will have to pay a penalty of Rs. 20,000.

Advantages Of Revv Open

Let’s start with the three main advantages of Revv Open:

No Down payment

If you are one among those who’ve been postponing your car purchase because you don’t have enough to make a down payment while opting for a Car Loan, then you should consider Revv Open. With this Car Lease model, you do not have to make a down payment to get a car of your choice. You just have to make monthly payments based on the model you choose.

No Maintenance Charges

Yes, you heard that right! Revv Open takes care of the maintenance charges if you opt for a car through them. The monthly fee you’ll be charged for the car covers maintenance costs. Plus, Revv will pick your car up from your location, get it serviced and drop it back for you too. However, do keep in mind that normal wear and tear and breakdowns aren’t covered.

Opportunity To Own A New Car Every Year

Like we mentioned earlier, the lock-in period for any car taken via Revv OPEN is just 12 months. Post this period, you can choose to return the car and pick another of your choice. This means you can drive a brand-new car of your choice every year. Isn’t that cool?

Other advantages of the Revv OPEN Car Lease include:

  • No need to pay road tax
  • Revv claims that they’ll deliver your car within a month of placing the order. This is, however, subject to certain conditions
  • Roadside assistance is included
  • The ability to choose from 25+ car models – including variants and colour

P.S. You will be required to pay the insurance amount for all the years you keep the car. However, Revv will notify you when your renewal is due.

Additional Reading: Car Loan: Top 5 Frequently Answered Questions

Sounds like an interesting deal? Well, luck is on your side! Now, Revv OPEN is on BankBazaar. Just click the link below to check if you’re eligible for it.

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: BankBazaar Car Loans
Sanesh Mathew

About Sanesh Mathew

A talkative sleepyhead, Sanesh, enjoys watching horror movies, listening to music, reading all things related to personal finance and wandering aimlessly (walking meditation, he calls it!). He refers to himself as a 'simple human being with a rather chaotic mind'.

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