Four Dynamics to Consider for Car Rental Deposits

The need for a deposit arises out of providing for possible exigencies. For instance, if you damage the vehicle, the deposit with the rental car agency will either partially or fully cover the damage, depending on its extent.

Amount of Car Rental Deposit

There is really no hard and fast rule on the amount of deposit that is charged. Most often, it is completely at the discretion of the car rental company. Further, aspects such as the model of vehicle being rented does make a difference on the deposit amount – a basic hatchback will have a much lower deposit as compared to say a luxury sedan or SUV.

How do you pay the Deposit?

Commonly, the deposit is paid as a ‘Block’ on your Credit Card. So instead of charging your card straightaway, the deposit amount will simply be blocked, thus reducing the amount of credit available on your card. When you return the car – and there is no charge or expense to be incurred by the car rental firm on the vehicle, the blocked amount will be unblocked right away.

Other modes of payment include debit cards, where the deposit will actually be debited from your bank account and then credited back in case nothing untoward has happened to the vehicle. Cash is also accepted, which is then returned if there is no charge to be made.

Getting your Deposit Back

The methods of getting your deposit back depend on how you pay the deposit in the first place – as we explained above. As far as timeline goes, again, it depends on how you paid. Cash is clearly the fastest since cash paid – with no applicable charge, is returned back to the customer when the car is returned glitch free. Credit cards typically take 2-3 business days to reflect the unblocked amount, depending on your bank. Debit cards are the slowest since the refunded money will actually take time to reflect in your bank account.

Reducing your Security Deposit

Usually, car rental firms have strict policies in place on car rental deposits which are non-negotiable. At the same time, depending on your past relationship with the car rental firm, your overall profile, as well as the duration for which you are renting, you can expect some leeway on the deposit amount. Do not hesitate to negotiate on this front.

Conclusion

Car rental deposits concern customers but are a necessary component for car rental firms to secure themselves.

At Speedy Drive, you can expect genuinely reasonable car rental deposit rates on which we can be somewhat flexible, depending on the exact circumstances.

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