Security bond and deposit. what and why? car rental companies with self drive require this!

      Security bond and deposit in rent a cars is a common question upon or even after renting a car self drive. in this post we will break it to a few things well at least  VMCT rent a car company in manila Philippines.

• Why do car rentals charge them.
• How do they rate their security bond accordingly.
• What happens if i return the car with scratches and dents?
• Is it guaranteed refundable provided i return the car with no damages whatsoever . 

1. How long will it take?
2. How will it be refunded?   
3. Is there any hidden charges?           

Why do car rentals charge it?  

Security bond and deposit are basically charge every self drive car for rent services for many reasons.

1. When you return the vehicle with damages (e.i scratches, dents and even dings on the tire rims are some of the most common)
2. If you committed any traffic violation that may be charge back to our company.
3. Vehicle return with out being decently wash inside and outside.
4. Fuel discrepancies on delivery and returned of vehicles.
5. Additional charges but not limited to unforeseen extensions and unscheduled/different location of vehicle return or pull out.

How do you rate your security bond and deposit?

We charge our security rates by  three main types .

1. SEDAN or vehicles that fall under 1 million price point. (php 12,000)
2. midsize SEDAN and AUV or vehicles that fall over 1 million price point. (php 16,000)
3. SUV and Vans or vehicles that fall over 1.5 million price point. (30,000)

Our pricing rates are also dictated by our automobile insurance providers which includes the participation fee in minor damages and also the insurance premium of the driver along with the prescribe number passengers allowable by car manufacturers.

What happens when i return the vehicle with minor damages?

We have checklist that has a detailed diagram of the vehicle that will be accomplish and signed by the renter on delivery. In any event that damages are prevalent. Certain procedure or process that we follow.

first we have the vehicle thoroughly wash and have it buff and wax to see if scratches can be remove by mere buff  or  wax if damages seems to be remove by this step we will just charge the renter for this simple detailing if not we move to the second stage.

second stage this where we take picture of the panel with damages/scratches and send a incident report to our insurance provider. After receiving a confirmation we will  take the vehicle to a chosen dealer for assessment and estimate or scope of works.

after the dealer report we will then convey it to the renter for their conformity. If they wish to pay for the participation in which a clause in our contract gives them two option the other being is we take the vehicle assuming it is repairable to a locally owned body paint and repair shop to be charge to the renter.

lastly after the scope of works is done . A return the remaining balance from the designated security bond by cash thru bank deposit or transfer is appropriate.

Is it guaranteed that they will return my security bond and deposit if there is no damage to the vehicle.

100% guaranteed refund or return . Before we usually return the security bond upon end of rent tenure. However due to the new laws applied by MMDA and their No Contact Apprehension Policy .Certain number of days are required to check if any traffic violation has been committed and will be issued a citation.

1. The refund process will take no more than 5 working days in which we target a 2-3 days turn around time limit.
2. We can either refund by cash thru bank deposit/ transfer on a nominated by the renter. if paypal (highly suggested) simply voiding the transaction will be suffice in which paypal will notify the renters via email from paypal of the voiding od transaction.
3. We pride ourselves on upfront charges thus posting of our cheapest and affordable rates. However there are instances that your bank or credit card companies. Have charges for some transaction in which we have no control nor benefit whatsoever. Consequently when we see this hidden charges we will notify the renter for any possibly more viable solution.