Revv is a car rental company that offers self-drive and car leasing services. The company has a facility known as ‘OPEN’ that helps you get a new automobile in a brand-new way. The maximum tenure offered for new cars is 4 years.
Revv OPEN, which is crafted by Revv, enables one to have a new car without actually purchasing or owning one. You will not be required to make any down payment or pay any road tax. Moreover, the car that you select will be ordered just for you. You can either book a new car of your liking or book an unboxed car available with Revv at the moment.
Given below is a detailed list of the car models you can get on lease by Revv OPEN through BankBazaar:
|Car brand||Car model|
Here is a list of cities where you can find Revv OPEN cars in India:
Revv offers car lease through BankBazaar in 19 cities that can be paid for monthly over tenures of 12 or 48 months (1 or 4 years). The monthly payment for 12 months ranges from Rs. 10,600 for a Maruti car to Rs. 58,600 for a Hyundai. The monthly payments for 48 months start from Rs. 9,100 for a Maruti and go up to Rs. 51,400 for a Hyundai.
|Car Brands||Monthly Payment for 12 Month||Monthly Payments for 48 Months|
|Ford||Rs. 27,300 – Rs. 29,000||Rs. 21,000 – Rs. 23,000|
|Honda||Rs. 18,800 – Rs. 28,600||Rs. 15,200 – Rs. 23,800|
|Hyundai||Rs. 13,700 – Rs. 58,600||Rs. 11900 – Rs. 51,400|
|Mahindra||Rs. 28,200 – Rs. 36,800||Rs. 24,300 – Rs. 31,700|
|Maruti||Rs. 10,600 – Rs. 29,100||Rs. 9,100 – Rs. 23,700|
|Nissan||Rs. 20,700 – Rs. 35,100||Rs. 17,700 – Rs. 27,000|
|Tata||Rs. 16,000 – Rs. 17,300||Rs. 12,700 – Rs. 14,000|
|Toyota||Rs. 38,400 – Rs. 44,300||Rs. 32,700 – Rs. 35,900|
*These prices are representative. Actual prices may differ depending on the car and the tenure of the lease agreement and other factors. Please check the latest prices before applying.
Revv OPEN offers an array of cars that you can avail on lease. Here is how the leasing process works:
Revv has a car leasing policy in place that you will have to agree with to lease a car from Revv. Take a look at some of the elements of the policy:
If you choose a longer period, the lower prices will apply and if you choose to shorten the tenure, you will have to pay the accumulated fee difference. A pre-closure penalty will be levied if you choose to return the car before completion of 12 months.
|Parameter||Brand New Car||Unboxed Car|
|Newness||The car is booked especially for you||The car is less than 2 years old|
|Security deposit||Depends on the car model and lease tenure||Rs.10,000 has to be paid|
|Returning the car before completion of lease tenure||An accumulate fee difference plus pre-closure penalty is levied||An accumulated fee difference has to be paid|
|Ownership transfer||You can acquire the car at a predetermined amount known as the settlement charge||The facility is not available for unboxed cars|
|Colour preference||You can choose the colour of your choice||You can make a choice depending on the cars available|
|Delivery time||It takes 30-45 days depending on the availability of the model with the dealership||The car will be delivered on your preferred date|
|Down payment||No down payment|
|Processing fee||No processing fee|
Here is a list of documents you will be required to submit to lease a car from Revv OPEN, through BankBazaar:
You will have to pay the fee for the first month 7 days before your car gets delivered. This payment date will be your billing cycle date. Hence, you will need to pay the monthly fee on or before this date.
The car that you select from OPEN will be registered in the name of PrimeMover Mobility Technologies or any of its supply partners.
Yes, you will get instant updates regarding your OPEN car order. The company will also appoint a special concierge who will assist you throughout the car lease process.
Yes. You will need to complete the lock-in period and then return your present car and apply for a new one.
You have to give a cancelled cheque of your bank account and sign a few important documents before the car is delivered to you. OPEN will then set an automatic debit system on your bank account for your lock-in period. Once you return the car, the automatic debit will stop.
The accumulated fee difference is payable if you choose to return the car before completion of the period agreed upon between you and Revv. The fee is basically the difference between the fee payable for the period you used the car and the fee you would have had to pay in case of a longer period, multiplied by 12.
For example, the fee payable for a 12-month lease tenure is Rs.13,000 and the fee for a 24-month lease tenure is Rs.10,000. If you choose to return the vehicle after 12 months, you will have to pay Rs.3,000 (difference between Rs.13,000 and Rs.10,000) multiplied by 12 i.e. Rs.36,000.
The pre-closure penalty is a fine you have to pay in case you decide to return a brand-new car that you leased out. It is payable if you return it within completion of 12 months. The amount will be equal to 25% of the remaining EMIs until the 12th month of the usage period. This penalty is payable in addition to the accumulated fee difference.
In case you want to cancel the booking you have made, you will have to pay a cancellation penalty. The penalty is equal to the refundable deposit in case of new cars and Rs.5,000 in case of unboxed cars.
The car will come with standard accessories provided by the manufacturer for the model you have chosen. Revv will add a telematics device to the car for safety reasons. In case you want to install any accessory, you will have to inform the company and get an e-mail confirmation from them. You will have to bear the cost of the accessory. At the end of the lease tenure, you can remove the accessory and keep it with you, as long as it does not damage the car when you remove it. If you leave the accessory on, Revv will not be liable to pay for it.
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