Comparing Fair to Traditional Auto Financing and LeasingIn general, leases are commitments of about 36 months (3 years). Similarly, loans usually come with terms of 5 to 7 years. Fair represents an opportunity to have access to a car for more than a few months without the long-term commitment of a traditional lease. The one-time start payment to get a vehicle ensures that your monthly payments are low. After you sign up for Fair, you will have over 30 brands of vehicles to choose from. You can be certain that all vehicles available are high-quality vehicles that are both pre-owned and certified pre-owned. All the vehicles available are less than 6 years old with less than 70,000 miles – you can be sure that you will be getting a reliable vehicle. After you sign up and choose a car, you can walk into a designated dealership to pick up your vehicle. It is as simple as that.
How does Fair Work?To get started, you download the mobile application, upload a photo of your license, and choose a car. There are a quite a few things that you should be familiar with, including the admin fee and the start payment. The admin fee is an administrative fee charged for the processing and handling for the transaction to get your vehicle. The start payment is an upfront fee that is due at signing (vehicle pick-up); the start payment depends on the specific value of the vehicle. Your first monthly payment is due as soon as you upfront before getting your vehicle. Because payments are generally upfront, you are billed in advanced for the entire month-period. What if you return the vehicle before the rental period that you already paid for expires? You won’t have to worry about taking a loss for returning your vehicle early. If you return your car before the period expires, you will receive a prorated credit on your final bill; in other words, you will not be charged for any unused days.
Fair is Worry-FreeFair has a 3-Day No Risk Return policy that allows drivers up to 3 days (and 100 miles) to bring the vehicle back after signing for a full refund – of both the starting payment and the first payment for the rental, given that the Fair vehicle is still in good condition. After the 3 days (or 100 miles) the initial start payment is non-refundable. To prevent abuse of their worry-free structure, Fair only allows their clients to cancel their agreements for full refunds only once every 12 months. In addition to a no-risk return policy, Fair vehicles come with specific coverage that provides drivers with peace of mind. this includes a limited warranty, routine maintenance, and roadside assistance, for example. Additional coverage is available. For instance, drivers can choose to add Fair insurance, which includes both comprehensive and collision coverage. Fair insurance consist of the following coverage limits: $50,000 per person and $100,000 per accident through bodily injury liability; $50,000 per accident through property damage liability; $50,000 per person through uninsured motorist coverage; $100,000 per accident through underinsured motorist coverage; $5,000 for medical coverage. The deductable is $500, which also includes comprehensive and collision coverage. It is important to note that these insurance limits do not apply to rideshare drivers – as they are often provided with specialized commercial coverage through their rideshare companies.
Call (213) 389-3765 to set up a free, no obligation consultation to find out if you have a case.