Renting a car can be expensive, especially if you’re a young driver. Services like Turo provide an alternative to traditional car rental companies by allowing regular people to rent out their personal vehicles.
But does using Turo mean you can avoid paying a deposit like you would with Enterprise or Hertz?
The short answer is: Yes, Turo does require a deposit, but the deposit process is quite different compared to other rental car companies. Unlike having to pay a deposit upfront with a credit card, Turo puts a temporary hold on your credit card for the deposit amount.
Keep reading to learn all the details about Turo’s deposit policy.
How Does the Deposit on Turo Work?
When renting a car through Turo, you may be required to pay a deposit. The deposit serves as a security measure for the car owner and can help cover any damages or additional charges that may occur during your rental period.
Turo requests authorization on your credit card
When you make a reservation on Turo, the platform will request authorization on your credit card for the deposit amount. This is a standard procedure to ensure that the funds are available if needed. However, the actual charge will only be made if there are damages or other charges at the end of your rental.
The deposit amount varies based on the vehicle
The deposit amount on Turo can vary depending on the type of vehicle you are renting. Higher-end or luxury vehicles may require a larger deposit compared to more affordable options. The specific deposit amount will be displayed on the rental listing page, so you can review and understand the requirements before booking.
The deposit is a temporary hold on your card
It’s important to note that the deposit is not an actual charge on your credit card. Instead, it is a temporary hold or authorization that ensures the funds are available if needed. Once your rental period is over and there are no damages or additional charges, the hold will be released, and the funds will become available to you again.
For more information about the deposit on Turo, you can visit their official website at https://turo.com/.
When Does Turo Charge the Deposit?
Deposit is charged when you book the rental
When you book a rental on Turo, a deposit is typically required. The amount of the deposit is determined by the host and can vary depending on factors such as the value of the car and the duration of the rental.
Turo charges the deposit at the time of booking to ensure that the host is protected in case of any damage or violations during the rental period.
Deposit amount shows as ‘pending’ on your account
After the deposit is charged, you may notice that the amount is listed as ‘pending’ on your account. This is a temporary hold placed by your bank or credit card company to authorize the transaction. The ‘pending’ status ensures that the funds are available but not yet transferred to Turo or the host.
It’s important to note that the ‘pending’ amount will not be available for use until the hold is released.
Deposit is released after the rental ends
Once the rental period is over and the car has been returned in the same condition as when it was rented, the deposit will be released. The release of the deposit may take some time depending on your bank or credit card company’s processing time.
It’s also worth mentioning that if any damage or violations are reported, Turo may withhold a portion or the entire deposit to cover the costs associated with the incident.
Factors That Determine Your Turo Deposit Amount
When renting a car on Turo, you may be required to pay a deposit. The deposit is a security measure taken by Turo to protect the vehicle owner in case of any damages or violations that may occur during your rental period. The amount of the deposit can vary depending on several factors.
Vehicle value – more expensive cars have a higher deposit
The value of the car you choose to rent on Turo is one of the main factors that determines the deposit amount. Generally, more expensive cars have a higher deposit, as they represent a larger financial risk for the owner.
This is because the cost of repairing or replacing a luxury or high-end vehicle is typically higher than that of a standard car. So, if you’re looking to rent a luxury sports car or a high-end SUV, be prepared for a higher deposit amount.
Trip length – longer rentals may have a bigger deposit
The duration of your rental can also impact the deposit amount. In general, longer rentals, such as week-long or month-long trips, may require a bigger deposit compared to shorter rentals. This is because the longer the rental period, the higher the likelihood of wear and tear or potential damages to the vehicle.
Turo wants to ensure that they have enough funds to cover any potential repairs or losses that may occur during an extended rental.
Your account status – more bookings can reduce deposit
Your account status on Turo can also play a role in determining the deposit amount. If you have a history of successful rentals and positive reviews, Turo may consider you a lower risk and reduce the deposit amount.
On the other hand, if you’re a new user or have had issues in the past, Turo may require a higher deposit to mitigate any potential risks. Building a good rental history and maintaining a positive reputation on the platform can help you secure lower deposit amounts in the future.
Add-ons like delivery service – can increase deposit
When you opt for add-ons such as delivery service or additional insurance coverage, the deposit amount may increase. These add-ons come with additional costs and potential liabilities for Turo and the vehicle owner, so they may require a higher deposit to account for these factors.
If you choose to add extra services to your rental, be prepared for a slightly higher deposit.
What If There’s Damage During My Rental?
Host has 3 days after rental to report damage
When renting a car through Turo, it’s important to be aware of the policies regarding damage. If there is any damage to the vehicle during your rental period, the host has up to 3 days after the rental ends to report it.
This allows them time to assess the damage and determine whether it was caused by you or a previous renter.
During those 3 days, the host may request reimbursement for the cost of repairing the damage. It’s crucial to communicate with the host promptly if you notice any damage upon receiving the vehicle, as this can help avoid any disputes later on.
You’re liable for damage up to deposit amount
If the host does report damage and provides evidence supporting their claim, you may be held liable for the cost of repairing the damage. Turo’s terms and conditions state that renters are responsible for any damage that occurs during their rental period.
When you book a car on Turo, you’ll typically be required to pay a security deposit. This deposit serves as a form of protection for the host in case of damage. If the cost of repairs exceeds the deposit amount, you may be responsible for covering the difference.
It’s important to keep in mind that Turo provides protection plans that can help minimize your out-of-pocket expenses in the event of damage. These plans offer varying levels of coverage and can be purchased at the time of booking.
Damage claims don’t impact your credit score
One concern that renters may have when it comes to damage claims is the impact on their credit score. Fortunately, Turo’s damage claims do not have any direct impact on your credit score.
Unlike traditional rental car companies, Turo does not report damage claims to credit bureaus. This means that even if you have a damage claim filed against you, it won’t negatively affect your creditworthiness.
However, it’s still important to resolve any damage claims in a timely manner to maintain a good relationship with Turo and the host. Failure to address damage claims could result in restrictions or limitations on your ability to rent vehicles through the platform in the future.
Tips to Get Your Turo Deposit Back Quickly
Thoroughly inspect and document the vehicle at pickup
When you pick up a car through Turo, it’s important to thoroughly inspect the vehicle before you drive off. Take the time to carefully examine the exterior for any dents, scratches, or other damages. Check the tires, windshield, and lights to ensure they are in good condition.
Inside the car, inspect the seats, carpets, and any technology features to make sure everything is in working order. Take photos or videos of any existing damages and document them properly. This will protect you from being held responsible for any pre-existing issues when you return the car.
Fill the gas tank before returning the car
One common requirement when renting a car through Turo is to return the car with a full tank of gas. Make sure to check the fuel level before starting your trip and plan accordingly to fill up the tank before dropping off the car. Failing to do so may result in additional charges from the host.
It’s also a good idea to keep your gas receipts as proof in case any disputes arise regarding the fuel level at the time of return.
Clean the car interior and exterior before dropoff
Another important tip to ensure a smooth return process and get your Turo deposit back quickly is to clean the car both inside and out before dropping it off. This means removing any personal belongings, trash, and vacuuming the interior. Wipe down surfaces and clean any stains or spills.
On the exterior, wash the car and remove any dirt or debris. A clean car shows respect for the host and helps maintain a positive experience for both parties involved.
Return car on time to the agreed location
Punctuality is key when returning a car rented through Turo. Be sure to return the car on time to the agreed-upon location. Late returns may result in additional fees or inconvenience for the host, which could potentially affect the return of your deposit.
If you encounter any unexpected delays or issues, communicate with the host as soon as possible to find a solution. Keeping open lines of communication can help mitigate any potential problems and ensure a smooth return process.
By following these tips, you can increase your chances of getting your Turo deposit back quickly. Thoroughly inspecting and documenting the vehicle at pickup, filling the gas tank before returning the car, cleaning the car interior and exterior, and returning the car on time to the agreed location demonstrate your responsibility as a renter.
Remember, treating the car with care and respecting the host’s property will make for a positive experience for everyone involved.
Turo does require a deposit like most rental car companies, but the deposit is a temporary authorization hold on your credit card, not a charge. The deposit amount varies based on the vehicle and rental details.
As long as you return the car undamaged and on time, Turo will release the full deposit shortly after your trip. Following best practices around pickup, dropoff and documenting the car condition can help ensure you get your entire deposit back quickly.