Why Security Deposits are Important (The Truth...)

Our main goal at Veluxity™ is making sure every client (or potential client) that calls into our offices hangs up that phone feeling like they have a better grasp on how all of this stuff works. Renting an exotic car can be an unbelievably exciting experience, but it can also end in catastrophe.

The truth about renting an exotic car is...

It's an incredible experience, but one that should never be taken lightly.

Renting moving capital that are as expensive as most couples starter homes can be extremely stressful for rental companies.

Have you ever thought of it that way? That Aventador you hop behind the wheel of costs about the same as a 4 bed, 4 bath 3k sq ft home in North Carolina. It's more or less a house on wheels...

The reality is, many companies in the Miami, NYC, Chicago and Las Vegas markets are crippled with overhead. Oversaturation of various markets throughout the US have led to a drop in prices and...you guessed it! A loosening up of the policies that keep you (the client) safe and keep us (the rental company) covered in case of an accident or damage to our vehicle.

If you're considering renting an exotic car or have rented an exotic car in the past, chances are you've taken notice to the security deposits most companies hold. The deposits can range from no deposit at some companies to as high as $10,000 at others which means this specific policy is at the rental companies own discretion.

Before we dive into our list of a few things you can do to hopefully prevent yourself from ever having to lose this deposit on a rental, we wanted to touch briefly on why security deposits are important to both you and the company you're renting from.

Many clients that call into Veluxity, whether it be Miami, NYC, Chicago or Las Vegas often bring up the fact that some of the companies they've seen offer no security deposit AT ALL (we hold a $1k deposit).

More often than not competing companies use the deposit as leverage to convince the client to rent from their company as opposed to the competitor. Unbeknownst to the client, there is a big reason why they SHOULD care about a deposit being held...

If a company does not hold a deposit, what type of condition do you think there fleet is in? When someone scratches a wheel or dings a door, do you think they fix it? How could they with no way to retrieve any of the funds from the clients? The answer to these questions are: The fleet is not maintained well, they do not fix blemishes, and they often have no recourse when incidents do happen.

Our society has taken a monumental shift to an age where delaying or denying responsibility for things has become more and more frequent. The truth is, if we don't hold deposits, when rims do come back scuffed and doors come back dinged most clients will deny any level of responsibility.

Now...do we blame them? Ofcourse not, why would you want to shell out an extra 100$ for a rim you scuffed if you don't recall scuffing it. We understand that logic, we are human too. But, we're also sitting in and driving these vehicles more than we sit and spend time at our own homes, these cars are our second home of sorts , that's how often our employess are in them. So, 99.9% of the time if we say you scuffed that wheel, you scuffed it!

Like anything else in life, you have to weigh the positives of an option with negatives. Renting the cheapest exotic car you find will save you a few hundred dollars up front, but if it has 45k+ miles, scuffed wheels, check engine lights, worn tires and damaged bumpers do you really think you'll feel like you got a good deal?

When it comes to rentals good rentals aren't cheap and cheap rentals aren't good! Always keep that in mind! Until next time...

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Most Commonly Asked Questions

But if I have insurance, why do you hold my damage deposit?


Damage Deposits are held for any damage that occurs on your rental.This means any damage done to our vehicle will be held from your damage deposit which you can later invoice through your insurance agency for reimbursement. We bill $300 for scuffed wheels (per wheel), $500 per damaged tire (if rubber has been removed from the sidewalls) and $1000+ for major dings/scratches/body damage on the body. We also have found a direct correlation between the funds held and how our vehicles are treated, we expect our vehicles to be treated as if they were your own.




If it rains can I get my money back? Can I cancel my reservation and get my money back?


We ask all clients who leave a deposit on a car to be 100% committed to the reservation. We do not offer refunds for early rental returns, rainy days, or any other types of returns. We are actively turning down reservations for that same vehicle you reserved once you've reserved it, this is why we can't afford to give you money back for circumstances that aren't within our control.




Do I need insurance to rent a vehicle from Veluxity?


Yes. All renters must be 24 years of age or older and possess full coverage insurance on an existing vehicle that is transferable to rental vehicle (specifically an exotic/luxury vehicle). If you have a liability only insurance policy it will need to be upgraded to full coverage at least 24 hours before your rental. We currently offer no exceptions to this policy, unless you have an AMEX Centurion or Platinum card with viable traveler insurance.




Can I rent the car for one day on a Friday, Saturday, or Sunday? How about renting it for a few hours?


Unfortunately we do not offer hourly rentals, and we do not secure one day rentals in advance on weekends. If you happen to be reading this on a Friday, Saturday or Sunday if we have a vehicle that hasn't been rented for our two day minimum we can possibly offer a one day rental. The reason our policies are set up this way is because from a business standpoint this industry is a weekend business. For that reason, we can't tie up a vehicle for one day on a weekend because we will more often than not be turning down a 2 to 3 day rental for that same time period.





for more in depth answers to questions you can view the FAQ on our homepage here.

FIND US

Veluxity Exotic Car Rental

283 N Bedford Road

Mount Kisco NY, 10549

Hours: 9AM-8PM Mon-Sun

Veluxity Exotic Car Rental Chicago

1454 W. Willow St.

Chicago IL 60642

Hours: 9AM-9PM Mon-Sun

Veluxity Luxury Services Miami

164 NW 20th St #105

Miami FL 33127

Hours: 9AM-9PM Mon-Sun

Veluxity Exotic Car Rental NYC

2 Park Ave 20th Floor

New York NY, 10016

Hours: 9AM-8PM Mon-Sun

Veluxity Exotic Car Rental CT

177 West Putnam Avenue

Greenwich, CT  06831

Hours: 9AM-8PM Mon-Sun

Veluxity Exotic Car Rental NJ

146B Ferry St

Newark, NJ 07105

Hours: 9AM-8PM Mon-Sun

Outstanding Service, Guaranteed.

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