The best vehicle lease turn-in software solutions in the United States include Rodo, Truecar, Ally Smart Lease, and Fair. Customers can use the equity gotten after returning a leased car to buy or lease another vehicle.
- Rodo is a third-party service that serves as a go-between for car lessees and dealerships. It works via its website and app. Thousands of cars from 33 major brands are available on the service. Here is a link to its website.
- The car lease turn-in tool is part of the Rodo leasing service. Vehicles can be returned within a minimum of 6 months to the expiry date of the lease.
- To return leased cars, customers enter the details about their lease into the Rodo My Account platform. Customers can roll over the outstanding lease payments into their new lease (if any). There are also coupons available that should be entered into My Account to count towards a new lease.
- Returned cars are picked up by the company and returned to the respective dealerships.
- Users can return leased cars to the same dealership or other dealerships under the same brand. Customers call and set-up appointments with dealers in advance.
- Truecar ensures the keys, owner’s manual, inspection report, repair receipts, and maintenance records are checked during return, then transports them back to dealers. The dealer expects users to complete the End-of-Lease Vehicle inspection before turn-in.
- The Truecar website can be found here.
- Truecar is a public company with one reported location. It generates a revenue of $353.9 million. Truecar helps vehicle dealers connect to customers for the purchase of used and new cars, automobile research, and vehicle lease.
- Its management executives include Mike Darrow, President and Chief Executive Officer, John Foster, Executive Vice President, Noel Watson, Chief Financial Officer, and Elias Rolls, Chief Technology Officer.
- Each dealer sets its own pricing for all services.
- Truecar customer case studies are available here. Through its Driven to Drive incentive, Truecar has provided cars for veterans, including the Chevrolet Traverse given to Ce-Ce. In Ce-Ce’s words, “Giving back to the veteran community means so much to me because I feel like no veteran should be left behind.” Truecar users have purchased about 6,272,597 cars and driven more than 344,608,452,000 miles. Truecar is the sixth most visited and useful platform for new vehicle buyers.
3. Ally — Ally SmartLease
- SmartLease agreements permit 10,000-15,000 miles per year.
- Ally operates via a desktop tool and mobile app. It sends customers scheduled reminders 180 days before the due date of their lease agreements expire.
- Customers make appointments with their dealers and complete an Odometer Statement to verify the mileage. Ally customers call their dealers and arrange appointments to return their vehicles.
- Also, Ally sends respective dealerships information on their customers’ outstanding debt in the event of early termination of the contract and results of pre-inspection and wear evaluation. Ally inspects returned vehicles for vehicle accessories, manuals, and important documents. Where possible, a car can also be put up for sale by Ally after turn-in.
- Here’s a link to the website.
- The public company’s auto financing business generated a revenue of $6.3 billion.
- Its management executives are Jeffery Brown, Chief Executive Officer, Andre Brimmer, Chief Marketing and Public Relations Officer, and Dinesh Chopra, Chief Strategy and Corporate Development Officer.
- The company has 15 locations out of which two are headquarters. The locations include Sandy, Detroit, Atlanta, GA, Chicago, IL, Dallas, TX, Jacksonville, FL, Little Rock, AR, Minneapolis, MN, New York, Philadelphia, PA, Pittsburgh, PA, and Charlotte, NC.
- Customer reviews and case studies are available on the Ally website. Although no customer lists were found, the company’s customers include businesses, car lease customers, car dealers, loan customers.
- Ally Financials offers a wide variety of banking and lending options. Prices of services vary as these span across asset-based loans, home loans, unitranche loans, healthcare capital, leveraged buyouts, working capital, refinancings, recapitalizations, restructuring, and debtor in possession services. Its auto finance products are personal auto finance and lease, business auto finance and lease, specialty vehicles, dealer loans, wholesale inventory financing, and lease-end opportunities.
- Five days before the due date, customers notify Fair (via phone calls or chatting on the app). Customers click return on the Manage Car page of the Fair app. Then, the company lets customers choose a convenient time for the return out of three dates, which are all five days after the request to return.
- The customer removes all personal belongings from the vehicle before it is inspected and carried away by the transport truck. The cars are picked up for free (by Fair) at any location within the United States. The customer can delegate anybody above 18 years to monitor the pick-up process.
- Next, the outstanding payment is automatically deducted from the customer’s account, and the customer is sent an invoice. Users complete their final pro-rated monthly fee for the days within the return month that the car was in use. Fair will give users reimbursements for unused mileage.
- Their website can be reached here.
All information in presented were strictly confirmed by parallels on the companies’s websites to ensure reliability. The customer lists were thoroughly searched for on industry reports and press release outlets, then companies’ websites and annual reports, and finally articles on reputable automobile blogs. Although these companies disclosed some of their clients, they did not publish any customer lists. Therefore, insights were culled from their blogs and articles to identify their clientele.