Frequently asked questions

FICO CAR SHARE is the snazzy New way to Earn through your new/existing car. You can earn according to your car segment on hourly basis as illustrated below. Hence, your car goes from depreciating to appreciating asset with FICOCAR SHARE

Eg. Hatchback car
If we get only 1 booking a Day and each Ride is of 24 Hours That Means Car is Used for 24 Hours a Day
24* ₹70 = 1680*
Car Earns 1680/- in a Day.*
1680*30= ₹50400/- in month*
Your Share – 70 % ------ FICO Share – 30%
THESE PRICES ARE JUST SUGGESTION. YOU CAN CHANGE PRICE ACCORDING TO YOURSELF.

Your car must be equipped with PU leather seat covers, music system and foot mats.

Also, you need to install FICO's proprietary IoT hardware device in the car which has the following features:

• Keyless entry (KLE) with which Users can lock-unlock the car from the FICO app without needing your physical presence during booking. This functionality will also be available with you.

• On Board Diagnostics (OBD) which enable tracking of the health of your car real-time.

• 24x7 GPS tracking of your car to ensure its safety at all times

Earnings from FICO CAR SHARE will vary depending on the car type and the number of days the car is listed on the FICO platform.

For e.g., a hatchback has the potential to generate net earnings of INR 10,000 to 15,000 per month if your car is booked for 15 days. This translates that you can make your depreciating asset to appreciating asset and save up to 2 Lakhs annually .

We recommend the following to maximize your earnings on the car:

• I. List your car for long periods (e.g. for more than a 24-hour listing period) to maximize your chances of getting bookings.

• II. List your car over weekends and peak demand period, when we have the highest demand. Our prices are also higher on weekends and peak demand period as compared to weekdays thus maximizing your earnings. Check the peak demand period for your city here.

We will send you reminders via SMS and push notification in advance of peak period's' to ensure that you have sufficient time to list and maximize your earnings.

The Indian car share market is still nascent but poised for explosion

• There are nearly 50 lakh cars globally within car share market , 50% being in US alone

• China has nearly 2 lakh vehicles with no. 1 player at 1.1 lakh vehicles

• Leading cities like New York City have more than 40,000 car share vehicles

• India in comparison has less than 30000 vehicles today. This number has grown 100-200% annually and is further accelerating

• Unlike in other global markets, FICO serves both short duration in-city trips and longer duration outstation trips (both weekdays and weekends) thereby broadening user base and overall demand pool

Before listing, ensure that your car is "Ready" for bookings. A car is deemed “Ready” when

• it is parked at the designated parking location

• has the key and documents in the glove box.

• is in good driveable condition

• has jack, tools and stepney

• is clean and

• has at least 30% fuel level.

FICO takes pride in being completely transparent with our members. Here is a comprehensive list of fees for certain scenarios after you have created your reservation.

Note:
• # Extensions and modifications are subject to availability.
• All Refunds made shall be through the original payment account only within 7-10 working days.
• Car owner reserves the right to charge a fee for specific pre-defined accessories.

A list of penalties that can be levied if members violate certain FICO community rules.

Note:
 Payments owed by members will be deducted from the security deposit. If the security deposit does not cover such payments, the balance must be paid by the member electronically.
*Upto is written as user can change the numbers according to him.
*Please note there are four cases where there will be exceptions:
• In the event the member is found to be under the influence of alcohol during a booking, the member will be held liable for 100% of the vehicle damage bill as per the invoice received from the vehicle workshop.
• The member will be liable for 100% of the entire vehicle damage bill in the event that the vehicle workshop and/or insurance company deem the damage to be consequential in nature (this will be clearly stated in the accident report). Consequential damage occurs when the member continues driving even after an external vehicle impact, thereby severely undermining the condition of the vehicle.
• In the event a non-FICO member is found to be the one driving at the time of accident, then the member will be held liable for 100% of the vehicle damage bill as per the invoice received from the workshop.
• Notwithstanding anything to the contrary contained herein, vehicles for trips to regions having higher altitudes . Damages caused to the vehicles will attract charges viz; damages fees of ₹ 10,000 along with repairs cost, towing cost, travel cost for car owner and other related charges, if any on actual basis.

Note:
 Any charges recovered from car user in any form on account of damage to vehicle due to his negligence will be paid entirely to the concerned car owner / associate, without any deduction or service charges.

If a FICO member is violating the law or FICO rules, for example by overspeeding or driving drunk, the member will be responsible for all damage, liability, and fines and could face legal action.
Responsibility for Payment:

• Payments by users shall be made with his/her credit card or debit card. The Member is under obligation to ensure that the account from which the amounts are to be collected have sufficient funds or credit available to cover any charges. User is solely responsible for any Car owned bank or credit card charges or fees. User may be charged a processing fee for a declined credit or debit card payment.
• In the event the User defaults on any payments, FICO is entitled to charge reminder fees and default interest in accordance with the provisions of the law. In addition, FICO may utilize third parties to collect amounts owed to FICO by a User.
• With all fees mentioned above, FICO reserves the right to prohibit a User from making a subsequent reservation until all outstanding fees in the User's account have been paid in full. In the event a fee is incurred, User will receive an email invoice from FICO that will have detailed payment instructions.

Collision or other incident:

• Car Owner provides full wrap unlimited third party liability insurance without a maximum cap.
• If user is involved in an unintentional/non consequential incident/accident (including but not limited to a collision or misuse of the vehicle) User will be responsible for a standard insurance deductible payment of up to ₹ 10,000. The Member will be obligated to pay the repair cost up to ₹ 10000. The payment owed will be deducted from the security deposit, if any. Should the security deposit not cover the payment (in the case the user has accrued late return, excess km, etc charges) the balance of the payment owed shall be payable by the user separately as an additional outstanding.
• User will be responsible for all towing and impounding charges Car owned with a collision.
• User will be responsible for all towing and impounding charges caused by user failure.
• Car owner will be responsible for all towing and impounding charges caused by vehicle failure.
• User will be responsible for all applicable damages and costs, including those in excess of the applicable Damage Fee, arising from the Member's failure to comply with the terms of the Agreement and/or a violation of the law.

Tolls:

• User are responsible for paying all tolls at the time they are due.
• Users must pay all inter-state taxes and fees upon entering into a neighbouring state. Users are liable to pay in full the state entry fee tax for all other states
  By joining FICO, the User agrees to pay FICO the costs, charges, fees and expenses set out in the Agreement, including specifically and without limitation those set forth in this schedule. The following is not exhaustive and other specific fees, costs and charges may apply. Other applicable costs will be communicated to the user. Capitalized terms used in this schedule shall have the same meaning assigned to such terms in the Agreement.
  FICO reserves the right to change the terms of this Policy from time to time and shall give notice of such changes to the user in a timely manner. Notice to the user shall be considered given when such notice is indicated and accessible from the first page accessed after the user log-on to the FICO website, or by email to the user's email address provided to FICO in the user's application or most recently provided to FICO. User agrees that the amended terms and conditions of this Agreement shall be effective and binding the earlier of (1) the effective date indicated in such notice; or (2) on the date posted on FICO's website.