FICO CAR SHARE enables you to Register Your New/Old car with FICO, list it on our platform whenever you want, get bookings from our User base and earn cash to help offset your monthly ownership costs.
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
|CAR SEGMENT||CAR MAKE AND MODELS||EARNINGS|
|HATCHBACK||NANO ,FORD FIGO, MARUTI SWIFT,MAHINDRA KUV 100, MARUTI RITZ, HYUNDAI I20 ELITE, JAZZ SMT 1.5 IDTEC, GRAND I10||Price Starting at ₹ 70/hr (Fuel Free)|
|SEDAN||HONDA CITY, MARUTI CIAZ,FORD ASPIRE||Price Starting at ₹ 90 / hr (Fuel Free)|
|SUV||FORD ECOSPORT, MAHINDRA SCORPIO, FORD ENDEAVOUR, HYUNDAI CRETA, TOYOTA FORTUNER||Price Starting at ₹ 110/ hr (Fuel Free)|
|LUXURY||MERCEDES GLA, AUDI Q3 , jaguar||Price Starting at ₹ 200/hr (Fuel Free)|
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.
You can list your car from anywhere across the country.
Currently, you can list any car but not more than 10 years old (to be counted from first owner).
No need, You can share your car on your own name.
You must take comprehensive insurance cover on your own.
Yes, You can list your financed car with Fico.
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
RSA allows onsite repair and towing service for the car in events such as accidents. This helps you as well as Users to enjoy a hassle-free driving experience.
You will have to renew the car insurance and RSA on time annually. Depending on the city your car is registered in, you may also have to renew the annual road tax, permits and fitness certificate.
Yes, you can list and share your existing used car .
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.
There is no minimum earning guarantee since you have the freedom of driving your own car and listing it when you wish.
You can terminate the car from listing anytime.
Gst is chargeable on the amount that FICO pays you monthly. FICO will deduct the applicable Gst amount from the rentals and remit the balance to you.
Further, TDS at the applicable rate will be deducted from the payment FICO makes to you. Note that since this car share income is classified as business income, you will be able to claim depreciation on the car and reduce your tax liability.
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
To manage sharing of your car with Users, you can access the FICO CAR SHARE login that helps you list your car on the FICO platform (You can also do this from FICO CAR SHARE dashboard).
Listing refers to the block of time during which you make the car available on the FICO platform. Each such listing has a defined start date and time, end date and time and choice of designated parking location.
When you create a listing, FICO offers the car for bookings to our Users for that period of time.
Each listing can have multiple bookings.
You can create, reschedule or cancel a listing anytime through the FICO CAR SHARE login or from FICO CAR SHARE dashboard.
Listings can be rescheduled or cancelled dynamically at no additional cost, provided you give prior notice before 24 hours. For details, refer to the terms and conditions section.
Each listing is recommended to be for a minimum of 10 hours for higher benefits.
While you do not need to list your car daily, you do have to list it for at least 300 hours each month.
On the FICO CAR SHARE login, under your listing, you can view booking details of upcoming, live and completed bookings.
Booking details will have information about booking start date, start time, end date, end time and revenue earned (once the booking has ended).
We will send you an SMS and push notification a few hours before the booking start time.
The car will be parked at your own parking location. This ensures seamless use of car for personal use as well as listing on the FICO platform.
You have the option of specifying up to two designated parking locations where Users are able to find and access the car.
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.
You can get multiple bookings for a single listing period.
After a booking is complete, you must fill the end checklist on the FICO CAR SHARE app prior to the start of the next booking. This ensures that all the information regarding the car, the trip and User experience is captured so that we can serve you and our Users better.
Also ensure that your car is "Ready" for the next booking in the listing.
You are responsible for ensuring that your car has at least 30% fuel level before a booking start time.
The fuel charges are borne by user and will return the vehicle at the same fuel level.
If the user delays the return of the vehicle without any intimation before the booking ends then user has to pay double charges for next hour and triple for second hour and so on.
User will be charged for any challans raised during bookings. However, you will be responsible for paying any challans raised or violations for periods other than bookings, i.e. while the car is being used by you.
Car owner is responsible for service, maintenance and related expenses of the car.
Further, your car also has a proprietary car health monitoring feature that allows you to do preventive maintenance of the car, helping prevent breakdowns and reducing long-term maintenance cost.
If the vehicle meets with an accident RSA will help towing the car to nearby service center and car owner can claim an insurance. Rest the user will be charged from the security amount.
Car owner is responsible for maintaining cleanliness of the car.
However, the FICO CAR SHARE app allows you to place requests for cleaning on demand during working hours.
FICO will provide you with a dashboard that helps track key health metrics of your car.
FICO's proprietary IOT device taps into the OBD port of the car to determine the real time health of your car. This allows for preventive maintenance of the car thereby reducing maintenance cost of your car.
• Car owner shall have the right to list the Vehicle on the FICO platform as per his/her desire.
|Minimum Listing Duration||Each Listing Period shall be for a minimum of 1 hour and 10 hours listing is recommended for a better return.|
|Cancelling or Rescheduling a Listing|
• Car owner shall have the right to cancel or reschedule a Listing at any time prior to 6 hours the Start Time of the Listing.
|Parking of Vehicle||The Vehicle shall be parked at Car owner’s own location. Car owner shall ensure that the Vehicle is parked in a clean, safe and clearly identifiable location (a “Designated Parking Location ”). Car owner shall have the option of specifying up to 2 Designated Parking Locations. Car owner shall provide FICO detailed directions to the Designated Parking Location(s) for ensuring that our Users are able to find and access the Vehicle. If a Designated parking Location has restricted access, Car owner shall ensure that FICO Users are able to access the location for a booking after due notification to the Car owner through SMS or phone call.|
• Checklists help us ensure that all information regarding the car, the trip and User experience are captured so we can serve our Car owners and Users better.
|Fuel||Car owner shall ensure that the Vehicle has at least 30% of a full tank of fuel for any User booking.|
|Cleaning||Car owner shall be responsible for ensuring that the Vehicle is provided to any User in a clean condition.|
|Service & Maintenance|
• Car owner shall ensure the maintenance and upkeep of the Vehicle by ensuring the timely scheduled servicing and repair in the event of any breakdowns, accidents or any other reasons at an authorized workshop for the car make, at Car owner's expense.
FICO shall compute the monthly revenue of the Vehicle as follows = (RevenueShare X Revenue)
• Revenue Share shall equal 70%, with adjustments as provided elsewhere in the terms & conditions
• For the above computation of Revenue, the revenue from Users shall include only the following amounts charged to the FICO Users using the Vehicle:
Note that the Rental calculated as above shall be inclusive of all applicable taxes.
i. Apart from the car sharing revenue, there may be other amounts payable by FICO to Car owner (or vice versa) in each month. Such amounts are listed out below:
• Fuel Cost is borne by user. User will be given a vehicle with 30% fuel by the car owner and he has to return the same and if not then he will be charged for it.
FICO shall have the sole right to calculate the amounts as above and Car owner shall not dispute the same.
|Cancelling or Rescheduling a Listing|
The Car owner can cancel or reschedule a Listing more than 48 hours in advance of the Start Time free of any charges.
If the Vehicle is found to not be available at the Designated Parking Location at the Start Time of any Listing (as per GPS report) or not marked 'Ready', Car owner shall be charged a fee of Rs. 300/hour up to a maximum fee of Rs. 3,000.
Fuel If Car owner does not provide the Vehicle at the Start Time of any Listing Period with at least 30% fuel, an inconvenience charge of Rs. 250 shall be levied on the Car owner.
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.
Cancellation made more than 24hrs before booking start: ₹ 200
|Reschedule before start #|
Modifications made more than 24hrs before booking start: ₹ 200
|Extension post start #|
The extended period will be billed at 1.2X of the hourly fee
|Shortening post start|
No charges or refunds applicable
First 2 hours of delay would be charged upto₹500/hour,
• # 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.
|Returning the vehicle to the wrong location|
₹2,000 + Full hourly fee for use of the vehicle + Full late fee until the vehicle is returned to the correct location
|Traffic and Parking violations|
Full payment of fines + ₹500 per 30 days late in payment
Bookings would stand cancelled if after 4 hours of booking start time the User still doesn’t show up.
|Overspeeding >= 125 km/hr|
Upto ₹2500 (over and above any government fines that may have been levied)
|Overspeeding >= 150 km/hr|
Expulsion from FICO
Upto ₹1,000 + applicable damage costs related to interiors
|Key not returned at end of reservation|
Any unintentional/accidental damage will be liable for the damage charges of ₹ 10,000/- (full-wrap insurance covers the rest). For more details click here. *
|Towing an impounding|
No cost if caused by vehicle failure,
|Cleaning required (interiors)|
Washing of removables (for footmats etc) would be charged at ₹500. Interior Washing / Drycleaning (for seat covers, door panels) would be charged at ₹1,500.
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.
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:
Collision or other incident: