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Product Guide: Madrent

VISION

TO BE THE LARGEST PROVIDER IN SOUTH AFRICA OF RENT TO OWN CARS.

MISSION

TYPICAL RENT TO OWN OPERATORS RUN A SMALL FLEET OF OLDER CARS AND DON’T TREAT CUSTOMERS FAIRLY

MADRENT:

  1. IS SOUTH AFRICA’S TRUSTED PROVIDER OF RENT TO OWN CARS
  2. PROVIDES BRAND NEW CARS WHICH ARE SAFE AND RELIABLE
  3. OFFERS ATTRACTIVE RISK BASED PRICING
  4. EMPHASISES A LOW PURCHASE VALUE AT THE END OF THE DEAL TO SUPPORT CAR:
    1. OWNERSHIP
    2. VALUES
    3. TRANSPARENCY
    4. RELIABILITY
    5. FAST AND FRIENDLY SERVICE


HOW DOES IT WORK

STEP 1

SELECT A CAR

Choose the car you want from the selection available.


STEP 2

COMPLETE ENQUIRY

Send MADRENT your details and they will contact you to complete the process. You can also email them the following information and documentation to info@madrent.co.za:

1. What car or Mad Deal you are interested in

2. ID document

3. Drivers licence

4. 3 months payslips

5. 3 months bank statements

6. Proof of address less than 3 months old


STEP 3

ENQUIRY HANDLED

We process the information and documentation and communicate with you about your Mad Deal.


STEP 4

DRIVE YOUR NEW CAR

What you get:

  • Car for 24 months
  • Comprehensive insurance
  • Full vehicle service and maintenance
  • Full vehicle tracking and roadside assistance
  • Km allowance per month

What you pay:

  • Startup fee inc VAT
  • Monthly rental inc VAT by debit order
  • Excess for kms traveled over allowance inc VAT
  • Excess on any insurance claim
  • Any fines / toll charges etc that you may incur


STEP 5

END OF MAD DEAL

What is Rent to Own

A rent to own or rent to buy agreement is very simply just renting a vehicle on a monthly basis per agreed upon contract. This is instead of financing it through a financier. 

In this agreement, you will usually pay an agreed minimum deposit or percentage of the car's value. This will be followed by fixed monthly finance instalments (or rent) which effectively results in hiring the vehicle until the final amount has been paid. There is no interest applicable and these companies usually only cover lower end vehicles due to the risky nature of the business. 

At the end of the period, you can purchase the car or you can also get your car sooner by requesting a settlement amount.


So, what do you actually get out of it?

You get a set of wheels without all the red tape included in usually getting a vehicle. Most competent rent to own or rent to buy deals will include comprehensive vehicle insurance, tracking, roadside assistance, and car maintenance for the contract period.

At the end of the agreement, you can usually buy your rental car at a predetermined value. You can also do this earlier by getting a settlement quote. If you don't have capital available, you can either finance the purchase or just get a new rent to own deal!


How does it work

Usually, you will select your vehicle and complete an online application

The dealer will process the application and get in touch to secure a deal

You will complete a contract, pay the deposit or setup fee and get your car


What do you need to apply?

  • ID document
  • Driver's licence
  • 3-month payslips and bank statements
  • Proof of address


Pros of rent to own or rent to buy

  • Access to a vehicle
  • Vehicle insurance
  • Vehicle maintenance and service costs
  • Roadside assistance
  • No red tape
  • No impact on your credit history


Cons

  • You pay towards something you won't and don't own
  • Can be more expensive on a month to month basis than paying off vehicle finance loan
  • You pay for any excess above the predetermined limits in the contract