Mr. Haddad tells one side of the story about Turo! As an owner of vehicles on Turo, The process for damage claims are long and they look for any excuse not to pay. I had over $3000.00 of damage on one of my cars when it was returned from the renter and Turo just made the process horrible and didn't pay out for all the damage. I wish CNBC would have a person like me on to tell the truth, with all my proof. The host of the show made some hypothetical references about renting his car out in NYC and Mr. Haddad never mentioned to him that Turo is not allowed to do business in New York due to Regulations. You want the truth about Turo and their games they play. Please CNBC reach out to me..
My car was stolen while I rented it with Turo. Turo Still didn't cover the damages. CNBC Television must inform the audience about this as well. Turo just made the process horrible and didn't pay out for all the damage. TOTAL TRUE!!
So why even go through them? Why not just set up your own LLC and rent out directly? Do your own marketing, set up your own website; that way everything is included under One insurance umbrella with a major/reputable insurance company that does not dodge on you.
I have had good experience with Turo so far, as a host and guest. I have heard countless horror stories about the claims process, conflicting interpretations of the ToS, and Turo taking more and more of host revenue. I enjoy the platform, but things do need to improve.
Cool service used it a few times. One time i used it the car got cancelled and still got billed. Talking to customer service didnt refund anything had to talk to my Credit Card company.
CNBC is, of course, only hearing one side of the story. this sounds like an infomercial, filled with exaggeration on how much the hosts can make, without mentioning how much they have to lose. The reality is that the insurance coverage is poor, inflexible, and costly (YES, the car owner is out $250 or more when a driver wrecks his car!) and that's if Turo doesn't avoid paying a claim altogether because of a TOS loophole. They are known to use every loophole to get out of paying claims, their liability has recently been decreased by 25%, and you are forced to sign an agreement that you will use arbitration rather than suing when things don't go right. Good luck with that! The worst change is that NOW, with Turo total dictating that Hosts give away 200 miles/day for free, and dictating Hosts receive just pennies for any mileage overages (and like everything else, incredibly, Turo takes a 30% cut of THAT), Host cars will inevitably continue to be abused and worn out prematurely, and maintenance frequency will double or triple. I would be glad to go on CNBC or any other show and tell them how it really is for Hosts, as I am a "Power Host" with several cars, that has been on the platform for 18 months. Like many new good ideas that become businesses, but are mismanaged, Turo continues to get worse and worse until it likely goes out of business. In their desperation to become profitable, fight new regulations, and compete with retail car rental companies, they are making all the wrong moves. It's exactly like the familiar Death Spiral for a small store when Walmart comes to town. The small store starts losing money, so they raise prices to make up for it. By raising prices, more customers leave, and the cycle continues until they go bankrupt. Like never before, Turo will have to rely on a never-ending stream of new Hosts through advertising (definitely not by word of mouth) who do not yet realize how bad it is, along with the Hosts who are locked in already because of having to make payments on the cars that they bought exclusively to use with Turo, and now they either default on the loans or totally trash out their cars in the short term, knowing that the clock is ticking toward the day when you'll have their own personal junkyard and still owe on it.
what if you want to rent a car on the week end for an out of state trip? is that even possible when using somebody else's car ? wouldn't that be less advantageous for the owner in the long run ?
Last year, Feb 2022, I bought 9 cars. It has been a nightmare. I had my 2018 Jeep Wrangler ($34,000) stolen right after the guest returned it at the parking lot at DEN. Turo just informed me that they will not cover my loss. This is insane. Please, someone out there help me😢
Just do the math. Say you have a car that costs you $500 a month plus insurance, financed for 60 months. You rent it out every month for four 3-day weekends, so you are without the car fully half of the time, especially considering the cleanup, maintenance, repairs, paperwork and prep time. And keep in mind that you can't really personalize your car at all, such as with a political sticker or a bobblehead. Nor can you keep valuables in it, like sunglasses or even an owner's manual, because they will eventually disappear. You will net probably $300-$500 for your trouble if it is really out that much. I didn't count your insurance cost, but there's also significant cost in 52 cleanings, 52 car washes, 8 or 10 oil changes, a set of 4 tires, alignment, other maintenance etc. - each and every year, at that rental pace. But even if everything goes perfectly smoothly, the elephant in the room is the mileage. At 600 miles per weekend, you'll rack up 31,200 extra miles by the end of YEAR ONE. Even if you're perfect at following the maintenance schedule, having a car with 150,000 extra miles at the end of 5 years hardly seems worthwhile since you've only had access to it half the time and have still lost money on it after making payments, insurance, maintenance, and inevitably, the occasional out-of-pocket "deductible" when a Guest wrecks your car. If you put on the same personal mileage, your car will have 300,000 miles on it. And finally, your resale value will suffer, because I guarantee you will have had it in the shop for many accidents, since the car will have had in excess of 250 drivers, and the Carfax report on it will look quite ugly.
The longer Turo remains unprofitable, the more desperate they get, and the more they dictate every aspect of the service to try to maximize their profits and minimize their liability - at the expense of the Hosts, and to a lesser degree, the guests. The commissions and fees, requirements and freebies from Hosts keep going up, while their responsibilities, especially for damages, goes down, and their support is beyond just very bad. One of the recent changes that may just be the death of the company has to do with mileage. They now dictate every aspect of the mileage that the Guest is allowed and the amount (pennies) that can be charged for excess mileage. In all seriousness, a guest could put 73,000 miles on a car in a single year now, without the host receiving one penny in mileage charges. I have several cars, and already 4 out of 5 rentals is resulting in 50% more mileage than the same period last year. This is totally unsustainable. Raising prices is not an option, because many other Hosts like me with financing on their cars are stuck by being in the "Marketplace" before Turo changed all of the rules. It is SO bad, I'm even considering letting one or more perfect cars just get repossessed. Many people have very nice, new cars on here with 48-72 month financing on them. With the liberal new Turo policies allowing 73,000 miles a year for free, the cars will inevitably be worn out in a couple of years, and then what we have to show for three years???
Do you have a business number for tax purposes, as a car renter? Can you deduct the damage costs or unpayed parking tickets, or cost of cleaning? This fellow has 5 high end cars and only makes $10,000.00? Within a car club group, maybe, or a close neighborhood watch group. .???
Mr. Haddad tells one side of the story about Turo! As an owner of vehicles on Turo, The process for damage claims are long and they look for any excuse not to pay. I had over $3000.00 of damage on one of my cars when it was returned from the renter and Turo just made the process horrible and didn't pay out for all the damage. I wish CNBC would have a person like me on to tell the truth, with all my proof. The host of the show made some hypothetical references about renting his car out in NYC and Mr. Haddad never mentioned to him that Turo is not allowed to do business in New York due to Regulations. You want the truth about Turo and their games they play. Please CNBC reach out to me..
My car was stolen while I rented it with Turo. Turo Still didn't cover the damages. CNBC Television must inform the audience about this as well. Turo just made the process horrible and didn't pay out for all the damage. TOTAL TRUE!!
So why even go through them? Why not just set up your own LLC and rent out directly? Do your own marketing, set up your own website; that way everything is included under One insurance umbrella with a major/reputable insurance company that does not dodge on you.
I have had good experience with Turo so far, as a host and guest. I have heard countless horror stories about the claims process, conflicting interpretations of the ToS, and Turo taking more and more of host revenue. I enjoy the platform, but things do need to improve.
Cool service used it a few times. One time i used it the car got cancelled and still got billed. Talking to customer service didnt refund anything had to talk to my Credit Card company.
My car was stolen while I rented it with Turo. Turo Still didn't cover the damages. CNBC Television must inform the audience about this as well
Someone hit my car. I found out it was a Turo rental. And Turo has not responded yet. LAWSUIT.
CNBC is, of course, only hearing one side of the story. this sounds like an infomercial, filled with exaggeration on how much the hosts can make, without mentioning how much they have to lose. The reality is that the insurance coverage is poor, inflexible, and costly (YES, the car owner is out $250 or more when a driver wrecks his car!) and that's if Turo doesn't avoid paying a claim altogether because of a TOS loophole. They are known to use every loophole to get out of paying claims, their liability has recently been decreased by 25%, and you are forced to sign an agreement that you will use arbitration rather than suing when things don't go right. Good luck with that! The worst change is that NOW, with Turo total dictating that Hosts give away 200 miles/day for free, and dictating Hosts receive just pennies for any mileage overages (and like everything else, incredibly, Turo takes a 30% cut of THAT), Host cars will inevitably continue to be abused and worn out prematurely, and maintenance frequency will double or triple. I would be glad to go on CNBC or any other show and tell them how it really is for Hosts, as I am a "Power Host" with several cars, that has been on the platform for 18 months. Like many new good ideas that become businesses, but are mismanaged, Turo continues to get worse and worse until it likely goes out of business. In their desperation to become profitable, fight new regulations, and compete with retail car rental companies, they are making all the wrong moves. It's exactly like the familiar Death Spiral for a small store when Walmart comes to town. The small store starts losing money, so they raise prices to make up for it. By raising prices, more customers leave, and the cycle continues until they go bankrupt. Like never before, Turo will have to rely on a never-ending stream of new Hosts through advertising (definitely not by word of mouth) who do not yet realize how bad it is, along with the Hosts who are locked in already because of having to make payments on the cars that they bought exclusively to use with Turo, and now they either default on the loans or totally trash out their cars in the short term, knowing that the clock is ticking toward the day when you'll have their own personal junkyard and still owe on it.
what if you want to rent a car on the week end for an out of state trip? is that even possible when using somebody else's car ? wouldn't that be less advantageous for the owner in the long run ?
Last year, Feb 2022, I bought 9 cars. It has been a nightmare.
I had my 2018 Jeep Wrangler ($34,000) stolen right after the guest returned it at the parking lot at DEN. Turo just informed me that they will not cover my loss. This is insane. Please, someone out there help me😢
I get the model is similar to Airbnb but auto rentals are just a very different animal than letting a car out into the world.
Just do the math. Say you have a car that costs you $500 a month plus insurance, financed for 60 months. You rent it out every month for four 3-day weekends, so you are without the car fully half of the time, especially considering the cleanup, maintenance, repairs, paperwork and prep time. And keep in mind that you can't really personalize your car at all, such as with a political sticker or a bobblehead. Nor can you keep valuables in it, like sunglasses or even an owner's manual, because they will eventually disappear. You will net probably $300-$500 for your trouble if it is really out that much. I didn't count your insurance cost, but there's also significant cost in 52 cleanings, 52 car washes, 8 or 10 oil changes, a set of 4 tires, alignment, other maintenance etc. - each and every year, at that rental pace. But even if everything goes perfectly smoothly, the elephant in the room is the mileage. At 600 miles per weekend, you'll rack up 31,200 extra miles by the end of YEAR ONE. Even if you're perfect at following the maintenance schedule, having a car with 150,000 extra miles at the end of 5 years hardly seems worthwhile since you've only had access to it half the time and have still lost money on it after making payments, insurance, maintenance, and inevitably, the occasional out-of-pocket "deductible" when a Guest wrecks your car. If you put on the same personal mileage, your car will have 300,000 miles on it. And finally, your resale value will suffer, because I guarantee you will have had it in the shop for many accidents, since the car will have had in excess of 250 drivers, and the Carfax report on it will look quite ugly.
Not for me. Can't imagine dozens of people farting in my driver's seat!
DeepFreeze hahaha
The longer Turo remains unprofitable, the more desperate they get, and the more they dictate every aspect of the service to try to maximize their profits and minimize their liability - at the expense of the Hosts, and to a lesser degree, the guests. The commissions and fees, requirements and freebies from Hosts keep going up, while their responsibilities, especially for damages, goes down, and their support is beyond just very bad. One of the recent changes that may just be the death of the company has to do with mileage. They now dictate every aspect of the mileage that the Guest is allowed and the amount (pennies) that can be charged for excess mileage. In all seriousness, a guest could put 73,000 miles on a car in a single year now, without the host receiving one penny in mileage charges. I have several cars, and already 4 out of 5 rentals is resulting in 50% more mileage than the same period last year. This is totally unsustainable. Raising prices is not an option, because many other Hosts like me with financing on their cars are stuck by being in the "Marketplace" before Turo changed all of the rules. It is SO bad, I'm even considering letting one or more perfect cars just get repossessed. Many people have very nice, new cars on here with 48-72 month financing on them. With the liberal new Turo policies allowing 73,000 miles a year for free, the cars will inevitably be worn out in a couple of years, and then what we have to show for three years???
Do you have a business number for tax purposes, as a car renter? Can you deduct the damage costs or unpayed parking tickets, or cost of cleaning? This fellow has 5 high end cars and only makes $10,000.00? Within a car club group, maybe, or a close neighborhood watch group. .???
When idle cars come to roads who cares about the traffic congestion and emissions ?
One of the worst experiences ever!
The worst customer service on the planet.
typical rich guys not understanding the common public...