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Our Verdict
Merchants Fleet’s Rent-To-Lease program is a unique and valuable offering for businesses looking to balance short-term and long-term fleet needs. Here’s how it works:
- Flexibility: You can start with a short-term rental, ideal for immediate requirements, without the hassle of returning to a rental counter.
- Seamless Transition: At the rental term’s end, you have the exclusive option to convert it into a long-term lease. This transition keeps your drivers on the road and maintains vehicle continuity.
- Cost Savings: You benefit from an equity credit and negotiated discount, reducing the overall cost. The long-term lease follows agreed-upon terms and amortization for manageable monthly payments.
This program is perfect for businesses looking to expand routes or adjust fleet sizes dynamically. It offers both convenience and financial advantages, making it a valuable addition to Merchants Fleet’s services.
Pros
- Provides flexibility and convenience for you who needs to adjust your fleet size quickly and easily, depending on your business needs.
- Helps you save costs, reduce risks, and optimize your fleet performance. Pay only for the portion of the vehicle in use and enjoy the benefits of a full-service fleet management program.
- Allows customers to upgrade to newer models more frequently, which can improve fuel efficiency, safety, and customer satisfaction.
- Eliminates the hassle of vehicle disposal, as the lessor takes care of it at the end of the lease term.
Cons
- Lacks grant vehicle ownership, eliminating any claim to depreciation or equity.
- Leads to higher insurance payments as the lessor often requires comprehensive coverage.
- Imposes penalties for early vehicle returns or exceeding mileage allowances.
- Offers limited control over vehicle selection and standardization.
- Requires lessees to cover costs for damages or wear and tear beyond normal use.
Who Merchants Fleet’s Rent-to-Lease Is Best For
Consider Merchant Fleet’s rent-to-lease if you
- Have a business that needs flexible and cost-effective fleet solutions.
- Run an industry that faces rapid changes in demand and requires scalable fleet options.
- Are a customer who wants to rent a vehicle now and lease it later without any hassle.
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Who Merchants Fleet’s Rent-to-Lease Isn’t Right For
Look for alternatives to Merchants Fleet’s rent-to-lease if you
- Require short-term or one-time vehicle rentals.
- Maintain a stable and predictable fleet size.
- Have no need for the flexibility of converting a rental to a lease.
- Lack the desire to enjoy the benefits of a full-service fleet management program.
What Merchants Fleet’s Rent-to-Lease Offers
- Fleet Leasing and Funding
- Electric Vehicle Fleet Leasing and Funding
- Open-End Lease
- Closed-End Lease
- Short-Term Leases
- Rent-to-Lease
- Value Lease
- Fleet Vehicle Selection
- Fleet Re-Leasing
- Fleet Remarketing Services
- Own-to-Lease Program
- Truck Rental Program
Merchants Fleet’s Rent-to-Lease Details
Fleet Leasing and Funding
You get flexible vehicle fleet leasing options tailored to your company’s unique needs. Whether it’s an operating or capital lease, open or closed-end, short or long-term, the experts at Merchants Fleet assist businesses of all sizes. It collaborates to customize financing terms, select the perfect vehicles for your drivers, and streamline your fleet management services into a convenient package. Expect a personalized approach that aligns with your financial goals and boosts your business. Other leasing services include:
Electric Vehicle Fleet Leasing and Funding
Explore a range of electric vehicle (EV) options, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). Its experts assist you in creating a custom EV adoption plan, covering everything from ordering to financing and charging infrastructure.
Open-End Lease
Enjoy maximum flexibility with an open-end fleet lease that allows you to retain equity in your vehicles. Choose from various options, including fixed or variable interest rates and terminal rental adjustment clauses.
Closed-End Lease
Simplify fleet budgeting with a closed-end lease, where you’ll have predictable expenses and no worries about market price fluctuations. At the lease’s end, you’re only responsible for excess mileage and damages.
Short-Term Leases
If your business has seasonal fluctuations, its short-term fleet leases offer flexible terms, as short as three months to a year. You can even skip payments during the off-season.
Rent-to-Lease
Convert a short-term lease into a long-term lease with its Rent-To-Lease program. Keep your driver on the road, avoid rental counters, and expand your routes seamlessly.
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Value Lease
Save significantly when you lease a low-mileage, used vehicle for your fleet while still enjoying high-quality cars, trucks, and vans with a warranty from the original manufacturer.
Fleet Vehicle Selection
Choose from a wide range of fleet vehicles customized to your specifications, including gas-powered and electric options, from manufacturers like Audi, Ford, Tesla, and more.
Fleet Re-Leasing
Extend your existing contract terms in six-month increments for up to two years with its fleet re-leasing option. Keep the vehicles you prefer and benefit from ongoing expert support.
Fleet Remarketing Services
Maximize your returns with its fleet remarketing programs, including GuaranteeBUY, where it offers you a reliable price for your vehicles, and OpenTRAC®, where it develops a strategy to resell your vehicles.
Own-to-Lease Program
Free up capital. Sell your fleet vehicles to it and then immediately leasing it back through an operating lease. This program helps improve cash flow while keeping your fleet on the road.
Truck Rental Program
Merchants Fleet offers nationwide truck rental and leasing solutions for businesses of all sizes and industries. Enjoy flexible rental terms, ranging from one month to long-term leases, with top-quality trucks equipped for towing and off-road use. Benefit from 24/7 roadside assistance, the option for custom fitting, and added safety equipment. Its experienced team caters to diverse sectors, including mining, oil and gas, engineering, telecom, adventure tourism, construction, and electrical industries. Find the right trucking solution tailored to your unique business needs.
Where Merchants Fleet’s Rent-to-Lease Stands Out
- Enables you to rent a vehicle for immediate needs and seamlessly convert it to a long-term lease later, keeping both the vehicle and terms unchanged.
- Incorporates comprehensive managed programs covering fuel, maintenance, telematics, and end-of-term vehicle remarketing, effectively reducing your operational costs and mitigating risks.
- Grants you access to a diverse range of vehicle makes and models, including electric vehicles, cargo vans, trucks, and more, complete with enhanced safety features and customization options.
- Delivers nationwide coverage and unwavering support, ensuring swift vehicle delivery and pickup, along with the dedicated assistance of account managers.
Where Merchants Fleet’s Rent-to-Lease Falls Short
- Charges potentially higher rental rates compared to longer-term leases, which could impact your budget.
- Offers limited customization options for rented vehicles, potentially restricting your tailored preferences.
- Involves the inconvenience of transitioning from a rental agreement to a lease contract, potentially incurring paperwork and fees³.
- Provides a finite selection of vehicles, particularly for specialized or niche needs, limiting your choices.
- Doesn’t grant the benefits of full vehicle ownership, including complete control over usage and disposal.
How to Apply for Merchants Fleet’s Rent-to-Lease
To get started with Merchants Fleet’s Rent-to-Lease program, here’s what you need to do:
Online Form: Reach out to Merchants Fleet. Fill out an online form. Share essential details about your business and your fleet requirements, including the number and types of vehicles needed, rental or lease duration, and preferred location for vehicle deployment.
Application Review: Wait for 3 to 5 days for a credit check and assessment of your application
Approval and Contract: Upon approval, you’ll receive a contract detailing the Rent-to-Lease program’s terms and conditions. Simply review, sign, and send it back.
Vehicle Delivery: Expect your vehicles to arrive within 5 to 7 business days after sending back your signed contract. You’ll have a wide selection to choose from, including electric vehicles, cargo vans, trucks, and more, complete with safety features and customization options.
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Alternatives to Merchants Fleet’s Rent-to-Lease
Ryder
Check out Ryder, a fleet management company offering diverse leasing options like full-service lease, choice lease, and select care maintenance. It also provides various maintenance choices, including preventive, on-demand, and warranty services.
Enterprise
Consider Enterprise offers short-term cargo van leases along with perks like roadside assistance, liability coverage, and flexible mileage plans.
U-Haul
Explore U-Haul, a go-to for cargo van rentals suitable for personal or commercial use. It offers nationwide locations, convenient online reservations, and payment options.
Budget
Look into Budget, another car rental company providing cargo van rentals for personal and commercial purposes. Enjoy online reservations and payments, plus roadside assistance and liability coverage.
Customer Reviews
On Trustpilot, Merchants Fleet boasts a 4.7 out of 5-star rating based on 1,099 reviews, with customers praising its excellent customer service, professionalism, and flexibility. Many had positive experiences using Merchants Fleet for vehicle rentals and leasing.
However, on BBB, while the company holds an A+ rating, there are 11 complaints. These grievances mostly revolve around billing, maintenance issues, or contract disputes.
Pro Tips
- Evaluate Your Needs: Determine whether your business requires flexibility, scalability, and the ability to convert rentals to leases seamlessly. If so, Merchants Fleet’s Rent-to-Lease could be a valuable option.
- Consider Your Fleet Stability: If your fleet size remains constant and predictable, and you prefer fixed terms, exploring alternatives like fixed-term leases or purchasing may be more suitable.
- Full-Service Needs: If you desire a comprehensive fleet management program that covers fuel, maintenance, telematics, and remarketing, Merchants Fleet’s offering aligns with your needs. However, if you have preferred vendors for these services, this may not be ideal.
- Short-Term vs. Long-Term: For short-term or one-time vehicle needs, other rental options might offer more convenience and affordability.
- Customization: If extensive vehicle customization is crucial for your business, consider options that provide a higher degree of flexibility.
- Review the Reviews: Take customer reviews into account. While Merchants Fleet has a strong rating on Trustpilot, it’s essential to be aware of potential issues and complaints highlighted on BBB.
- Assess Costs: Be mindful of rental rates compared to longer-term leases. Ensure that the cost aligns with your budget.
- Explore Alternatives: Don’t hesitate to explore alternatives like Ryder, Enterprise, U-Haul, or Budget, depending on your specific requirements.
- Read the Fine Print: Before committing, carefully review the terms and conditions of the Rent-to-Lease program or any fleet solution to ensure it aligns with your business goals.
- Plan Ahead: Allow for a few days for application processing and credit checks when considering a fleet solution.
- Stay Informed: Keep an eye on the benefits and drawbacks, and continually assess whether your chosen fleet solution meets your evolving business needs.
Recap
Merchants Fleet’s Rent-to-Lease program offers flexibility, cost savings, and convenient fleet management. It’s perfect if you need adaptable solutions for your business or anticipate changing demands. However, it might not suit short-term needs or those with a stable fleet size. The program combines renting and leasing seamlessly and includes full-service management. You can access a wide range of vehicles, enjoy expert support, and even convert rentals to leases. Remember, while it provides convenience, it may charge slightly higher rates and limit vehicle customization. Always review the terms. Customer reviews are mostly positive, but some complaints exist. Explore alternatives if needed.
