Details on how your refundable security deposit will be handled, and the policy around refunds.
For any active Roam subscription, there is a refundable security deposit that ranges from $500-$1500, depending on the vehicle that you select.
Why do I need to pay a refundable security deposit?
Your deposit is used to reserve your selected vehicle during the subscription finalization process!
When do I place my security deposit?
The deposit is placed in advance of your first month's payment and is saved in your account as a balance during your subscription with Roam.
When do I get back my refundable security deposit?
Your deposit amount is refunded at the end of your subscription, 10 business days after it is closed. Your subscription is closed the same day you return your vehicle, and have your return inspection completed.
How do I find out if the vehicle I want is a $1000 or $1500 security deposit?
You can see the deposit amount for each vehicle on the individual vehicle pages on https://roam.auto
In general, vehicles with an MSRP over $50,000, or luxury vehicles (including Audi, Tesla, Mercedes, BMW) have a deductible of $1500, and vehicles less than that have a $500-750 deductible.
What is the difference between a refundable security deposit and a hold?
A refundable security deposit is different than a 'hold' on your credit card because it does not block off an available balance on your credit card limit. Once the deposit has been paid, you will have full access to your credit limit once the card balance has been paid off. This is a better solution for our subscribers because they keep their Roam vehicle for a long time!