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MSE News: Paying a deposit to hire a car? Beware the exchange rate trap

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MSE News: Paying a deposit to hire a car? Beware the exchange rate trap

edited 12 July 2016 at 8:52PM in Flights, Currency & Car Hire
5 replies 1.1K views
Former_MSE_NickFormer_MSE_Nick
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edited 12 July 2016 at 8:52PM in Flights, Currency & Car Hire
Holidaymakers who rent a car overseas from at least four major firms risk losing a chunk of their deposit simply because exchange rates shift while they're using the vehicle, MoneySavingExpert.com can reveal... Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

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  • edited 12 July 2016 at 9:20PM
    WhoIsThatWhoIsThat Forumite
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    edited 12 July 2016 at 9:20PM
    Look on the bright side. If the pound falls (which seems the general direction presently) against whatever currency they take as a deposit (as you say, it's only certain locations anyway) then you'll be quids in :money:

    Don't forget, same principle applies if you buy something from a shop, and for whatever reason, you return it later for an agreed refund.
  • photomephotome Forumite
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    As whoisthat says, it works both ways.

    I have paid deposits for USA hotels in the past then cancelled and made money due the exchange rate shifting in my favour.

    Is this a non story?
  • edited 12 July 2016 at 11:56PM
    richardwrichardw Forumite
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    edited 12 July 2016 at 11:56PM
    The article hints at a general problem with car hire and that's franchising. They seem to let too many franchisees do different things without policing them.
    Posts are not advice and must not be relied upon.
  • KTFKTF Forumite
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    If the exchange rate had gone the other way would these people have asked the car hire company to collect the difference from them?
  • skid112skid112 Forumite
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    what a waste of web space 'ooh look rip off' with a cursory one line it could work in your favour
    Save 12k in 2020 #19 £9625.92/£10,000
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