KUALA LUMPUR: Flux, Malaysia’s multi-brand car subscription service, has launched its Subscribe to Own programme.
The programme aims to help simplify a consumer’s ownership with a seamless transition that’s also more financially viable.
The company prides itself in providing an all-inclusive service whereby not only do they get a car but also takes care of the insurance, road tax and maintenance as well as “wear & tear” items that include tyres and brake pads among others.
Additionally, a concierge service is also included to help handle administrative chores.
The programme allows initial subscribers to own a new or pre-owned vehicle under its collection with the option to purchase at the end of the subscription. The monthly subscription payments can now also contribute towards the option to purchase the car.
Consumers have the choice of a 12, 24 or 36-month plan(s) with a mileage package of 1,250, 2,000km or uncapped mileage per month for a particular vehicle.
Based on the selected subscription plan, the company sets a unique Guaranteed Future Value (GFV) where the vehicle can be purchased at the end of the subscription period – the shorter the subscription period, the higher the GFV which is predetermined during the online checkout process to help mitigate an unpredictable depreciation value.
Also, a 30 day period is provided prior to ending the subscription before deciding to exercise the purchase option for added flexibility.
The GFV also includes processing fees for the transfer of ownership involving the likes of Puspakom & JPJ but excludes road tax and insurance.
After confirming and making payment, the company’s concierge service will handle the entire process which includes vehicle delivery to the door-step.
A pay-as-you-go Month-to-month subscription plan is also available for added flexibility outside of the Subscribe to Own programme.
The company says that it charges a “start” fee that it touts to be 50% lower than an average downpayment for a vehicle in the country and its subscription is said to not affect a customer’s credit score which is ideal for first-time homebuyers.
The company ensures that all vehicles have been independently inspected and come with a three-day Risk-Free return policy which allows customers to swap a car at the start of the subscription.
During a subscription, customers have the flexibility to switch to a different vehicle to better match their needs and budget requirements by upgrading or even downgrading.
According to the company, its programme is said to be able to save a customer 33% on the first year alone with a Flux 36-month Standard subscription with GFV when compared to Honda HR-V costing RM108,800 with a five-year loan tenure at 3% interest rate per annum. After 36-months, the HR-V’s GFV is said to be 9% below forecasted market prices.
Keyword: Flux wants to make vehicle ownership simple and affordable