At Loopit, we are proud to support automotive and mobility providers with a comprehensive platform that powers flexible car subscription and rental services. While our platform enables easy access to mobility solutions, we understand that some end customers may have questions about charges or credit reports showing Loopit’s name. If you’ve recently seen a charge or noticed a credit report entry from Loopit, we’re here to clear up any confusion.
What is Loopit’s Role in My Car Subscription or Rental?
First, let’s start by understanding Loopit's role in the car subscription or rental service you are using. Loopit is not a direct service provider to end customers but instead operates as a technology platform that supports businesses like OEMs, dealerships, fleet providers, and rental companies. These businesses use Loopit to manage their car subscription and rental services, from customer acquisition and bookings to payments and billing. So, when you engage with a car subscription or rental service, Loopit’s platform is the underlying technology that facilitates the entire process, but it’s your service provider that you interact with directly.
Why Did I Get Charged by Loopit?
Charges that appear on your account from Loopit are typically related to the subscription or rental service provided by your service provider. These charges may appear on your card or bank statement, as Loopit processes the payments on behalf of your service provider. It's important to remember that Loopit is the platform handling payment processing, but the actual service agreement and terms are between you and the business offering the vehicle.
We estimate that more than 60% of car subscriptions globally are managed on the Loopit platform, and we take pride in the trust our service provider customers place in us. Our goal is to help businesses offer their customers a frictionless experience, backed by a powerful, secure platform.
Some common reasons you might see a charge from Loopit include:
- Subscription or rental fees: Regular charges associated with the car subscription or rental service you’ve signed up for. These fees are processed through Loopit’s secure payment system.
- One-time charges: For example, a deposit or an upfront payment for the service that’s processed via the Loopit platform.
If you have any concerns about the specific charge, we recommend contacting the company providing the car subscription or rental service. They can provide further details on what the charge is for and how it relates to your agreement.
Why Is Loopit on My Credit Report?
If you’ve noticed a credit report entry from Loopit, it may be related to a credit check performed as part of your car subscription or rental agreement. Some service providers use Loopit’s platform to run credit checks to assess eligibility for their services, especially for longer-term subscriptions or agreements that involve a financial commitment.
It’s important to emphasize that Loopit’s digital processes are fully compliant with relevant regulations, and a credit check can only proceed with your express permission. We take privacy and consent seriously, and any credit checks facilitated through our platform are only done after you’ve given explicit consent as part of the application process.
If you notice a credit report entry from Loopit and believe a credit check was performed without your permission, please reach out directly to the service provider you are working with. They will be able to clarify whether the check was initiated by their business, and help resolve any concerns you may have.
Remember, Loopit is simply the platform that helps facilitate these processes, but we do not make decisions about eligibility or take action without your consent.
How to Resolve Any Issues
If you’ve noticed a charge or a credit report entry and need clarification, the best course of action is to reach out to the business directly that’s providing the car subscription or rental service. They will have the details about your agreement and can explain any charges or credit inquiries that have been made.
In case there’s an error or something you don't recognize, your service provider will also be able to assist with resolving any discrepancies, as Loopit’s role is limited to supporting the service provider in managing the transaction.
Why Loopit Is Committed to Transparency and Security
While our role in the transaction process may sometimes lead to questions, we want to reassure both our end customers and service providers that Loopit operates with the utmost commitment to transparency, security, and fairness. Loopit’s platform adheres to strict security protocols to protect your personal information and ensure that all transactions are processed smoothly. We believe in providing clear and simple systems for both our customers and our partners, which is why we’re proud to be the trusted platform of choice for automotive and mobility businesses across the industry.
Loopit’s Commitment to Automotive and Mobility Providers
For our clients—OEMs, dealerships, fleet providers, and rental companies—Loopit’s platform is designed to support a wide range of services, from car subscriptions to long-term rentals. Our goal is to help businesses offer their customers a seamless experience, backed by a robust platform that handles everything from payments to credit checks, allowing providers to focus on their core services.
While Loopit plays a key role in processing payments and facilitating credit checks, our involvement with end customers is limited to the technology and services that support our clients’ offerings. If you have any questions regarding a charge or credit report entry, we encourage you to reach out to the company providing the car subscription or rental service, as they will have the most detailed information. At Loopit, we are committed to making the subscription and rental process easy and transparent, ensuring a positive experience for all involved.
We hope this clears up any confusion you may have had. If you have any further questions or need assistance, don’t hesitate to get in touch with your service provider.
