Rental Agreement — Key Terms
This page summarizes the main terms of the rental agreement Milestone Fleet sends to applicants on approval. It is a plain-language overview to help you understand what you are agreeing to. The full rental agreement is the legally binding document — if anything here conflicts with the signed agreement, the signed agreement governs.
1. The basics
The $320 weekly payment is all-in: it includes insurance, the equity contribution toward eventual ownership of the vehicle, and the use of the vehicle itself. There are no separate admin fees, fuel-recovery line items, or surprise charges under normal use.
2. The lease-to-own equity
$25 of every $320 weekly payment is credited to your equity balance for the specific vehicle you have rented. We track this balance on every statement we send you. When your accumulated equity balance plus deposit reaches the ownership threshold specified in your signed rental agreement, you have the option (but not the obligation) to take title to the vehicle by completing a separate sale transaction.
Key points:
- Equity is tied to one specific vehicle. If you switch vehicles, equity does not automatically roll over.
- Equity is tracked but not transferable to another person.
- Equity ownership of the vehicle does not transfer to you until the ownership threshold is reached AND a separate sale closes — at that point title transfers and you become the registered owner.
- If you leave the program before reaching the threshold, your equity contribution is not refunded — it has compensated us for use of the vehicle. Your $500 deposit, however, is refunded as described below.
3. The $500 refundable deposit
The $500 deposit is collected at pickup. It is fully refundable when you return the vehicle in good standing, which means:
- The vehicle is returned in similar condition to pickup, fair wear-and-tear excepted.
- All weekly payments are current and there are no outstanding charges.
- Any traffic, parking, or toll infractions incurred during your rental have been paid.
If there is damage beyond fair wear-and-tear, or unpaid amounts, those may be deducted from the deposit, with an itemized accounting provided to you.
4. Insurance
Insurance is included in your weekly payment and covers permitted uses of the vehicle, including delivery driving for platforms like DoorDash, Uber Eats, Instacart, and SkipTheDishes. Coverage details and deductibles are described in the rental agreement. You agree to drive within the law and the terms of the insurance policy; certain uses (racing, driving under the influence, knowingly transporting illegal goods) are excluded and may void coverage.
Note on rideshare: Uber and Lyft rideshare in Ontario require the vehicle to be no more than 10 model years old. Our fleet is built around older, fuel-efficient compact sedans, so our vehicles are not eligible for rideshare driving. If your primary income is rideshare, this program is not the right fit for you.
5. Permitted uses
- Personal driving anywhere in Canada (we ask that you give us notice if you plan to drive across the US border).
- Delivery driving (DoorDash, Uber Eats, Instacart, SkipTheDishes and similar food/parcel platforms).
- School runs, family use, errands.
- General work-related driving where commercial passenger transport is not the primary use.
Prohibited uses (non-exhaustive): rideshare driving (Uber, Lyft, etc. — see Section 4), commercial moving services, driving under the influence, racing or stunt driving, off-road use, transporting illegal goods, sub-renting the vehicle to another person.
6. Maintenance and damage
You are responsible for day-to-day care: keeping the vehicle clean, fuelled, and reporting any warning lights or unusual mechanical issues promptly. Routine maintenance (oil changes, brake pads, tires within reasonable life) is covered by Milestone. Damage caused by misuse or negligence is your responsibility. If the vehicle is involved in an accident, contact us immediately at (260) 750-5100 — we will guide you through reporting and repair.
7. Minimum term, notice, and termination
The program has a 3-week minimum commitment. After that, it runs week-to-week. To end the rental, you must give us 25 days' advance written notice (by email or text). We use that 25-day window to prepare the vehicle for the next driver and reconcile your account. You continue to make weekly payments during the notice period.
On return of the vehicle in good standing at the end of your notice period, your $500 deposit is refunded as described in Section 3. Equity earned to date does not transfer to a different vehicle.
This minimum-commitment-plus-notice structure exists because the lease-to-own model is built for drivers who use the vehicle for work or daily life — not for short-term or weekend use. If you anticipate needing the vehicle for less than 3 weeks, this program is not the right fit.
We can also end the program in cases of: non-payment of two or more consecutive weekly payments, material breach of the agreement (for example, prohibited use), or insurance ineligibility. In those cases we will provide written notice and a reasonable cure period before termination, except in cases of imminent risk.
8. Late and failed payments
Weekly Pre-Authorized Debit (PAD) is the standard payment method. If a PAD fails (insufficient funds, account closed, etc.) we will notify you and attempt collection again on a schedule described in the agreement. Repeated failures may incur a returned-payment fee and, after the cure period, may lead to termination. Equity contributions for missed weeks are not credited until the corresponding payment is collected.
9. Tickets, tolls, and fines
You are responsible for any traffic tickets, parking tickets, photo-enforcement fines, and toll charges (e.g. Highway 407) incurred during your rental. If a fine is mailed to us as the registered owner, we will pass it through to you with a small administrative cost as outlined in the agreement.
10. Disputes and governing law
This agreement is governed by the laws of the Province of Ontario and the federal laws of Canada applicable in it. Any disputes will be resolved first through good-faith discussion. If we cannot resolve a dispute that way, it may be brought before the courts of Ontario or, where applicable, the Ontario Consumer Protection Tribunal.
11. Changes to the agreement
Material changes to your active rental agreement require your written consent. We may update the standard template for new applicants from time to time; the version that governs your rental is the one you sign at pickup.