What's the deal with Uber's Leasing Program?

"GhostZ" (GhostZ) 08/02/2016 at 19:57 • Filed to: None

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I have a friend (who doesn’t own a car) and he wants to start driving for Uber. He ALSO wants to lease it through Uber. Should I stop him? Is this a bad idea?

He asked me to help him pick out a car, in regards to Uber’s “Xchange” leasing programs. From what I can see, you put $250 down and the dealership gives you a car at some negotiated monthly price.

But I’m reading that the prices for these cars are 40-50% higher per month than non-Xchange leasing, but it’s hard to get actual data to back that up. So what’s the deal? Are they a cheaper way to to get a convenient lease, or are they a price gouging mechanism for people who aren’t comfortable car shopping on their own?

What advice should I give him? Should he look to lease separately, or should he be going to dealers directly?

Matsayz > GhostZ 08/02/2016 at 20:04

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I don't know about the Xchange but it just sounds shady. I like Uber as a service and use it almost every weekend but as a company... NOOOOPE. Most of my Uber drivers like their experience so far but there is hesitation in their voice.

Tohru > GhostZ 08/02/2016 at 20:05

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Tell him to buy a Mitsubishi Mirage and then start driving for Uber.

Put his Uber profits into extra payments on the Mirage.

When it’s paid for, sell it and buy a Camry.

Repeat with the Camry.

Keep going until he’s driving Uber in a Bentley.

ZHP Sparky, the 5th > GhostZ 08/02/2016 at 20:07

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Are there requirements that you drive for Uber X hours a week or something like that? What’s stopping people with shitty credit from just getting a lease this way and maybe driving for an hour each week just to say they’re on Uber (outside of them not being able to make payments I guess, lol)?

In general – as you mentioned, it’s more expensive than a standard lease. But it’s a way to get people with bad credit and/or no other job prospects to sign on and latch them in. Obviously if your friend can just qualify for a traditional lease it’d be cheaper for him – whether he chose to drive for Uber or not. But I’d definitely take a close look at the fine print to know what exactly he’s signing up for.

BrianGriffin thinks “reliable” is just a state of mind > GhostZ 08/02/2016 at 20:11

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It's a shitty idea. They lease for way too much $$ for the vehicle...your friend will not make money unless they're in a really busy city or a really cute girl.

jariten1781 > GhostZ 08/02/2016 at 20:20

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I think the whole point of that program is to let you lease used ho-hum family sedans with like 50k miles that are usually not eligible for leases. I would assume that if you’re needing to lease any car that’s eligible you’re in shit credit land and probably going to get horrible deals from any lender.

Aaron James > GhostZ 08/02/2016 at 20:40

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The mileage limitations are the issue with a standard lease. The reason standard leases are cheaper is because you are only allowed 10k miles a year. I don’t think that would work if you are going to drive for a living. The uber lease does not have mileage restrictions and I believe includes insurance. Tell him to do plenty of research and give it a try if the research pans out.

Eric @ opposite-lock.com > BrianGriffin thinks “reliable” is just a state of mind 08/02/2016 at 20:42

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I’m trying to figure out how you make money in a really cute girl. In my experience, they cost you more than they’re worth.

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > GhostZ 08/02/2016 at 21:46

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I don’t think I would trust Uber with a least that my name was involved in. I see these fuckfaces in SF with Uber AND other stickers for other services on the same damn car! They drive worse than cabs, they sit in lanes and won’t move. I had to threaten one hipster douchebag to get out of the way as he sat blocking a whole lane on a major street in SF during commute hours, nobody could merge.

yitznewton > GhostZ 08/02/2016 at 21:55

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Everything I know about Uber as relates to their workers is shady. I would steer away from anything like that which they promote.

BrianGriffin thinks “reliable” is just a state of mind > Eric @ opposite-lock.com 08/02/2016 at 22:00

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I lol’ed

Yowen - not necessarily not spaghetti and meatballs > GhostZ 01/31/2017 at 09:45

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Standard lease won’t work due to mileage restrictions, this is likely why an Uber-lease is more expensive.

I would imagine a reliable used car that’s close to the oldest year Uber allows, would be cheaper on a monthly basis.